Auditing is the most attractive in the filed of accountancy. If you love to work as an officer then go for this field. You will be given lot of respect and you will also enjoy unlimited powers. Auditing is also the best paying profession in the whole world.
Classification & Introduction of Audit Field
There are basically two types of auditors in a private or public organization i.e internal auditor and external auditors. Although internal auditors are also very important but every organization feels more fear from external auditors. Now matter how efficient are you auditors will point out of lot of your procedural mistakes. There report is just like ACR for a departmental head. Auditors check the annual ledgers and financial statements of an organization. No company firm or organization can survive without proper internal and external auditing.
Auditors are taught special auditing techniques. These techniques help them in evaluating the accounts and lot of transactions in limited period of time. But practical experience of some audits is also necessary for becoming a successful auditor. Their eyes perform the function of X-rays and they easily detects the irregularities in accounts and ledgers. Senior auditors even can tell us about the expected mistakes without examining the record.
Auditors carry out the postpartum of the financial condition and record of any company, organization or a business. Although an auditor belongs to accounts department but he is trained in auditing. He verify the previous financial records of an organization and point outs irregularities and gives suggestions for improvement. He also determines that who is responsible for irregularities in the record. Other then financial matters he also review that either the department is following the policies, rules and regulations of the organization or not. His report can destroy the career of any official. That’s why they are called the police department of businesses and organizations in Pakistan.
They give recommendations for better compliance and financial policies. Auditing professionals perform their duties in different areas (professional audit, operational audit, management audit, forensic audit, compliance audit, internal audit, it audit, external audit and financial audit) and levels in an organization. But as a whole the play the role of back bone in any organization. In past auditing was a tiresome and difficult job but now many software have been developed for the help of auditors. But initially an auditor have to work hard in this field but in in its later career audit becomes a game for him. But professional auditors still conduct all the audits with full concentration.
Career & Scope of Audit Profession & Auditing
Its the most rewarding and thrilling career for accounting students. Due to industrialization and rapid growth of economy the need of qualified and professional auditors is increasing day by day both is the private and public sector. Even countries which are facing economic recession need auditors to coop with the situation. So it does not matter at all that in which country you are residing and what is the economical condition of your country auditing is an evergreen profession. But for rapid career growth you need to take this profession as your passion. It you are not good at Mathematics or Accounting then it not the right field for you at all. Almost all the companies and government departments conduct annual audits and many companies conduct biannual audits too. An auditor can become a successful manager too.
Audit of Audit Profession – Introduction, Job Prospects, Career & Scope
But at the initial stage of your career you will have to work under your seniors for getting practical experience. Once you learn the basics of practical auditing, it becomes very easy for you to work independently as external auditor. You may also join the government service. Government auditors conduct the audit of different public sector departments and they are considered very powerful official of government. In my personal opinion a qualified professional auditor avoid government service as he can earn lot more as a private professional but if you like to be a powerful person then join government sector. You may also join teaching line. Basically an eternal auditor is an self employed person who creates jobs for many other persons. You may also get job in large firms. NGO, government agencies, companies registered under companies act may also hire your services. You may also specialist in forensic audit. Such professionals are hired by investigation agencies for detecting, investigating the fraud and white-collar crimes.They also help the legal team of investigation agencies like FIA, NAB and Anti Corruption Department.
My Personal Experience of Working With An Audit Team
During my government service the twice auditors came in our office and i was surprised to see the attitude of my seniors with them. Audit team was given red carpet welcomed. They checked the record of office in just 3 days. They used to work from 8 AM to 9 PM. Our seniors take them to the historical places of the Sahiwal daily during break. They were served five star breakfast, lunch and dinner. At the end of the audit our head of department gave them special gifts. One of them was so greedy that he asked our head to provide him a laptop as his laptop was out of order, his wish was fulfilled and laptop was never returned. But in spite of so much service the report was not as per the expectations of my seniors. Still they were happy that they were given just warning and no strict action was recommended against them. If you want to read experience based articles on scope of different professions then visit studysolutions.pk and its facebook page daily.