Written by Michael Feder
Reviewed by聽Kathryn Uhles, MIS, MSP,聽Dean, College of Business and IT
If you have a passion for finance and a strong attention to detail, you might enjoy a career as an auditor. Often, people trying to weed out fraud. However, auditors work for a variety of businesses to keep finances in order. These professionals work within governing bodies, private companies, nonprofits and almost any organization with financial resources. Read on to learn more about the daily life of an auditor and what it takes to become one.
An auditor is a financial professional who鈥檚 responsible for reviewing financial documents for accuracy, highlighting potential concerns among the records and recommending ways to set internal controls. They might assemble reports to provide high-level insights into the organization. When businesses and individuals submit their federal taxes to the IRS, auditors review the documents to make sure they are accurate and truthful. If something looks off, they might request a deeper dive into the finances of those parties.聽
However, auditors , according to the U.S. Bureau of Labor Statistics (BLS). Internal auditors review tax documents to make sure they鈥檙e accurate before the company submits them. They also review financial documents to ensure the company is basing its operational decisions on accurate numbers.聽
Without auditors, companies wouldn鈥檛 have the ability to double-check their financial documents for accuracy. This could lead to poor management decisions, overlooked regulatory requirements, over- and underpaid taxes and possibly even fraud.聽
The auditor job description varies by organization; however, there are a few throughout the year, according to the BLS. These responsibilities include:聽
Auditors follow the financial calendar, and the heft of their workload might depend on the time of the year. For example, they are typically busy during spring (tax season), the beginning of each quarter and around the end of a fiscal year. Keep in mind that . You might work for an organization that starts its fiscal year in July, which may affect your workload.
There are multiple types of reviews and checks that an auditor will complete in their role. A financial audit will focus on the inflow and outflow of cash to the company. An will review profit margins and expenses of the company's business model. There are also that ensure organizations are following laws and developing fair business practices.
Auditors can work within companies or as third-party representatives. When professionals work for a company and review its financial reports, they are internal auditors. When they work for the IRS or a consulting group that is contracted to perform audits, they operate externally.聽聽
It鈥檚 possible to develop a strong financial background that makes your resum茅 appealing to companies that need auditors. However, you must complete the following steps to become an auditor.聽聽
Formal education is encouraged for people who want to become auditors. According to BLS, a or a related field, like finance or business, is typically required. An accounting degree can help provide the necessary skills for this role, such as different bookkeeping principles and how to develop financial reports.
As you pursue your degree, you can also look into online courses on auditing to develop these skills in your spare time. Online courses are flexible options for people who work full time but are looking for a new career path.聽
Auditors need a mixture of hard skills related to finances and soft skills. Some of the for auditors are knowledge of auditing reports and the ability to complete financial statements.聽
The most for auditors include attention to detail, clear communication, analytical abilities, and critical thinking to imagine efficient ways to implement internal controls.聽
Even with a bachelor鈥檚 degree, you might not be able to immediately launch your auditing career. Many auditors start as bookkeepers and accountants to grow their skills, business acumen and experience.聽
Be sure to choose an educational program that offers accounting courses, even if you are seeking a finance or auditing-related degree. This can help you get noticed by entry-level accounting hiring teams.聽聽
As mentioned, auditors need to be communicators. If they notice a problem with certain reports or have questions about specific sections, they need to be able to describe their concerns. This often means speaking directly to senior management to get what they need. An auditor鈥檚 communication skills can come in handy when they need to break down complex financial concepts into terms that the average person may understand.聽
Analytics doesn鈥檛 just mean reviewing numbers. It often requires people to add context to the information and provide actionable steps to improve any weak spots. Analytical skills also encompass problem-solving and critical thinking, which you need to decide on what actions are needed to improve a company鈥檚 financial health.
Even with the desired skills, education and experience, there is no guarantee that you鈥檒l be hired immediately as an auditor. It鈥檚 best to prepare as much as possible to potentially increase your chances of landing an interview in the industry. Here are some ways to do so:聽
These steps can help you get a foot in the door and gain experience on your way to a role as an auditor.
According to data collected by BLS in May 2023, auditors , with a median of聽$79,880. Salary outlook often depends on the sector that auditors enter. An auditor in the insurance field or the private sector typically earns more than an auditor who works for the government.聽
The field of auditing is also experiencing standard levels of job growth compared to other industries. BLS expects the field to from 2022 to 2032 鈥 this equates to more than 126,500 jobs.聽
Salary ranges are not specific to students or graduates of 澳门天天彩开奖记录. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. 澳门天天彩开奖记录 does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.
BLS Occupational Employment Projections, 2021-2031 is published by the U.S. Bureau of Labor Statistics. This data reflects BLS鈥 projections of national (not local) conditions. These data points are not specific to 澳门天天彩开奖记录 students or graduates.
If you鈥檙e interested in becoming an auditor or an accountant, discover how a degree from 澳门天天彩开奖记录 (UOPX) can help. UOPX offers a Bachelor of Science in Accounting degree that prepares graduates with skills and knowledge to pursue a career as an auditor after graduation.
The program covers critical topics like auditing a company鈥檚 financial reports and electronic data processing systems, auditing standards, preparing financial statements, compiling documentation, using statistical tools and conducting liability assessments. Visit the 澳门天天彩开奖记录 website to learn more about the program and how the University can help you save time and money on your degree.聽
A graduate of Johns Hopkins University and its Writing Seminars program and winner of the Stephen A. Dixon Literary Prize, Michael Feder brings an eye for detail and a passion for research to every article he writes. His academic and professional background includes experience in marketing, content development, script writing and SEO. Today, he works as a multimedia specialist at 澳门天天彩开奖记录 where he covers a variety of topics ranging from healthcare to IT.
Currently Dean of the College of Business and Information Technology,聽Kathryn Uhles has served 澳门天天彩开奖记录 in a variety of roles since 2006. Prior to joining 澳门天天彩开奖记录, Kathryn taught fifth grade to underprivileged youth in Phoenix.
This article has been vetted by 澳门天天彩开奖记录's editorial advisory committee.聽
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May 05, 2022 鈥 9 minutes