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Scope of Financial Auditor, Courses, Jobs & Salary

  • Financial Auditors presents reports with recommendations to be taken to minimize future losses in the organizations they audit. Hence, the importance of professional experts is wanted. They analyze and investigate all financial aspects including accounting books, balance sheets, taxation sheets, staff salary books etc in a very systematic manner to present their reports to their employers or courts. They touch virtually every aspect of the employing organization and freely report their findings to the administration no matter who is who in the organization. In legal disputes they quantify the damages sustained by the parties and assist in resolving disputes before they reach the court.
  • Auditing is the study of accounts in a systematic and well organized manner for evaluating the financial statements, policies and internal discipline of a business or government entity for risk assessment and implementing good accounting principles and mechanism for the purpose of maximizing the profits and minimizing the risks or losses. The increasing IT digitalization in commercial sphere & the increased sphere of commercial activities has made it important for the corporations and government to implement internal disciplinary measures regarding financial matters or commercial frauds in sectors, such as banking and investment and other.
  • Generally the career for internal Auditor is open to graduates in the field of commerce, economics and mathematics with some additional academic program in computer Accounting.
  • But it is advised to follow popular degree in financing management such as MBA or professional kind of Diploma in Computer Accounting for a successful handling of Management and making sound business decisions. Some employers may ask for specialization. For specialization you can choose from a wide spectrum of courses like ICWA, CA, Company Secretary etc.
  • For external Auditing in public accounting firms need to go through a study program & practical training from ICAI (Institute of Chartered Accountants of India) or ICWAI (Institute of Cost and Works Accountants of India) for the certified license.
  • There are plenty of academic institutions all across the country providing expert practical training through campus activities. The study programs are run at degree, diploma, certificate level. 

Certification Program:

  • Certified Computer Accountant
  • Certified industrial and Professional Accountant
  • Certificate in Computer Accountancy (Self Supportive mode), 9 - 12 Months 

Diploma program:

  • Diploma in Document Examination
  • Post Graduate Diploma in Accounting Information System, 9 - 12 Months 

Degree Program:

  • Bachelor of Commerce (Honors) in Accountancy, 2 - 3 Years 
  • Master of Business Administration
  • Master of Cost Control and Accounts , 1 - 2 Years
  • Master of Accountancy (Finance), 1 - 2 Years

Cost of the course:

  • A reputed institute with good facilities may cost you around 3,00,000 rupee to 4,00,000 rupee for a duration of 3 years. Besides the price cost you should check on campus activities and placement opportunities. Cost at governmental institutions is comparably lower.
  • The major part in auditing role is reporting so good in written and verbal communication is wanted. 
  • You should have pleasant personality, curious nature and analytical/investigative type of mind. 
  • You should have Love for numeracy and ease while working with Microsoft Spreadsheet, Tally software. 
  • The job role is working with other variety of professionals, so interpersonal skills and organized behavior is wanted while dealing with investigations. 
     
  • Black money disputes, tax investigations, securities fraud, bankruptcies, banking or investment embezzlements are very popular in India. It is very common for corporations and big businesses to hire their services in investigating allegations of fraud on the part of their employees, marketing agents etc. Financial Auditor can work in any sector, including public, private and governmental agencies and in any size of organization. Recent phenomenon with the rapid growth in money and cap
    • The study programs eligibility is open to all after they have passed out 10+2 in any stream of schooling.
    • Financial auditors work with investigative skills and techniques in accounting and finance in the analysis of correctness of financial reports, balance sheets, black money schemes, stocks market manipulation, financial malpractices or employee theft. Then they have to present the reports of their findings to senior administration. In their reports she/he suggests her/his valuable recommendations to help increase the efficiency and profit making in future. Besides this they help in dispute resolution outside the court room and may provide litigation support in legal issues relating to finance.

    Types of auditors:

    • Internal auditor is an auditing employee of an organization, mostly in government or corporate entity. The primary role is to improve the efficiency mechanisms of profiting and maintain internal discipline. They are free to write their reports when verifying the correctness of financial records, mismanagement, frauds, etc on day to day basis. The secondary role is helping in the external auditing process.
    • External Auditor is generally employee of government or one who works in auditing consultancy or in the capacity of freelancing. They audit the government sector/private organizations etc. They help improve good management practices and advice proper mechanisms for better efficiency of organization. The most common function is to provide public opinion and checking out the organizations brand value etc. 
    • Forensic auditors/accountant: They specialize in Forensic accounting meaning not only about external auditing, verifying records or gathering proof but it often includes interrogating the suspect. They may suggest recommendations to help minimize and prevent any such security problem in future. They quantify the damages sustained by the parties and assist in resolving disputes before they reach the court. They also provide litigation support in legal issues relating to finance and work closely with law enforcement officers (LEO).

    You will be using computerized accounting and software. The working hours will be regular for Internal Auditors and Government Auditors and they usually work from your desk, but the work may involve court proceedings where you will testify in the capacity of expert witness. In the position of external private auditor usually you will be working irregular hours.

    • Generally, the income is very high for Financial Auditors, but it also depends on the sector or organization you are working in. Career in banking and capital markets tend to attract very high salaries.
    • In addition to very handsome salary packages Financial Auditors also get special perks, such as bonuses, profit-sharing schemes, medical insurance, retirement schemes and car allowances etc.
       
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