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There Is No Doubt That This Financial Field Is Rewarding And There Are Great ... - Career - Nairaland

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There Is No Doubt That This Financial Field Is Rewarding And There Are Great ... by Jobbermancom: 11:37am On Feb 27, 2013
Auditing is a crucial financial service that has sufficient growth prospect. This lucrative career option attracts many young graduates. There is no doubt that this financial field is rewarding and there are great opportunities for new graduates. However, a graduate will have to be hard-working to gain accomplishments in this industry. There is a wide expanse of jobs in the Audit industry and you have to decide which role will be proper for you. The truth is that decisions you will make in the first few years will shape the rest of your career.

A graduate can work in an audit firm or as an organisation’s in-house auditor. An auditor can work as a certified accountant, internal auditor, compliance auditor or tax auditor. Roles and responsibilities of each position are different from others. Some of the top auditing positions available in different industries are:

Internal auditor

Internal auditors supervise company’s guidelines and procedures to make sure that these policies are functional and conform to human resource policies and leadership guidelines. They also assist departmental heads to determine major risks in financial operations.

Certified accountant

Certified public accountants assess financial statements and make sure that these statements stick to accepted accounting norms. These CPAs are responsible to make sure that accounting reports are complete and right.

Tax auditor

Tax auditors are responsible to see that the employees follow federal, local and state Fiscal laws when carrying out their jobs. They also review a firm’s tax reporting mechanism.

Compliance auditor

Regulatory or compliance auditor sees that a company’s internal policies are formulated and alligned with the government regulations.

Responsibilities of an auditor

Whatever the position of an auditor, some of the typical responsibilities that these professionals have to perform are;

To analyse, rate and review products, processes, systems, services, employees and organisations.
To assess timeliness, accuracy, validity and reliability of the organisational information. At the same time, they also check the sources from which such information is gathered. This is a crucial role, as external parties and management form an idea about the organisation on the basis of their report.
To supervise the organisation’s internal control and the extent to which the organisation is prone to risk.
To make sure financial and operational reports are effective. They also make sure that company’s assets are properly controlled.
New graduates who are serious about joining in any of these positions have to do the following;

Develop the ability to get accustomed to new environments.
There are different types of audit jobs and you should try to work in different roles to understand which one suits you better. It is best to work as an intern in these different positions because the experience will be valuable for your future career.

Auditors working with multi-national companies have to travel a lot for their work. Hence, an auditor must learn to adapt to any environment and collaborate with different types of people.

Plan for auditing career.
Decide on the types of company you want to join as an auditor after you bag the bachelor’s degree. If you prefer to join an audit firm, your field will be vast. You’ll gain first hand experience about the industry which may work as a reliable training ground.

Some people prefer to start in a relatively smaller environment and will like to join a company’s in-house audit team. Before joining a company, check what roles for auditors the company has. What are the opportunities to grow and method of appraisal for those specific jobs?

Be flexible.
Any auditing job is difficult, but if you work hard, the future can be excellent. Challenges may arise from time to time and you have to work hard for long hours to mitigate risks. However, challenges are unique and auditors will find it interesting to manage these emerging challenges.

Educational Qualification

In order to achieve a successful career as an auditor, it is important you gain a proper degree. Bachelor’s degree in accountancy or business may help you to get a job in this field. A lot of graduates are aware of auditor jobs and have an interest in those works. While there are many who have selected accountancy as it seems a good career option to them. They must learn the audit job descriptions in details before making a further career move.

Only bachelor’s degree in relevant subject will not let an individual to start a career in auditing. They have to acquire certification to get placed in their desired financial service. There are different types of certification specially meant for those interested to establish a career in auditing. However, an auditor needs to have certain skills without which they cannot thrive in this financial industry.

Skills that an auditor must have.

With increasing number of qualified accountants in the financial services recruitment market, employers are continuously looking for skills that set a candidate apart. Employers expect candidates for auditing roles to possess the following;

Problem solving ability
An eye for details
Data management skills
Ability to work well with teams
Risk management skills
Interest to learn about new things
Excellent communication skills
The auditing industry is quite demanding; you have to develop the knowledge and skills to start and progress in your career in the field.


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Re: There Is No Doubt That This Financial Field Is Rewarding And There Are Great ... by Mustay(m): 9:02pm On Feb 28, 2013
Anyone can be an auditor - in fact, in public sector organisations, there really are no strict criteria, but to be a financial auditor, you definitely need certification. Not because of the 'certificate' but because of the know-hows you 'll be taught that are specific to auditing.

Auditing is very interesting and a fav of mine though people tend to dislike auditors because of their 'watchdog' activities. Personal traits that are cogent include honesty, self-discipline, integrity and thorough care & analysis in whatever you do.

Certifications necessary are ICAN, ACCA, CISA, CIIA, CITN inter alia. CISA is quite important for the auditor cos he has to keep up with the IT world while the likes of ICAN are important cos the auditor has to know the financial regulatory framework governing the company she is auditing.

One intersting area is forensic auditing. It's akin to police work and takes keeness and carefulness.

Corporate governance is also an area auditors are concerned with due to scandals and deaths of companies that could have been prevented.

They are highly valued because of their assurance services - it's like paying a private investigator money to check if someone you entrusted to do something for you is not cheating on you.

Overall, the 'expectations gap' will continue to exist cos owners 'if-wishes-were-horsingly' expect the auditor to be omnipotent. A reason why being detailed is necessary.

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