What Do Auditors Do (including Their Typical Day At Work)

Job Description

Auditors examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures. They also prepare detailed reports on audit findings.

Other tasks include:

• 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.
• Inspect account books and accounting systems for efficiency, effectiveness, and use of accepted accounting procedures to record transactions.
• Prepare, analyze, and verify annual reports, financial statements, and other records, using accepted accounting and statistical procedures to assess financial condition and facilitate financial planning.
• Review data about material assets, net worth, liabilities, capital stock, surplus, income, and expenditures.

We asked Auditors how satisfied they are with their job. Here is what they said.

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71% of them said they were satisfied with their job and 38% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Auditors supervise auditing of establishments, and determine scope of investigation required. They produce up-to-the-minute information, using internal computer systems, to allow management to base decisions on actual, not historical, data.

A typical day for an Auditor will also include:

• Review data about material assets, net worth, liabilities, capital stock, surplus, income, and expenditures.
• Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or non-compliance with laws, regulations, and management policies.
• Inspect account books and accounting systems for efficiency, effectiveness, and use of accepted accounting procedures to record transactions.
• Direct activities of personnel engaged in filing, recording, compiling, and transmitting financial records.
• Audit payroll and personnel records to determine unemployment insurance premiums, workers’ compensation coverage, liabilities, and compliance with tax laws.

We asked some Auditors a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	96% said yes
	How important is it to work in a team in this job?	44% said very important
	Do you have group discussions everyday in this job?	84% said yes
	Do you talk or work with customers everyday in this job?	28% said yes
	Do you have to deal with angry customers everyday in this job?	0% said yes
	Do you have to make decisions everyday in this job?	32% said yes

Other responsibilities

Besides their typical day, Auditors also direct activities of personnel engaged in filing, recording, compiling, and transmitting financial records. They may also evaluate taxpayer finances to determine tax liability, using knowledge of interest and discount rates, annuities, valuation of stocks and bonds, and amortization valuation of depletable assets.

On a weekly to monthly basis, Auditors Prepare, analyze, and verify annual reports, financial statements, and other records, using accepted accounting and statistical procedures to assess financial condition and facilitate financial planning. They might also Review taxpayer accounts, and conduct audits on-site, by correspondence, or by summoning taxpayer to office.

In addition, they Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.

Although specific duties may vary, many of them Confer with company officials about financial and regulatory matters.

To some Auditors, it is also their responsibility to Prepare detailed reports on audit findings.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

In a typical work week as an Auditor, you can expect to work more than 40 hours per week.

Is this right for me

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.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/business-and-financial/accountants-and-auditors.htm

http://www.aacsb.edu/

http://www.aicpa.org/

http://www.imanet.org/