List of Top 4 Careers in Auditing

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

  • Internal Auditor CareerExternal Auditor CareerInformation Technology AuditorAuditing Manager

You are free to use this image on you website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Auditing Careers (wallstreetmojo.com)

Overview of Auditing Careers

An audit is a system in which several books of accounts are examined or inspected by an auditor. It is further followed up by physical verification of inventories to ensure that proper internal checks are being performed among all the departments and they follow the proper documentation procedure 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. The books of accounts are checked and verified by an independent authority to ensure that bookkeepingBookkeepingBookkeeping is the day-to-day documentation of a company’s financial transactions. These transactions include purchases, sales, receipts, and payments.read more is done fairly 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 companies’ stakeholders 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 in 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 employed by companies to provide independent evaluations of the company’s operational business and financial activities, 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 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 effectively and efficiently.

Responsibilities

  • In an internal auditing career, you need to check whether proper internal controls are in place and compliance with 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 the company’s management 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

  • According to the data collected by the Bureau of Labor Statistics of the United States, accountant and auditors’ employment is expected to grow at the rate of 10 % from the year 2016 to the year 2026.This growth is faster than the average of all occupations because their growth is tied up with the overall economy’s health. When the economy grows, the work of accountants and auditors will increase for the need to prepare and examine financial records.

Education Requirement

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

Recommended Courses / Qualifications

  • Certified Public Accountant (CPA)Certified Internal Auditor (CIA)Certified Internal Auditor (CIA)A certified internal auditor (CIA) is an accountant recognized as a certified internal auditor conferred by the Institute of Internal Auditors (IIA) in internal audits after passing CIA exams and upon completing the required work experience.read more certificationCertified Management Accountant (CMA)Certified Fraud Examiner (CFE)

Positives

  • High earningsHigh job opportunity

Negatives

  • Meeting targets requires long working hoursDue diligence is required

Career #2 – External Auditor

External auditorsExternal AuditorsExternal Audit is defined as the audit of the financial records of the company in which independent auditors perform the task of examining validity of financial records of the company carefully in order to find out if there is any misstatement in the records due to fraud, error or embezzlement and then reporting the same to the stakeholders of the company.read more perform the task of carefully Examining the validity of the company’s financial records 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 report the same. They work over the accounting books, purchasing records, inventory, and other financial reports to check that the company is functioning correctly. They do audit planning and work based on that. They also determine whether the company is following Generally Accepted Accounting PrinciplesGenerally Accepted Accounting PrinciplesGAAP (Generally Accepted Accounting Principles) are standardized guidelines for accounting and financial reporting.read more (GAAP) or not. They perform the test and then submit a detailed report to the concerned persons.

  • We are examining the validity of the company’s financial records 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.Submit the detailed report of the audit to the clients.Coordinate with the audit process.

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

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

  • According to the data collected by the Bureau of Labor Statistics of the United States, accountant and auditors’ employment is expected to grow at the rate of 10 % from the year 2016 to the year 2026. This growth is faster than the average of all occupations.

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

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

  • High earningsGood employment

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

Career #3 – Information Technology Auditor

An in-depth analysis for monitoring the performance of the special technological functions designated by the company’s management is done by the Information Technology Auditor. He checks the internal controls and the risks that are there in the technology system of the company. He also helps the company’s management design and implements the audit strategies for technologies used by the company.

  • Ernst and Young, PricewaterhouseCoopers, KPMG LLP.

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

  • A Bachelor’s Degree and information technology certification.

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

  • High earningsJob growth at high speed as Informational technology auditor’s demand is increasing.

  • Stress level high

Career #4 – Auditing Manager

A career as an Auditing manager is responsible for examining and analyzing accounting records, checking the company’s current practices, and identifying the potential problems in the system. They oversee the company’s 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. They are also responsible for supervising the auditing staff and training them. They also recommend the necessary changes wherever they think necessary in existing policies to ensure that they are working in accordance with the standards that the concerned government, company established, or another department.

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

  • Ernst and Young, Delloite, KPMG LLP.

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

  • According to the data collected by the Bureau of Labor Statistics of the United States, accountant and auditors’ employment is expected to grow at the rate of 10 % from the year 2016 to the year 2026. This growth is faster than the average of all occupations due to the increasing need to prepare and examine financial records.

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

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

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

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

  • Audit ProceduresAudit ProceduresAudit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. It enables them to form an opinion on financial statements and ensure whether they reflect the true and fair view or not. read moreStatutory AuditStatutory AuditOne of the most common types of audits is the statutory or financial audit. Its main purpose is to gather all relevant information so that the auditor may provide an accurate and unbiased assessment of the company’s financial position.read moreAudit ObjectivesAudit ObjectivesThe primary objective of an audit is to obtain reasonable assurance regarding the financial statements being free from any misstatement either by error or fraud. Another objective is to report the findings of the independent examination so performed.read moreAudit Report Qualified OpinionAudit Report Qualified OpinionThe company’s auditor issues a qualified opinion in the audit report if it is found that the company’s financial statements are presented fairly, but with exceptions in specific areas. It is one level below a Unqualified Opinion (i.e. Clean Opinion) and is given when the Auditor believes the financial statement has not been prepared in accordance with the rules laid down under the provisions of GAAP or IFRS.read more