Auditor Qualifications, Skills And Duties (Plus Tips)
Updated 6 April 2023
Auditors help companies monitor their financial processes and review financial audit statements. Companies from different sectors, such as government, accounting and finance, hire auditors to handle their financial records and accounts. Learning about the degrees, skills and duties you require for this role can help you prepare for the resume screening and interview process. In this article, we discuss various auditor qualifications, skills and duties, review the disqualifications for the role and provide some effective tips to help you prepare before applying for an auditor position.
What Are Auditor Qualifications?
Auditor qualifications are the specific requirements, such as education, skills and experience, that employers look for when hiring an auditor. Here are the qualifications you may require to apply for an auditor position:
Many companies look for candidates with a bachelor's or master's degree in finance and accounting. These degrees help you prove your knowledge and understanding of basic finance and accounting topics, business laws and auditing or managing accounts. Pursuing relevant courses and certifications can help you present yourself as a strong candidate.
You can become a certified public accountant (CPA) to improve your skills and apply for higher paying jobs. You may also pursue chartered accountant (CA) or company secretary (CS) courses to gain more auditing experience and knowledge. Here are a few undergraduate courses you can pursue to become an auditor:
Bachelor of Commerce in accounting management
Bachelor of Business Administration
Bachelor of Commerce in banking and insurance
Employers may prefer to hire candidates who are experienced in preparing balance sheets, filing taxes, conducting risk analyses and auditing. Undertaking an internship can help you gain experience in internal and external audits, risk management and financial analysis. Internships teach important skills you require to perform the duties and responsibilities of an auditor.
The experience you require for this job may vary depending on company requirements. Applying for entry-level jobs in the industry you want to work in may be helpful. Many candidates apply for entry-level jobs in industries such as health care, finance, banking and manufacturing.
Candidates who come under any of the following categories are unable to apply for the role of an auditor:
Full-time employed individual of the company
Person indebted to the company or its subsidiary
Director, manager or employee of the company
Individual whose relative is in a key managerial position in the company
Person with direct or indirect business relations with the company
Individual engaged in any offence involving fraud within the past 10 years
Auditors require a combination of technical and soft skills to effectively perform their duties. Here are some skills and qualities you can learn to become an auditor:
An auditing role requires you to handle each project efficiently so that it meets project deadlines. To improve your time management skills, practise goal setting, planning, prioritisation and delegation. Auditors use their time management skills to handle multiple projects simultaneously and finish them on time.
This skill allows auditors to make appropriate financial decisions based on available resources. Auditors also identify possible risks and issues. Having great critical thinking skills can help you monitor accounting processes, prepare audit reports and find effective solutions. Improve your critical thinking skills by focusing on objectivity, judgement, analysis and evaluation.
Auditors use their analytical skills in their day-to-day work. These skills help them to analyse data and assess potential risks. Employers hire auditors who can use their analytical skills to ensure the accuracy and integrity of financial data. This skill can also allow them to understand the latest industry trends and make wise decisions to improve company performance.
Auditors often communicate with their team members, clients and senior management of the organisation. Having great communication skills helps them convey important information and details related to financing and accounting with others. Consider improving your active listening, written and verbal communication and collaborative skills.
What Do Auditors Do?
Auditors are responsible for handling the accounting systems and financial records of organisations. They ensure a company's financial processes align with the latest rules, laws and regulations of the industry. Their daily duties involve collecting and reviewing documents or financial statements to make sure they are appropriate and error-free. Auditors also handle internal, external, IT and forensic auditing. Here are some auditor duties that are common across different industries:
Analysing financial documents
Gathering all the required financial documents and files to further analyse them is a major part of an auditor's job. They are responsible for making sure these documents are accurate and free of errors. Some examples of documents that auditors review are spreadsheets, statements of cash flow or income and balance sheets.
Auditors check and verify all financial transactions, including sales and expenses. They ensure that a company's financial transactions are secure and classified. They may also handle the documentation of transactions. Auditors are responsible for finding cost-reduction opportunities for companies.
Collaborating with others
Once an auditor analyses and verifies financial documents, they share the necessary details with the management team for further proceedings. To execute projects efficiently and effectively, they use communication skills to collaborate and share the project information with various teams. They often collaborate with clients to understand their financial goals and help in achieving them.
Complying with guidelines
Auditors are responsible for making sure that the processing and finalisation of financial documents and accounts align with laws and regulations. They perform compliance testing as a safety measure to prevent potential errors from occurring. In addition, they help companies find the best accounting practices. They also recommend effective measures for reducing costs and improving the productivity of the organisation.
Tips To Prepare For An Auditor Job
Before applying for job opportunities, it can be helpful to prepare yourself to deliver your best during the hiring process. Here are some effective tips that may help you to prepare for an auditor job:
Research the role
Different roles may have unique duties and responsibilities. Before applying, thoroughly research the company and the job. There can be various types of auditing roles that companies offer. Researching allows you to understand the duties and responsibilities you are going to perform. Having knowledge of the company culture and its goals may also help you to provide interviewers with relevant and interesting responses. Consider tailoring your resume specifically for the role you are applying for and mentioning your most relevant skills and qualifications.
Keep yourself up to date on the industry
To become an auditor, keeping yourself up to date with the latest industry trends, rules, laws and regulations can help. The industry you are working in may experience sudden or frequent changes in laws or rules. Staying up to date on accounting guidelines can differentiate you from other candidates. You can do this by reading industry publications or related magazines, as they contain the latest news and reports. Attending conferences or meetings is another way of meeting more individuals from the same industry and sharing knowledge with each other.
Having auditing experience allows you to prove your skills and knowledge when applying for a job. Your previous work experience helps you to represent yourself as an individual who can effectively handle all the duties and responsibilities of an auditor. There are different ways to gain auditing experience, improve your skills and learn how the role works.
You may try applying for entry-level jobs, as this helps you to learn new skills and develop your existing ones. While working as an assistant or junior auditor, you can gain insight and valuable experience that might help you to progress your career and secure more senior roles. Volunteering for auditing projects and connecting with other auditors can also be helpful.
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