Auditor Salary

By on October 5, 2010 in ArticlesHow Much Does

How much does a auditor make? An auditor earns an excellent salary for the work they perform. Auditors analyze and examine accounting records, determining the financial status of a business and prepare financial reports related to the business operating procedures.

How much does a auditor make?
How much does a auditor make? MARIO LAPORTA/AFP/Getty Images

Internal auditors job is to verify the effectiveness of their organization's internal controls, checking for waste, mismanagement, or fraud. Internal auditors examine and evaluate a firms' information and financial systems, internal controls, and management procedures, in order to ensure that controls and records are accurate are adequate. Internal auditors review company operations, evaluating their effectiveness, efficiency, and compliance with government regulations and corporate policies.

Auditor Job Duties:

*Review data about material assets, net worth, liabilities, capital stock, surplus, income, and expenditures.

*Inspect account books and accounting systems for efficiency, effectiveness, and use of accepted accounting procedures to record transactions.

*Prepare detailed reports on audit findings.

*Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.

*Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or non-compliance with laws, regulations, and management policies.

*Report to management about asset utilization and audit results, and recommend changes in operations and financial activities.

*Prepare, analyze, and verify annual reports, financial statements, and other records, using accepted accounting and statistical procedures to assess financial condition and facilitate financial planning.

*Examine whether the organization's objectives are reflected in its management activities, and whether employees understand the objectives.

*Supervise auditing of establishments, and determine scope of investigation required.

*Examine inventory to verify journal and ledger entries.

*Examine records and interview workers to ensure recording of transactions and compliance with laws and regulations.

*Conduct pre-implementation audits to determine if systems and programs under development will work as planned.

*Evaluate taxpayer finances to determine tax liability, using knowledge of interest and discount rates, annuities, valuation of stocks and bonds, and amortization valuation of depletable assets.

*Review taxpayer accounts, and conduct audits on-site, by correspondence, or by summoning taxpayer to office.

*Examine records, tax returns, and related documents pertaining to settlement of decedent's estate.

*Audit payroll and personnel records to determine unemployment insurance premiums, workers' compensation coverage, liabilities, and compliance with tax laws.

*Direct activities of personnel engaged in filing, recording, compiling and transmitting financial records.

*Confer with company officials about financial and regulatory matters.

*Produce up-to-the-minute information, using internal computer systems, to allow management to base decisions on actual, not historical, data.

*Inspect cash on hand, notes receivable and payable, negotiable securities, and canceled checks to confirm records are accurate.

Most auditor and accountant positions require a minimum of a bachelor's degree in accounting or in a related field. Employers preference may be for accountant applicants with a a master's degree in accounting or a master's degree in business administration with a concentration in accounting.

Auditors and accountants are expected to have good job opportunities in future, with a faster than average employment growth of 22 percent from 2008 to 2018. Auditors and accountants with professional certifications will have the best job prospects in upcoming years, especially CPAs.

A May 2009 Bureau of Labor Statistics report shows the median hourly wages for accountants and auditors was $32.42.

Industry And Hourly Wage

Accounting, Tax Preparation, Bookkeeping,

and Payroll Services $35.54

Management of Companies and Enterprises $31.89

Local Government (OES Designation) $27.64

State Government (OES Designation) $25.98

Insurance Carriers $31.50

How much does an accountant make per year?

The median yearly salary for accountants and auditors according to a May 2009 Bureau of Labor Statistics report was $67,430.

Industry And Annual Wage

Accounting, Tax Preparation, Bookkeeping,

and Payroll Services $73,920

Management of Companies and Enterprises $66,330

Local Government (OES Designation) $57,490

State Government (OES Designation) $54,040

Insurance Carriers $65,520

Did we make a mistake?
Submit a correction suggestion and help us fix it!
Submit a Correction