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Auditor Salary: Requirements, Universities and Career

The average Auditor salary in the United States was $61,664, however salaries normally range from $56,034 to $67,821.It’s important to note that your salary is dependent on a number of things such as; education, certifications, supplementary talents, and professional years of experience. 

Who is an auditor? 

Auditors enjoy accounting jobs that include some investigative effort. They are in charge of examining the financial statements of a company and drafting a report at the conclusion of their examination. An audit is the name for this procedure. 

What is the role of an auditor? 

In a nutshell, an auditor examines a company’s financial records to check if they are honest by analyzing the level of precision and clarity that has been accounted for. 

Auditors must explain their findings in addition to evaluating and generating financial documentation and written reports. Face-to-face encounters with organization managers and individual clients are included. 

Depending on the organization for which they work, many auditors specialize. Some specialize in risk management or assurance services (increasing the quality or context of information for decision-makers) (determining the probability of a misstatement on financial documentation). Others, such as healthcare auditors, specialize in specialized industries. Accounting and auditing professionals are sometimes hired to teach in colleges and universities.

Auditors are classified into the following categories. 

Public Auditors 

Accounting, auditing, tax, and consulting are all activities that public auditors perform. Businesses, governments, and people are among their clients. 

They work with financial documents that clients must reveal by law. Corporations must furnish potential investors with tax filings and balance sheet information. Some public auditors, for example, specialize in taxation, counseling businesses on the tax implications of certain business choices or drafting individual income tax returns. They examine customers’ financial statements and notify investors and government agencies that the accounts were created and published appropriately. 

Some public accountants specialize in forensic accounting or financial crime investigations, such as securities fraud and embezzlement, bankruptcies and contract disputes, and other sophisticated and potentially criminal financial operations. 

Auditors who work in the field of forensics 

To evaluate whether or not an activity is illegal, forensic auditors integrate their accounting and financial knowledge with law and investigative tactics. During investigations, many forensic auditors collaborate closely with law enforcement and attorneys, and they frequently testify as expert witnesses. 

Government auditors keep track of and evaluate government records, as well as auditing private enterprises and persons whose actions are regulated or taxed by the government. Federal, state, and local governments all employ auditors to guarantee that taxes are collected and spent in conformity with the law. 

Internal Auditors are individuals 

Internal auditors examine an organization’s finances for mismanagement. They figure out how to make the systems for detecting and eliminating waste and fraud better. 

External Auditors 

External auditors are unbiased auditors who are not employed by the company being audited. This type of auditor is trusted by investors, government agencies, and public enterprises to provide an unbiased and objective report. 

Auditors of Information Systems 

Internal auditors that assess controls for their organization’s computer systems to guarantee that financial data is coming from a trustworthy source are known as information technology auditors.

How do you go about becoming an auditor? 

To become an auditor, many professionals go through the following steps: 

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Obtain a diploma from a high school. 

Obtaining a high school diploma is the first step in becoming an auditor. Take math, computers, accounting, and economics courses while still in high school. Join any school organizations, such as Future Business Leaders of America, that will help you to learn more about business. 

A bachelor’s degree is required. 

Following graduation from high school, you’ll need to enroll in a recognized college or university to pursue a bachelor’s degree in accounting, finance, economics, business, or a similar profession. During this time, concentrate on auditing, finance, and data analytics coursework. 

An internship with a public accounting firm is a good next step 

Take advantage of the opportunity to intern at a public accounting firm while pursuing your bachelor’s degree. During this internship, you will have the opportunity to see all aspects of the audit process and determine whether this is the right career for you or whether you should pursue another accounting position. 

Acquire credentials. 

After obtaining your bachelor’s degree, you might endeavor to improve your competitiveness by obtaining relevant industry certifications. Many companies, particularly large accounting firms, demand that auditors hold a CPA license. This qualification can help you broaden your professional alternatives while also increasing your earning potential. 

Make a resume for yourself. 

When you’re ready to apply for auditing jobs, you’ll need to create a thorough résumé. When writing your CV, be sure to describe your relevant education, certification, training, and experience in a clear and simple manner, matching the language to the job requirements.

Auditor’s Responsibilities 

Prepare a report on the audit 

An audit report is a report that evaluates a company’s financial situation. The auditor is in charge of preparing an audit report based on the financial statements of the company. 

Request information. 

One of the most important roles of the auditor is to ask inquiries when and when he deems fit. Listed below are a handful of the questions: – Whether or if security-based loans and advances are effectively secured, and whether or not the terms regulating them are reasonable. If the Revenue Account is used to charge personal expenses (i.e., spending that is not related to the business). 

 

Offer assistance in the event of a branch audit. 

If the auditor is a branch auditor rather than the company’s auditor, he will assist with the branch audit’s completion. He’ll produce a report based on the accounts of the branch, which he’ll examine, and send it to the company’s auditor. The company auditor will then add this report into the company’s major audit report. He may also provide extracts of his working papers to the company auditor on request to assist in the audit if he so desires. 

Follow Auditing Standards 

The Auditing Standards are issued by the Central Government in conjunction with the National Financial Reporting Authority. The auditor’s auditing tasks become easier and more accurate as a result of these standards. It is the auditor’s job to follow the rules when performing his duties, as this increases his efficiency. 

Detecting and reporting fraud 

In general, when performing his job, the auditor may have suspicions regarding fraud within the organization, such as when the financial statements and data contained within do not add up. If he finds himself in this situation, he must notify the Central Government as quickly as possible and in accordance with the Act’s requirements. 

