Considering a career as an Auditor? Find out all you need to know to decide whether this career is right for you.
- What does an Auditor do?
- How to become an Auditor?
- What is an Auditor's Salary?
- How does the future look for an Auditor?
What does an Auditor do?
The role of an Auditor will vary depending on the employer. However, the general function of an Auditor is to evaluate and assure the accuracy of the financial data of an organization, make sure all management policies and government regulations are abided by and to detect any infefficiencies in company mechanics.
As an Auditor employed by a non-governing body, your focus will be to iron out flaws in your organization's system. You will analyze financial data, make sure all laws are followed and make sure all recording procedures are sound. You will also be summoned to detect any inefficiencies within the organization from issues such as overbudgeting or under-staffing projects based on your own cost-benefit analysis.
As a government employed Auditor, you may perform similar functions as above or you may be assigned policing functions such as analyzing financial data of private companies to ensure compliance with tax laws and other forms of regulations. With publicly traded companies, you may be called upon to enforce the Sarbanes-Oxley Act of 2002 (SOX).
As a consulting Auditor, you will be condcting many tass similar to most Accountants. You will analyze financial data, compile data for financial reports and advise your clients based on your auditing expertise. You may be involved in the creation of new company strategies and to assess the efficiency and cost-benefit analysis of future programs or policies.
An Auditor has to be proficient in various areas. An Auditor must be extremely observant and very thorough. As an Auditor, you will eed to be competent when speaking in front of others. There will be many times that you will be called upon to give a presentation based on your careful study and research.
You will need to have strong analytical and mathematical skills for evaluation of data and the implementation of complex formulas when computin cost-benefit ratios or valuation of companies.
Finally, as an Auditor, you will need to be highly proficient with auditing as well as basic accounting computer applications. With increasingly complex laws, advancing technologies that allow for evolving and new markets, Auditors must stay up to date with the newest methods for valuation and for various auditing responsibilities.
How to Become an Auditor?
Educational requirements may vary slightly depending on the company, the area you wish to work and your previous work experience.
For auditing careers, the minimum educational requirement is the completion of a Bachelor's degree. If you are beginning a career as an internal Auditor, you will also need to earn your Certificatied Internal Auditors (CIA) certification. If you are going to perform actual audits of companies, you will be required to possess this distinction.
You may also wish to learn more about becoming a CPA, as this distinction is required in order to allow an Accountant or Auditor to perform many different types of services.
If you are interested in advancing your Auditing career as fast as possible, then you may wish to earn an advanced degree such as an MBA with an emphasis in Accounting. Many employers of Executive Accountants and Auditors will toss out resumes that do not show candidates' extensive educational background in business as well as accounting.
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Beyond a quality education and the development of skills necessary to succeed as an Auditor, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities on Auditing portals such as AuditorJobs.com; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly. You may find Auditor openings under newspaper or online classifieds (Craigslist or Monster.com).
What is an Auditor's Salary?
As an Auditor, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for an Auditor is $54,600.
However, the top 10% of Auditors are pulling in an average of $94,100.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company, acquire all associated certifications and lastly, earn yourself an advanced degree.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for an Auditor?
With the advent of new laws and regulations entering all industries at a steady rate, Auditors are being kept in high demand. Expertise in abiding by taxation statutes while also establishing efficient and profitable company stratigies is more valuable than ever.
As the Auditing profession becomes more complicated, job security will continue to rise. For motivated individuals, this is a very good thing!
The U.S. Department of Labor believes between 2004 and 2014, Accountant and Auditor career opportunities will increase by 22% from 1,176,200 to 1,440,100.
The future looks bright for the Auditing profession, so go ahead and get started!
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