Assurance professionals are responsible for ensuring that products and services provided by a company are up to par in terms of quality with the standards that the company promised or is attempting to uphold. Assurance jobs are very common as they are required in most industries and companies. If you are pursuing a career in assurance, you will have a wide range of job opportunities to choose from.
Different Job Titles in the Assurance Industry
A job in the assurance department will take many forms and will have various responsibilities depending on the particular industry. Here are some of the most common assurance titles in the industry.
- Quality Analyst. A quality analyst’s job focuses on the data. The main responsibilities are to collect and coordinate data and to create reports based on the data using statistical methods of analysis.
- Audit Assurance/Finance Assurance. An assurance auditor performs audits and creates audit reports on the quality of products and services offered by a company. They are responsible for initiating and monitoring corrective action if there are any problems in quality.
- Quality Manager. A manager focused on quality assurance oversees the whole quality assurance efforts within a business.
- Process Engineer. A process engineer is responsible for evaluating processes used in a business, mostly for manufacturing, and improving and optimising these processes to lower costs and boost quality. A process engineer can also develop new processes to improve the cycle time and performance of the business.
There are many other assurance positions in the global industry. Since assurance services are heavily customised and implemented depending on the needs of a business, a company can create various assurance positions also by need.
Finance Assurance and Audit Assurance Jobs
An assurance service is a wholly separate professional service provided by assurance professionals. Assurance services encompass not just financial statements but also customer satisfaction, compliance, risk management, and decision-making processes.
Financial or Audit assurance professionals are currently in high demand in the global job market. The main task of an audit assurance professional is to ensure that all audit statements are correct and free from error. In doing so, a finance assurance professional will have to delve into all financial aspects of a company and into all financial documents.
The common responsibilities of a finance assurance professional include:
- Financial statement audit
- Corporate reporting
- IFRS reporting
- Accounting advisory
- Financial risk management
- Accounts receivable review
- Business risk assessment
- Internal audit
Financial or audit assurance tasks are conducted by accountants and auditors. CPAs and professional auditors can keep a lookout for assurance positions when searching for job opportunities abroad.
Audits vs. Audit Assurance – What’s the Difference?
Audit assurance or financial assurance is different from an audit alone. An audit is only one type of assurance service. An audit, however, focuses only on testing and verifying financial statements, while an assurance service checks both financial and non-financial aspects of the business. If an auditor or an accountant is hired only for audit, then they will be confined to the financial statements. But if they are hired for an assurance engagement, they can provide a variety of services depending on the needs of the business.
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