Wednesday, August 10, 2022
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Auditing : Job Prospects & Career Options

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With the growth in the economy and the number of business concerns boosting day by day, demand for auditors are increasing to ensure the credibility of the financial accounting data and financial statements in the private sector as well as public sector companies. One should not pursue a career in auditing merely because it is a lucrative filed, he/she must really love working with numbers and have an aptitude for mathematics. Companies registered under Companies Act are required to get audited annually. This has also made auditing an evergreen career field.

Rapidly changing technology and new software packages have made the work of auditors much more easier. Record keeping and data management which was a tedious job earlier,  has now become trouble free. Auditors typically can take advantage of career mobility, meaning they can switch careers between internal auditing and public accounting or from management accounting to internal auditing.  Internal auditors also learn the skills needed to become upper-level managers through their work, reviewing internal controls of business units.

In the beginning, most of the auditors work under the supervision of an established auditor. After gaining experience they can work independently. A qualified auditor has the option of joining Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. Some auditors work as teaching staff in colleges or universities. Auditing professionals may be self-employed and serve the needs of individual clients. i. e. Auditing professionals are required in virtually every company, nonprofit organization and government agency. Those employed in large firms are in part responsible for an organization's financial health. Nonprofit organizations are also very much reliant on auditors for continued solvency. 

Types of auditors

Internal auditors- Internal auditors are employed by individual corporations, government bodies or other entities. Internal auditors work for the organisation they audit. Their job is to make sure the organization runs efficiently and effectively. They perform financial, internal control, and compliance audits for the employer. Internal auditors verify the effectiveness of their organization's internal controls and check for mismanagement, waste, or fraud. Sometimes they also help the external auditors with the financial statement audit.

External auditors- External Auditors are also known as Independent Auditors or Professional accountants in public practice. An External Auditor audits financial statements for companies, and other organizations. They also give advise in preparing income tax returns and provides guidance in matters concerning compensation and healthcare benefits for employees. They are usually self employed. 

Government auditors- Government auditors work in the public sector, they are employed by local and state governments. 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. Government auditors main task is to act as assurance on compliance audit and operational audit.

Forensic auditors- Auditors could specialise in Forensic accounting. Forensic auditors often discover information that's used as litigation support. Forensic auditors mission is to detect, investigate and deter fraud and white-collar crimes. Forensic auditors are often employee's of corporations, audit firms, government agencies and investigative and consulting services firms.

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