Auditing

As an auditor, you will conduct official reviews of an organisation’s financial records to verify its accuracy, reliability and legality.

What do auditors do?

Auditing professionals help to run an organisation efficiently by evaluating and analysing its financial records, processes and systems. They monitor whether the business is in compliance with various financial regulations and also ensure that the different stakeholders are getting a true picture of what’s happening in the business entity.

What does a typical day at work involve?

  • Checked Systematic and independent examination of accounts, records, transaction and vouchers of the company
  • Checked Meet auditees and discuss about the growth and performance of the company
  • Checked Providing remedial information and advice to managers and other staff at all levels, and provide training to staff if needed
  • Checked Mitigate the financial risks of the company through proper research
  • Checked Preparing detailed reports on the basis of audit which includes finance, growth, challenges and opportunities
  • Checked Give support and guidance to management on how to handle new opportunities and issues

What job roles can an auditor take up?

External auditors are usually consultants or employees of an auditing firm who conduct a single annual audit of a company's financial statements and determine whether it brings about a true and fair picture of the company.
Internal auditors are employees who are responsible for the continuous evaluation of the company’s risk management policies.

How to become an auditor?

Step 1
Take any stream in 10+ 2

If you aim to become an auditor, you can start with Humanities, Commerce or Science stream at the 10+2 level. However, taking commerce stream would be advisable as it gives you a basic idea about commerce and the business environment where you career as an auditor would be.

Step 2
Take a bachelor’s degree in any discipline preferably Commerce

There are various paths to a career as an Auditor, most of which require only a bachelor’s degree in any discipline. However taking a BCom degree would give you a better understanding of the field you are to work in.

Step 3
Take the CIA certification Exam

After graduation, you can take the Certified Internal Auditor examination conducted by the Institute of Internal Auditors (USA). It is an online examination which can be given at various centres in India. You have to pass all the three components of the exam within a period of 4 years after you register for the exam.


Note:
  • You can also register for CIA after a CA, CWA or CS qualification.
  • The Internal Audit Standards Board of the ICAI also offers a certificate course on Internal Audit for CAs which is widely accepted in India and recognised by Industry (Currently this course is in the process of being restructured).

Requirements for masters in auditing

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (For M.com with the specialization of Accountancy and Taxation from Christ University Bangalore)

  • Passed any undergraduate degree examination in BCom/BBM/BBA with 50% aggregate marks from any recognised university in India or abroad.
  • Clear all India entrance test (CUET).

Foreign (For MSc in Accounting and Finance from the University of Edinburgh

  • An undergraduate degree in accounting, finance or a related discipline is normally required.
  • Degrees in quantitative disciplines (e.g. economics or mathematics) or business studies will be considered if you can demonstrate a strong background in accounting and finance throughout your degree.
  • IELTS: total 7.0 (at least 6.0 in each module)
  • TOEFL-iBT: total 100 (at least 20 in each module)

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Analytical skills

Auditors must have the skills to analyse and interpret simple and complex data to solve problems and make decisions.

Communication skills

Good communication skills are required for an auditor as they must be able to listen to the needs of the clients and communicate financial information effectively.

Math skills

Auditors require basic skills in maths and statistics to analyze and interpret facts and figures.

Organizational skills

Auditors often work with a team of professionals that handles financial reports of a variety of clients. Strong organizational skills are important for being able to coordinate and prepare these financial documents that belong to different type of businesses.

Time management skills

Auditors need to work within deadlines, and thus they should possess excellent time management skills to be competent and successful.

Strong IT skills

Many a time, auditors have to take the help of computers to solve complex problems in auditing.

Industries

  • Checked Public and Private Sector Enterprises
  • Checked Insurance Companies
  • Checked Government Services
  • Checked Finance Companies
  • Checked External Auditing Firms

Top Companies

  • Checked Deloitte
  • Checked Ernst & Young
  • Checked KPMG
  • Checked PricewaterhouseCoopers (PwC)