What does it mean to work in audit?

The field of audit offers exciting career prospects for you if you’re interested in finance, accounting, and ensuring the integrity of financial information. Read on to find out more about auditing, and where you can go with your career.

What is auditing?

At its core, auditing involves examining financial records, statements, and systems to assess their accuracy, compliance with regulations, and overall reliability. Auditors play a crucial role in providing assurance to stakeholders, including investors, shareholders, and the general public, regarding the transparency and credibility of financial information.

Key responsibilities of auditors

Financial statement review: Auditors carefully analyse financial statements, verifying that they adhere to accounting standards and accurately represent the financial position and performance of the organisation.

Compliance assessment: Auditors assess whether the organisation complies with applicable laws, regulations, and internal policies, ensuring ethical and legal practices.

Risk identification and management: Auditors identify potential risks and evaluate the effectiveness of internal controls and risk management processes to mitigate them.

Internal control evaluation: Auditors examine internal control systems to determine their reliability and effectiveness in safeguarding assets, preventing fraud, and ensuring accuracy in financial reporting.

Audit reporting: Auditors provide objective and independent reports summarising their findings and recommendations to management and relevant stakeholders.

Skills and qualities of successful auditors

Analytical skills: Auditors must possess strong analytical abilities to assess complex financial data, detect anomalies, and identify potential risks or errors.
Attention to detail: Meticulous attention to detail is crucial in audit work to ensure accurate analysis and verification of financial information.

Ethical conduct: Auditors must adhere to professional ethics, maintain independence, and avoid conflicts of interest to ensure the integrity of the audit process.

Communication and interpersonal skills: Effective communication is essential to interact with clients, gather information, and present findings and recommendations clearly and persuasively.

Adaptability and continuous learning: The audit profession evolves rapidly, so auditors must embrace change, keep abreast of industry developments, and engage in continuous learning to stay updated.

Career path and opportunities

Working in audit can lead to diverse career opportunities. Starting as an entry-level auditor, you can progress to roles such as senior auditor, audit manager, or even move into executive positions within organisations. Additionally, auditors can transition to consulting, risk management, or financial management roles.
In the UK, the average auditor salary is £46,000 – £50,000 per year.*

Professional qualifications

ACCA is a great qualification to have if you’re interested in auditing. At the Applied Skills level you will study Audit and Assurance. You’ll learn about the nature, purpose and scope of assurance engagement and the regulatory environment, governance and ethics. You’ll use this knowledge to explore planning audits, performing risk assessments and a range of topics relating to the auditing of financial statements.

And then at the Strategic Professional level, you can choose to sit the Advanced Audit and Assurance exam, that builds on your previous knowledge. At this level you’ll analyse, evaluate and report on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

Interested in audit?

Working in audit is a challenging yet rewarding career choice that offers opportunities for professional growth and development. Auditors play a crucial role in ensuring the accuracy and transparency of financial information, providing assurance to stakeholders and contributing to the overall integrity of the business environment. If you possess strong analytical skills, attention to detail, and a passion for financial integrity, a career in audit may be an excellent fit for you.

Find out about ACCA and the different subjects you can learn to get you into auditing.

*Source: reed.co.uk/average-salary