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The role of an auditor is to make sure that businesses are run effectively and efficiently. Audit is a very crucial part of accounting. Auditor plays several roles at one time. For instance, he is not only responsible for evaluating organization, process, system, product, or project but also ensures that public records are kept accurately, and firms are paying taxes properly and on time. Auditors thoroughly analyze financial information for various entities including companies, individual clients, and Federal, State, and local governments. In short, auditors and accountants are very crucial for maintaining balance in corporate world.
The job responsibility of an auditor is not just limited to analyzing and verifying financial documents. They also play an active role in offering investment planning, budget analysis, consulting, and even legal services. Auditors are of two types; internal and external. Both have different roles to perform. If internal auditor is concerned with evaluating and assessing the internal control system of the organization then external auditors are basically independent employees who are hired on contract basis to assess financial statements of the firms. Internal auditors are supposed to directly present their reports to upper management or the board of directors of the concerned firm. They check for internal controls of the organization apart from factors like fraud, waste or mismanagement. External auditors are primarily employed by accounting firms.
In order to become an auditor or accountant, one needs to have at least a bachelor's degree in accounting or a related field. Now a day, the preference is given to applicants with a master's degree in accounting, or with a master's degree in business administration with a concentration in accounting. Quite a number of reputed colleges and universities are offering specialized courses like internal auditing. Initially, auditors work under supervision or closely with an experienced accountant or auditor. This helps them in gaining more responsibility and independence apart from mastering the nuances of the trade. It also helps to have an aptitude for mathematics. Auditors need to be able to compare, analyze and interpret facts and figures accurately. Because of the nature of the job, auditors need to be good at working with people. Integrity is also an important virtue to have in this profession.
Many auditors prefer to gain other relevant certifications to advance in their careers. For example, it is common to see auditors to obtain a Certified Public Accountant (CPA) certification. Having an additional certification definitely goes a long way in getting better job prospects. Some other auditors prefer to attend seminars and conferences to keep themselves updated with new skills and trends. Auditors with more expertise and advanced education definitely have better chances of getting a good job. Considering the growing demands for auditors in future, this is definitely a lucrative career to get into. It has been projected that employment chances of auditors is supposed to grow faster than any other profession. The reasons for this growth are changing financial laws, emergence of new businesses, growing business sizes, corporate governance regulations, and increased responsibility for protecting a company’s stakeholders.
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