For those with an inclination toward numbers, a career in auditing could be a viable choice. An internal auditor typically looks at the fiscal or financial operations of a public or private sector organization. Part of their auditor job description involves conducting an independent assessment of the internal financial practices as well as the group’s regulatory requirements. While an internal auditor may be a paid consultant of the company, the goal of an auditing process is to provide an objective review of the company’s overall financial performance during a specific time period. Depending on the organizations, audits may be performed on a monthly, quarterly, or annual basis.
Auditor Job Description
Part of their auditor job description involves examining the overall fiscal management flow of the company at all levels. Their reviews could start from top management down to the different divisions of the company. Part of this intensive process requires looking at all company financial records and reports for accuracy or potential inefficiencies.
Auditors also help ensure that the company follows an accounting system that is compliant with national and state regulations. This is to prevent any type of fraudulent financial transactions within the company. Auditors also basically perform a host of financial quality and risk management assessment work.
Another aspect of their auditor job description involves compiling an auditing report and transmitting the findings to management. The report also outlines recommendations to address any data inaccuracies, financial operational concerns, or statutory issues noted during the auditing period.
Auditor Salary Expectation
Auditors work in a variety of industries, including corporations and firms that handle accounting and bookkeeping, as well as insurance and financial management services. Auditors are also employed by the federal, state, and local governments. As a government employee, they examine the flow of tax revenues and expenditures of public funds. Just like in the private sector practice, auditors produce reports during a set period or at the end of a fiscal year. Auditor salary expectations vary from industry to industry, as well as the level of experience. However, completing the auditor certification requirement could boost their chances of getting the right salary rates for their line of work.
To add a concrete figure to the general auditor salary expectation, the Bureau of Labor Statistics-Occupational Outlook Handbook reported that the median income rate per year for auditors was approximately $68,000 in 2016. Some auditors who are in the upper 10 percent income level earned at least $120,000 during the same year, which shows the variances in auditor salary expectation rates. When surveyed across industry categories, those who work in the areas of finance and accounting earn more than government auditors.
For those who are considering this career path, employment in this particular sector is projected to grow at a robust rate of 10 percent from 2016-2026, according to the BLS. The bureau also reported that the demand for more auditors and accounting professionals will be influenced by the nation’s overall economic health. This means that the auditor salary expectation could also change.
Auditor Certification Requirement
As a highly technical job, those who work in this industry are expected to perform at an ideal professional level. Acquiring a bachelor’s degree in accounting or a related field is part of the process of completing the auditor certification requirement. Some professionals also get their masters or Certified Public Accountant (CPA) credentials to improve their job employment prospects. They also acquire a Certified Internal Auditor license from the Institute of Internal Auditors to boost their portfolio but also to fulfill their auditor certification requirement.