Accounting for business; Careers in auditing If you have a good head for figures and are well organised, a career in auditing may appeal. Michelle Rushton did her sums to find out more in association with fish4jobs.

Byline: Michelle Rushton

What does a career in auditing involve?

Auditors carry out either internal audits or external statutory audits.

External audits are independent assessments of a company's financial position, and are required by law. External auditors do a series of tests on a company's financial records to show a 'true and fair view' of the profit and loss for that year.

Their duties include examining company accounts, collecting and interpreting data, assessing the financial risks to a business and assessing the company's financial control systems. They also discuss the findings and any recommendations for improvement with the client.

Central and local government departments are also audited to check how public money is being spent and to see if any savings can be made.

Internal audits are in-house reviews of a company's performance, profitability, stock control or costs. They are carried out in-house by the firm's employees.

What personal skills do you need?

You should have a real head for figures and business, being able to interpret data and evidence, and enjoy solving problems. You also need good IT and communication skills. You must pay attention to detail and be able to manage a busy workload under pressure, often working long hours.

What training do you need?

To carry out a statutory audit of a company, you must be a qualified chartered accountant and a member of a professional body such as the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England & Wales (ICAEW) or the Association of International Accountants (AIA).

In the public sector, audits can also be done by members of the Chartered Institute of Public Finance and Accountancy (CIPFA).

To begin training, you need at least three GCSEs including English and maths, plus two A levels or equivalent qualifications. In practice, many trainee accountants are graduates, with a good degree in any subject.

What are the opportunities for career advancement?

External auditors can work for firms of chartered or certified accountants, the National Audit Office, which audits central government departments, the Audit Commission, which audits local authorities, the NHS and other public bodies.

Internal auditors work for commercial companies or public sector organisations, or may be self-employed. There are opportunities to specialise in areas such as taxation or insolvency.

What is the salary?

(Rough guideline). A recently qualified auditor earns around pounds 25,000 to pounds 35,000. A senior audit manager or audit partner could earn between pounds 50,000 and pounds 120,000.

More information

ACCA, www.acca.co.uk

ICAEW, www.icaew.co.uk

AIA, www.aia.org.uk

CIPFA, www.cipfa.org.uk

Details are provided for information only. Jobs are not necessarily available.