There is a number of duties that need to be performed by a company auditor.
This is the reason why big firms hire the best auditor only to audit their accounts.
An auditor’s duty is not just restricted to audit accounts, but also to analyze spreadsheets, examining financial control systems, certify whether the records are dependable, making financial statements and even determining tax accountabilities.
A registered company auditor can be internal or external, means he or she can continually audit the same company (internal) or they can even audit various different companies accounts (external).
This is not all, there are a lot of external auditors that work for insurance companies and review their clienteles to certify they are forfeiting the correct premiums on time or not.
For instance, workers’ recompense is usually paid based on a worker’s wage, so the auditor needs to see the employee’s time cards along with the paychecks.
Possibilities are, the auditor might like to see the employee’s job description to protect the company, whether he/she is using the right workers’ compensation code to classify his/her employment or not.
This is not all, they even do financial planning for the company whenever required, to set the budget and to secure the future plans and investments.
Before hiring a company auditor, it is mandatory for the company authorities to check out whether they have the bachelor’s degree or not, whether they can handle both internal and external auditing work in order to be considered for the position of an auditor or not.
Moreover….Auditors must have strong and impressive communication skills, good knowledge of their work and the aptitude to work under closing date pressure.
Company auditing work is quite time consuming, due to which it is pretty expensive. Due to this auditor’s use of arithmetical sampling to make key fortitudes as to which areas of management should he emphasize on.
In case, if the lenders ask for third-party audits, auditors have to do it to check whether there is any kind of irregularity or fraud being conducted. You can read this post to understand why lenders may ask for 3rd party audits.
This post will certainly aid you to opt for a broader perspective in terms of understanding the real importance of the auditor’s job.