what is an auditor?
As an auditor, you are accredited 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 that improve business success. As an economic specialist, you assess the financial 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 financial soundness and ensure compliance with industry regulations. Auditors also work for the government and public corporations to ascertain proper handling of funds and uncover embezzlement and misappropriation schemes.
In the private sector, auditors act as consultants who ensure financial records mirror the state of an organisation. You also provide unbiased evaluations and recommend ways to improve a company's current practices and processes.
Generally, 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 not only in the banking and finance sectors, but also in industries as diverse as manufacturing and production.
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.
auditor rolesaverage salary of an auditor
Wondering how much you will make as an auditor? According to the National Careers Service, in the UK, the salary of an auditor ranges from £23,000 to £65,000 annually, depending on employer, geographical location, experience and educational qualifications.
Aside from the basic salary, auditors also enjoy various allowances, including transport, house allowance and healthcare.
other factors that impact an auditor 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 the compensation package reflects this. That also means, if you are an auditor in London, your employer adjusts the salary to accommodate the higher costs.
The industry you work for also dictates your earning potential. For example, an auditor working in the public sector or 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 services. In auditing, your certifications and chartered status can increase your earning potential. In terms of demand, auditors are highly valued, 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 of the common types of auditors include:
- internal auditors: when you are an internal auditor, your responsibilities are dictated by the employer. Your role will be 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 statutory or financial audits to determine the accuracy of records. Your responsibility is to ensure the financial records paint an accurate picture of a company's financial situation. The report you prepare will provide 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 can 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 correctly estimated its tax obligations.
working as an auditor
Becoming 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 whether the role might be something you enjoy.
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auditor job description
Your daily tasks and responsibilities vary depending on the company you work for and your area of specialisation. Some of the common duties for 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 accounting records, you need to prepare a detailed report on audit findings and recommendations. Your report should also include asset utilisation assessments and solutions for improving revenue.
- detecting fraud and illegal activities: aside from checking the financial health of an organisation, you should investigate fraud and embezzlement of funds. You can also help companies with compliance issues and adherence to management policies.
- monitoring risks: your job is to gauge the financial risk in a company and come up with recommendations to improve the financial position. You can 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 will work in an office environment. When you work in a consultancy firm, you have to 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 might have to 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 and or remotely.
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work schedule
As an auditor, you will work a full-time schedule of 39 hours a week. Part-time positions are also available in some companies.
Sometimes, you have to work overtime in the evenings and weekends during 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.
Sometimes, you have to travel to meet clients and visit subsidiaries of your employer. If you like meeting new people or the occasional change of scenery, working as an auditor can offer you the chance to do so.
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job outlook
Auditing is a growing career option fuelled by the growth of businesses and the changing tax and regulatory sector.
If you want to be successful in auditing, it is important to adopt technological advancements that enable you to take up complex responsibilities. You can also specialise in the available specialisms and expand your experience to increase your job prospects.
Auditing is a gratifying career due to its clear career progression from beginner to executive positions. As an experienced auditor, your qualifications can propel you to a management position or a consultant role. When you work in audit firms, build your skills to progress your career and become a partner in the 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 weekly or monthly, depending on the job
• temporary and permanent contractsWant 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
Use any of the following routes to become a professional auditor:
• earn a bachelor's degree: many professional auditors start their careers with a bachelor's degree in finance, economics, business or accounting. To join the university, you need 4 or 5 GCSEs at grades 9 to 4 (A* to C) or 3 A levels, including English and maths. When you complete the undergraduate programmes, you will undergo further training to become an auditor.
• certification: ensure you earn industry-related certifications to increase your job prospects. In the UK, you need a Certified Public Accountants (CPA) licence to practice auditing. In some auditing specialisms, only members of specific professional bodies can become auditors. For instance, if you want to be an external auditor, you must be a member of the Association of Chartered and Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW). You also need certification from the Chartered Institute of Public Finance and Accountancy (CIPFA) to audit in the public sector.
• apprenticeship: you can become an internal auditor through an apprenticeship that combines on-the-job training and coursework. Join the higher apprenticeship programme to become an internal audit practitioner or a Level 7 apprenticeship for professional qualification. You need 4 or 5 GCSEs from grades 9 to 4 and 3 A Levels to join a higher diploma or degree in apprenticeship.
skills and competencies
Can you combine your qualifications with hard and soft skills? Then you are likely to thrive in your career as an auditor. Some of the important skills include:
- analytical skills: your job is to identify issues in documentation and provide effective solutions. To review the financial records and analyse company processes, you need exceptional analytical skills to investigate and interpret the information at hand.
- organisation skills: in auditing, you will work with a range of financial records, and sometimes you have to maintain documents from multiple clients. Strong organisational skills help you sort documentation and keep paperwork to provide accurate results.
- communication skills: as an auditor, you work closely with clients and the upper management. Therefore, it is crucial to have good communication skills. You need to understand your clients' needs and concerns to provide solutions. Sometimes, you have to make presentations on your audit findings or write reports, which need proper communication skills.
- maths skills: in auditing, you will spend most of the day crunching numbers and analysing records to interpret facts and figures. If you are able to combine maths skills, proficiency in data analysis and accounting skills, you can be successful in your auditing career.
- attention to detail: mistakes in auditing have severe consequences, including fines and legal actions. You should be attentive to details when examining accounting records to help your clients avoid penalties and liabilities.
FAQs
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. The finance professionals assess operations to ensure a company is running efficiently. They can recommend solutions for financial issues in a business, including reducing expenses and boosting revenue. Some auditors also perform tax audits for their clients. Want to learn more about working as an auditor? Then check out this article.
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do auditors get paid well?
Auditors are compensated based on their level of experience and educational qualifications. For instance, experienced auditors in the UK earn an average salary of £65,000 per year. Some private companies pay more and provide additional benefits, including bonuses and allowances. Want to learn more about working as an auditor? Then check out this article.
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what are the three types of auditors?
You can become an internal, external or forensic auditor. Internal auditors monitor financial records and operations and provide ways to optimise the processes and ensure financial health. External auditors perform mandatory statutory audits that determine a company's integrity. Forensic auditors investigate fraud and embezzlement of funds in various entities. Want to learn more about working as an auditor? Then check out this article.
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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 state of a company. They should also be detailed-oriented to uncover misuse of funds and identify compliance issues. Want to learn more about working as an auditor? Then check out this article.
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is auditor a good job?
Becoming an auditor is a lucrative and sustainable career with attractive compensation packages and promising job prospects. You can also advance your career and become a manager. Want to learn more about working as an auditor? Then check out this article.
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how do I apply for an auditor vacancy?
Applying for a job as an auditor 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!
