Audit and Assurance
- People entering the audit profession today face a current and future audit environment full of challenges – but also rich with opportunities.
- Through audit and assurance services, Chartered Accountants help to increase trust in business.
- The core skills of an auditor - curiosity, adaptability, proactivity and trustworthiness.
- A survey conducted by us in 2017, indicated that the average total remuneration in the audit industry with between 1-4 years’ experience in Australia and New Zealand is $98,080*.
A financial statement audit is an independent check that the organisation's financial reports are prepared properly. As an external auditor, Chartered Accountants assess how the organisation manages the process of recording their business operations, and how they portray that in their financial statements. The output of the audit is a report by the external auditor on whether the organisation's statements fairly reflect their financial position. As they work through the audit process, the external auditor may identify where business systems or controls seem lacking and will discuss these with the organisation's management or directors.
Through audit and assurance services, Chartered Accountants may help to increase trust in business. Wherever funders or consumers want comfort that what they are being told is appropriate, audit or assurance can assist because the Chartered Accountant provides an independent opinion.
"Audit and Assurance provides a great foundation for grads to understand the overall accounting framework and processes of a business which can lead to a variety of future career options."
Why audit and assurance could be the right fit for you
Being in this service line can provide you with a wide variety of experiences that could help you throughout your career. You will learn to identify risks, evaluate internal controls, plan and perform procedures to assess completeness and accuracy of records, interview and evaluate responses from a range of staff, apply scepticism in a professional situation, and hone your record keeping and writing skills. For reviews and other assurance engagements, you will need to assess the required outcome and devise procedures to get the evidence you need. You will develop communication skills and learn to manage information from numerous sources.
Chartered Accountants in audit and assurance have the potential to work with a complete range of organisations - allowing you gain insight into multiple industries and different business models. As well as getting an understanding of different business environments and management organisations, it is a great way to learn about the different types of decisions that are made on a day-to-day basis.
If you like digging for facts, investigating, being constantly on the go, having new projects, fine-tuning your judgement processes, and gaining new experiences, then audit and assurance could be for you.
"Auditing is a fascinating career. It gives you exposure to a vast range of business operations and models. It builds you into a complete professional. It can take you around the world. It provides a solid grounding for wherever your future may take you."
Who can you work for?
Specialising in audit and assurance means that you could have the opportunity to be able to work in a range of professional services firms offering external audit and assurance services, or public sector audit office.
Audit and assurance skills can be transferrable to other countries** so could provide you with skills that can assist in working overseas. These skills are also generally in demand for a wide range of corporates seeking those with wide understanding of business areas and professional judgement. This large potential pool of employers includes governments, financial services, global charities, multinational consumer companies and local businesses. Moving into internal audit at companies is also an option, and staying within assurance with a practice offers many other advisory opportunities.
- Keen eye for detail
- Strong numerical skills
- Problem solving
- Interpersonal skills
- Ability to work with a range of stakeholders
If this service line interests you, learn how to assess risk, use your professional judgement and scepticism when providing auditing and assurance services with the CA Program.
- Gain greater knowledge and experience in conducting an audit.
- Enhance your audit skills by applying them to other assurance engagements.
- Work towards your Graduate Diploma of Chartered Accounting.
*These figures are taken from the 2017 Chartered Accountants ANZ Remuneration survey results of 120 members for the following positions: Audit manager, Audit Senior, Audit, Internal Audit Manager and Internal Auditor, with 1-4 years' experience in Australia and New Zealand.
**Addition training and qualifications may be required.
What will the Auditor of tomorrow look like?
We look at some of the skills an Auditor in the future will need to be successful.