"internal controls," "financial services," and "internal audit" aren't the only skills we found associate auditors list on their resumes. In fact, there's a whole list of associate auditor responsibilities that we found, including:
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What Does an Associate Auditor Do?
An Associate Auditor assists in the review and evaluation of operational and management control systems. They also assist clients with routine accounting functions.
Associate Auditor Responsibilities
Here are examples of responsibilities from real associate auditor resumes representing typical tasks they are likely to perform in their roles.
- Manage accounts payable/receivable/inventory, payroll, selling and administrative expense, owner s equity and cash accounts.
- Manage accounting operations, accounting close, account reporting and reconciliations for internal corporate and bank transactions.
- Review simple visit coding of HCPCS, ICD, and CPT codes to ensure coding compliance.
- Provide education to linear departments base on payer bulletins and CMS guidelines via updates receive from Novitas.
- Prepare the charge master to reflect all charges for all departments by applying the appropriate HCPCS and CPT codes.
- Travel to various locations outside of normal business commute for audits, site visits, quarterly reviews, and SOX testing.
- Perform internal control testing to determine operating effectiveness in accordance with Sarbanes-Oxley.
- Implement new SOX controls and assist in implementation of warranty digitization project.
- Coordinate and perform testing of internal control procedures establish by Sarbanes-Oxley regulations and authoritative entities.
- Specialize in Medicare/Medicaid reimbursement audits of Maryland hospitals, nursing homes and residential treatment centers for this national CPA firm.
- Perform full scope field audits and limit scope desk reviews on Medicaid cost reports for free-standing and hospital-base skilled nursing facilities.
- Help audit Georgia Medicaid cost reports, indigent care trust fund, and other reports pertaining to the Georgia Medicaid program.
- Perform random sampling of various Medicare documents, and test several criteria for accuracy.
- Conduct Medicare final settlements in order to ensure accurate reimbursement are distributed to Medicare providers.
- Develop user documentation, including SAAS reference manuals and training material.
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Associate Auditor Skills and Personality Traits
We calculated that 15% of Associate Auditors are proficient in Internal Controls, Financial Services, and Internal Audit. They’re also known for soft skills such as Analytical skills, Communication skills, and Detail oriented.
We break down the percentage of Associate Auditors that have these skills listed on their resume here:
- Internal Controls, 15%
Assessed internal controls over financial reporting and over compliance, sampled and performed test of controls to determine its operating effectiveness.
- Financial Services, 5%
Participated in audit engagements of public and private companies including financial services, telecommunications, consumer products, utilities and government.
- Internal Audit, 5%
Lead internal audits to maintain company policy, investigate fraudulent activity, resolve inventory discrepancies and analyze financial reports and documentation.
- Audit Procedures, 5%
Designed and conducted 401k audit engagement including planning, creation of audit procedures and preparation of financial statements.
- Audit Engagements, 5%
Researched significant accounting/business issues and reporting requirements related to audit engagements; presented conclusions to engagement team and client management.
- Risk Assessments, 4%
Review and assess the accuracy, completeness, specificity and appropriateness of diagnosis codes identified in the health risk assessments/evaluations.
The three companies that hire the most prestigious associate auditors are:
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What Audit Specialists Do
An audit specialist is responsible for evaluating the reports by a professional auditor that will assist in improving the growth of the organization to achieve its goals and objectives. Audit specialists aid in the development of the company by using a systematic approach to reach the goals set by the company. Primary responsibilities include operating complex and difficult audit projects and conducting audits of control, financial, and other operating records. Also, they develop, implement distinct audit strategies, programs, and procedures for intricate assignments.
In this section, we compare the average associate auditor annual salary with that of an audit specialist. Typically, audit specialists earn a $1,318 higher salary than associate auditors earn annually.
Even though associate auditors and audit specialists have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require internal controls, internal audit, and audit procedures in the day-to-day roles.
As far as similarities go, this is where it ends because an associate auditor responsibility requires skills such as "financial services," "audit engagements," "professional standards," and "securities." Whereas a audit specialist is skilled in "patients," "customer service," "process improvement," and "corrective action." So if you're looking for what truly separates the two careers, you've found it.
Audit specialists really shine in the professional industry with an average salary of $72,330. Whereas associate auditors tend to make the most money in the finance industry with an average salary of $66,888.
On average, audit specialists reach lower levels of education than associate auditors. Audit specialists are 11.1% less likely to earn a Master's Degree and 0.4% more likely to graduate with a Doctoral Degree.
What Are The Duties Of an Audit Internship?
An audit intern is responsible for assisting the finance department in processing financial reports, analyzing account statements, releasing invoices, and conducting tax audits. Audit interns shadow tenured staff on the operation procedures to familiarize themselves with work processes. They are also tasked to do administrative and clerical duties under the supervision of a direct supervisor, such as writing reports, ensuring the accuracy of financial statements, responding to clients' inquiries and concerns, and escalating high-level complaints to the supervisor for immediate resolution.
