The work

Those who are good with numbers, inquisitive and enjoy analysing and researching information may be suited to a career as an auditor. Strong interpersonal skills are needed to deal with people at all levels, in order to obtain information.
All organisations, in both the public and private sector, are required to prepare a financial report annually, setting out their activities for the year, and their position at the end of the year. The majority of these organisations are required to have this financial report reviewed by an external body, called an auditor. A registered auditor is an accountant with an appropriate country qualification.
The work included in the review (audit) will vary according to the activities of the organisation. The auditor investigates different aspects each year. Although an auditor will work closely with the financial staff of each organisation, they report independently. In the audit of a limited company, their report will go to the shareholders.
An external auditor must:

• understand how the whole of the business operates and the financial transactions that are central to the organisation's activities
• be able to review the summarised financial reports used by the organisation
• identify the potential areas of financial risk that require closer examination
• study these risk areas in more detail, and review areas of concern with the organisation's management
• communicate the results of the audit to both the management, and ultimately to the external stakeholders outlining the risks to the client's business.

For a large organisation, there may be a team of a dozen or more auditors to co-ordinate. Because the audit is repeated annually, there will be information in the files from the previous year that will assist the preparation, allowing the audit to develop over time.
As well as the external audit role, large organisations may employ internal auditors. An internal auditor may be responsible for a series of projects to check the standards and internal controls. Their aim is to find and address any potential issues before an external audit and improve efficiency within the company.

Hours and Environment

Working hours are normally 35-40 hours a week. Evening and weekend work might be needed at the financial year-ends of particular organisations.
Most work is done at the clients' premises. There may be a requirement to visit other premises owned by the client as part of the audit process. An annual audit can take several weeks to complete

Visiting clients' premises may involve travel and overnight stays.

Skills and Interests

An auditor needs to be:

• comfortable with numbers and simple statistics
• well organised, and able to achieve deadlines
• able to communicate with people at all levels
• capable of understanding quickly how organisations are run
• comfortable with computers, spreadsheets and word processing
• a good team player and capable of developing into the team leader
• honest and trustworthy
• competent in written and verbal communication.

Entry

There is no upper age limit to entry into this profession. Many mature entrants are graduates, but adults without formal qualifications may be eligible to register for accountancy training.

Previous work experience in a business or finance environment will be helpful. Most further education colleges offer Access courses for mature students who want to study for a degree but do not have the normal entry qualifications.

Training

Auditors must be authorised by one of the following institutions to carry out external audits of UK Limited companies:

• the Association of Chartered Certified Accountants (ACCA)
• the Institute of Chartered Accountants in England & Wales (ICAEW)
• Public sector audits can also be done by members of:
• The Chartered Institute of Public Finance and Accountancy (CIPFA).
• There are no formal restrictions on those carrying out internal audits, although qualified or part-qualified trainees of any of the institutions are found in this role.
• To train as an accountant, candidates need to register as a student with one of these accountancy bodies, gain relevant work experience and pass a series of professional examinations.
• Study can be on a part-time, full-time or day-release basis, and it will normally take three to five years depending on the qualifications and experience already held. Details of the exemptions available change frequently, and candidates are advised to consult the relevant websites.
• The majority of chartered accountants (ICAEW/ICAS/ICAI) and about 40% of chartered certified accountants (ACCA) are graduates. A good honours degree in any subject is accepted.
• Although many people are graduates, it is by no means a requirement. There are a number of different routes. A-Level students are now employed directly into the role, although they need to demonstrate the skills and maturity to cope with the job.
• Another route is to train first as an accounting technician with AAT (Association of Accounting Technicians). Entry requirements for this route is usually Olevel maths and English at grade A or B.
• ACCA offers a similar training route leading to the certified accounting technician (CAT) qualification.

Opportunities

Employers of external auditors include firms of chartered or certified accountants, the National Audit Office, which audits central government departments, and the Audit Commission, which audits local authorities and other public bodies.
Internal auditors work for commercial companies or public sector organisations.
There are opportunities to work overseas with the large international accountancy firms and with private companies.

Annual Income

Further information

Financial Services Skills Council
http://www.fssc.org.uk

Institute of Chartered Accountants in England and Wales (ICAEW)
http://www.icaew.co.uk

Institute of Chartered Accountants in Ireland (ICAI)
http://www.icai.ie

Association of International Accountants (AIA)
http://www.aia.org.uk

Consultative Committee of Accountancy Bodies (CCAB)
http://www.ccab.org.uk

Association of Chartered Certified Accountants (ACCA)
http://www.acca.co.uk

Institute of Chartered Accountants of Scotland (ICAS)
http://www.icas.org.uk