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FAQs
Yes, auditing can be a very well-paid profession, especially as you gain experience. Salaries for auditors can vary based on location, level of experience, and the specific type of auditing (e.g., internal, external). Senior roles like Audit Senior Manager, Audit Director, or top positions at most firms typically offer very competitive salaries and benefits.
Auditing can be stressful, especially during peak periods like financial year-ends or when working on tight deadlines. The job often involves significant attention to detail, complex problem-solving, and sometimes long hours. However, effective time management, a supportive work environment, and gaining experience can help manage stress levels – and you are rewarded with working in an exciting job with a high salary and great career opportunities.
To become an auditor in the U.S., certain education, certification, and experience requirements need to be met. Here’s an overview:
- Educational Requirements
- Bachelor’s Degree: A minimum of a bachelor’s degree in accounting, finance, business, or a related field is typically required.
- Credit Hours: Most auditor roles require at least 120 semester hours, but for certification, 150 credit hours are often needed (as required for the CPA license).
- Certification Requirements
- Certified Public Accountant (CPA): Although not mandatory for all auditing positions, the CPA credential is often required or preferred, especially for auditors working in public accounting or planning to advance in their careers.
- CPA Exam: Passing the CPA exam is mandatory to become a CPA. The exam covers topics such as auditing and attestation, business environment, financial accounting, and regulation.
- CPA Licensing: Besides passing the CPA exam, most states require additional education and/or experience and an ethics exam for CPA licensure.
- Certified Internal Auditor (CIA): This certification, offered by the Institute of Internal Auditors (IIA), is highly recommended for internal auditors. Requirements include a bachelor’s degree, two years of internal audit experience, and passing a three-part CIA exam.
- Experience Requirements
- For entry-level positions, relevant internships or job experience in accounting or auditing is beneficial.
- For CPA licensure, most states require 1-2 years of supervised experience in public accounting or auditing, verified by a licensed CPA.
Each state has its own licensing requirements, so it’s important to check specific state boards if you’re pursuing CPA licensure.
An auditor examines a company’s financial records to ensure accuracy, compliance with laws, and the effectiveness of internal controls. They analyze financial statements, identify potential areas of risk, and suggest improvements. Auditors may work internally within a company or externally, reviewing multiple clients as part of an accounting or consulting firm.