How to Be Accounts Auditor - Job Description, Skills, and Interview Questions

Aug 1, 2020 / 5 Minutes Read / By Albert

How to Become

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Businesses that do not employ an accounts auditor may suffer significant consequences. Without the oversight of an accounts auditor, companies may be vulnerable to financial mismanagement and potential fraud. Poor record keeping and a lack of financial accountability can lead to inaccurate reporting, resulting in potentially costly legal ramifications.

Furthermore, it can affect a business's reputation and trustworthiness among customers, vendors, and other stakeholders. Overall, businesses that neglect to hire an accounts auditor are putting their financial health and success at risk.

Steps How to Become

Earn a Bachelor's Degree. The first step to becoming an Accounts Auditor is to earn a bachelor's degree in accounting, finance, or a related business field. During your studies, you should focus on courses in auditing and accounting, especially if you plan to pursue a career in public accounting.
Complete an Internship. To gain practical experience in the field of accounting, you should complete an internship with a public accounting firm. An internship will give you the opportunity to gain hands-on experience with the auditing process and to network with potential employers.
Obtain Professional Certification. Professional certification is not required of all Accounts Auditors, but it can make you a more attractive candidate for higher-level positions. The most common certification is Certified Public Accountant (CPA). Requirements vary by state, but they typically include passing a standardized exam, completing a certain amount of college-level coursework in accounting, and having a certain amount of work experience.
Find a Job. Once you have earned your degree and completed an internship, you can begin looking for an Accounts Auditor job. Many of these positions are available in public accounting firms, but you may also be able to find work with private companies, government agencies, or nonprofits.
Stay Up to Date. To remain competitive in the field of Accounts Auditing, you should stay up to date on changes in the profession. This may involve taking continuing education classes or attending professional seminars. Additionally, you should stay informed about changes to government regulations and accounting standards.

In order to stay ahead and remain competent as an Accounts Auditor, it is important to stay abreast of the latest technological and regulatory developments in the field. This can be done by regularly attending professional seminars and conferences, reading up on current developments, and networking with industry professionals. it is important to maintain a high level of technical proficiency by taking and passing the necessary exams and continuing professional education courses.

Finally, staying organized and having an efficient system for managing client accounts can help an Accounts Auditor stay ahead and remain competent. By utilizing these strategies, Accounts Auditors can ensure that they remain up-to-date, knowledgeable, and prepared to handle any situation.

You may want to check External Auditor, Senior Government Contract Compliance Auditor, and Systems Auditor for alternative.

Job Description

Preparation of financial statements
Analyzing financial information
Identifying potential areas of improvement
Ensuring compliance with relevant regulations and laws
Reviewing and auditing financial documents
Performing internal control evaluations
Assessing controls over financial reporting
Developing audit strategies and programs
Investigating discrepancies
Examining financial records for accuracy
Reporting audit results and making recommendations
Preparing audit reports and other documents
Presenting findings to senior management

Skills and Competencies to Have

Strong knowledge of accounting principles and financial reporting standards
Good understanding of auditing standards and practices
Proficiency in using accounting software
Ability to analyze complex financial data and prepare audit reports
Excellent mathematical and problem solving skills
Great attention to detail and accuracy
Good communication and interpersonal skills
Ability to work independently and meet deadlines
Knowledge of computer systems and technology related to audits
Aptitude for working with numbers

The ability to be an effective Accounts Auditor is reliant on several key factors. Firstly, strong analytical and problem-solving skills are essential, as auditors must be able to review and evaluate financial data, detect irregularities and inconsistencies, and make informed and accurate decisions. Secondly, it is important to have an in-depth knowledge of accounting principles, as well as the ability to interpret financial data and regulations.

Thirdly, excellent interpersonal and communication skills are essential for auditors to be able to build relationships with clients, understand their needs, and explain the results of their findings in a clear and concise manner. Finally, the ability to remain organized and maintain attention to detail is critical for successful auditing. By having these skills, Accounts Auditors can provide assurance that financial statements are accurate and reliable.

