A recent survey by Arthur Andersen showed that 67% of leading UK companies expect to double the level of their IT internal auditing in the next three years, but that 47% do not think they currently have adequate IT audit skills to meet their business needs. The survey of over 60 heads of internal audit in FTSE350 companies also found that 2.2 times as much was spent on internal audit as on external audit last year, compared to 1.5 times as much in 1998. This reflects the increase in business risks resulting from technological advances, and increased demands for risk assurance.
John Reast, partner in Arthur Andersen's risk consulting and internal audit practice, commented: "The frankness of the self-assessment concerning the adequacy of current skill levels was a clear indication of the recognition this issue now has. But the response planned to increase the IT resources and skills seemed to lack real drive".
