A major in Business, Accounting and Finance entail an enormous amount of career opportunities all across the world. One such career in Commerce stream which is also counted among the top highest salary jobs for Commerce students is “Auditing”. It is a specialized field of accounting where an Auditor prepares, examines and assesses all the financial records of an organization in order to ensure its smooth and legal operation throughout the financial year and the times to come. They are the ones who review and evaluate the financial statements prepared by the Accountant, gauge the levels of financial risk, cash flow statement and prepare a report to be given to the organization. The job of Auditor projects the highest growth rate, owing to the ever-growing corporate world and coming up with new businesses every now and then. If you are an aspirant looking forward to climbing the corporate ladder, you are just in the right place. Through this blog, we are here to provide you with the prerequisites to become an Auditor.
This Blog Includes:
- Types of Auditors
- Roadmap To Becoming An Auditor
- Responsibilities of an Auditor
- Roles and Responsibilties PPT
- Top Courses for Auditing
- Course Subjects
- Books on Auditing
- Auditor Jobs
- Average Salary
- Companies Recruiting Auditors
Types of Auditors
Here are the main types of Auditors-
- Internal Auditor
- External Auditor
- Forensic Auditor
- Government Auditor
- Independent Auditor
- Priority Auditor
- Tax Auditor
- Financial Auditor
Roadmap To Becoming An Auditor
In order to become an Auditor, you need to have the fundamental knowledge of accounting and other business operations pertaining to finance and risk followed by the required certification and professional experience. To get the inside view on Auditing, we have come up to list down the steps to be followed to start a career in the field.
Step 1: Study the Relevant Subjects at School
As a student, who is planning to become an Auditor in the near future is required to first choose Commerce subjects at the Senior Secondary level. After clearing the 10+2 examination, students can then plan to pursue professional courses after 12th commerce stream.
Step 2: Qualifications To Be An Auditor
Upon completing the school and securing an exceptional score, the next step for you is to secure admission into any of the Commerce stream courses such as a BCom, BBA, BMS, BBM, BBS or a Bachelor of Accountancy. In short, you need to have a bachelor’s degree in Accountancy, Business, Economics, Finance, Mathematics or Business Economics. Besides these, if you are passionate about more than one subject, a double major or minor is the best way to explore different disciplines while still working on to build you are to be as an auditor. Subjects like Data Analytics and Computer Science can help you give an edge on the auditing profession.
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Step 3: Knowledge Can Act as a Catalyst
In addition to taking up academic courses, you should always keep yourself updated with the latest finance and business news. A good way to go about it, through reading major news publications like the Wall Street Journal, Bloomberg, CAQ’s Discover Audit initiative, etc.
Step 4: Get Hands-on Work Experience
During the time you are studying or have completed your degree, it is really important for an aspiring Auditor to get hands-on work experience in the field of Auditing. Through this, you get to know about the ground-realities, challenges and daily work responsibilities to be performed in this profession. Either the university you study in can help you get an internship or you have to work for getting off-campus placements to get the fundamental practical knowledge and also get noticed by potential employers and see if that firm is a good fit for you.
Step 5: Get Certified
Getting a graduation degree is minimum eligibility for the aspiring Auditors to pursue a certification course and getting certified as a professional Auditor. The candidates wanting to practice in India can take the Certified Internal Auditor (CIA) exam or pursue a CA course offered by the Institute of Chartered Accountants of India (ICAI). However, those who want to be both domestically and internationally recognized as an Auditor can take up the CPA course and eventually an exam to gain a Certified Public Accounting license.
Please note that the Licensure requirements may vary by state and understand of what is to be followed should be a mandatory step you take when preparing for Auditing exams. Also, there are various accounting firms that provide all the necessary training and assistance to employees when they are preparing for such competitive exams.
Step 6: Become a Member of an Auditor Association or Organization
To get a job as an Auditor, it is important for you to network around other of your fellow counterparts. The business world is complicated and is subject to constant changes. Thus, it is challenging for a newcomer to keep abreast of the persisting changes and add to your knowledge through the Auditors’ association you belong to.
