Career as an Auditor: What it takes!
One of the important specialised functions of a Chartered Accountant (CA) is that of performing timely audits. Auditing is basically a task that involves reviewing accounts of a company or an organisation, checking for any inaccuracies and ensuring legality of the financial records. An auditor is a specialist in carrying out company’s mandatory financial health check-ups that guarantee that the company is free from any legal and tax related issues. An auditor also performs an advisory role of recommending possible ways to avert future risk.
Who are auditors?
Auditors are specialists who are capable of working independently on checking the validity of accounts of an organisation. The work majorly involves internal and external audits. They are responsible for preparing and analysing the spreadsheet and financial systems of an organisation. By ensuring that all the financial records and reports are accurate and up to the mark, auditors also try to keep at bay the financial risk that could possibly harm the organisation. While studying the organisation, financial auditors also try to identify and understand faulty processes that are not functioning as they should. As a result, an auditor advises on the possible changes as corrective measures.
Where can auditors work?
Auditors can find work in:
- Small firms
- Big firms such as KPMG, Ernst & Young, Pricewaterhouse Coopers and Deloitte
- Government organisations
- Banks and financial Institutions
- Public sector organisations
What’s in it for CAs?
Chartered Accountants who are registered with Institute of Chartered Accountants of India (ICAI) have the option of working as auditors. A CA who loves to dissect the inner workings of almost any aspect of a company, is ideal to work as an auditor.
Being a CA, he/she already has a hang of several matters related to accounts, taxes and finance. As auditors, CAs have to pore over financial statements and expense reports to ensure compliance with government regulations. Chartered Accountants can either start an audit consultancy or become private auditors. The areas where audits are required in any company are –
- Information technology
- Financial reporting
- Supply chain
- Inventory management
- Revenue management
- Hiring practices
- Expense accounts
- Transfer of payment processes
- Tax and government compliance
- Administrative procurement
- Employee performance
Chartered Accountants registered with ICAI must take auditing as a serious career path since due its niche scope, it is today one of the most paying careers in commerce.
Auditors are usually highly paid employees. A fresher who starts working as an auditor can get a starting salary ranging between 5-8 lakh per annum.