What is an Auditor?
Auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. They assess financial operations and work to help ensure that organizations run efficiently.
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What does an Auditor do?
In addition to examining and preparing financial documentation, auditors must explain their findings. This includes face-to-face meetings with organization managers and individual clients and preparing written reports. Auditors typically do the following:
- Examine financial statements to be sure that they are accurate and comply with laws and regulations
- Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
- Inspect account books and accounting systems for efficiency and use of accepted accounting procedures
- Organize and maintain financial records
- Assess financial operations and make best-practices recommendations to management
- Suggest ways to reduce costs, enhance revenues, and improve profits
Many auditors specialize, depending on the particular organization that they work for. Some organizations specialize in assurance services (improving the quality or context of information for decision makers) or risk management (determining the probability of a misstatement on financial documentation). Other auditors specialize in specific industries, such as healthcare. Some workers with a background in accounting and auditing teach in colleges and universities. The four main types of auditors are the following: Public auditors do a broad range of accounting, auditing, tax, and consulting tasks. Their clients include corporations, governments, and individuals. They work with financial documents that clients are required by law to disclose. These include tax forms and balance sheet statements that corporations must provide potential investors. For example, some public auditors concentrate on tax matters, advising corporations about the tax advantages of certain business decisions or preparing individual income tax returns. They review clients' financial statements and inform investors and authorities that the statements have been correctly prepared and reported. Some public auditors specialize in forensic accounting or investigating financial crimes, such as securities fraud and embezzlement), bankruptcies and contract disputes, and other complex and possibly criminal financial transactions. Forensic auditors combine their knowledge of accounting and finance with law and investigative techniques to determine if an activity is illegal. Many forensic auditors work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials. Government auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation. Auditors employed by federal, state, and local governments ensure that revenues are received and spent in accordance with laws and regulations. Internal auditors check for mismanagement of an organization’s funds. They identify ways to improve the processes for finding and eliminating waste and fraud. Information technology auditors are internal auditors who review controls for their organization's computer systems, to ensure that the financial data comes from a reliable source.
What does it take to be an Auditor?
Most auditors need at least a bachelor's degree in accounting or a related field. Certification within a specific field of accounting improves job prospects. For example, many auditors become earn a professional accounting designation (e.g., Certified Public Accountant in the U.S., Chartered Accountant in Canada). Most auditor positions require at least a bachelor's degree in accounting or a related field. Some employers prefer to hire applicants who have a master's degree, either in accounting or in business administration with a concentration in accounting. Auditors must be able to identify issues in documentation and suggest solutions. For example, public auditors use analytical skills in their work to minimize tax liability, and internal auditors do so when identifying fraudulent use of funds. Auditors must be able to listen carefully to facts and concerns from clients, managers, and others. They must also be able to discuss the results of their work in both meetings and written reports. They must pay attention to detail when compiling and examining documentation. They must be able to analyze, compare, and interpret facts and figures, although complex math skills are not necessary. Strong organizational skills are important for auditors who often work with a range of financial documents for a variety of clients.
What is the workplace of an Auditor like?
Most auditors work in offices, although some work from home. Auditors may travel to their clients’ places of business.
How much does an Auditor earn?
The median annual wage of auditors was $61,690 in May 2010. The lowest 10% earned less than $38,940, and the top 10% earned more than $106,880. Most auditors work full time. In 2010, one in five worked more than 40 hours per week. Longer hours are typical at certain times of the year, such as at the end of the budget year or during tax season.
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