what is an auditor?
Auditors are specialists who inspect the financial accounts of public sector and commercial companies. The examination of records enables them to determine the legality and validity of financial records. As an auditor, you are qualified to assess, evaluate and ensure the accuracy of an organisation's financial accounts. You also guarantee tax compliance and validate the business actions of your employer to ensure the company is running smoothly.
In an advisory role, you assist your employer in identifying cost-saving measures and risk aversion methods to improve business success. As a finance specialist, you assess the economic health of a company and provide recommendations to improve revenue and minimise expenses.
what does an auditor do?
All companies require an internal or external auditor to assess their financial soundness and ensure compliance with industry regulations. Auditors also work for the government and public corporations to ascertain the proper handling of funds and uncover embezzlement or misappropriation of money.
In the private sector, auditors also act as consultants who ensure that financial records are a true reflection of the financial state of an organisation. You provide unbiased evaluations and recommend ways to improve a company's current practices and processes.
Your objective as an auditor is to assist companies in improving operational productivity, mitigating risk and ensuring compliance. As part of a company’s accounts department, you can work in diverse sectors, such as banking, finance, manufacturing and retail.
Would working as an auditor suit your analytical skills? Then read on to find out what competencies and qualifications you need to thrive in an auditor role.
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average salary of an auditor
According to payscale, the median salary of an auditor in India is ₹5,05,000 per year. Salaries for auditors range from ₹3,90,000 to ₹9,90,000 annually, depending on your employer, geographical location, experience and educational qualifications. Aside from the basic salary, auditors may also enjoy various allowances, including transport, house allowance and healthcare.
factors that impact an auditor’s salary
Your salary varies based on your geographical location, due to the difference in the cost of living. In small towns, living costs are lower than in cities, so your compensation package reflects this. For instance, if you are an auditor in Mumbai, your employer adjusts your salary to accommodate the higher cost of living.
The industry you work for also dictates your earning potential. For example, an auditor working in the public sector or for government entities earns a lower salary than someone working in the private sector.
Multinationals require additional experience and qualifications and are willing to pay more for exceptional expertise. In auditing, your certifications and chartered status can increase your earning potential. Auditors are highly valued and always in demand, so you can focus on the opportunities that suit you best.
types of auditors
You can branch out into various specialisms in your auditing career. Some typical types of auditors include:
- internal auditors: when you are an internal auditor, your specific responsibilities are dictated by your employer. Your role is to review the performance of employees and ensure financial records comply with the company's standards and accounting systems. You also conduct risk assessments and assist managers in making sound business decisions.
- external auditors: as an external auditor, your job is to carry out mandatory financial audits to determine the accuracy of a company’s records. Your responsibility is to ensure the financial records paint an accurate picture of a company's current financial situation. The report you prepare provides unbiased evidence of the integrity of a company to its stakeholders.
- forensic auditors: in forensic auditing, your job is to investigate illegal activities and fraud in a company. You also help organisations determine protection measures to prevent embezzlement and fraud.
- tax auditors: your work as a tax auditor is to verify the integrity of a company's tax returns. You determine whether a company has estimated its tax obligations correctly.
working as an auditor
Being an auditor is an exciting career with diverse responsibilities and work environments. Read on to find out how you spend your time as an auditor, and the duties and responsibilities of the role.
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duties and responsibilities
Your daily tasks and responsibilities vary depending on the company you work for and your area of specialisation. Some of the typical duties of auditors include:
- examining accounting records: as an auditor, your primary role is to analyse and review accounting records to ascertain their accuracy and determine the financial status of a company.
- creating reports: after investigating the accounting records, you prepare a detailed report on your audit findings and recommendations. Your report includes asset utilisation assessments and solutions for improving revenue.
- detecting fraud and illegal activities: apart from checking the financial health of an organisation, you investigate fraud and embezzlement of funds. You also help companies with compliance issues and adherence to management policies.
- monitoring risks: your job is to gauge the financial risks faced by a company and come up with recommendations to improve its financial position. For example, you investigate processes that consume a lot of resources without producing revenue.
- conducting statutory audits: when you are an external auditor, your job includes conducting unbiased audits to fulfil statutory requirements.
