Finance

Steps to Become a Financial Auditor

Faizan Idrees    13 Jun 2019 11:57 AM

Steps to Become a Financial Auditor

A financial auditor focuses on analyzing and recording policies and finances in an Organization based on government regulation in the current country they’re at. Make it sure that liabilities, expenses, income and the others are in balance and that the company legal requirements are complete.

To be a Financial Auditor, it is required to have at least a bachelor or master’s degree in accounting, finance or equivalent field with the required certification. Note that main responsibilities will be on financial statements, tax and public records. Updating financial status and creating an annual plan based on the market trend.

Financial Auditor are most of the time independent and working with company’s financial records as a project based or contracted by private businesses and even in government organization.

As this field has good stability and growth rates, those who are in major in business aside from accounting or even if you are someone who are planning for a career change, you can consider this as one of your choices.

Read Also: Why a Financial Auditor is Significant for a Business

Here are some useful steps to shift and be a Financial Auditor.

Steps to Become a Financial Auditor:

Know all about the position. Specially, if you are someone not familiar with the field this is important. Being knowledgeable with the new career path you’re going into will give a clear decision and mindset. Remember that changing jobs is never easy and it will take a lot of time, effort and even money.

First:

It is required that the classes you will take is discipline related to economics and finance or at least, equivalent. Being extra cautious about the classes will be a big help as it will take a long time to complete and accomplish. Though having an accounting or finance background is an advantage. But for those who do not have can take advance related certification courses. However, others will still require a bachelor’s degree and freshers should always focus on understanding the every classes.

Second:

After completing the required educational background, an exam to be a qualified CPA is needed before taking another step towards your goal –To be a Financial Auditor. The exam is not that much easy that’s why, a person who are really interested to take another step towards his/her goal should take extra measures and do some research about the upcoming exam to have an idea and to be more prepared.

Third:

Exam have four parts but this will still depends on the country you are taking this finance or accounting course/classes. Below is not synchronize to come first or last on the exam: 

  • Federation taxation including business law and ethics under Regulation.
  • Reporting for Financial and Accounting Principles for private, government and nonprofit organizations.
  • General Business Transactions is about the different types of business such as Sole Proprietorship, Partnership and Corporation. Keeping track on year-end fiscal.
  • Break-even analysis for auditing and attestation covers the basic and main tasks in related to engagement and issuance of reports.