An Auditor plays a significant role in business. They are the ones who analyze, report, compile and review information. In theory, this important process would be done by an objective party since only he/she could report on the financial information, without facing any pressure from the company. A third-party auditor is often called upon for business analysis when a major deal is taking place, or an important transaction is required.
The Job of an Auditor
The job of the auditor is to collect and analyze financial data, so that any errors, duplications, suspicious circumstances, or illegal actions (whether willful or accidental) will be documented for the review of management. The auditor’s job is to report to management with his/her findings. This includes reports not only on cash flow and expenditures, but also asset utilization.
Many people don’t realize this, but the auditor is not just a person who reviews financial documents; he or she also recommends changes that the company owner can make. Considering that the auditor has taken the time to review information about assets, network, liabilities, income and so on, there is a tremendous opportunity to provide advice.
The auditor doesn’t necessarily “lead” or give leadership ideas, but instead focuses on helping management to see means of improvement, efficient changes, and new systems that may improve operation.
Choosing Your Career Path
Auditors not only do the math but must examine and verify the accuracy of the accounts, ensuring there aren’t any mistakes or fraudulent actions. They come from a background of specialized experiences, and can typically spot scenarios and circumstances that are problematic.
When choosing your career, you can decide if you want to work as a consultant or as an external auditor that works for a firm. You would still be independent of the companies that hire you, but would work with a firm that could back up your skills. Organizations will hire you to objectively analyze and report on their financial statements so that they can claim to have undertaken third party analysis, verifying the truth of their claims.
There are also opportunities open inside banking or government agencies. In this case, you would be working for the opposite “side”, the government or lending institution, and ensuring that companies are paying their fair share.
This is a job of long office hours, though you might be surprised to know that travel is often required, especially if you are externally based or work as a private consultant. Occasionally, you go to companies and meet them on-site. Deadlines are also hard since much of this work is time-sensitive. Correspondingly, you must know how to improvise if a client doesn’t provide the needed materials as quickly as you would need it.
This is a job that will be rewarding, both in salary, as well as personal fulfillment. You can start this career, one step at a time, by training in an accounting field and demonstrating, to future clients, your commitment to textbook education.