Auditors: Salary, Job Description, How To Become One, and Quiz

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Job description

Auditors examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.

  • Prepare detailed reports on audit findings.
  • Report to management about asset utilization and audit results, and recommend changes in operations and financial activities.
  • Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or non-compliance with laws, regulations, and management policies.
  • Supervise auditing of establishments, and determine scope of investigation required.
Read more about what does an Auditor really do at work and what is it like being and working as one.



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Salary

Average salary
$78820 per year

Average hourly wage
$38 per hour


Auditors with little to no experience tend to make between $43650 and $55070 while the more experienced ones can earn over $92910 per year.

Top 5 paying states Hourly Annual
DC $47 $98,130
NY $46 $96,300
NJ $43 $90,400
VA $41 $85,640
CT $41 $84,890

One of the easiest ways to increase your salary as an Auditor is to move to a higher paying state like DC. Right now, the highest paying states for Auditors are DC, NY, NJ, VA and CT.

However, a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be twice as high than where you are currently at now.

Three other factors that can increase your salary as an Auditor is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s degree

We asked other Auditors what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a Master’s Degree.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Accounting and Computer Science
Financial Forensics and Fraud Investigation
Accounting
Auditing
Accounting and Finance
Read more about how to become an Auditor and the degree, training and education you need.


Pros and Cons

Here are some of the pros and cons of being an Auditor.

PROS
Suitable for people who likes to follow routines
Suitable for people who wants independence and likes to work on their own and make decisions
This career is perfect for people who love to work indoors.
Very good salary
CONS
Not suitable for people who likes to work with designs
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)


What is the job like

Job satisfaction
71%

Is this job meaningful
38%


71% of Auditors said they were satisfied with their job and 38% said they feel like their job is making other people’s lives better.


Working experience from Laraib Khan Source: Quora

I decided to become an auditor when I first studied audit. It really attracted me, the type of reputation you receive from a client and traveling every other week to a new place, meeting new people, working with them. I started off with ACCA (Association of Chartered Certified Accountants) in 2012 and since then wanted to enter into an audit firm. I finally got an internship in one of the Big 4 when I was an ACCA finalist at the age of 19. I thoroughly enjoyed it. The respect you are given from a client fulfills your self-esteem. I did a total of 9 months of internship to secure a permanent job. I was teased by my seniors that you are a liability on the firm because you are at your learning stage but after my 9 months’ commitment, I turned myself into an asset. During my internship, I earned a very low stipend and traveled from Sharjah to Dubai where most of my clients were located. I would travel 2 hours on both sides. It seems hectic but honestly, I enjoyed it a lot, it was my first job. I was never complimented as a confident person but after my internship, I enhanced my confidence. It also greatly improved my traveling knowledge. My dept had lots of hotels and I enjoyed many free buffets. It’s still an experience that I love to talk about and hopefully will remain.


Working experience from Akshay Shastri Source: Quora

I have audited extremely big organizations as well as newly found startups. This might be a weird flex but while auditing these organizations and meeting a wide array of people, certainly, I have incorporated innumerable traits from the industry pioneers.

I had audited a company whose turnover was nearly 500 crores, and they owned lots of businesses in and around their city. The CFO of the company was almost in his 80s. Yet he worked with such vigor which was incomprehensible. He told me he did not work for the money but for the passion and I was only 23. He was the most humble person I have ever met in my life. He addressed me as “Sir” all the time, which I felt extremely awkward. He even offered me to sit in his seat and obtain data from the system. I learned that humility and treating everyone of the same stature is significant. This was only one of many experiences, I have encountered.

I had audited a fairly young company, which was not more than 5 years old, but the professionalism in which they conducted the work, made me think that they were industry leaders of the business. Though they weren’t, I’m sure they would be in few more years. I learned professionalism is imperative for success.

I have had the privilege to observe, so many industries, from the manufacturing of boxes to the manufacturing of cars, from small service providers to large logistics companies.

Before the pandemic, I used to travel almost 15–20 days a month, and I loved it. I have traveled almost the entire south of Gujarat, Maharashtra, Goa, Madhya Pradesh. I intend to travel southern, northern, and eastern India. Being a foodie, I have had awesome cuisine from all these states (free of cost – one of the perks of being an auditor). I have stayed in beautiful, luxurious 5-star hotels, which was a riveting experience.

I have learned significantly about people, about companies, the way they function non-stop. These are a few of the many things, which I could put into words, which I enjoy being an auditor.

P.S. I am just 24 years old. I still have to experience a lot and I’m sure it would be enriching.


Working experience from Viral Matalia Source: Quora

To those who feel that auditors are miserable or sad people, you are completely wrong. I have been an auditor myself for quite some time now, and though it may not be perceived by many as a dream job, it is a well paying and enjoyable job to do. I don’t deny that we have to put in extra hours at work almost everyday to get things done and finish the assignment on schedule, but I guess everyone has to do it whatever may be their profession.

As an auditor, you are often seen with respect at your client’s workplace (of course you need to prove you are worthy of that. Also being an auditor you are considered to watch and report on the various process of the company, which involves asking questions and drawing conclusions from the answers and because of our duty to ask questions, people perceive us incorrectly and to top that we have to put in extra hours at work which makes them feel that we don’t have a social life and are workaholics. But we do have fun and we do hang out even after the long hours of work and have fun. And also we are very good at making conversations.



Is this right for me

Best personality for this career
The Organizers and The Entrepreneurs

You can read more about these career personality types here.

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



Learn more about Auditors

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Related career information

Auditors job description, Auditors salary, Auditors information, what is the job of an Auditor like, pros and cons about Auditors, colleges and universities for Auditors, is Auditors the right career for me, careers in Business and Finance

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Account Auditor, Accounting Auditor, Asset Analyst, Assurance Manager, Assurance Senior, Audit Manager, Audit Partner, Auditor, Auditor-in-Charge, City Auditor

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