How to Become an Auditor? - Step By Step Guide | Qualification, Job Opportunities

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How to Become an Auditor? - A Comprehensive Guide

By IIC Lakshya

20 May 2024

Others

How to Become an Auditor?

Are you interested in becoming an auditor? Being an auditor is a career full of enrichment. It needs proper determination, qualifications, and the eye for detail. We shall go in detail through the informatics guide of how to become an auditor, the qualifications of auditor, and the avenues open before you with specific inputs for how to become an auditor in India.

Who is a Company Auditor? - Roles of an Auditor

Before unfolding the steps to become an auditor, It is very essential that one understands what is meant by auditors in a company, or any organization one is working for.

An auditor is that individual who possesses professionalism and evaluates the organization's books of accounts, statements, and internal control through examination and systematization. The main goal of an auditor is to verify correctness, transparency, and compliance agreeing with the regulatory authorities.

How to become an Auditor? - A Step By Step Guide

Auditors need to have a certain level of qualifications as they are vital professionals who ensure that the financial status of an organization is above board. Here we will discuss the qualifications of an auditor along with the other tips necessary in this journey of becoming an auditor

Obtain a Bachelor's:

A bachelor's degree is the basic qualification on the list of becoming an auditor. It must be in accounting, finance, or any other related field. This is the basics to an auditor's foundation that one cannot skip. Among the various fields the preferred one for auditing according to many experts is bachelor's in accounting. By providing a solid foundation in financial principles; the bachelor's in accounting prepares students for various auditing aspects. That's why many employers prefer candidates with bachelor's in accounting over others.

Upgrading to a Master's Degree:

Getting a masters after your bachelor’s is a plus point as far as the auditing career is concerned. It's not always required, but getting a master's degree in accounting or a similar field can really make your CV shine.For those high-level auditing jobs, especially in specialized areas like internal or forensic accounting, having a master's degree could be the thing that makes you stand out to employers. It can unlock more doors for you career-wise. 

Certifications:

To become an auditor, a bachelor's degree isn't enough. A professional qualification is required to upskill yourself and make you capable for the auditing job. These certifications convert you from a knowledgeable person to a real-world applicant, you will be able to tackle and handle the situations. Here are the options to consider:

  • Certified Public Accountant (CPA):

The Certified Public Accountant CPA is a highly regarded certification. It requires one to meet educational and experiential benchmarks prescribed by the state’s regulatory body for accountants, as well as to pass a comprehensive CPA exam. Often, obtaining a CPA is termed as an essential criteria for auditing, to be more specific in the public auditing domain this certification holds a great value.

  • Certified Internal Auditor (CIA):

The Institute of Internal Auditors (IIA) awards the Certified Internal Auditor certificate. This is highly respected in the auditing industry. Having completed two years of internal auditing, obtaining a bachelor's degree, and passing a series of tests are prerequisites for becoming a CIA.

  • Other Certifications:

As already discussed, certifications are required in this field to enhance your skills, but it should be based on your personal aspirations. In addition to the above-mentioned certifications, you can also consider certifications such as Certified Fraud Examiner (CFE) or Certified Information Systems Auditor (CISA). All of these can make you one step closer to your dream of becoming an auditor.

Advancing your Career in Auditing

After discussing the required steps let's discuss the things that can lead you to a successful auditing career.

Professional Networking: 

Networking means to connect with like minded people or successful people of the industry to gain some practical knowledge and useful tips. You can attend meetings or seminars that bring together different successful auditors of the industry. Another way would be joining professional bodies like the Institute of Internal Auditors or the Association of Certified Fraud Examiners. You should try to contact other experienced auditors for mentorship and career advice. 

Applying to Positions: 

After meeting the educational, experiential, and certification qualifications, apply to any auditor jobs posted that you come across. You can easily get these opportunities in government agencies, public accounting firms, corporations, or consulting firms. 

Continuous Improvement:

Do not miss out on opportunities after completing a certain level of education, seek advancement through various things. These could involve :

  • Taking on leadership roles.
  • Pursuing advanced certifications.
  • Specializing further in a niche area of auditing.

How to become an Auditor in India?

Let's now answer the last question ‘How to become an auditor in India’. Well, the process of becoming an auditor will be more or less along the same lines but with a few country-specific variations. Here's an overview:

  • After you complete your 12th or higher secondary education, enroll in an undergraduate program such as B.Com., accounting, finance, economics, BBA, or any related degree.
  • After earning a bachelor's degree in one of the aforementioned subjects, you can enroll in the Institute of Chartered Accountants' Certified Internal Auditor (CIA) program or take the CA test. You can also go for some auditing courses in India including Diploma in Auditing, Diploma in Government Accounting & Internal Audit which is a government certified auditor course and Postgraduate Diploma in Taxation and Revenue Administration.
  • If you want to practice overseas, you can enroll in the world-renowned Chartered Accountant course, which is ACCA Course (Association of Chartered Certified Accountants).
  • Enroll in acceptable internships with reputable businesses while still a student. This ensures that you receive a well-rounded education prior to earning your certification.

Frequently Asked Questions (FAQs):

1. What does an auditor do?

Auditors examine an organization's financial records to ensure accuracy, transparency, and compliance with regulations.

2. What qualifications do I need to be an auditor?

You'll need a degree in accounting or finance, plus certifications like CPA, CA, or CIA, along with strong analytical skills.

3. How do I become an auditor in India?

In India, pursue a Bachelor of Commerce, enroll in CA courses by ICAI, gain internship experience, obtain certifications like CISA or CFE, and pass the Auditor Examination.

4. How can I become an auditor without CA?

Get a degree in accounting or finance, gain relevant work experience, obtain certifications like CIA or CISA, and secure entry-level positions in governmental or internal auditing departments.

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