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What are the skills you need to become an auditor?

Auditors need a variety of hard and soft skills to be successful in their jobs. The following are some of the most crucial and useful abilities for professionals in auditing field:

Analytical skills

Auditors must be able to spot problems in the documentation and offer suitable and effective solutions. This necessitates the expert reviewing documentation and analyzing the company’s procedures to discover flaws that could result in liabilities and make recommendations for change.

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Organization

Auditors must have strong organizational abilities because they frequently work with a variety of financial documentation for different clients. Keeping track of paperwork and documents is critical for ensuring accuracy and efficiency on the job.

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Communication

Auditors deal closely with their clients, which necessitates excellent communication skills. Auditors will have to pay close attention to what clients, management, and other stakeholders have to say about facts and concerns. These experts must also be able to communicate the findings of their work in both written reports and meetings.

Mathematical skills

Although advanced arithmetic abilities aren’t required, auditors must be able to analyze, compare, and understand data. This necessitates statistical and accounting understanding.

Attention to detail 

To help clients avoid penalties and understand any responsibilities, auditors must be precise in their work and paperwork. As a result, auditors must be detail-oriented and meticulous when generating and evaluating documentation and other financial accounts.

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Auditor Requirements

Depending on the industry and the size of the organization, obtaining a position as an auditor may include various criteria. However, several basic standards apply to everyone in the field, including:

Education

A bachelor’s degree in accounting, finance, or a related discipline is required for most auditing roles. Some firms prefer to hire applicants who have a master’s degree in accounting or a master’s degree in business administration with a specialty in accounting.

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Financial accounting, accounting technology, taxation, auditing, business communication, and business law are all examples of relevant education. Some universities now offer auditing degree programs at the undergraduate and graduate levels.

Although a graduate degree is not required for auditors, several states require persons to earn college courses beyond a bachelor’s degree to be certified as a public accountant. Professionals with a graduate degree may be more competitive candidates for senior jobs or promotions within their company.

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Training 

All newly recruited auditors must complete a training session under the supervision of a professional with relevant expertise and credentials. The auditing business will pair the new hire with an experienced employee.

So they may learn the job’s responsibilities while receiving advice and direction from someone who has worked in the industry before. Depending on the position and the firm, this training time can last a year or longer.

While getting their bachelor’s degree, some auditors do an internship. They receive practical experience in an auditing or accounting workplace while completing an internship.

They can also network with professionals who may be able to help them find work after they graduate. As part of their graduation requirements, several master’s programs may require students to do an internship.

Certification

Certifications can provide auditors an edge in the job market by allowing them to demonstrate their professional competence. Auditors can get a variety of credentials that might help them stand out as more attractive prospects for employment or development. The following are some of the most popular certifications:

Certified Public Accountant

Many employers desire auditors with a CPA, as offered by the American Institute of Certified Public Accountants. Passing a four-part national test, as well as completing other state requirements, is required for this certification.

Almost all states require CPA candidates to complete 150 semester hours of college study, with a few allowing several years of public accounting experience to replace a college degree.

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Certified Internal Auditor

The Institute of Internal Auditors offers the CIA certification to persons who have earned an associate degree or higher from an authorized university. For individuals with a master’s degree, this certification involves completing a four-part exam and one year of work experience, two years for those with a bachelor’s degree, and five years for those with an associate degree.

Certified Government Auditing Professional

The IIA also offers the CGAP certification to professionals with at least an associate degree who want to work with the government. Candidates who pass the exam and complete the work experience requirements (one year for a master’s degree, two years for a bachelor’s degree, and five years for an associate degree) will be eligible for certification.

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Certified Financial Services Auditor

The CFSA is an IIA certification for professionals who desire to work in the financial services industry and have at least an associate’s degree. The candidate must pass an exam as well as complete the work experience criteria (one year for a master’s degree, two years for a bachelor’s degree, and five years for an associate degree).

Certified Information Systems Auditor

Professionals who audit, regulate, monitor, and assess an organization’s information technology and business systems can get the CISA certification from ISACA. This certification is available to candidates who pass the exam and have five years of experience auditing information systems.

By: Sananda Kumari

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