What Does an Auditor Do: Duties and Responsibilities

Who is an Auditor?

An auditor is a person who is assigned the duty of examining the account book. They accompany and analyze the accuracy and validity of figures and transactions contained in such books.

Job Description of an Auditor

An Auditor carries out the execution process of auditing in a company.

Through certification and acquisition of certain skills, qualified auditing personnel can be guaranteed.

As a qualified auditor, some responsibilities are supposed to be performed in a company and public organizations by you.

Duties of an Auditor

The following are some of the duties carried out to be an Auditor

  • Investigation:

Auditors assist companies whenever the need arises. The duties of an auditor are somewhat vast and hence they have an overall and real impact.

Comparatively, the audited financial statements of every company give better and trusted information than the unaudited financial information.

  • Examination of Company’s Financial Statement, Account, and Data:

Auditors prepare special audit and control reports by collecting, analyzing and summarizing information based on a data report.

  • Preparation of Audit Report:

An audit report is prepared based on the financial statements of the company. The reports serve as the appraisal of a company’s financial status.

While examining the account’s books, it should be done following some stated laws guiding the company. It is, however, important to note that the company’s financial statement must express the actual view of the company’s financial position.

  • Maintains professional and technical knowledge by establishing personal connections, involvement in professional societies, review professional publications and so on.
  • Auditors also help in maintaining the internal control system by updating audit programs and questionnaires and recommending new policies and procedures.
  • Making Inquiries:

Auditors make inquiries when need be which may be in the form of whether

  1. Any personal expenses are documented
  2. The financial statements correspond with the relevant standards
  • Fraud Report:

In case of auditors find out irregularities in the course of performing his duties, such as having a situation where financial statements and figures therein do not express or give what is expected, the auditor can report to the appropriate authority instantly following manners prescribed in the Act.

  • Verification of Assets and Liabilities by Comparing Items to Documentations:

Skills and Qualifications Required by an Auditor

  • Legal Compliance:

An auditor should be able to work, following stated Acts. He must know when and where to report fraud cases and irregularities when the need arises.

  • Audit:

He or She must ensure financial statements. Figures and data of a company are accurately examined, analyzed and valid as contained in account books.

  • Attentiveness to Details:

An auditor should take cognizance of whatever statement or data he or she works with. This is to avoid errors and lope holes in computation.

  • Calculation:

An auditor must be somewhat inclined in mathematics. He or she must be able to carry out simple, logical and complex calculations if the need arises.

  • Computer Literacy/ Finance Software:

An auditor should know about setting software applications. He or she must be proficient in performing the needed task with computer systems.

  • Presentation skills:

He or she must have good oratory skills. An auditor should be able to communicate understandably and fluently with good command of grammar. In other words, he or she must be eloquent in his or her speech.

 

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *