Auditing Careers

List of Top 4 Careers in Auditing

Below are some of the Auditing job roles/careers that a person can opt for –

  1. Internal Auditor Career
  2. External Auditor Career
  3. Information Technology Auditor
  4. Auditing Manager
Auditing Careers

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Overview of Auditing Careers

An audit is a system in which several books of accounts are being examined or inspected by an auditor. It is further followed up by physical verification of inventories to ensure that proper internal checks are being there among all the departments, and they are following the proper procedure of documentation to record the transactions. The auditor aims to report the true and fair view of the financial statementFinancial StatementFinancial statements are written reports prepared by a company's management to present the company's financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more presented to him. The books of accounts are checked and verified by an independent authority to make sure that bookkeepingBookkeepingBookkeeping is the day to day recording of financial transactions such as purchases, sales, receipts, and payments, and it is the first step in the accounting process. It can be prepared in two ways: single-entry and double-entry; however, the double-entry approach is more widely used and recognized in most countries.read more is done in a fair manner, and there is no fraud or misrepresentation within the system. The auditor keeps assessing the validity, reliability, accuracy, and timeliness of data that flows within the organization, and the authenticity of the source of such data is also judged. This is an important process as the stakeholders of the companies get to know the correct position of the organization. AuditorAuditorAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating laws.read more also tests the organization’s internal control and also its power to mitigate the exposure to risks.

Below is the list of top 4 job roles/careers in Auditing along with detailed information:

Career #1 – Internal Auditor

A career as internal auditingInternal AuditingInternal audit refers to the inspection conducted to assess and enhance the company's risk management efficacy, evaluate the different internal controls, and ensure that the company adheres to all the regulations. It helps the management and board of directors to identify and rectify the loopholes before the external audit.read more is a trained professional who is employed by the companies for providing independent evaluations of the operational business and financial activities of the company, including corporate governanceCorporate GovernanceCorporate governance is a set of rules or practices through which an entity is directed and controlled to increase shareholders wealth by increasing the economic value and is concerned about its relations with various entity stakeholders.read more. An internal auditing career is assigned the task to check that proper internal controls are in place and ensure that the company complies with the required laws and regulations and follows the proper procedures in an effective and efficient manner.

Responsibilities

  • In an internal auditing career, you need to check whether proper internal controls are in place and have compliances as per the internal policies and other legal requirements.
  • Identify the problem and ensure that they are corrected before the external audit.
  • In an internal auditing career, you also need to Assess the current practices, identify potential problems, and make recommendations to management of the company for necessary improvements.

Job Statistics

  • As per the data collected by the Bureau of Labor Statistics of the United States, in 2016, there were 1,397,700 employed accountants and auditors.

Top Companies

  • The PNC Financial services group, inc., Ernst & Young, Citibank

Salary

  • The average pay per year for an internal auditor’s career is estimated to be $70,000 per year as per payscale.com

Demand & Supply

  • Employment if the accountants and auditors are expected to grow at the rate of 10 % from the year 2016 to the year 2026 as per the data collected by the Bureau of Labor Statistics of the United States.
  • This growth is faster than the average of all the occupation because their growth is tied up with the health of the overall economy, and as when the economy will grow, the work of accountants and auditors will increase for the need for preparation and examination of financial records.

Education Requirement

  • A Bachelor’s Degree in finance, accounting, or related field.

Recommended Courses / Qualifications

Positives

  • High earnings
  • High job opportunity

Negatives

  • Meeting targets requires long working hours
  • Due diligence is required

Career #2 – External Auditor

External auditors perform the task of carefully Examining the validity of financial records of the company to find out if there is any misstatement in the company’s record because of fraud, error, or embezzlementEmbezzlementEmbezzlement refers to the act of secretly taking, withholding, or misappropriating money or other asset that is kept, maintained, or placed under an individual's responsibility by the company for which he or she works.read more and then reporting the same. They work over the accounting books, purchasing records, inventory, and other financial reports in order to check that the company is functioning in the right manner. They do audit planning and work on the basis of that. They also determine whether the company following Generally Accepted Accounting PrinciplesGenerally Accepted Accounting PrinciplesGenerally accepted accounting principles (GAAP) are the minimum standards and uniform guidelines for the accounting and reporting. These standards prohibit firms from engaging in unethical business activities and enable for a more accurate comparison of financial reports to investors.read more (GAAP) or not. They perform the test and then submit a detailed report to the concerned persons.

Responsibilities

Job Statistics

  • As per the data collected by the Bureau of Labor Statistics of the United States, in 2016, there were 1,397,700 employed accountants and auditors.

Top Companies

  • Ernst and Young, Delloite and touche LLP, KPMG.

Salary

  • The average pay per year for a senior auditor is expected to be $ 68,517 per year as per payscale.com

Demand & Supply

  • Employment if the accountants and auditors are expected to grow at the rate of 10 % from the year 2016 to the year 2026 as per the data collected by the Bureau of Labor Statistics of the United States. This growth is faster than the average of all occupations.

Education Requirement

  • A Bachelor Degree in finance, accounting, or the related field.

Recommended Courses/Qualifications

  • Certified Public Accountant (CPA)
  • Certified Management Accountant (CMA)
  • Certified Fraud Examiner (CFE)

Positives

  • High earnings
  • Good employment

Negatives

  • Long working hours
  • Due diligence is required and pressure to find out the fraud and risk.

Career #3 – Information Technology Auditor

An in-depth analysis for monitoring performance of the special technological functions which are designated by the management of the company is done by the Information Technology Auditor. He checks the internal controls and the risks with are there in the technology system of the company. He also helps the management of the company in designing and implementing the audit strategies pertaining to technologies used by the company.

Negatives

  • Long working hours
  • Due diligence is required and pressure to find out the fraud and risk.

Job Statistics

  • As per the data collected by the Bureau of Labor Statistics of the United States, in 2016, there were 1,397,700 employed accountants and auditors.

Top Companies

  • Ernst and Young, PricewaterhouseCoopers, KPMG LLP.

Salary

  • The average pay per year for information technology auditor is expected to be $ 65,935 per year and $ 28.89 per hour according to payscale.com

Demand & Supply

  • Employment if the accountants and auditors are expected to grow at the rate of 10 % from the year 2016 to the year 2026 as per the data collected by the Bureau of Labor Statistics of the United States. This growth is faster than the average of all occupations.

Education Requirement

  • A Bachelor’s Degree and information technology certification.

Recommended Courses/Qualifications

  • Certified Public Accountant (CPA)
  • Certified Information Systems Auditor (CISA)

Positives

  • High earnings
  • Growth of job at high speed as Informational technology auditor’s demand is increasing.

Negatives

  • Stress level high

Career #4 – Auditing Manager

A career as an Auditing manager has the responsibility to examine and analyze accounting records and check the current practices of the company and identify the potential problems that exist in the system. They oversee the accounting, finance, business operations, internal controlsInternal ControlsInternal control in accounting refers to the process by which a company implements various rules, policies, or procedures to ensure the accuracy of accounting and finance information, safeguard the various assets of the business, promote accountability in the business, and prevent the occurrence of frauds in the company.read more, fraud detection, risk management, and information technology systems practices of the company. They are also responsible for supervising the auditing staff and training them. They also recommend the necessary changes wherever thinks necessary in existing policies in order to make sure that they are working in accordance with the standards which are established by the concerned government, company, or another department.

Responsibilities

  • Supervise the auditing staff.
  • Examination and analysis of the accounting records.
  • Evaluating the current practices of the company and identify the potential problems that exist in the system.
  • Ensuring the compliance of the internal policies in the company.
  • Ensuring the compliance of the external regulations in the company.

Job Statistics

  • As per the data collected by the Bureau of Labor Statistics of the United States, in 2016, there were 1,397,700 employed accountants and auditors.

Top Companies

  • Ernst and Young, Delloite, KPMG LLP.

Salary

  • The average pay per year for auditing manager is expected to be $ 88,584 per year and $33.85 per hour according to payscale.com

Demand & Supply

  • Employment if the accountants and auditors are expected to grow at the rate of 10 % from the year 2016 to the year 2026 as per the data collected by the Bureau of Labor Statistics of the United States. This growth is faster than the average of all occupations due to the increasing need for preparation and examination of financial records.

Education Requirement

  • A Bachelor’s Degree or master’s degree in the field of finance, Accounting, or related field and Certified Public Accountant (CPA).

Recommended Courses/Qualifications

  • Certified Public Accountant (CPA)
  • Certified Internal Auditor (CIA) certification
  • Certified Fraud Examiner (CFE)
  • Certified Management Accountant (CMA)
  • Certified Information Systems Auditor (CISA)

Positives

  • High earnings
  • High job opportunity

Negatives

  • Handle the pressure as many things are to be managed and in different areas.
  • Due diligence is required.
  • Long working hours with stress.

Recommended Articles

This has been a guide to Auditing Careers. Here we provide the list of top 4 job roles as an Auditing career path that includes Audit Manager, Internal and External auditing career, etc. You may also have a look at these Auditing articles below –

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