First things first - what is an auditor?
Auditors are responsible for inspecting the accounts, processes and procedures of a business - going over them with a fine-tooth comb. They spend their working hours examining financial statements, scrutinising accounts, and making sure the business is following the correct accounting and legal procedures. At the end of an audit, they will provide a report of any concerns or errors they have found.
Auditors usually either work in a large business, conducting investigations into the company accounts, or work for a practice firm that conducts audits for a range of clients.
How much do auditors in the UK earn?
An Auditor will earn on average £35,000 a year, but you could earn significantly more if you work for some of the larger practice firms or manage multiple clients. Audit Managers can earn around £50,000 a year. (salaries taken from Glassdoor, August 2021).
What skills do I need to be an Auditor?
An eye for detail – scrutinising accounts, fact-checking and making sure there are no errors is the most important part of an auditor’s role.
Professional scepticism – you’ll need to be able to challenge and question things that don’t look right to you.
Be a team player – you’ll work within a team and often with people from all over the business.
Willingness to travel – you may be sent to off-site audits and could even get to travel abroad.
Problem-solving – As an auditor you may find yourself looking for ways to go beyond traditional or compliance auditing, trying to find new ways to work with people who have different styles and preferences.
Data mining and analytics – the process of sorting through data, extracting relevant info and performing analyses prior to the actual on site audit.
What qualifications do I need to be an auditor?
To become an Auditor, you’ll first need to gain a Chartered Accountancy qualification.
If you're brand new to accountancy, the AAT Professional Qualification is a great entry point, covering all the main areas of accountancy and tax. Other options include the ACCA Foundation Diploma or ACA Certificate in Finance or Business (CFAB). These qualifications will help you get your first role in an accounts department, allowing you to get hands-on experience.
On completion (or if you have exemptions), you can then go on to study the Professional ACCA or ACA qualifications, which will allow you to apply for roles as a trainee Auditor.
If you would like to find out more about training options or ways to fund your studies, call our friendly advisors on 0161 259 7400.