What are careers in auditing?

Auditors, tax accountants, and consultants are careers in auditing. Auditors review the accounts of companies and other organizations to ensure their financial records are correct and in line with the law. They could be inspecting the accounts of their employer or those of another organization.

Auditors can also act in an advisory role to recommend risk aversion measures and cost savings. Typical duties for an auditor include:

• Collating, checking, and analyzing spreadsheet data

• Examining company accounts and financial control systems

• Gauging levels of financial risk within organizations

• Checking that financial reports and records are accurate and reliable

• Ensuring that assets are protected

• Identifying if and where processes are not working as they should and advising on changes

• Preparing reports, commentaries, and financial statements

• Liaising with managerial staff and presenting findings and recommendations

• Ensuring procedures, policies, and regulations are correctly followed and complied with

Tax Accountants examine, analyze, and interpret accounting records to prepare financial statements, give advice, or audit and evaluate statements prepared by others. They specialize in the laws, rules, and regulations for the preparation and calculation of federal, state, and local taxes.

They provide a range of tax-related services to both individuals and businesses, which can include preparing and filing tax returns. Most accountants work for businesses, ensuring the accuracy of financial records, preparing reports on the company's profits and losses, and comparing budgeting costs to actual business costs.

Depending on the size of the company, an accountant may specialize in a certain area, such as employee compensation, data processing, health care benefits, or tax preparation. Accountants specializing in tax preparation are typically known as tax accountants.

The main responsibilities of a tax accountant are:

• Preparing federal and state income taxes

• Calculating and filing property taxes, sales taxes, and licenses

• Filing quarterly employment taxes

• Preparing and filing 1099 forms

• Updating management on projected taxes

• Assisting with any tax audits or legal disputes

Tax accountants can also:

• Identify incentives and tax breaks that apply to an individual or business client's situation.

• Prepare the various forms, schedules, and statements to file taxes.

• Organize and store all tax-related documents, such as receipts for tax-deductible expenses, to answer any questions that might arise after taxes have been filed.

Audit consultants perform basic operational and financial audits, internal control reviews, and consult on projects. The position may work independently on projects or assist senior auditors with components of more complex audits.

Professional standards, industry best practices, and various other audit tools and techniques are applied to address significant business risks and to evaluate and test the internal control structure of the organization's operations.

An Audit Consultant typically reports to an Audit Manager, Assistant Director, or another appropriate administrator. The primary function of this position is to determine compliance with operating policies and procedures, organizational goals and objectives, and best practice standards.

The position may evaluate the adequacy and effectiveness of internal controls, report audit findings, and make recommendations to resolve conditions noted. Audit consultants are also tasked with improving operations and reducing costs. An Audit Consultant job requires technical knowledge as well as effective communication.

This position typically performs some independent projects and assists Senior Audit Consultants or managers by performing components of more complex audits.