Starting your career in financial audit can be a great way to start off your career in the accounting profession; it offers exposure, diversity, and technical knowledge. Check out this guide to see if auditing is the right career for you.
If you have decided that auditing is the path you want to go down, it is necessary to be aware of the skills you need so you can prepare in advance and be a strong candidate.
1.How Communication work’s in future of accounting profession
Although accountants have often been stereotyped as socially awkward individuals, the audit profession involves a significant amount of communication both between the client and the audit team.
As an auditor you will have to directly liaise with clients effectively for them to not only want to cooperate with you, but trust and respect you in order for the client to want to use your services again next year.
Communication with the audit team is also key; the team has to ensure that they are fully aware of what each team member is doing so they can ensure full coverage of the financial statements and can work with each other to resolve any issues or problems identified.
Simply put, audits have time-scales which have to be adhered to – there are statutory regulations in place for when an audit has to be completed.
As a result, each member of the audit team must have good time-management skills in order to ensure that they are carrying out their work at a pace which will enable their area of the audit to be completed in a timely manner.
3. Logical reasoning
A common phrase used in the audit world is ‘professional-judgement‘; this is when a member of the audit team uses their knowledge and experience to make a decision on whether they think a particular area of testing has been completed in a reasonable manner. One has to be level-headed and free from emotional bias in order to do apply professional judgement.
In addition to this, the auditor has to be able to articulate this in their write-ups and use accounting facts, evidence found, and financial regulations to support their arguments.
It goes without saying that an auditor has to have an analytical mind and be good with numbers in order to be good in their role, however encompassing the above three elements will help to further boost your auditing abilities.