Welcome to Barclay Simpson’s 2010 Internal Audit Market Report. This is the 20th year we have produced a market report summarising and analysing recruitment trends in internal audit.
We place great value on professional reaction to the Report and would appreciate your comments.
An overview of the corporate governance recruitment market and an in-depth analysis of the economic and business trends that are likely to shape the overall recruitment market can be found in our Corporate Governance Market Report.
Top Line Conclusion
A year ago many people had a sense of foreboding. We reported that the consensus economic forecast was for a further 1.5% contraction in the economy and a budget deficit of £78 billion. We noted at the time that there was the potential for a much worse outcome. Given the 4% actual economic decline for 2009 and £175 billion projected deficit our pessimism was not misplaced.
We have believed and have reported for some years that the UK economy was badly imbalanced. Whilst we have been bearish on the economy, we have been bullish on the prospects for corporate governance. However, we should admit that given the unprecedented decline in the UK and wider world economy during 2009, we are genuinely surprised how sustainable employment in corporate governance has proven to be.
There have been redundancies and many of those people made redundant, in an environment where for a period the demand for staff essentially collapsed, have had a particularly disquieting experience finding alternative employment. However, in spite of the failure of corporate governance in the banking sector, which can in no way be attributed to a lack of resource, corporate governance is emerging from the recession as an essential corporate discipline.
Two reviews reported towards the end of 2009. The Treasury commissioned Walker review on how banks should be governed and a more routine review by the Financial Reporting Council of the Combined Code. Both further promote good governance and therefore indirectly the employment prospects of those people who work in it.
For internal auditors and other areas of corporate governance, that is something for which we should all be grateful. |
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