If you are considering a career in accounting, you might be wondering where an auditor works and what an auditor does. If you would like to assess all of your options prior to graduating and job searching, it is important to research all of the careers that interest you. If auditing is a possibility, it can help to learn about the settings that auditors work in and the roles that they perform on a daily basis. As an auditor, your main goal is to review financial statements and records and use your professional judgement to determine whether or not those records are error free. Read on, and learn more about what you will do and where you will work.
What Are The Roles of an Auditor?
The duties of an auditor will depend on where they work for and what type of audits they are conducting. While the audit itself can vary, an auditor will usually use the same procedural steps to look for errors and to assess completeness. The auditor will start by reviewing relevant and reliable evidence. Once they have the appropriate evidence, they will take the proper steps in reviewing financial statements that comply with the GAAP accounting principles. An auditor may need to prove an occurrence, or transaction, actually happened, verify the transaction is completely recorded, classify the transaction properly, and that all the liabilities of the company are on their balance sheet. After reviewing all of this information, the auditor will then give their expert opinion on how accurate the financial statements are.
What Settings Will An Auditor Work In?
Auditors can work in both the public sector and the private sector. While most assume that all auditors work for the Internal Revenue Service, this is not necessarily the case. Many professionals who work in the public sector do work for the IRS, but there are just as many professionals working in the private sector representing shareholders and credit institutions. These auditors are working as unbiased professionals who can help potential investors and creditors determine whether or not extending a loan or keeping a loan on the books is a wise decision. Auditors may also find positions at state government levels if they do not want to pursue a private sector position. Some corporations will hire their own auditor, known as a comptroller, to audit their own books and oversee accounting.
How Much Does An Auditor Make?
The salary in the field of auditing will depend on the company the auditor is employed with and the auditor’s experience. The national average for auditors is $63.550, according to the Bureau of Labor Statistics. While this is the average, location and level of education can affect how much an auditor will earn in the field.
Related Resource: Difference Between a Comptroller and a Controller
Demand in the field is expected to grow by 22 percent, which is much higher than the average growth in all industries. If you want to land a position in any setting, earning your degree in accounting or finance is a start. Once you do this, test to become a Certified Internal Auditor and you can work virtually anywhere. Now that you know where an auditor works, start learning about employment qualifications so that you can decide where you want to work.