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

Oct 27, 2020 / 6 Minutes Read / By Albert

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The corporate auditor plays a critical role in maintaining the financial health of a company. They are responsible for analyzing the financial records of the company to ensure they are accurate and in compliance with regulations and laws. If discrepancies are found, the auditor is expected to bring them to light, thus allowing the company to address any issues and avoid potential fines or other penalties.

In addition, corporate auditors may also help to identify any areas of financial risk, allowing the company to take preventive action before any losses are incurred. As a result, effective corporate auditing can help to ensure financial stability and sustainability for the company.

Steps How to Become

Earn a Bachelor's Degree. Corporate auditors typically need to have a bachelor's degree in accounting, finance, or a related field. While earning a degree, individuals should also focus on classes related to auditing, taxation, and business law.
Earn Professional Certification. Certified Public Accountants (CPAs) and Certified Internal Auditors (CIAs) are the two most common professional certifications for corporate auditors. CPA candidates must pass the Uniform CPA Exam and fulfill the education and experience requirements established by the Board of Accountancy for the state in which they wish to practice. CIA candidates must pass the CIA exam and meet the education and experience requirements set by the Institute of Internal Auditors.
Gain Work Experience. Corporate auditors typically need at least three years of work experience in accounting, auditing, or a related field before they can become certified. Individuals who want to become corporate auditors should look for internships, entry-level positions, or volunteer opportunities that will give them practical experience in the field.
Pursue Additional Training. Corporate auditors should take advantage of any additional training and continuing education opportunities offered by their employers. These courses are usually focused on auditing, accounting principles, and other topics related to their profession.
Become a Corporate Auditor. Once individuals have fulfilled the necessary education and experience requirements, they can begin applying for jobs as corporate auditors. In addition to their professional certifications, employers may also look for candidates who have strong interpersonal and analytical skills as well as knowledge of accounting software programs and computerized accounting systems.

The corporate auditors role is essential to any organization. To stay ahead and remain competent, corporate auditors must be proactive in their approach to auditing. This includes staying abreast of relevant accounting standards, researching new developments in the industry, and understanding the ever-changing landscape of the business world.

corporate auditors must be critical thinkers who can evaluate the accuracy and completeness of financial information, evaluate internal control systems and processes, and identify potential areas of risk. Furthermore, they should have excellent communication and interpersonal skills so they can effectively collaborate with other auditors, management, and stakeholders. Finally, corporate auditors should be open to exploring new technologies, such as data analytics, to identify patterns and trends that may indicate areas of possible risk.

By staying up-to-date with the latest industry trends and best practices, corporate auditors can stay ahead and remain competent in their roles.

You may want to check Cost Auditor, Revenue Cycle Management Auditor, and Senior Information Systems Auditor for alternative.

Job Description

Develop and maintain audit plans in accordance with corporate risk management policies.
Evaluate internal control systems and processes to ensure compliance with applicable laws, regulations and corporate policies.
Design and execute test procedures to identify areas of financial, operational, and compliance risks.
Prepare detailed audit reports to present findings and recommendations for corrective actions.
Review financial statements and records for accuracy, completeness, and compliance with applicable regulations.
Analyze financial performance and trends to determine areas for improvement.
Monitor and report on organizational compliance with key accounting principles, standards and policies.
Assist in identifying and implementing strategies to improve operational efficiency.
Collaborate with other departments to ensure adherence to corporate policies and procedures.
Respond to questions from management regarding audit results and recommendations.

Skills and Competencies to Have

Knowledge of accounting principles and internal controls
Ability to analyze financial statements and identify discrepancies
Knowledge of industry/regulatory/compliance standards
Strong oral and written communication skills
Ability to assess risk and make informed recommendations
Proficiency in Microsoft Office applications
Problem-solving and analytical skills
Ability to work independently and as part of a team
Attention to detail and accuracy
High level of ethical standards

Having the right skills as a corporate auditor is essential for success in this role. The most important skill for a corporate auditor is attention to detail. They must be able to accurately assess accounts and financial statements, identify risks and errors, and provide meaningful recommendations.

Having strong analytical and problem-solving skills is also essential for a corporate auditor to be able to recognize irregularities and determine potential causes. Understanding accounting principles and being familiar with financial regulations and standards is key, as is having excellent communication and interpersonal skills. These skills enable auditors to effectively work with senior management, clients, and other stakeholders.

