Auditors like their accountant counter parts deal with financial statements. However, their focus is primarily on reviewing the accounts and financial statements and ensure the validity and legality of the same.They can also act in an advisory role to recommend possible risk aversion measures and cost savings.
Financial auditors either can work for the government in taxes department or work for large organizations as independent auditors or work as private consultants.
Degree in Accounting, Math, Business or Finance is usually required. Some jobs may prefer certifications such as CPA or CIA. Should have strong aptitude for math, numbers and expected to show meticulous attention to detail.
Typical Day in The Life (DILO) or Work Schedule of someone pursuing that career.
This is a fictitious calendar and is meant to give an idea of the different tasks that the professional performs and different people that the professional needs to coordinate with.
This may differ from organization to organization and context.
DILO, Day In The Life of:
|8:30 am – 9: 00 am||Arrive at work. Respond to emails|
|9:00 am – 11:00 am||Audit the expense reports submitted by the sales department. Discussion with a senior auditor about issuing clarification on the upper limits for client visit expenses.|
|11:00 am – 1:00 pm||Review the financial statements of the services division. Prepare audit report.|
|1:00 pm – 1:30 pm||Lunch break|
|1:30 pm – 2:30 pm||Review the draft contract with a vendor for a new IT system and email the opinion to the IT head.|
|2:30 pm – 3:30 pm||Attend an internal training program on fraud investigation|
|3:30 pm – 5:30 pm||Respond to an audit request from the procurement division. Meeting with the representatives from the procurement division to understand the scope of the requested audit. Prepare a draft schedule and estimate the hours to be budgeted for the proposed audit and submit the same to a senior auditor for review and approval.|
Exact career path or career ladder, i.e. career progression may change from organization to organization, but below is a typical path.
Description For Certifications:
Professional Certifications or Credentials:
|Certification||Description||Career Level||Certifying Body|
|CIA||Certified Internal Auditor||Entry Level/Expert/Professional||IIA|
|CFSA||Certified Financial Services Auditor||Professional||IIA|
|CISA||Certified Information Systems Auditor||Entry Level/Expert/Professional||ISACA|
Description For Associations:
Professional Associations or Organizations:
|IIA||Institute of Internal Auditors||IIA|
|AICPA||American Institute of Certified Public Accountants||AICPA|
|ASWA||American Society of Women Accountants||AICPA|
|AAA||American Accounting Association||AAA|
|Government Auditing Standards (Yellow Book) Tools and Aids||This is a collection of Practice Aids and tools designed to help auditors maintain or improve the quality of their Yellow Book audit engagements.||Government Standards|
|Flowcharts and Illustrations||This is a collection of flowcharts and illustrations to help members with various aspects of governmental auditing.||Flowchart and Illustrations|
Links to a few Methods (Also called Career Method Tools or Techniques) and Tools/Techniques (Also called Career Management Tools or Career Tools) that the professionals in that career path tend to use, like this:
|CAPA||Corrective and Preventive Action.|
|CAATTs||‘Computer-assisted audit tools and techniques, is the practice of analyzing large volumes of data looking for anomalies|