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work environment
Whether you are an auditor in the public or private sector, you work in an office environment. When you work for a consultancy firm, you conduct your work from the client's place of business. You can complete all your work from your desk, but sometimes you need to travel to meet clients and managers. Most auditors work individually, but in large corporations you may work with a team of auditors to complete tasks on time.
If you prefer a hybrid work environment, more and more companies allow auditors to schedule working from home or remotely.
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who are your colleagues?
As an auditor, your colleagues might include clerical staff, accountants and office managers. You could also work in close proximity to bookkeepers, finance analysts, finance controllers, finance managers, as well as other specialists, including external auditors and senior executives.
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work schedule
As an auditor, you work a full-time schedule of 39 hours a week. Part-time positions are also available in some companies. Sometimes, you work overtime in the evenings and at weekends at important times of the year. For instance, in tax season and the end of a budget year, auditors are busy and have to work long shifts to complete the audits on time.
Occasionally, you travel to meet clients and visit your company’s subsidiaries. If you like meeting new people or the occasional change of scenery, working as an auditor can offer you those opportunities.
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job outlook
Auditing is a promising career option fuelled by business growth and the changing tax and regulatory sector. You can specialise and expand your experience to improve your job prospects. Auditing is an attractive career, due to its clear career progression from beginner to executive positions. Being a qualified, experienced auditor can lead to a management position or a consultancy role. When you work for audit firms, you can build your skills to progress in your career and become a partner in a consultancy firm.
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advantages of finding an auditor job through randstad
Finding your auditor job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid on a monthly basis
- temporary and permanent contracts
Want a permanent contract? A temporary job as an auditor is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers, thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
You can pursue any of the following routes to become a professional auditor:
- bachelor's degree: many professional auditors start their career with a bachelor's degree in finance, economics, business or accounting. An aptitude for mathematics, analysis and comparing and interpreting facts and figures is very helpful. When you complete the undergraduate programme, you undergo further training to become an auditor.
- certification: earning industry-related certifications enhances your job prospects. Consider a course in a computer accounting software like Tally. Aim to gain auditing accreditation from international auditing associations like the Institute of Internal Auditors (IIA) or the Information Systems Audit and Control Association (ISACA), which are globally recognised and accepted.
skills and competencies
Can you combine your qualifications with transferable skills? Then you will thrive in your career as an auditor. Some important skills include:
- analytical skills: your job is to identify issues in documentation and provide effective solutions. To review financial records and analyse company processes, exceptional analytical skills help you investigate and interpret the information.
- organisation skills: in auditing, you work with a range of financial records, and sometimes you manage many documents from multiple clients. Strong organisational skills help you keep on top of documentation and paperwork to ensure accurate results.
- communication skills: as an auditor, you work closely with clients and managers. Therefore, it is crucial to have good communication skills to understand your clients' needs and concerns and share solutions. Sometimes, you make presentations on your audit findings or write reports, which require verbal and written communication skills.
- maths skills: as an auditor, you spend most of the day crunching numbers and analysing records to interpret facts and figures. You can combine your maths skills and proficiency in data analysis and accounting to advance your auditing career.
- attention to detail: mistakes in auditing have severe consequences, including fines and legal actions. Your attention to details when examining accounting records helps your clients avoid penalties and liabilities.
FAQs about working as an auditor
FAQs about working as an auditor:
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what exactly does an auditor do?
An auditor examines financial records to ascertain their accuracy and legal compliance. As a finance professional, you assess operations to ensure a company is running efficiently. You can recommend solutions for financial issues in a business, including reducing expenses and boosting revenue. Some auditors also perform tax audits for their clients.
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are auditors paid well?
Auditors are compensated based on their level of experience and educational qualifications. For instance, experienced auditors in Mumbai earn an average salary of ₹8,00,000 per year. Some private companies pay more and provide additional benefits, including bonuses and allowances.
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what is expected of an auditor?
An auditor is expected to be unbiased and provide an accurate picture of the current financial status of a company. They are also detail-oriented, enabling them to uncover misuse of funds and identify compliance issues.
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is being an auditor a good job?
Becoming an auditor is a lucrative and sustainable career with an attractive compensation package and promising job prospects. You can also advance your career and become a manager.
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how do i apply for an auditor vacancy?
Applying for a business analyst job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
