This Article Explores:  Introduction What is Auditing, and Why Does it Matter? Types of Auditing Internal Audits External Audits Government Audits Job Prospects in Auditing Tax Accountant Auditor Audit Manager

 

Have you heard of HDFC? We are sure you must have. Deepak Pareh’s leadership has been instrumental in shaping HDFC into one of the leading financial institutions in India. Thanks to his B.Com degree, he has been able to make a significant impact on the country's financial landscape.

 

Embarking on an online B.Com in accountancy journey opens doors to a myriad of fields. From flexibility to convenience, there are numerous benefits that have played an instrumental role in the massively growing popularity of accredited online B.Com programs. One integral aspect that often takes center stage is auditing. 

 

According to a recent survey conducted by the Bureau of Labor Statistics, employment in the sectors of accounting and auditing is expected to grow by 4% by the end of 2032.

 

So, after completing your online Bachelor’s in accounting, if you are thinking of pursuing a career in auditing, this is the right place to start! 

 

In this article, we will take you on a comprehensive journey through the world of auditing as we demystify this field's intricacies. 

 

What is Auditing, and Why Does It Matter?

 

Before delving into the career prospects after completing your online B.Com in auditing, let’s start with the basics. 

 

Auditing is like the financial health check-ups for organizations. It ensures that financial statements are accurate, reliable, and comply with the relevant standards. Audits can either be performed by internal parties or government entities such as the IRS (Internal Revenue Service).

 

Auditing holds paramount importance in various aspects of business and finance for several compelling reasons. 

 

• Investors and stakeholders rely on audited financial statements to make informed decisions.
• Auditing also evaluates the efficiency of internal controls and operational processes.
• Audited financial statements enhance the credibility of a business.
• Companies seeking capital, whether through loans or investments, often need to present audited financial statements.
• Auditing provides valuable feedback to enterprises.

 

Types of Auditing

 

Auditing is a diverse field, encompassing various types of audits tailored to specific objectives and needs. Nonetheless, it can be categorized into three main types. They are namely,

 

• Internal Audits
• External Audits and
• Government Audits

 

• Internal Audits

Internal audits take place within an organization by its employees. They are not distributed externally or outside the company but instead shared with the internal stakeholders of a company. The focus is on enhancing internal processes and ensuring compliance with company policies and procedures. 

 

• External Audits

Conducted by external auditors, these types of audits provide an independent assessment of a company’s financial statements. The primary goal is to ensure accuracy and compliance with accounting standards and transparency for external stakeholders such as investors and regulatory bodies. 

 

• Government Audits

Lastly comes government audits, which refer to the examination and assessment of financial activities, programs, and operations carried out by government entities. They assess whether public resources are utilized optimally to achieve intended goals and outcomes. In the US, the Internal Revenue System (IRS) is entrusted with the duty of performing audits. Similarly, in Canada, it is handled by the Canada Revenue Agency (CRA).

 

Job Prospects in Auditing

 

After earning your accounting degree online, if you are considering pursuing a career in auditing, here are a few job roles you can explore. 

 

Tax Accountant

 

Responsibilities	Tax accountants engage in proactive tax planning to help individuals and businesses minimize their tax liabilities. This includes analyzing financial situations, identifying potential deductions and credits, and developing strategies to optimize tax outcomes.
Skills Required	The role of a tax accountant is dynamic and requires a combination of business knowledge, time management, and effective communication.
Average Salary	INR 3,90,000

 

Auditor 

 

Responsibilities	The primary responsibilities of an auditor include examining financial statements, assessing internal controls, verifying compliance, detecting frauds and irregularities, conducting risk assessments, and providing overall assurance to stakeholders.
Skills Required	In order to excel in the role of an auditor, you need to possess excellent communication abilities, financial skills, analytical skills, and business acumen.
Average Salary	INR 7,00,000

 

Audit Manager

 

Responsibilities	The role of an audit manager is pivotal in overseeing and managing the audit process within an organization. From planning and coordination to team leadership, audit managers ensure the effectiveness and efficiency of the audit process in an organization.
Skills Required	Financial reporting, risk management, and business administration are some of the many skills required to excel as an audit manager.
Average Salary	INR 21,00,000

 

Apart from these, you can also explore other job opportunities after completing your accredited online B.Com programs. These include SOX managers, information technology auditors, forensic accountants, and more.

 

Conclusion

 

To sum up, auditing is not just about numbers; it is about ensuring the financial integrity and trustworthiness of organizations. Its importance extends beyond mere compliance; it serves as a safeguard for the financial health of organizations and reinforces trust among stakeholders in the business ecosystem. 

With upGradDisha, you get to explore the best career opportunities in the realm of finance. Connect with experts at Disha and claim your headstart!