What is an Auditor?

The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative and qualitative factors.

Auditors carry out checks on the accounts and compliance of investment banks, commercial banks, insurance companies and investment institutions.

They ensure that organisations’ finances and operations are sound and that all legal and financial reporting standards are being met.

There are two types of auditor – internal and external.

Internal auditors review an organisation’s finances in order to provide it with advice on how well it is managed financially, and how it can improve efficiency and financial control. Internal auditors can be employees of the organisation or specialists brought in from outside.

External auditors are legally registered to carry out an independent professional assessment of an organisation’s annual accounts to ensure that they provide accurate information and a fair view of the financial position. Limited companies are required by law to have their accounts audited externally by a registered external auditor. The auditor examines the accounts to check they have been accurately prepared in accordance with the Companies Act.

What does an Auditor do?

Auditors are normally professionally qualified accountants who specialise in audits. The process of auditing involves examining organisations’ accounts to ensure that they are accurate and that finances are well controlled.

External auditors carry out some of their work on the organisation’s premises. They must develop a thorough knowledge of a client’s business and continue gathering evidence until they are certain that there are no significant errors in the accounts.

They carry out audit tests and examine samples of documents and records to check that all transactions, assets and liabilities have been properly recorded. Techniques include inspecting assets and seeking further details from both within and outside the organisation. They may also compare current accounts with the previous year, or with a comparable organisation’s accounts.

Auditors complete their work by preparing a report for presentation to the organisation’s management, shareholders or governing body.

How do I get a graduate scheme / internship / entry level job or career in Audit?

Obtaining a graduate scheme, internship or entry level role in Audit can be very challenging and competitive – though very achievable by getting your application, CV, interview and general approach right. You can guarantee that ninety percent of applicants for Audit roles will not know how to apply, so getting your application in the top ten percent makes things a lot more achievable.

Approaching the company in the right way will make all the difference. Combining the right approach with a strong interview (and in some cases assessment centre) writ a strong focused tailored CV will go a long way. Make sure you have gone through the free videos on this sight by entering your name and email address in the top right of this screen underneath the video. Once you have filled this in you will have instant access to everything you need to secure your career in Audit.

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