A Career In Audit
Interested in a career as an Auditor? Here is some valuable information to help you get started!
Auditors are employed by public practice firms, industry organisations or within the public sector. The work can entail: preparing accounts and tax returns; auditing financial information; giving financial advice; analysing procedures, presenting information and report writing.
To qualify as a Chartered Accountant usually takes at least three years, during which time trainees work towards their professional qualification. Good analytical and numerical ability is crucial with an eye for detail and a problem solving mind. Employers look for evidence of good oral and written communication skills, self-motivation and the ability to work solo or as part of a team.
Graduate Training:
One of the most important parts of gaining your professional qualification is securing a training contract. To qualify as a Chartered Accountant all students must complete a training contract with an organisation or firm that has been authorised by the specific institute you have registered with.
Competition is most severe for training contracts with the largest firms. For these, early applications, relevant research and previous experience can help to secure a place.
A training contract:
Your training contract details the commitment between you and your employer through your period of study for your professional qualification. Your employer is committing to provide you with the highest quality training for you to become a qualified chartered / certified accountant and you are committing to make a valuable contribution to your employer's business.
Some points you should take into consideration when starting a graduate training program and undertaking a training contract:
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You generally require 450 days of technical work based experience over a three year period
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Clarify any pay increases your employer will offer you which are linked to successful exam results
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Be aware of the number of exam attempts your employer will support
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Check that your employer will give you study leave and how the exams should be fitted around work commitments.
Accountancy Professional Qualifications
We have listed some of the globally recognised professional accountancy qualifications and institutes and the links for you to visit.
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ACA / ICAEW - Institute of Chartered Accountants in England and Wales: www.icaew.com
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Institute of Chartered Accountants of Ireland: www.icai.ie
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American Institute of Certified Public Accountants: www.aicpa.org
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Canadian Institute of Chartered Accountants (CICA): www.cica.ca
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Accountancy Practices:
The most prominent graduate recruiters are Deloitte, Ernst & Young, PriceWaterhouseCoopers and KPMG, known collectively as the Big 4 Accountancy firms. These firms are global and operate in countries in all corners of the world. There are many firms, usually run as partnerships, providing accounting services to many companies and individuals.
You may also hear of the expression “Top 10” when researching an audit career, these are the largest global accountancy firms worldwide with the Big 4 firms being the main market leaders of the 10 international firms. The rest of the market is made up of small and medium sized firms who generally specialise in a particular type of work or local area.
If you work in Public Practice as an Auditor, you will usually choose between a Chartered Accountant and Certified Accountant qualification.
If you wish to work in Industry and Commerce, you will be choosing between ACCA and the Chartered Institute of Management Accountants.
Accountancy Practices take on graduates with strong academic qualifications; this generally means a 2:1 in a good academic subject from a leading university. You will also need good Maths grades. Employers in this sector will also seek strong numerate candidates who are ambitious, analytical, logical, patient and persistent!
Within your audit profession you can choose a career within various industry sectors such as:
Big 4 Accountancy Firms - What is the Big 4?
The Big 4 refers to the four biggest international accountancy firms responsible for the handling of the vast majority of audits for publicly traded corporations.
The Big 4 firms are:
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Deloitte
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Ernst and Young
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KPMG
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PriceWaterhouseCoopers
With their dominance of the market and the opportunities available for travel, study and career progression, a role with a Big 4 firm is an attractive offer for any candidate.
For additional useful links please follow the links tab at the bottom of the page.
Considering a career in Audit?