An apprentice auditor helps check corporate and other organisations’ financial records to ensure they are correct and conform to the law. They may be auditing their own or another organisation’s accounts and acting as advisers, advising risk-aversion methods and cost-cutting efforts.
While many auditors work in finance, these experts may have experience in a range of sectors, and their job titles may change to reflect this.
Responsibilities
You may be responsible for various duties, such as collating, checking and analysing spreadsheet data, examining company accounts and financial control systems, depending on your chosen route, qualifications, and future professional experience.
Regardless of where you work, you will help with the following tasks:
- examine company accounts
- identify any risks to the business
- assess the company’s financial reporting systems
- interview staff to gather evidence
- observe business processes
- analyse financial data
- make recommendations for improvements
Salary
An apprentice auditor training salary typically is £19,000; however, once qualified, auditors at a private accounting firm’s public practice often earn between £33,000 and £49,000. In comparison, directors earn between £70,000 and £110,000, depending on the area (with the lowest figures offered in Wales and Northern Ireland and the highest in London and the south east of England).
Working hours
Apprentice auditors often work regular office hours 37 – 39 hour per week and occasional overtime or weekend work during peak seasons, particularly at the end of the fiscal year. In addition, they may be required to work from their client’s location while conducting help with audits.
Qualifications
Qualifications you can achieve as an apprentice auditor include:
- Level 4 Internal Audit Practitioner – Entry requirements for this level include 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
- Level 7 Internal Audit Professional – Entry requirements for this level include 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
Skills
On an auditor apprenticeship you’ll learn:
- knowledge of economics and accounting
- maths knowledge
- to be thorough and pay attention to detail
- analytical thinking skills
- the ability to accept criticism and work well under pressure
- business management skills
- customer service skills
- excellent written communication skills
- to be able to use a computer and the main software packages confidently.
Employers
While there are no legal requirements for firms to employ auditors, many corporations and organisations recognise the advantages and create auditing teams as a result.
This indicates that there is a vast pool of employers, which includes:
- accountancy firms – such as the ‘big four’ – KPMG, Ernst & Young, PwC and Deloitte.
- private and publicly traded companies – where auditors perform in-house audits within the business.
- public sector – delivering audits in organisations such as central government departments, local authorities, regulators and higher education institutions.
Professional development
Training varies by employer but is typically carried out on the job. It’s also possible to take professional qualifications with IIA, which are available at various levels.
In addition, the IIA provides a range of courses, seminars, and events for networking and expanding knowledge and abilities. The events include tax auditing, preventing organisational failures, assurance mapping, and audit report preparation.
Members of the IIA must pledge to maintain their professional development (CPD). IIA can help with this by giving you access to a CPD planner and competency framework, which can help you choose the skills you need to learn and practise.
Career prospects
Audit professionals may climb from junior auditor to senior audit manager.
To begin, you may work in an accounting company to get the appropriate qualifications before applying your newly acquired skills in the industry. However, it is also possible to immediately join businesses and organisations and learn on the job.
There are several ways to grow in your job. You may be able to advance inside the firm, or you may need to move jobs, particularly if you wish to work for a bigger corporation. Being adaptive and ready to shift might help your job prospects.
You may have more opportunities if you have specialised in a particular auditing sector or have professional qualifications, such as a chartered auditor or chartered accountant.
Auditing thoroughly explains how an organisation operates and allows you to build valuable transferable skills. In addition, because you are already acquainted with how those departments work, you can move into other areas of the organisation, such as IT, finance, sales, or marketing.
Becoming an audit consultant and working for yourself may be possible if you have built a strong network and client base over time.