An auditor is a person who is responsible for maintaining the accounts of a company and examines the flow of money to achieve the target goals of the company. They are responsible for making judicious advisory decisions related to cost-saving and investments of the company. Different companies are available which provide jobs for Auditors including J.K. Sarawgi and Company, Marais Global Hr Advisors LLP, Amazon, Deloitte, DXC Technology, IBM, and Acacia Communications, and many more. Auditors earn an average of INR 4,87,000 per annum in India.
Check: How to Become an Auditor
There can be different types of audits like internal audits and external audits. For external auditors, must first qualify from a professional accounting body as a Chartered Accountant or can work as an auditor in the public sector after qualifying from the Chartered Institute of Public Finance and Accountancy (CIPFA). Graduates can also work for the National Audit offices which offer them a graduate scheme of 3 years and a qualification of Professional Accounting qualifications.
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Table of Contents
Who is an Auditor?
The auditor is a specialist who examines the accounts and financial budgeting of a company or organization. Their job mainly includes taking precautionary measurements, preparing reports and financial statements for the company as per the ongoing demands and needs.
- They analyze and check economical data and spreadsheets.
- Examining the financial system of control and accounts of the company.
- Preparing financial statements and reports for meetings and presentations
- Several opportunities are available for an Auditor through different job roles like Internal Auditors, Budget Analysts, Financial Managers, IT Audit, Junior and Senior Audits, and many more.
- Different job sectors are available like Finance and Insurance, Management Consultancy, Government sectors, and others.
- An Auditor has an average base salary of INR 4,87,000 per annum in India as per Payscale.
Auditor Qualifications
For becoming an Auditor, one should have a bachelor's or master's degree in Accounting. Candidates with MBA are also preferred for this. And later with relevant accounting certifications for graduates or postgraduate candidates.
- Further relevant certifications are required for auditors such as CS, ICWA, CA, Institute of Internal Auditors (IIA), Information Systems Audit and Control Association (ISACA).
- There are institutions like RBI, National Stock Exchange, Ministry of Information Technology (MIT), Comptroller, and Auditor General of India which recognize CISA qualified Auditors for conducting Systems audits.
- Candidates can look at the table below for some of the important courses and their providers to get a better understanding of the course for becoming an Auditor.
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Auditor Jobs
Different job profiles are available for becoming an Auditor or for doing the auditing work in a company or in an organization. Some of the job opportunities and their job description are bulleted below along with their salaries.
| Job Profiles | Job Description | Average Annual Salary |
|---|---|---|
| Internal Auditors | Internal Auditors are responsible for working upon the audits of accounts or finance of a company. Institute of Internal Auditors guide them. | INR 5,34,000 |
| External Auditors | External Auditors are responsible for auditing in auditing firms. They evaluate the financial records of other organizations on a periodic interval of time. | INR 3,77,000 |
| IT Auditors | IT Auditors are responsible for analyzing the processes within a company and identifies the possibilities for optimizations. Mostly they work with small groups and observe the data and documents relevant for the financing and accounting of the company. | INR 7,10,000 |
| Senior Auditors | Senior Auditors are responsible for conducting audits for institutions to ensure the financial and operational areas. They oversee the entire auditing system and processes conducted within a company. | INR 8,22,000 |
| Junior Auditors | Junior Auditors are responsible for conducting financial data tests and plan audits, financial reports and conducts internal communications within the companies. They also investigate the claims and risk conditions for companies before investing in other business proposals. | INR 3,80,000 |
| Forensic Auditors | They are specialized in investigating financial activities which are related to some crime or with other illegal activities. They work with the lawyers and ensure the proper following of law enforcement rules and regulations. | INR 3,00,000 |
Skills Required Becoming an Auditor
Besides educational qualifications, there are certain skills required to become a successful and well-established Auditor in any company and organization. Those skills are helpful to enhance learning and work towards a better output and result for both personal and professional growth.
Some of the essential skills necessary to become a successful Auditor are tabulated below:
| Data Analysis | Determination |
| Critical Analysis | Communication skills |
| IT Skills | Interpersonal and Intrapersonal skills |
| Problem Solving Skills | Cooperative approach |
| Mathematical Aptitude | Accountability |
Scope for Auditors
After completing the educational qualifications of an Auditor, there are several diverse opportunities available in India as well as in abroad countries like Canada, the USA, UK, and Australia.
- Different companies like ICICI Group, LIC Finance Limited, L&T Finance Limited, Deloitte, KPMG, PWC, Bajaj Capital Limited, and so on.
- Recent pay scales are available depending on the sector under which one is working.
- On average one can expect to have a salary of INR 4,00,000 - 5,00,000 per annum or more in government sectors.
- And in Private sectors, it is around INR 6,00,000 - 8,00,000 per annum.
Auditor Jobs: FAQs
Ques. What is the CIA?
Ans. CIA stands for Certified Internal Auditor. It is a certification offered by the Institute of Internal Auditors (IIA) to the accountants which are accepted worldwide.
Ques. Name some topics covered under the diploma course of Auditing.
Ans. Some of the topics are:
- Risk Awareness
- Introduction and Evolution of Internal Audit
- Planning and managing Internal Audit and Internal Audit Programmes
- Fraud Risks and Controls
- Internal Audit Reports
Ques. What is the average salary of Budget Analysts?
Ans. The average salary of Budget Analysts is around INR 7 Lakhs to INR 10 Lakhs.
Ques. What are the industries available for an Auditor?
Ans. The industries available for an auditor are Accounting, Finance and Insurance, Manufacturing, Company and management, Bookkeeping and Payroll Services, and so on.
Ques. What are exams available for getting an MBA degree in Finance at the master's level?
Ans. Some of the exams conducted as an entrance exam of MBA are CAT, CMAT MAT, XAT, NMAT, and SNAP.
Ques. How is a Diploma course in Accounting useful for an Auditor?
Ans. Diploma courses are useful as they are one-year courses which one can go for after completing their graduation or masters. Certain topics like business commerce, micro and macroeconomics business commerce, banking systems, and principles of accounting, and so on are beneficial topics to know for an auditor.
Ques. Name a few institutions in Canada for pursuing courses based on Auditors?
Ans. Some of the institutions in Canada include York University, Toronto, Ontario, Conestoga University, and many more provide relevant courses for Auditors.
Ques. Out of a male or female auditor, who gets a better salary in India?
Ans. A male auditor candidate gets a better salary package as compared to a female candidate in India. A male candidate gets an average salary of around INR 3, 86,400 per annum and a female candidate gets an average salary of around INR 3,37,200 per annum within the same industry.
Ques. How much hire is possible for a fresher and an experienced auditor?
Ans. One can expect to have hired 50%-70% in salary for an experienced auditor as compared to a fresher. An experienced one will get around INR 6- 10 Lakhs per annum but for a fresher, it may be around INR 3-5 Lakhs per annum.
Ques. What is the average salary of financial managers?
Ans. An average salary of a Financial Manager is INR 4 Lakhs to INR 12 Lakhs.
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