Career focus on the role of the financial auditor

Auditors have an important role to play in business.  They are responsible for reviewing company accounts and ensuring they provide the public, and shareholders  a fair unbiased representation of the company’s financial position.

Auditors work can work both internally or externally with a company, reviewing the accounts of the business and then making recommendations for improvement.  An example could be an Internal auditor where they would examine the financial policies and practices of a company and then advising key management how the company’s finances could work more efficiently.

 External auditors independently review a company’s accounts, analysing and interpreting figures and assessing risk.  It is the law that Limited companies must supply a copy of their audited accounts at the end of the financial year and for larger companies such as corporations to provide additional data along with the chairmans statement.

Financial auditors are sometimes known as

Accountant
External auditor
Internal auditor

Salary
Inexperienced or part qualified auditors typically earn between £40,000 to 50,000 however salaries can rise to 100k  or above with valuable benefits packages.

Responsibilities of the Financial auditor:

• Reading information about a company in preparation for an audit
• To examine the company accounts and all financial records
• Collecting, collating, interpreting figures
• Investigative questions to senior and key employee’s
• Analysing financial reporting systems
• Discovery : find ways to improve the clients financial reporting systems.
• Examining existing policies / procedures 

Qualifications/ Training
The majority of auditors begin their career in a graduate training scheme, or after training and working in other areas of accountancy follow a different career path into auditing.  Qualifying as a chartered accountant requires auditors to be both time qualified (have significant experience of doing the job) and exam qualified.  Most employers recognise that top auditors need to be trained and so they offer in house training schemes which allow trainees to learn on the job and release them to study through a financial college at specified times.

Internal auditors are not required to be chartered accountants however  an applicant with a CA qualification is likely to be employed for Internal audit over an applicant with- out.  Many internal auditors choose to take the Internal Auditors Certificate in Internal Audit and Business Risk as a qualification.

Skills / knowledge

Working as an auditor requires an analytical approach to data and a specialist skills to include:

         »    Excellent ability to interpret and analyse financial information
         »    Excellent mathematical ability        
         »    Excellent communication skills both written and verbal (communicating with all types of clients 
         »    Effective time management skills , meeting deadlines under pressure
         »    Highest level of accuracy and attention to detail is required
         »    A knowledge of financial systems
         »    A willingness to treat sensitive data with discretion
         »    Business knowledge and acumen
         »    Ability to co-ordinate or delegate to team members
         »    Report writing and presentation
         »    Potentially : good management skills for career advancement

Working conditions
Auditors are largely office-based but are often required to spend a significant amount of time travelling around, which may include staying away from home for nights at a time (this applies to external auditors who work for a variety of clients rather than internal auditors who work within a financial team in a single organisation)

Auditors usually work Monday-Friday, 9 – 5.30 pm although overtime is not uncommon particularly when deadlines are approaching. The job of an auditor comes with a high level of responsibility and can be very stressful. It can also be mentally taxing involving long periods concentrating on detailed financial figures. Part-time work may be available.

Experience
The key to a highly successful career as an auditor can hinge on being accepted  into a graduate commercial programme;  These employers have limited places and the investment into graduates is very high, so obtaining a placement after University is a very competitive process. Gaining commercial experience should be every new graduates focus and to start looking for work well before graduation.

Employers
Auditors are needed in every sector of commerce because the law tells that all companies must have their accounts audited. Therefore employment opportunities for external auditors are most commonly found in large corporate accountancy firms. However there are also plenty of jobs within smaller firms.

Organisations above a certain turnover size have a financial department and employ internal auditors to be part of that, examples are local authorities, private sector businesses and manufacturing companies.

Finding work
FinanceJobs.co.nz  is the New Zealand jobboard for all types of financial roles, If you are a job seeker you can register free of charge and start to apply for work straight away.

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