How to Become an Auditor?
Your Guide to Becoming an Auditor: Qualifications, Career Paths, and More.
In this Career Outline
Introduction to Auditor
"An auditor's work is to shine a light on transparency and trust."
An auditor verifies and evaluates a company's financial records to ensure accuracy and compliance with tax laws. They analyze financial operations, aiming to enhance financial performance and minimize losses. Auditors may work internally within companies or externally as independent consultants. Internal auditors focus on preventing financial mismanagement and improving efficiency, while external auditors ensure that financial statements accurately reflect a company's financial health.
Steps to Become an Auditor:
Step-1
Obtain a Bachelor's degree in Accounting, Finance, Business Administration, or a related field.
Step-2
Obtain certifications like Certified Public Accountant (CPA) or Certified Internal Auditor (CIA).
Step-3
Work in entry-level accounting or auditing positions to gain hands-on experience.
Step-4
Choose a specialization such as tax auditing, forensic accounting, or information systems auditing.
Step-5
Earn a Master's degree in Accounting or Business Administration to advance your career.
Step-6
Keep abreast of changes in auditing standards, financial laws, and regulations.
Step-7
Apply for Auditor roles in public accounting firms, corporations, government agencies, or consulting firms.
Eligibility Criteria
| Eligibility Criteria | Description |
|---|---|
| Eligibility | Open to all, typically those with a background in commerce. |
| Educational Background | High school diploma or equivalent. |
| Undergraduate Degree | Hold a bachelor's degree in accounting, finance, or a related field. |
| Postgraduate Degree | Master's degrees or certifications like CPA, CA, or CIA are advantageous. |
| Entrance Exams | Common exams include GGSIPU CET BBA, AIMA UGAT, CUET, DU JAT, NMIMS-NPAT, etc. |
- Must possess at least 50% aggregate from a recognized institution in 12th, from any board PUC/CBSE/ICSE/ISC, etc. However, the cut-off margin varies with the selection process of different colleges.
- Should procure a valid score in Entrance exams after 12th such as GGSIPU CET BBA, AIMA UGAT, CUET, DU JAT, NMIMS-NPAT, etc.
- Earn a B.Com/BBA degree or a diploma to qualify as an auditor. This is a basic qualification you must require to enroll in this line of work.
- An M.A. in Finance and Accounting can also prove to be helpful while looking for a higher degree and better learning.
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Tasks to perform as an Auditor:
Knowledge & Skills Required
Auditor requires a diverse range of skills to excel in their positions. Here are the key knowledge areas and skills needed to excel in this field:
| Knowledge Required | |
|---|---|
| Understanding of GAAP and IFRS standards | Knowledge of local and international tax regulations. | Proficiency in internal and external auditing procedures. | Ability to prepare and analyze financial statements. |
| Familiarity with journal entries and ledgers | Understanding of risk identification and evaluation techniques |
| Skills Required | |
|---|---|
| Analytical Skills | Time Management |
| Attention to Detail | Problem-Solving Skills |
| Communication Skills | Professional Skepticism |
| Ethical Judgment | Client Relationship Management |
Understanding What are soft skills? and why is it important,as they complement technical abilities and enhance overall performance in the field of an auditor.
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Job roles offered for an Auditor:
Once you procure the required qualifications for becoming an Auditor, a myriad of options is open to you. There are multiple projects you can undertake throughout this line of work, and there are many other fields you can branch out to as well.
Inventory auditors count inventory and generate assessments, visiting establishments to establish precise quantities of items and resources. They work for transportation firms, distributors, and retail enterprises, often full-time, including nights, weekends, and occasional travel. Inventory auditors operate in various settings like inventory rooms, warehouses, and retail outlets, usually working alone but reporting to supervisors.
Tax associates provide tax processing assistance at accounting firms or income preparation organizations. They may work full-time, part-time, or as contractual employees during tax season. Their primary responsibility is to help individuals and organizations meet tax obligations by investigating financial documents, preparing taxes, and filing necessary documents, often in an office setting.
IT auditors review a company's information technology systems, processes, and applications. They find ways for networks to meet organizational needs, set up equipment and software, and test methods to ensure functionality. Most IT auditors work in offices with computer networks, though some may travel to examine clients' systems.
Quality auditors examine a corporation’s products and operations to ensure compliance with regulations and guidelines. This includes quality-control testing and assessing procedures and deliverables to ensure exceptional quality. They often work in manufacturing but can be found in various industries, including agriculture and technology.
Revenue auditors conduct daily revenue audits, including cash summaries, journal entries, and other revenue reports. They validate and document earnings, handle credit card invoicing, respond to billing inquiries and complaints, and create reports to ensure smooth and profitable operations. Revenue auditors typically work a standard 40-hour week in an office setting.
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With countless career options, choosing the right path can be tough. Analysis and guidance sessions help clarify what to study, pursue, and achieve.
Career Opportunities for an Auditor:
Auditor can opt for various fields of work in the companies listed below:
| Deloitte | KPMG | PwC |
| Grant Thorton | Protiviti | RSM |
| Accenture | Oracle | Citi |
| UBS |
Colleges offering courses in Auditors :
Here is the list of colleges offering the Best courses after 12th:
| The Yenepoya College, Mangalore | Janta Shivratri College, Daltonganj |
| AKS University, Satna | Jharkhand Rai University, Ranchi |
| RIMT University, Gobindgarh | Nirmal Haloi College, Barpeta |
| MGR Government Film and Television Training Institute, Chennai | All India Institute of Management Studies, Chennai |
| PDC - Pride Degree College, Bangalore | Chandigarh University, Chandigarh |
End Note
A career as an auditor offers the opportunity to ensure financial integrity and build trust in various organizations. With the right education and skills, you can excel in this field. For personalized guidance, connect with our experts at SetMyCareer. We provide Career counselling after graduation to help you plan your professional path and reach your auditing career goals. Our team is ready to support you in transforming your aspirations into achievements as you begin your journey in the auditing profession.
In this Career Outline
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