OVERVIEW
What is an Auditor?
An auditor is a professional responsible for examining and evaluating an organization’s financial statements and records to ensure accuracy, compliance, and efficiency. They identify discrepancies, fraud, or areas that require improvement within an organization’s financial practices. Auditors can specialize in external audits, providing an independent review for stakeholders, or internal audits, focusing on improving an organization’s processes and controls from within. By conducting thorough audits, these professionals help safeguard assets, optimize operations, and instill confidence among investors, regulators, and management in the organization's financial reporting.
RESPONSIBILITIES
What Does an Auditor Do?
Auditors have a range of responsibilities depending on whether they work as internal or external auditors. A typical day includes:
- Reviewing financial statements: One of the primary tasks of a business auditor is to meticulously review a company's financial statements. This involves verifying that all entries are accurate and compliant with accounting standards.
- Assessing risk management: Auditors evaluate the effectiveness of a company's risk management processes. They identify potential financial risks and suggest measures to mitigate them, ensuring business continuity and stability.
- Ensuring compliance: Ensuring that businesses comply with local and federal laws, regulations, and internal policies is a crucial responsibility. Auditors check for adherence to financial standards and corporate governance practices.
- Conducting internal controls testing: Testing internal controls helps auditors determine if the company's financial processes are operating as intended. This step is vital to preventing errors and fraud within the organization.
- Evaluating operational efficiency: Beyond finances, auditors assess operational processes to identify inefficiencies. They provide suggestions for improving business operations and reducing waste.
- Preparing audit reports: Auditors compile their findings into detailed reports. These documents provide management and stakeholders with insights into financial health, compliance status, and potential areas for improvement.
- Providing recommendations: Based on their assessments, auditors offer actionable recommendations to enhance financial practices, internal controls, and overall business operations. Their expertise helps guide strategic decision-making.
Where Does an Auditor Work?
Auditors work in a variety of settings, including:
- Public accounting firms: Conducting audits for multiple client organizations.
- Corporations: Working within a company to conduct internal audits and assessments.
- Government agencies: Performing audits to ensure compliance with laws and regulations.
- Nonprofit organizations: Helping nonprofits maintain transparent financial practices
EDUCATION & BEST DEGREES
How Do I Become an Auditor?
The path to becoming an auditor generally involves the following steps:
1. Earn a Bachelor's Degree
Start by obtaining a bachelor's degree in accounting, finance, or a related field. This provides a solid foundation in the principles of accounting and auditing.
2. Gain Relevant Experience
Seek opportunities for internships or entry-level positions in accounting or auditing to gain practical experience and get a feel for the industry.
3. Consider Advanced Education
Although not mandatory, earning a master's degree in accounting or auditing can enhance career prospects and provide deeper insights into the field.
4. Obtain Certifications
Pursuing certifications like the Certified Public Accountant (CPA) or Certified Internal Auditor (CIA) can boost your credentials and show employers or clients that you know the best practices of auditing.
Best Degrees for a Auditor
Business
Accounting – B.S. Business Administration
Have a knack for numbers or fine-tuning finances?...
Have a knack for numbers or fine-tuning finances?
- Time: 62% of graduates finish within 24 months
- Tuition: $3,755 per 6-month term
- Courses: 41 courses in this program
Skills for your résumé you will learn in this program include:
- Accounting
- Finance
- Financial Statements
- Communication
- Detail Oriented
- Research
Take your first step toward CPA certification and learn how to use GAAP, ledgers, and journals.
Business
Finance – B.S.
This online finance program is career-focused so you will gain relevant...
This online finance program is career-focused so you will gain relevant industry skills.
- Time: 62% of graduates finish similar programs within 24 months
- Tuition: $3,755 per 6-month term
- Courses: 41 courses in this program
Some careers and jobs this business degree will prepare you for:
- Management
- Accounting
- Finance
- Spreadsheets
- Financial Analysis
- Problem Solving
The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.
Business
Accounting – M.S.
Become better qualified to pursue a greater variety of public and private...
Become better qualified to pursue a greater variety of public and private accounting positions:
- Time: 62% of grads finish within 19 months.
- Tuition: $4,755 per 6-month term.
- Courses: 10-11 total courses in this program
This program offers 4 unique specializations for students to choose from, allowing you to gain specific experience and skills that will help you in your career. Choose from concentrations in taxation, auditing, management accounting, and financial reporting to boost your résumé.
Skills for your résumé that this program will prepare you for:
- Accounting
- Auditing
- Tax Planning
- Financial Management
- Communication
- Data Analysis
- This MAcc program is designed to prepare you for the CPA exam and also the CMA or CIA exams.
Business
Accounting Fundamentals Certificate – School of Business
Enhance your résumé and showcase your skills with an accounting...
Enhance your résumé and showcase your skills with an accounting fundamentals certificate from the School of Business.
- Time: 6 months from start to finish.
- Cost: $2,000 for the certificate.
- Courses: 5 courses total in this program.
This program is designed for individuals who want to boost their résumé with the help of an accounting fundamentals certificate from WGU’s School of Business.
Whether you want to advance your career in this field, or you're just getting started, an accounting fundamentals certificate can help you be ready for your next career step. You'll be prepared to work in a variety of industries including:
- Startups
- Healthcare
- Manufacturing
- IT
- Retail
- E-Commerce
How Much Does an Auditor Make?
$79,880
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for auditors and accountants was $79,880 as of May 2023. Salaries can range from $50,440 for the lowest 10% to over $137,280 for the top 10%, depending on experience, industry, and geographic location.
What Is the Job Outlook?
6%
The job outlook for auditors is positive, with the BLS projecting a 6% growth in employment for accountants and auditors from 2023 to 2033. This growth is fueled by the need for organizations to adhere to strict financial regulations and the increasing complexity of financial records.
SKILLS
What Skills Does an Auditor Need?
Each day, auditors depend on well-developed skill sets. Whether they’re auditing a company’s financial records or helping to develop more effective accounting strategies, auditors depend on certain skills to drive clients and companies toward success.
The exact skills an auditor needs include:
- Analytical. The ability to comprehensively review a company’s complete financial records, including tax filings, investments, transactions, and payroll.
- Financial management. The ability to expertly manage financial assets, make decisions, and implement processes that ensure compliance and yield sufficient returns.
- Compliance. The ability to conform a company’s financial policies and procedures so that they accommodate all local, state, and federal parameters.
- Teamwork. The ability to work effectively alongside all members of a company’s financial and accounting departments.
- Interpersonal communication. The ability to correspond effectively with team members, clients, company representatives, and executives.
- Problem-solving. The ability to help identify and solve financial or compliance problems that a company might face.
- Mathematical aptitude. The ability to perform complex mathematical processes that contribute to the financial audit process.
These and other skills help auditors to fully inform a company’s financial management habits, keeping it financially compliant and contributing to long-term success.
Our Online University Degree Programs Start on the First of Every Month, All Year Long
No need to wait for spring or fall semester. It's back-to-school time at WGU year-round. Get started by talking to an Enrollment Counselor today, and you'll be on your way to realizing your dream of a bachelor's or master's degree—sooner than you might think!
Next Start Date
{{startdate}}
Interested in Becoming a Auditor?
Learn more about degree programs that can prepare you for this meaningful career.
