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Job description: Auditor
Every year companies, government bodies and charities have to get their financial books checked over by an independent specialist, or an auditor.
You will be hired in to conduct a health check of your client's accounts, making sure that the money paid in and the money paid out look reasonable and accurate and match up with the profit or loss a company has declared that year.
It's your responsibility to review and advise whether there are any areas where savings can be made. This is especially important if you're working with public sector organisations and departments as they are using tax payer's money.
Typical tasks you'll work on include: getting to know about the company you are auditing, examining balance sheets and profit and loss accounts, talking to clients about transactions in the statements, identifying risks or problems, assessing the company's general reporting systems and making recommendations for improvement.
Hours and environment
Most of the time you'll enjoy a standard 35 to 40 hour week. There will be the occasional time where you have to work late, or at the weekend, to make sure accounts are filed in time.
Often you'll be based at your client's site, using your own laptop, so there may be a need to travel away from home for short periods of time. You might have to go out to visit client's sites as part of the job, for example to do a stock audit of equipment or to see some of its factories.
There are some part-time opportunities.
Skills and interests
Apart from a good head for numbers, the following skills will help you in your career as an auditor:
- Good analytical skills
- Good organisational skills
- Excellent attention to detail
- The ability to work under pressure and to deadlines
- Good communications skills (written and verbal)
- Happy working as part of a team and managing others
- A good understanding of how businesses run
- Discreet and trustworthy
Entry
You will need to be a qualified accountant to become an auditor. This means you will have taken your professional exams with, and are currently still a member of the following bodies: The Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in England & Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS) or The Institute of Chartered Accountants in Ireland (ICAI).
If you specialise in auditing public sector accounts then you'll need to be qualified with the Chartered Institute of Public Finance and Accountancy (CIPFA) to get a job.
Don't be put off if you're still in the process of getting your full qualifications - maybe because you are changing careers or are new in the job market. There are some roles which you can do which will provide you with some good experience. For example internal audits can be carried out by people with Chartered Institute of Management Accounting (CIMA) accreditation or by part-qualified/trainee accountants.
If you are just thinking about getting started as an auditor, you'll need a minimum of 2 A levels/4 H grades plus 3 GCSEs to start your professional exams.
A more practical route in is to work your way up from a position as an accounting technician. To train as an accounting technician you'll need to take a vocational course with the Association of Accounting Technicians (AAT) or with ACCA.
Training
Training is vital to getting started and moving up the accountancy career ladder. You'll need to register with one of the professional bodies listed above and pass a series of exams.
It usually takes about 3 to 5 years to qualify. Don't worry, this doesn't mean 3 to 5 years as a full time student. Most organisations will support you in your studies and will help finance the courses. You'll often have study time built into your working schedule - this could mean you go on day release or part time courses.
Opportunities
You can work as an internal or external auditor.
If you work as an external auditor then you've got opportunities to work for a firm of chartered or certified accountants, for the National Audit Office (which reviews central government's finances), or the Audit Commission (which audits local authorities, and public bodies including the NHS and the Police).
If you're thinking of going down the internal auditing road then you could choose to work for a commercial company or a public sector organisation.
Once you've got some experience in either field you could go self-employed and market yourself as a specialist in a particular area, like tax or as an international consultant.
Annual income
As a reward for your hard work studying the pay is generally good for auditors.
If you're a graduate just starting out training then you can expect to be on between £16,000 and £23,000.
If you've just finished your professional exams then you'll be on a much higher salary of £26,000 to £35,000.
The firm you chose will make a difference to your salary, as will its location. If you're London based then the chances are you'll earn slightly more.
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