An audit career provides an exceptional foundation for anyone starting out. Like tax, audit accounting is a broad field within financial accounting that encompasses lots of different roles and career opportunities.
Auditors dive deep into the inner working of a company and are tasked with pouring over financial statements and ensuring compliance with government regulations. In your audit career, you could do this as an external adviser, such as working for KPMG or Deloitte, or as an internal adviser who makes sure your own company is up to scratch.
Because an accounting auditor often works in a world of complicated financial statements they need to be good communicators that can convey complex analyses in a simple and straightforward manner. An audit career involves the verification, tracking, and reliability of what a company is reporting. This is often a difficult process that requires exceptionally talented people. If you can make it as an auditor, you’ll get paid well and never be out of a job.
Financial auditors, whether internal or external, usually have a degree in a business related field and will have studied accounting in some capacity. At larger firms, audit departments will want their auditors to be a certified public accountant (CPA) or a certified internal auditor (CIA). Because every company has to have a regular audit you will have the freedom to work in any industry or any size company.
|The big four has big teams that do analysis for other companies (called “external auditors”). For these firms, audit is a hugely important business that attracts high salaries, hard work, and exposes you to great opportunities.
|Private companies will also have a need for people with audit experience to make sure they can be compliant with standard accounting rules. These teams interact with external auditors and ensure that they are prepared to pass the annual audit process.
|Small firms will have a book of audit business often at other smaller companies who don’t want to pay for the services of one of the “Big 4”. Instead of preparing one section of the audit you will get the opportunity to own a broader scope of work, which can be a great opportunity.
|Because of the strict rules required and the financial implications of an audit it is very rare that you would pursue audit accounting independently.
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