Advisory Jobs in Audit - An Overview
The increasing importance of reliable financial information and advice has made audit, assurance and advisory services highly significant for businesses. Audit advisory jobs are some of the most promising job opportunities on the market these days.
The Role and Contribution of an Audit Advisory Professional
An audit advisor or an audit expert hired to conduct advisory services is expected to provide a company with reliable information and to provide recommendations based on the said information. They have a major effect on the decision-making process and the overall direction of the company. In order to make a positive impact on a company, an audit advisor has to fulfill certain responsibilities.
The main responsibility of an audit advisory professional is to assist management in establishing ‘best practices’ and internal controls within the company. Their secondary role is to promote efficient operations to improve the performance and profit of the company. In order to complete both tasks, the auditor should begin by assessing the company’s current status, existing processes and present performance. Before an auditor can provide valuable and meaningful advisory services, they first must understand the business, its operations, its industry, and its problems.
Some of the specific contributions of audit advisory professionals to a company include:
- Insights on business conditions and trends
- Financial assessment
- Operational assessment
After understanding the business and assessing the status of the company, the audit advisor is expected to provide and develop an audit plan.
Different Types of Audit Advisory Jobs
Audit advisory services are also provided by auditors, but are considered as an independent service from financial audits. However, since many companies seek advice usually only for financial matters, an audit advisor job is sometimes also called a financial advisor job. The distinction would depend on the extent of the job being requested for.
An audit advisor or a financial advisor can also take on many special roles in a company. These include:
- Financial consultant
- Financial planner
- Private banker
Job Prospects and Requirements
Audit advisor jobs can be obtained in private companies, banking and investment firms, financial advisory firms, and individual service, such as for wealthy individuals who need help planning and managing their resources. Before an auditor can obtain an advisory job, however, the following certifications should be considered:
- CFP or Certified Financial Planner, a designation that means the advisor is capable of financial planning and is certified to provide tax advice.
- CPA or Certified Public Accountant, a designation that means the audit professional is capable in looking at the entire financial picture of the business.
The role of an audit advisor does not face as much competition as the role of other finance professionals such as accountants, risk managers, compliance jobs, assurance jobs, and internal/external audit jobs. Therefore, individuals who are looking into advisory jobs will have more options to choose from and will enjoy the flexibility of working from various locations.
For those who have the necessary people skills, analytical skills, and the sincere passion for audit advisory jobs, this career can provide significant financial and professional rewards especially as clients also achieve their own financial goals.
To look for a new audit job, visit CareersinAudit.com, the leading job site for auditing vacancies.