Want to experience a day in life of an Auditor, check out this video-
Responsibilities of an Auditor
- Ensures compliance with established internal control procedures by examining reports, records, documentation and operating practices.
- Completes audit workpapers by documenting audit tests and findings.
- Verifies assets and liabilities by comparing items to documentation.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; and participating in professional societies.
- Maintains internal control systems by updating audit programs and questionnaires; recommending new policies and procedures.
- Communicates audit findings by preparing a final report; discussing findings with auditees.
- Complies with federal, state, and local security legal requirements by studying existing and new security legislation; enforcing adherence to requirements; advising management on needed actions.
Roles and Responsibilties PPT
Top Courses for Auditing
- Diploma in Accounting & Auditing
- Post Graduate Diploma in Accounting
- Diploma in Taxation
- Diploma in Tax & Company Law
- Advance Diploma in Financial Accounting & Taxation
- Advance Diploma in Taxation
- Post Graduate Program in Tax Management
- Bachelor of Commerce (B.Com) in Fundamental of Auditing
- Bachelor of Commerce (B.Com) in Taxation
- Bachelor of Business Administration (BBA) in Accounting & Finance
- Bachelor of Commerce (B.Com) in Accounting & Taxation
- Bachelor of Commerce (B.Com – Hons) in Direct & Indirect Taxation
- Bachelor of Commerce (B.Com) in Tax Procedure & Practice
- Master’s Degree in Accountancy and Auditing
- Master of Commerce (M.Com) in Accounting and Auditing
- Master of Commerce (M.Com) in Taxation
- Master of Business Administration (MBA) in Banking & Taxation
- Master of Commerce (M.Com) in Accounting & Taxation
- Chartered Accountancy
Topics/ Subjects Included in the Auditing:
- Cost and Management Auditing
- Law and Ethics
- Direct Taxation
- Cost and Management Accounting
- Indirect Taxation
- Strategic Performance Management
- Multi-disciplinary Case Study
- Customs and FTP
- Advanced Auditing and Professional Ethics
- Business Valuation
- International Taxation
- Fundamentals of Mathematics and Statistics
- Internal Auditing
- External Auditing
- Economics and Management
- Administrative Procedure and ICDS
- Company Accounts and Audit
- Corporate Laws and Compliance
- Strategic Cost Management
- Corporate Financial Reporting
- Tax Laws and Practice
Books on Auditing
- Auditing For Dummies ( Get this book )
- The Internal Auditing Pocket Guide: Preparing, Performing, Reporting and Follow-up ( Get this book )
- Fraud Examination ( Get this book )
- Forensic and Investigative Accounting ( Get this book )
- Auditing and Assurance Services ( Get this book )
- Auditing Cases: An Interactive Learning Approach ( Get this book )
- MP Auditing & Assurance Services: A Systematic Approach ( Get this book )
- Simplified Approach to Advanced Auditing and Professional Ethics ( Get this book )
Listed below are the popular job profiles-
- Internal Auditor
- Consultant Auditor
- Quality Auditor
- State Controller or Auditor
- Financial Statement
- Statutory Auditor
- Certified Quality Auditor
- Information Technology Auditor
- Certified Lead Auditor
- Chief Audit Executive or Director of Audit
The average salary of an Auditor in India ranges around INR 4,00,000- 12,00,000.
Companies Recruiting Auditors
- Ernst & Young
- Fidelity National Information Services, Inc.
- Wells Fargo
- Accounting Principals
- Citizens Bank
- eXp Realty
By following these steps and developing your skillset and knowledge, you’ll be well on your way to becoming an Auditor. Are you planning to study abroad after 12th Commerce and need a good educational counselling? Do not worry, our experts at Leverage Edu can help you realise your potential and chase your dreams to reach the zenith of your career. Book a 30 minutes free career counselling with us and get the answers to all your career-related questions.