Operational Risk Management Auditor, Senior Corporate Auditor, and Information Security Auditor are related jobs you may like.

Frequent Interview Questions

What experience do you have as an Accounts Auditor?
What do you believe are the most important skills and attributes for an Accounts Auditor?
What experience do you have with auditing financial statements?
How would you handle a situation where the client was not accurately reporting their financial information?
How do you go about developing and maintaining relationships with new and existing clients?
How do you ensure accuracy in your audit reports?
What systems or processes do you use to ensure that your audits are thorough and complete?
How do you stay up-to-date on new accounting regulations and changes to auditing standards?
How do you handle difficult conversations concerning the accuracy of a client's financials?
What challenges have you faced as an Accounts Auditor, and how did you overcome them?

Common Tools in Industry

Account Reconciliation Software. This tool automates the process of reconciling bank and credit card accounts, enabling accountants to quickly and accurately compare balances between institutions. (eg: Bank Reconciliation Software by Xero)
Audit Management Software. This software helps auditors plan and organize their audit assignments, track progress, and report on findings. (eg: AuditBoard Audit Management Platform)
Document Management System. This tool allows auditors to store and organize documents related to the audit process and ensure compliance with regulations. (eg: Box Document Management System)
Data Analysis Software. This tool enables auditors to quickly analyze large amounts of data to identify potential issues and trends. (eg: Tableau Data Analysis Software)
Risk Management Software. This software helps auditors monitor and assess the risks associated with a companys operations, financial activities, and other factors. (eg: RiskWatch Risk Management Software)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Association of Chartered Certified Accountants (ACCA)
Institute of Management Accountants (IMA)
Institute of Internal Auditors (IIA)
International Federation of Accountants (IFAC)
Chartered Institute of Public Finance and Accountancy (CIPFA)
The Institute of Chartered Accountants of India (ICAI)
Financial Executives International (FEI)
Institute of Chartered Accountants in England and Wales (ICAEW)
Association of Certified Fraud Examiners (ACFE)

We also have Tax Auditor, Regulatory Auditor, and Revenue Cycle Management Auditor jobs reports.

Common Important Terms

Auditing. The process of examining the financial statements and records of an organization to ensure accuracy and compliance with applicable laws, regulations, and standards.
Internal Auditor. An employee of a company tasked with ensuring the accuracy and reliability of financial information, evaluating internal controls, and ensuring compliance with applicable laws and regulations.
External Auditor. An independent professional hired by an organization to examine its financial statements and records for accuracy and compliance with applicable laws and regulations.
Financial Statement Audit. An audit conducted by an external auditor to determine whether a companys financial statements conform to generally accepted accounting principles (GAAP).
Sarbanes-Oxley Act (SOX). A 2002 U. S. law designed to protect investors by improving the accuracy and reliability of corporate disclosures.
Fraud Examination. The process of analyzing financial information in order to detect and investigate fraud.
Risk Management. The process of identifying, assessing, and controlling the risks associated with an organizations activities.

Frequently Asked Questions

Q1: What is an Accounts Auditor? A1: An Accounts Auditor is an independent professional who assesses the accuracy and validity of financial records and provides assurance that financial statements are accurate and compliant with relevant laws and regulations. Q2: What is included in an Accounts Audit? A2: An Accounts Audit typically includes a review of internal financial controls, verification of the accuracy of financial statements, and evaluation of compliance with applicable laws and regulations. Q3: How often should an Accounts Audit be performed? A3: The frequency of an Accounts Audit depends on the size and complexity of the organization, but generally should occur at least once a year. Q4: Who is responsible for conducting an Accounts Audit? A4: An Accounts Audit is typically conducted by a Certified Public Accountant (CPA) or public accounting firm. Q5: What is the purpose of an Accounts Audit? A5: The purpose of an Accounts Audit is to provide assurance that financial statements are accurate, reliable, and compliant with applicable laws and regulations.