 Codes of Ethics and Professional Behavior

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The auditor must observe the Code of Ethics and the Code of Professional Conduct as a professional. Two parts of this are confidentiality and proper care in the fulfillment of his tasks. Another important prerequisite is professional skepticism. Simply put, the auditor must have a critical mind and be on the watch for any financial disasters, blunders, or frauds. 

Assist with an investigation 

It is the auditor’s obligation to assist the officers as needed if the company is under investigation. The auditor’s responsibilities are diverse, as can be seen, and they have a wide-ranging and far-reaching impact. The level of assurance provided by a set of audited financial statements is much higher than that provided by regular unaudited financial statements.

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Universities that offer Auditing

Asia Pacific University of Technology and Innovation is a university in Asia that focuses on technology and innovation. 

The BA (Hons) in Accounting and Finance degree from APU is built to give you the extra edge with world class technology aligned with the Fourth Industrial Revolution. 

Hanoi’s Vietnam National University 

The Bachelor of Accounting, Analyzing, and Auditing is a course taught entirely in English (except for 4 Vietnamese compulsory subjects in which international students will be provided with great support to meet subject requirements). A worldwide recognized bachelor’s degree from Vietnam National University in Hanoi, with the option of receiving a second bachelor’s degree from VNU or one of its member colleges in Business Law, English language, Japanese language, or Korean language. 

Vilnius University is located in Vilnius, Lithuania

This degree program is designed to prepare well trained specialists in accounting, auditing, and taxes, in addition to company performance analysis, planning, and evaluation, who can review accounting information and systematically evaluate data; to indulge students with the ideals of organizing and performing audits, which in turn allows them to creatively apply lessons they’ve learnt. 

The University of Johannesburg is a world class institution in Johannesburg, South Africa. 

The goal of this qualification is to improve intellectual and practical abilities in advanced accounting, governance and control, and internal auditing principles analysis, interpretation, and application. 

Stars International University 

The BSc in International Accounting & Audit offered by Stars International University is a one-of-a-kind undergraduate program. There are numerous advantages to completing the degree, the most important of which is that a degree combined with a professional accounting qualification is a formidable combination of credentials that puts you in demand with employers and improves your career chances. Take our word for it, but don’t take our word for it. 

Arden University is a private university located in Arden

Do you want to work in finance or accounting? Our professional undergraduate accounting and finance degree was created with your future career in mind. You will graduate with necessary financial and management accounting abilities, as well as a strong, broad, and practical understanding of the financial world. The award was created to grant ACCA exemptions, and our application for accreditation is currently in the works. 

Business Management, Tourism and Hospitality, Business Informatics, Accounting and Auditing, and Sustainable Development are all studied under the University’s Department of Business and Tourism Resources. These are the studies at the University with the longest history, where students get practical knowledge that allows them to become more competitive on the job market.

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The following are five reasons why you should work as an auditor. 

 

The profession is tenacious; it isn’t going away anytime soon. 

Internal auditors who are qualified are almost always in demand. Internal auditors are in high demand, as most large corporations are required by law to establish an internal audit unit. 

Internal audit departments are also continually improving their staff in order to keep up with technology advancements and competition. Internal audit is embracing new audit technology, thus companies are providing additional training. However, as we move into our new normal, businesses confront numerous dangers that must be addressed. Internal auditors are essential to evaluate risks like cybersecurity, fraud, and the company’s reputation. 

Internal auditors are regularly sought after, according to Google Trends, which offers data on the popularity of search phrases over time. The internal auditor has remained relevant as a search term globally for the last five years, with the exception of seasonal dips in interest. This implies that whether individuals are looking for information on internal audit specialists, firms, solutions, or careers, it’s always a hot topic, which should alarm those looking for long-term career stability. 

 

A skills gap exists, and tech-savvy millennials are poised to fill it. 

We are seeing more rapid expansion and integration of technology in the global workforce than ever before. Smart firms are looking for tech-savvy Millennials and Gen Zers who are comfortable with technology, digital platforms, and processes as the workforce transforms. 

The effects of technology on these businesses need the development of new strategies in order to maintain a competitive advantage in the global market. Internal audit is shifting to suit the requirements of current society, and what firms are looking for in applicants is shifting in the same manner. 

It’s ideal for working from home. 

As a result of the COVID-19 epidemic, businesses have devised strategies for internal auditors to adapt to the pandemic’s challenges in a long-term manner. The rapid adoption of a work-from-home model among internal audit businesses and finance in general is a trend that’s likely here to stay as companies close their headquarters and central offices to limit the danger of spreading the virus. 

Internal auditors have been able to effortlessly move into remote working and can continue to do so due to the wealth of information available online and the fact that remote working has become the new standard. To accommodate remote labor, firms will likely have to adopt an Agile approach and incorporate digitization into business operations in the future. 

Internal auditors and CFEs would be in high demand due to fraud fears. 

COVID-19 has had an influence on the level of fraud recorded, according to a recent ACFE report, with 92 percent of respondents expecting an increase in fraud over the next 12 months. The demand for internal auditors has grown even more important as the overall level is likely to rise, and as cybersecurity becomes the most high-risk area, followed by unemployment and payment fraud. 

Internal auditors are needed not only to identify these risks, but audit departments are likely to boost expenditure on anti-fraud technologies and budgets for fraud relation consultations and training as a result of the expected increase. Talent recruiters will focus on applicants with a technology skill set as hiring rises in the future.

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