Thursday, August 27, 2009

How to Become a Financial Auditor

Auditors are an important part of the accounting sector. An auditor is a person who performs a job that is related closely to an accountant. The job of an auditor is to personally review and do a follow up of the financial credibility of a particular company. The methods for the job can be rather straightforward and simple, although it can be somewhat time consuming.

A financial auditor needs to evaluate and analyze financial records and make financial reports. Internal audit jobs require reviewing of the financial records of a company and this includes receipts, taxes as well as purchase orders. Auditors scrutinize the financial statements of a company to ensure that all the statements as well as information is accurate and is compliant with the federal laws. The internal Auditors work with the records of the business that employs them, while a tax or independent Auditor works with more than a single individual or company. Added to that, you need to furnish the right credentials required for the job. A financial auditor checks the financial information of an organization and reviews the information for any inaccuracies that might be present. These may be in the form of an error, fraud or discrepancy that you are supposed to check.
Requirements

Academic: You need to meet the educational requirements of becoming a financial auditor with an advanced degree in accounting from a reputed or widely recognized institution. Next, you need to get a certification and once that is done, decide on the area of interest.

If you want to go for an auditor's job, make sure you are good at mathematics and accounts in high school. This helps you sharpen your math skills when you are pursuing higher studies and a financial degree. A business qualification with the highlight being on finance is a boon for an aspiring auditor. The option for a lot of students is to decide between choosing a bachelor's degree, if not a Master's that adds additional authority and significance to their qualification.

After completing your graduation at a well known or credited college or university, you need to be a major in accounting or a related field. Even after the qualification, if a financial auditor finds a job, getting a certification is necessary in the field. Generally, this is something that takes a couple of years, and the field of certification includes internal auditor, certified government auditing professional as well as financial services auditor. The designation depends on the kind of career you are interested in.

A financial auditor needs to be competent with a sound educational background focused on the fields of mathematics and accounting. A number of certification opportunities are also available for the Auditors. You are required to have good knowledge in accounts and credit as well as have good analytical skills.

Training: Internal audit jobs can be bettered with training; so it is advisable to go for a training or internship program if you get a chance. Look for employment opportunities in your local newspaper in the accounting firms in our neighborhood or government agencies. Auditors can also apply for a clerk's position if no internal audit vacancies are available. This makes you familiar with numbers which is crucial for an auditor's job.

Prior experience: Auditors can work for a couple of years as an internal auditor. This is required if you want a certification of the Certified Internal Auditor agency. Ordering the official transcripts from your college is also beneficial as a part of the applying procedure.

Employment Outlook

Career prospects (globally): There is a lot of scope for auditors who can find good openings with a viable qualification from a recognized institution. As the careers can be pretty varied in nature, you can expect a lot of opportunities compliant with your field of interest or choice.

Salaries: The standard median for a financial auditor in the US is $72,000 and more if you have years of experience.

A financial auditor is likely to work for a company and audit the books of the organization. Internal auditors may also work for a private firm and can be even hired for conducting an independent review of the books as well as records of the organization or company in question. The job of the auditors involves the overseeing of the books and records of the financial or government organization and approval of the budgets for the requirements of the local government.

Source: http://www.accountingcrossing.com/

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