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.
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.
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.
- 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.
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.