When you are in search of a job and consider potential careers, you need to take into account your skill set, interests, and a type of company you’d like to work for.
It can get tough picking the right path, no matter if you are getting into college, joining the workforce, or changing your career.
However, if you carefully consider your skills, talents, and desires, you may find that a position you never even considered can be a perfect fit for you.
In the following article, we will cover information about the career most people don’t understand.
Let’s take a closer look at the Auditor job.
Article Table of Contents
- 1 What is an Auditor?
- 2 Auditors’ Other Job Titles
- 3 Job Responsibilities of an Auditor
- 4 Qualifications
- 5 Additional Required Skills
- 6 Training and Education
- 7 Workplace of an Auditor
- 8 Salary of an Auditor
- 9 Which Auditor Job Is Perfect for You
What is an Auditor?
An auditor is a person who deals with various verification tasks in the financial area of any field.
They determine the cases where over-payments occurred, underpayments went unnoticed, and ensure that all accounts are taken care of properly and immediately.
Auditors should have an objective opinion to ensure that all accounts are taken care of properly and are clear.
Auditors also contribute to the tasks of company operators.
They perform a system-oriented analysis of the risk management and control, executive processes alongside with examination of accounts they manage.
Auditors’ Other Job Titles
In various companies, auditors may be known under different titles.
If you’re searching for a job and come across one of the following titles, you can be sure it’s one of the jobs you’re looking for:
- Accounts Auditor.
- Senior Auditor.
- Internal Auditor.
- Healthcare Claims Auditor.
Job Responsibilities of an Auditor
Duties and responsibilities of an auditor can differ from company to company.
However, the following responsibilities are common for all auditors:
- Gather and analyze data to determine deficient controls, waste, theft, fraud, non-compliance with laws, regulations, or company policies.
- Report the use of assets and audit results to management while offering recommendations for changing financial operations and activities.
- Review information about liabilities, capital stock, material assets, surplus, network, income, and expenses.
- Analyze and evaluate information and financial systems, and make recommendations on controls to guarantee the integrity of data and system reliability.
- Prepare reports of the findings during audits.
- Examine bookkeeping and accounting systems for efficiency, and use the accounting procedures to track transactions.
- Prepare and analyze financial statements, annual reports, and other data using statistical and accounting procedures to evaluate financial conditions.
- Improve financial planning.
- Manage the auditing of the companies, and identify what kind of investigation is required.
- Examine notes receivable and payable, cash on hand, negotiable securities, and canceled checks to ensure the accuracy of the records.
- Inform the executives of the financial matters of the company.
- Assess taxpayer finances to define tax liability, applying knowledge of discount rates and interest, annuities, stock, and bonds, etc.
- Analyze inventory to ensure the accuracy of records and journal entries.
- Examining the reflection of the company’s objectives in its management activities, and evaluate the employees’ understanding of the objectives.
- Interview employees to verify compliance with regulations and recording of transactions.
- Examine additional records to ensure accuracy.
- Prepare updated and detailed information with the internal computer systems so that management can make decisions based on actual, not outdated, data.
- Evaluate taxpayer accounts and perform on-site audits by mail or by inviting the taxpayer to the office.
- Direct and guide employees on correct methods of recording, filing, submitting, compiling, and transmitting financial recordings.
- Expand technical and professional knowledge by attending related courses and workshops.
- Regularly reviewing professional auditing-related publications.
- Maintain relations within auditing and accounting.
- Take part in professional communities.
- Comply with the local, state, and federal legal security requirements by analyzing current and new security acts and implements them in the workplace.
- Ensure compliance with legal requirements.
- Inform management of the necessity of changes and actions to meet compliance.
- Confirm liabilities and assets by analyzing inventory or on-hand items documentation.
- Estimate sufficiency of internal control systems with the help of audit questionnaires.
- Deal with audit paperwork in full by recording findings and audit tests, including any overages or anomalies.
Auditors need a wide range of qualifications and precise skills.
These qualifications and skills are commonly required across various industries and in different companies.
An auditor is a position that typically can’t be acquired right after graduating from college.
The majority of employers require their auditor to have several years of experience.
Usually, the minimal requirement is 5 years.
Successful auditors are knowledgeable about the use of specific software, medical code systems, and other fee-schedule related programs.
To learn them, you can take courses.
However, while working in lower-level positions, you can gain a strong understanding of these programs before obtaining a senior position.
The knowledge of basic computer software such as Microsoft Office package, databases, spreadsheets, email is also necessary.
Attention to Detail
Attention to detail is a commonly required skill for any position within a corporation.
For auditors, though, this is a key skill that can play a vital role in the hiring process.
The job essentially consists of details as you will have to notice every flaw, any small error or details that are even slightly off.
In most companies, auditors are required to be able to manipulate large amounts of data and reports regularly.
Sound Independent Judgment
An auditor should have an objective opinion and make a lot of objective judgments and decisions without external influence.
Additional Required Skills
Some additional requirements can appear in one company or another.
The following are quite common to be required in addition to the above-mentioned skills:
- Documentation skills.
- Legal compliance.
- Presentation skills.
- Reporting research results.
- SFAS Rules knowledge.
Training and Education
Auditors should have an educational background from programs related to finance, accounting, or similar.
Bachelor’s degree is the easiest way to obtain the required education as auditors can gain necessary math, analytical, and accounting training.
Depending on the company and industry, a Master’s degree may be required.
Workplace of an Auditor
A lot of companies and corporations frequently hire auditors both in the US and around the world:
- Small businesses.
- Auditing agencies.
- Non-profit organizations.
- Retail corporations.
- Large corporations.
- Fortune 500 companies.
- City, county, state or federal government departments.
Generally, either an in-house auditor or the one from an agency is required in every company.
They will have to come and regularly review the accounts.
Whether you are looking into working for a large corporation or a non-profit that helps the homeless, you can find a way to apply your skills.
Salary of an Auditor
In the US, the average salary of an auditor is $63,000 annually.
It can be at $45,000 as the lowest, and as high as $84,000.
With $20,000 range on both sides, the opportunities for the auditors are widely open.
The salary will depend, of course, on the size of the company or corporation, the geographical location, and other factors.
Generally, large corporations pay more, but the demands and requirements will also be high.
If you are prepared for a stressful job at a corporation, with more experience and a higher level of education, you can have better chances for employment than the competition.
Which Auditor Job Is Perfect for You
If you have an analytical mindset, are great with numbers, and have exceptional attention to details, the job of an auditor is a good fit for you.
You can apply all these skills, gain more knowledge through various auditing and accounting training programs and make good use of your degree.
If you are prepared to pursue the career of an auditor, check out the local colleges and universities for related programs to get the required education for the job.