Auditors check, prepare and arrange the financial records and documentations of an individual or company. They’re responsible for the payment of accurate and timely taxes and ensuring financial operations are functioning smoothly.
Auditors examine financial records and perform accounting procedures by complying with laws and regulations. Their main duties involve improving or suggesting ways to reduce costs, grow income and increase profits for an organisation.
Duties and responsibilities
- Check, prepare and arrange financial records and statements
- Calculate taxes due and prepare tax returns
- Ensure the accurate and timely payment of taxes
- Use account books and account systems to record transactions
- Comply with laws and regulations
- Suggest ways to reduce costs, grow income and increase profits
- Prepare reports on audit results and present to company managers and clients
- Collect and analyse data to detect fraud
- Advise on financial matters
Skills and knowledge
AVERAGE WORKING HOURS
Standard business hours
Most auditors are office-based. They usually have their own office space, or they might share a room with other auditors or accountants, depending on the size of the company. Some auditors also work from home, privately. They also travel to their clients’ offices or place of business.
Auditors mainly operate using computers, email and telephone. They work with clients, other auditors and accountants, and office employees.
A high-level of concentration and attentiveness is required for this role as any minor mistake could cause the client to lose money. Auditors, therefore, occasionally face stress throughout their working day.
Annual salary estimates are based on percentile wage data collected through the Occupational Employment Statistics (OES) survey of US workers.
Bachelor of Accounting degree
Auditors require at least a Bachelor of Accounting (BAcc) degree or a degree in a related field. Some colleges and universities that offer focused programmes such as a degree in internal auditing.
Having a master’s degree in a specialised accounting area also improves your chances of getting hired. Most employees will look for applicants with relative experience in other companies or through summer or part-time internships.
Aspiring auditors are advised to obtain certifications to improve job prospects. There is the option to seek the Certified Internal Auditor (CIA) certification from the Institute of Internal Auditors (IIA), or the Certified Information Systems Auditor (CISA) from ISACA. The Institute of Management Accountants (IMA) offers more accounting-based certifications such as the Certified Management Accountant (CMA).
Auditors may start off in junior positions and progress into more senior roles which involve leading audit and accounting teams. There is the opportunity to advance to supervisor, manager of internal auditing or partner in a company, or they may choose to open their own accounting firms.