How to Become an Auditor: Job Roles, Salary and Responsibility

Every large and small organisation auditing is necessary to check whether funds are shown correctly. Auditors check and confirm financial statements and records, they also make sure that businesses are complying with tax laws, accounting standards, internal control systems etc, set by government and other industry regulatory bodies

Auditor: An Auditor has a key role to play and he is responsible for overseeing the process of accounting followed by an organisation. It is important to understand exactly what these personnel do, and the importance of their role.

Who is an Auditor?

The whole and sole responsibility of an Auditor is to make the client understand the legalities of financial policies/legalities and correctly direct them in making the correct decision in their financial interest. They are designed to help businesses maintain financial accountability and allow them to function smoothly. More than consultants, they also help corporations to discover ways of increasing their operational efficiency.

What Does an Auditor Do?

Tasks Performed by the Auditors:

• Fraud Reporting: Catching and reporting any fraudulent actions within the corporate ecosystem
• Audit Report: Making an audit report independent of the company’s financial accounts.
• Preparation of Audit: The audit preparation involves the collection and review of financial documents with an effective date.
• Operational Audit: Conducting the audit as per statutory requirements and internal procedures.

Roadmap to Be an Auditor:

• Degree: Opt for the stream of study which is relevant to the field after finishing Higher Secondary education like B.Com, Accountancy, BBA, Finance, Economics.
• Certification: Post-Bachelors, many opt for certifications like – Certified Internal Auditor (CIA), Chartered Accountant (CA) or the Association of Chartered Certified Accountants course (ACCA).
• Internships: Complete internships with top firms to get practical, career-ready experience before becoming certified.

What are the types of Auditors?

External Auditors: An External Auditor conducts an audit in accordance with regulatory standards. They are usually not a permanent employee in an organisation. External Auditors must provide objective judgment and an independent report on the company’s financial transactions.

Internal Auditors: Internal Auditors are in charge of developing effective internal control systems and devising strategies for avoiding fraud and compliance difficulties. They create efficient risk management strategies for their company and detect discrepancies in reports before conducting an external audit. 

Forensic Auditors: Forensic Auditors are involved in detecting fraud or criminal activities. They thoroughly review accounts and devise new mechanisms to avoid further fraud relating to the company’s finances. 

Government Auditors: Government Auditors are specialists who review the financial records of government bodies and private companies to ensure revenue earning and spending are done according to government laws and regulations. 

Skills and Qualifications of an Auditor

• Strong analytical skills
• Attention to detail
• Good communication skills
• Competent in accounting software
• Auditing courses from OECD, UNDP and other relevant institutions

Job Roles and Responsibilities of an Auditor

• Assessing corporate internal controls and obtaining efficiency.
• Calculating taxes and filing returns
• Lawful lending and loan operations.
• Preparation of separate audit reports
• Analyzing the financials for accuracy.

They are employed in a wide range of places, from the accounting offices of multinational corporations to the town halls and police stations of provincial governments; They may work independently or as part of a team, and they may have to meet tight deadlines at times.

Salary of an Auditor

Auditors are necessary for all organisations as they perform crucial tasks related to inspecting financial records. Hence, the career path can be challenging as well as rewarding. The salary of an Auditor in India ranges between 1-9 LPA, depending upon experience. Senior Auditors earn up to 17.5 LPA, with 9.5 LPA being the average. 

Certifications and Internship to Become Auditor

Gain essential certifications and hands-on internship experience to kickstart your career as a skilled and professional auditor. Equip yourself with the knowledge and practical skills needed for success in the auditing field.

Certifications: CIA, CA, ACCA

Internships: Real-world experience at top rated-firms

Top Courses for Auditing

Certified Internal Auditor (CIA)

Chartered Accountant (CA)

The Association of Chartered Certified Accountants (ACCA)

Course Subjects in Auditing

Financial Accounting

Management Accounting

Business Law

Taxation

Audit and Assurance

Books on Auditing

Auditing and Assurance Services by Alvin A Arens

Principles of Auditing & Other Assurance Services with ACL Software CD by Ray Whittington

Auditing: A Risk-Based Approach by Karla Johnstone

Companies Recruiting Auditors

• Deloitte
• KPMG
• EY
• PWC
• Government agencies

Conclusion

Auditing is compulsory for all organizations so the significance and demand of well-trained Auditors will never lessen. If you find finance and accounting intriguing, then the career path of an Auditor should interest you. Indeed in India nowhere, they are DULL and Dumb Qualified Auditors demanded both globally.

Check out the ACCA course by Zell Education to earn a globally-recognised credential that lets you practice accounting in India and abroad. This course will help you tread this career path in as many as 180 countries. Enrol today and make the most of 100% placement support from Zell Education. 

FAQ’s on How to Become an Auditor:

Which is better auditor or accountant?

What auditors do and what accountants do are two entirely different things. Auditors scrutinise financial records to see if the information is accurately recorded while account prepares these records.

Is it possible to be an audit assistant without being CA?

Due to this, you can be an auditor without becoming a CA just by achieving other certifications like CIA and ACCA.

Is auditing a high-paying job? 

Auditing can pay very well, particularly with experience and added certifications.

What are the qualifications to become an auditor?

Minimum of Bachelor’s Degree in Accounting or its equivalent, and professional certification such as CIA, CA or ACCA.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.

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