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What does an
Auditor do?

Click here to view all Auditor jobs on neuvoo.ca.
Other common names for this position: Auditor Supervisor, Bank Reserves Auditor, External Auditor, Field Auditor, Financial Auditor, Industrial Auditor, Internal Auditor, Sales Auditor, Tax Auditor

Description

Auditors work as part of a company reviewing their accounts. It is the job of an Auditor to maintain the accuracy and full legality of all the money that goes in and out of a company or organization. Auditors also take on the role of Financial Advisors for the companies or firms they work for and offer risk-avoiding strategies, as well as cost-reduction methods in order to maximize productivity and increase profit as much as possible.


Auditors tend to fall into two categories, internal and external. Internal Auditors is the most common variant. They often work inside a company as part of their staff and run constant audits throughout the company’s departments; whereas External Auditors usually work for outside firms or government offices and run annual audits on companies, usually near the end of a fiscal year.


The main workplace for an Auditor is within the Accounting department of a company or in an Accounting firm that offers their services to third parties. The role of an Auditor is to make sure that the company or the client they’re working for is using their resources in the most efficient way possible. When providing advice on how to increase productivity, they must take into consideration company growth, reputation, environmental impact, and employee treatment. It is thanks to Auditors that companies can account for everything that has to do with their finances.[1]


It is common for people to confuse the work of an Auditor with that of an Accountant, or even think they might be the same. The difference between the two lies on the nature of their work. An Accountant is tasked with recording the financial assets and transactions within a company, whereas an Auditor’s job is to verify the work done by Accountants.


Primary Responsibilities

Here’s a non-exhaustive list of common tasks Auditors are expected to perform:


  • Examining the company’s accounts and financial data:
  • Analyzing the resources and liabilities of a company; and
  • making sure financial records are accurate and consistent.
  • Conducting audits on clients and other departments:
  • Examining and analyzing records;
  • reading reports and other documentation;
  • ensuring procedures, policies, regulations, and legislation are followed;
  • supervising operating practices;
  • making sure all assets are accounted for; and
  • documenting audit findings.
  • Analyzing reports and audits of all departments:
  • Identifying issues with internal procedures;
  • documenting reports based on findings; and
  • suggesting solutions for possible issues.
  • Writing reports on audit findings:
  • Identifying and analyzing possible risks and planning strategies to prevent, reduce, and avoid them; and
  • sharing findings and recommendations with auditees.
  • Making sure the company or client’s assets are accounted for and safeguarded.
  • Reviewing the company and employees’ wages.
  • Complying and keeping up-to-date with government regulations and legislation, as laws may change.

Daily Tasks

  • Analyzing the company or client’s records.
  • Visiting other departments or clients.
  • Performing audits on other departments or clients.
  • Reading financial documentation of all departments or clients.
  • Analyzing records to identify possible issues and inconsistencies.
  • Documenting audit findings in reports.
  • Developing solutions and strategies to maximize productivity and cut losses.
  • Presenting findings to supervisors and clients.
Salary
$50,410

The average Auditor salary is $50,410 per year or $26 per hour. This is around 1.5 times more than the Median wage of the country. Entry level positions start at $35,000 while most experienced workers make up to $71,000. These results are based on 466 salaries extracted from job descriptions.

$50,410
$71,000
$35,000
Deductions
Deductions
Gross Salary77,400.06 $
CPP- 2,479.95 $
EI- 930.60 $
Federal Tax- 11,516.53 $
Provincial Tax- 5,547.01 $
Total Tax- 20,474.09 $
Net Pay*56,925.97 $
In Ontario, Canada, if you make 77,400.06 $ a year, you will be taxed 20,474.09 $. That means that your take home pay will be 56,925.97 $ per year, or 4,743.83 $ per month. Your average tax rate is 26.45% and your marginal tax rate is 32.98%.
* Deductions are calculated based on the tables of Ontario, Canada income tax.
Job Offers
There are currently 1459 available job offers for the Auditor position on neuvoo.ca. Below is a list of available jobs, based on Canada's most populated metropolitan areas.
Education is key ! Over [number] graduates attended one or more of these schools prior to becoming a Auditor. These Schools usually offer specialized courses and programs that impart the necessary knowledge and skills required by most employers.
Top 5 Schools in Canada
to become Auditor
  • 1
    Montreal, Quebec
  • 2
    Montreal, Quebec
Required Skills and Qualifications
  • Excellent communication skills:
  • Being able to perform audits and explain procedures in a clear and concise way, simplifying technical language when necessary;
  • asking the right questions; and
  • being able to write detailed reports based on findings.
  • Outstanding analytical and detail-oriented observation skills:
  • Being able to read and understand long and complex spreadsheets, as well as to identify and solve issues and errors found in these spreadsheets;
  • having a methodical approach to analysis; and
  • finding ways to increase efficiency.
  • Exceptional numeric and mathematical skills:
  • Performing simple and complex calculations.
  • Excellent organizational and time management skills:
  • Being able to work with several departments and clients at the same time while meeting deadlines; and
  • writing several reports.
  • Strong computer skills:
  • Using automated computer software for balance sheets and income statements; and
  • being knowledgeable in all available specialized programs.
  • High levels of motivation and initiative:
  • Keeping up with regulations and laws governing their practice;
  • looking for constant self-improvement; and
  • learning new methods of bookkeeping and balancing.
  • High levels of integrity and honesty.

To work as an Auditor, applicants are required to at least possess a high school diploma for most entry-level jobs. However, candidates with a college or university degree in the areas of Economics, Business, or Mathematics are usually given more opportunities. Competition for entry-level jobs can be rough as this is one of the most popular entries into the world of Finances. Previous work experience in areas such as Retail can add to the possibilities of an applicant getting hired by a firm or a company.


Work for aspiring Auditors is usually found within large companies or in specialized Accounting firms. Most employers offer in-house training for their new members and encourage them to pursue their Chartered Professional Accountant (CPA) Certification, if they’re not already working towards obtaining it. This certification is issued by CPA Canada, an organization dedicated to unifying, standardizing, and certifying all Accounting activities in the country. The process can last up to 3 years and also requires the candidate to have earned 3 years of work experience in an Accounting-related field, as well as to succeed the CPA final examination. [2]


Job opportunities for Auditors can often be found in big cities. Their work is often office-based, and tend to be during standard office hours. Extra hours of work are not unheard of, however, especially during the beginning and ending of fiscal years.


References