Have you ever considered a career in financial services?
If you’re an analytical thinker, a good communicator, enjoy working with numbers and love getting the bottom of a tricky puzzle, then a career as an Auditor could be perfect for you.\
What does an Auditor do?
Financial Auditors are responsible for investigating and reporting on the validity of an organisation’s financial statements. This is what’s referred to as an audit.
As well as examining financial records and preparing reports, Auditors need to be able to clearly and succinctly explain their findings – whether a company’s financial statements are squeaky clean or not.
Investigating a company’s financial statements includes reviewing payroll, expense reports, accounts payable and receivable, inventory and tax payments.
Here are a few common tasks and responsibilities of Auditors:
- Examining financial statements for accuracy and compliance with laws and regulations •Inspecting accounting books and systems for efficiency
- Analysing and collating data
- Ensuring that taxes are paid correctly and on time
- Assessing levels of financial risk
- Preparing reports and presentations
- Making recommendations to management about how to reduce costs and enhance profits
- Organising and maintaining financial records
Different types of Auditors
Auditors can specialise in a particular industry (for example, healthcare) or they could specialise in a certain area (such as risk management)
1. External Auditors
An External Auditor is an independent consultant who is brought in to review a company’s financial records.
External Auditors usually work for private firms. There are plenty of different reasons to hire an External Auditor. For example, if a company does not have an in-house Auditor, they may hire an External Auditor to review their records and ensure everything is in order. Or an external source, such as an investor or a creditor, may hire an External Auditor to look into a business.
2. Internal Auditors
Internal Auditors work in house, as opposed to External Auditors who work independently. Internal Auditors work to identify any financial errors or problems and then suggest solutions. They also work to evaluate a company’s internal controls, such as its corporate governance and accounting processes. Carrying out these audits regularly guarantees accurate financial reporting and data collection, and also ensures compliance with various regulations.
The purpose of having an Internal Auditor in house is to help management with decision making but to also correct any issues before they’re discovered in an external audit.
3. Government Auditors
Government Auditors perform audits of government agencies as well as privately-owned businesses that are subject to government regulations. They perform audits on these organisations to ensure that public funds have been correctly distributed according to any mandate that was associated with the funds.
Sometimes, a Government Auditor may also perform compliance audits as well as financial audits.
4. Forensic Auditors
A Forensic Auditor’s job is to investigate financial records to check whether a crime has been committed – such as fraud or embezzlement. Just like other types of Auditors, Forensic Auditors work to collect cold, hard facts and then collate these facts into a report. They can then present these findings to the appropriate people, who are then able to determine whether or not a crime has been committed. Forensic Auditors may work with law enforcement, government agencies or insurance companies.
Accountant or Auditor: what career should I pursue?
Is becoming an Auditor a good career?
As we’ve discussed previously in our blog, ‘What are the different types of jobs out there for Accountants?. There are plenty of different jobs available in the finance industry.
If you’re considering a career in financial services or as an Auditor specifically, there are a couple of reasons for you to consider this role – especially if you have a knack for numbers, are detail-orientated and love problem solving.
1. Competitive salary: according to Seek, Auditors can expect to earn between $65,000 and $75,000 per year in Australia.
2. Travel as an Auditor, you may find you have the chance to travel domestically or internationally, depending on your job.
3. Keeps you on your toes – to be an Auditor, you have to make sure you’re always on the ball. This is a great role for people who love a challenge and enjoy problem solving.
4. Growing sector there are more than 800,000 professionals employed in financial services and that number is growing.
5. Pivotal industry the finance industry is the largest contributor to Australia’s economic growth.
6. Room to grow there’s a wide range of jobs available in financial services, which means you can change jobs if and when you need to discover your niche.
What Auditor qualifications do I need?
Most people don’t immediately step into a role as an Auditor. They may start off as a Bookkeeper or Accountant first before moving into auditing.
To become an Accountant, you don’t need a university degree. The minimum qualification needed is a Diploma of Accounting.
However, to become an Auditor you generally need a bachelor degree. So if you’re thinking of pursuing a career as an Auditor, a great place to start is with OC’s Accounting and Bookkeeping Pathway Program.
This pathways program has been designed to train you in the skills needed to join the financial services industry – one of the most essential industries in Australia.
What are you waiting for? Enrol today with OC and see where your career in finance could take you!