Now we're going to look at the audit internship profession. On average, audit interns earn a $8,660 lower salary than associate auditors a year.
A similarity between the two careers of associate auditors and audit interns are a few of the skills associated with both roles. We used resumes from both professions to find that both use skills like "audit procedures," "audit engagements," and "risk assessments. "
While some skills are similar in these professions, other skills aren't so similar. For example, several resumes showed us that associate auditor responsibilities requires skills like "internal controls," "financial services," "internal audit," and "professional standards." But an audit internship might use skills, such as, "cpa," "gaap," "audit intern," and "first hand."
Audit interns may earn a lower salary than associate auditors, but audit interns earn the most pay in the professional industry with an average salary of $58,466. On the other side of things, associate auditors receive higher paychecks in the finance industry where they earn an average of $66,888.
In general, audit interns study at similar levels of education than associate auditors. They're 3.6% less likely to obtain a Master's Degree while being 0.4% less likely to earn a Doctoral Degree.
How an Auditor Supervisor Compares
An auditor supervisor is a financial professional who manages a staff of audit professionals and controls consulting engagements that evaluate the management and operating practices of a corporate. This supervisor is required to supervise audit planning and fieldwork as well as communicates findings and recommendations to senior management. To ensure that audit staff follows the department's methodology, the supervisor must supervise the audit staff and review their automated audit work papers. The supervisor must also ensure that reviews are following the standards of the corporate audit department and the Institute of Internal Auditors (IIA).
Let's now take a look at the auditor supervisor profession. On average, these workers make higher salaries than associate auditors with a $26,903 difference per year.
While looking through the resumes of several associate auditors and auditor supervisors we discovered that both professions have similar skills. These similarities include skills such as "internal controls," "internal audit," and "audit procedures," but they differ when it comes to other required skills.
Some important key differences between the two careers are a few of the skills necessary to fulfill responsibilities. Some examples from associate auditor resumes include skills like "financial services," "professional standards," "securities," and "worksheets," whereas an auditor supervisor might be skilled in "cpa," "excellent interpersonal," "night audit," and "front desk. "
Additionally, auditor supervisors earn a higher salary in the finance industry compared to other industries. In this industry, they receive an average salary of $86,925. Additionally, associate auditors earn an average salary of $66,888 in the finance industry.
When it comes to education, auditor supervisors tend to earn lower education levels than associate auditors. In fact, they're 10.3% less likely to earn a Master's Degree, and 0.0% less likely to graduate with a Doctoral Degree.
Description Of an Auditor/Consultant
The duties of an auditor/consultant depend on one's line of work or industry of employment. Typically, their responsibilities include coordinating with different departments to gather and analyze data, performing audits and assessments on all financial activities, looking out for any errors and discrepancies, reviewing documentation, identifying the strengths and weaknesses of current systems, and developing strategies to optimize all operations. Furthermore, an auditor/consultant must recommend methods and solutions in adherence to the company's policies and regulations, including its vision and mission.
The fourth career we look at typically earns higher pay than associate auditors. On average, auditor/consultants earn a difference of $21,362 higher per year.
While their salaries may vary, associate auditors and auditor/consultants both use similar skills to perform their jobs. Resumes from both professions include skills like "internal audit," "audit procedures," and "audit engagements. "
Even though a few skill sets overlap, there are some differences that are important to note. For one, an associate auditor might have more use for skills like "internal controls," "financial services," "professional standards," and "securities." Meanwhile, some auditor/consultants might include skills like "cpa," "project management," "process improvement," and "data analysis" on their resume.
Now, let's take a closer look at the financials in each career. The finance industry tends to pay more for auditor/consultants with an average of $86,809. While the highest associate auditor annual salary comes from the finance industry.
In general, auditor/consultants reach similar levels of education when compared to associate auditors resumes. Auditor/consultants are 3.9% less likely to earn their Master's Degree and 0.9% more likely to graduate with a Doctoral Degree.
Types Of Associate Auditor
Auditor
Average Salary: $54,853
Bachelor's Degree
Available Jobs: 45,966
How To Become an Auditor
Internal Auditor
Average Salary: $63,013
Bachelor's Degree
Available Jobs: 13,064
How To Become an Internal Auditor
Staff Auditor
Average Salary: $55,431
Bachelor's Degree
Available Jobs: 5,706
How To Become a Staff Auditor
Quality Assurance Auditor
Average Salary: $77,535
Bachelor's Degree
Available Jobs: 5,301
How To Become a Quality Assurance Auditor
Inventory Auditor
Average Salary: $33,666
Bachelor's Degree
Available Jobs: 4,154
How To Become an Inventory Auditor
Compliance Auditor
Average Salary: $64,606
Bachelor's Degree
Available Jobs: 3,799