The Executive Compensation ConsultantToday's world is characterized by global competition, industry consolidation, escalating technology, capital needs, and corporate restructuring. All these are meshed with expanding constituencies, such as investors, employees, management, customers, suppliers, the community, the government, and a worldwide society at large. Thus, the development of compensation programmes, and especially those for executives, requires a broad perspective and clinical analysis to ensure consistency with the company's real world. These programmes must take into account: 26MANAGERIAL AUDITING JOURNAL 9,6Co-operation among internal auditors, compensation staff and consultants warrants serious consideration by senior management.

How closely does internal audit match the attributes of a profession? In terms of its relatively short history — and in comparison with the longer‐established professions — it would seem that in the United States it already meets many of the necessary criteria: public service obligations, training and accreditation, standards of practice, publication and dissemination activities; there is also evidence of employer requirements and practices becoming more exacting. However there is some way to go before full recognition and acceptance as a distinct professional discipline are achieved. One crucial dilemma is over independence, as between loyalty to employers or profession, in situations of conflict. A concept of a management‐oriented service is advocated as one of the most constructive resolutions for future development.