Why a career in audit could be for you

If you’re considering accountancy as a career, you’ll need to think about where you want to specialise. A career in audit is one of your options. But why audit?

We’ll dig into audit work, so that you can learn whether it’s the right area for you. Plus, we’ll explain how to become an auditor.

In this guide, we’ll cover:

• What is audit?
• What are the benefits of a career in audit accountancy?
• How is audit different from other accountancy routes?
• What skills are employers of auditors looking for?
• How to become an auditor

Audit is one of the main types of accountancy.

An audit is a check that every medium or large company must go through once a year. A team of independent accountants, known as external auditors, look at the company’s financial records. Part of their job is to make sure the records match up with the financial report that the company releases publicly.

External auditors don’t check every single figure. Instead, they carry out a series of tests to get an idea of whether the numbers are accurate. It’s meticulous work. It can also vary, depending on the type of company being audited.

In the world of audit, there are also internal auditors. They’re employed by one company to regularly check its data and make sure everything is above board.

Working in an audit role has similar benefits to many other accounting career paths. It also has specific good points.

Like other accountancy roles, the first years of your audit career will be split between work and studying to become a Chartered Accountant. Qualified accountants have a lot more earning power and freedom to move from company to company.

Accountancy is a skill that’s almost always in demand. Even when times are tough for companies, they need accountants.

The average salary for a graduate trainee auditor is around £26,000, with some big finance firms and banks paying significantly more. Once you qualify as an accountant, you can expect a decent pay rise.

It’s not unusual for an experienced, senior audit manager to earn between £50,000 and £80,000.

Accountancy firms usually have a clear career path from trainee to manager – and higher up the ladder. Stay on track and you could pull in serious money as a partner in the firm.

If you’re interested in accountancy, being an auditor is just one of the many roles available.

Other areas of accountancy include:

• Corporate finance. Working in corporate finance involves helping corporations raise funding and increase shareholder value. As a corporate finance accountant, you’d conduct financial analysis during mergers and acquisitions.
• Forensic accounting. Forensic accountants look for evidence of fraud.
• Insolvency. In this area, accountants sort out the finances when a business goes bust.
• Management accountancy. Want to help a company achieve its financial goals? You might be interested in working as a management accountant.
• Risk management. In this specialism, you identify, assess and manage risks that could impact a company’s finances.
• Tax accounting. Tax specialists complete and submit tax returns for their clients. They also give tax advice.

So why does audit stand out from other accountancy areas?

A few things to note include:

As an auditor, you’ll see companies’ inner workings. To conduct your audits, you need to understand what the company does, how it operates and why its leadership have made decisions. If you’re interested in how businesses work, you’ll appreciate the insights you gain from a career in audit.

If you become an external auditor, you’ll likely work with different companies every few weeks. That means you’ll always be interacting with new clients.

A good audit firm is built on client satisfaction. So, if you like meeting new people and enjoy the challenge of diplomacy, audit is a branch of accounting to consider.

During an audit, you need to ask questions and request things from busy employees. To get the job done, you need to build good working relationships. You’ve got to get the right balance of being firm while staying polite and friendly. If you’ve got great interpersonal skills, you’ll go far.

Auditors spend a lot of time in clients’ offices, which can be anywhere in the UK or in the world. Some consider travel a perk as they enjoy the opportunity to visit somewhere new.

Audit is about much more than making the numbers add up – particularly in more senior roles. As you progress throughout your career, you’ll need to provide opinions on whether financial statements are true and fair. It takes a lot of analysis and business acumen to do that. And there’s the added pressure of tight deadlines. It can be tricky, but working in audit will stretch your analytical muscles. So, if you want to challenge yourself, audit accounting could be for you.

Audit is potentially the most stable branch of accounting. Though you’ll deal with different companies in your work, every audit shares similarities. Once you know how it’s done, you’ll keep getting better. And you can be sure audit will never go out of style – it’s a legal requirement, after all.

Auditor employers are looking for people with the following skills and qualities:

• Problem-solving skills
• Time management (when becoming an accountant, you’ll need to balance study with work)
• Excellent written communication
• Teamworking skills
• Self-motivation, initiative and willingness to work independently
• Interpersonal skills, diplomacy and discretion
• A professional attitude
• Attention to detail
• Numeracy and IT skills
• An interest in business and finance
• The ability to work under pressure

Show potential employers you’ve got what it takes by listing your skills on your CV and making a good first impression in a job interview.

If you’re serious about becoming an auditor, it’s worth gaining relevant experience as soon as possible. Internships in accounting are a great place to start. You might be able to gain experience during a summer break to see if you’d enjoy a career in audit.

Depending on the structure of your university degree, you may be able to (or have to) work in industry for a year during your course. Look at our listings for industrial placements in accounting, audit and tax for the latest opportunities. Industry placements are another way of learning the ropes.

If you’ve got the right skills and are serious about the specialism, you’re ready to apply for an audit grad job. Having some prior industry experience through internships and placements will help you stand out, but it’s not always essential. Just be sure to emphasise any transferable skills you’ve learned elsewhere.

Alternatively, you could enter the sector via an apprenticeship in audit accounting. Use GOV.UK’s online tool to find an apprenticeship near you.

A career in accounting offers a competitive salary, valuable qualifications and job security. Working in the audit side specifically will suit you if you want to get an insight into the world of business and enjoy interacting with clients.

To succeed, you need to be meticulous, tactful and an excellent communicator. You also need to have a head for figures.

Good luck with your next career move!