What does an Auditor do?
Auditors are responsible for tracking the cash flow and accounts of companies to ensure that they are being recorded and processed correctly, that assets are protected through appropriate control measures, and that financial records meet legal standards. Auditors can work in both the public and private sector as an internal audtor, an external auditor, or an independent auditor.
Most auditors have a Bachelor's degree in accounting or finance. Additionally, many auditors also have a Certified Public Accountant (CPA) credential, which is obtained by passing a national exam and a completing a minimum number of college coursework hours. Auditors need to have a keen eye for detail, a strong ability to work under pressure, and a knack for problem solving.
- Develop audit objectives, plans, and scope by reviewing available information and conducting research
- Help design, implement, and maintain internal audit procedures and risk assessment processes
- Prepare audit findings, write audit reports, and develop recommendations
- Ensure complaince with all applicable plans, policies, and standards
- Stay current on industry trends, and best accounting and audit practices
- Ensure accuracy of financial information
- Follow up on audit recommendations
- Bachelor's degree in Accounting, Finance, or related field. CPA preferred.
- 3-6 years experience in financial accounting, auditing, or a combination thereof, preferably in public accounting
- Strong understanding of accounting, banking laws, regulations, and internal controls
- Sound understanding of audit theories, principles, and practices
- Familiarity with general accounting practices and techniques
- Strong interpersonal skills, critical thinking skills, and time management skills
- Proficient verbal and written communication skills
- Comfortability working in a collaborative environment
- Proficient in Microsoft Office applications
Auditor Salaries near Canada
Average Base Pay
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Frequently asked questions about the role and responsibilities of auditors
An auditor reviews financial records for an organization to ensure their accuracy and the company's compliance with tax laws. The typical day of an auditor includes looking for errors in record-keeping and accounting methods and making recommendations to improve operational efficiencies and protect businesses from fraud. Auditors aim to reduce their clients' financial risk of penalties.
Auditing is a stable career option that offers opportunities for growth and advancement. Consulting auditors can set their own work hours and charge higher rates for their expertise. One of the best parts of being an auditor is a supportive and positive work atmosphere. Additionally, auditors can typically achieve a good work-life balance.
The average salary for an auditor in Canada is $72,345 per year. Their earning potential is similar to that of an accountant, as the two roles often work closely together. Other factors that impact the earning potential of auditors include work experience, education level, and the size of the company for which they provide services.
Working as an auditor can be challenging because it involves looking for and pointing out errors to high-level professionals. One of the biggest challenges of being an auditor is interacting with people who don't know they're making financial mistakes or are unhappy with the auditor pointing out their errors.
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