Lastly, having the ability to work independently and manage multiple assignments while adhering to deadlines is important in order to ensure accurate, timely audits. All these skills, when combined, allow corporate auditors to provide professional, high-quality audit services.

Environmental Compliance Auditor, Tax Auditor, and Senior Network Security Auditor are related jobs you may like.

Frequent Interview Questions

What experience do you have in conducting corporate audits?
Describe a time you identified a risk or deficiency in an audit process.
How do you stay up to date on relevant regulations, standards and best practices?
What steps do you take to ensure accurate and reliable audit results?
What is the most challenging audit you have conducted?
Describe your experience working with stakeholders and management teams during an audit.
How do you ensure collaboration between departments when conducting an audit?
What strategies do you use to evaluate and assess the effectiveness of internal controls?
What methods do you use to identify areas of potential improvement in the audit process?
How do you ensure that audit reports are accurate and timely?

Common Tools in Industry

Risk Analysis Software. Software designed to identify potential risks, analyze the risk factors and provide solutions to mitigate risks. (eg: RiskLens)
Financial Analysis Software. Software designed to analyze financial statements, identify risks and trends, and help managers make informed decisions. (eg: QuickBooks)
Audit Management Software. Software designed to automate the process of conducting audits and managing audit reports. (eg: AuditBoard)
Fraud Detection Software. Software designed to detect potential fraud and report it to the auditors. (eg: SAS Fraud Framework)
Data Analytics Software. Software designed to collect, analyze, and visualize data from various sources. (eg: Tableau)
Internal Control Software. Software designed to ensure that internal controls are in place and are being monitored regularly for compliance with regulations. (eg: ACL GRC)

Professional Organizations to Know

Institute of Internal Auditors (IIA)
Association of Certified Fraud Examiners (ACFE)
American Institute of Certified Public Accountants (AICPA)
The Chartered Institute of Internal Auditors (CIIA)
International Federation of Accountants (IFAC)
Institute of Management Accountants (IMA)
The Information Systems Audit and Control Association (ISACA)
The Institute of Chartered Accountants in England and Wales (ICAEW)
Association of Government Accountants (AGA)
The American Accounting Association (AAA)

We also have Quality Auditor, Operational Auditor, and Government Auditor jobs reports.

Common Important Terms

Internal Auditing. The process of examining and evaluating an organization's financial and operational activities to ensure that records are accurate and in compliance with applicable laws, regulations and standards.
Management Audit. An audit of the internal management systems to assess the effectiveness of the company's operations and identify areas for improvement.
Operational Audit. An audit of the operational activities of an organization, such as its processes, procedures, and organizational structure.
Financial Audit. An audit of the financial statements of an organization, typically performed by an external auditor.
Compliance Audit. An audit of an organization's compliance with applicable laws, regulations, standards and policies.
Information Systems Audit. An audit of an organization's computer systems, networks and other information technology assets.
Fraud Audit. An audit designed to detect possible fraudulent activities within an organization.

Frequently Asked Questions

What is the role of a Corporate Auditor?

The primary role of a Corporate Auditor is to provide independent assurance to stakeholders that an organization's financial statements and other financial information are accurate and in compliance with applicable laws and regulations.

What qualifications do Corporate Auditors need?

Corporate Auditors typically must have a bachelor's degree in accounting or a related field, along with professional certification such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Certified Internal Auditor (CIA), or Certified Management Accountant (CMA). Additionally, many employers prefer prior experience in auditing or accounting.

What duties do Corporate Auditors perform?

Corporate Auditors are responsible for evaluating and testing internal controls, assessing the accuracy of financial records and preparing detailed reports on their findings. They also review a companys financial statements, investigate potential fraud, and analyze financial data to ensure compliance with applicable laws and regulations.

How often do Corporate Auditors work?

Corporate Auditors typically work full-time and may occasionally be required to work overtime or on weekends. During peak periods, such as at the end of the fiscal year or when an organization is undergoing a financial audit, Corporate Auditors may be required to work additional hours.

What is the salary of a Corporate Auditor?

According to Indeed.com, the average salary for a Corporate Auditor is $73,819 per year in the United States. Salaries typically range from $59,821 to $94,636 per year.