Which Sector is the Best Fit for Your Auditing Career?

Which Sector is the Best Fit for Your Auditing Career?

Every organisation needs to ensure its financial records, documents, and processes are accurate, up to date, and compliant with all relevant regulations and internal policies. This makes the role of an auditor extremely important because the work they do reveals whether finances are healthy, internal controls are robust enough, and performance targets are being met.

 

Types of Audit

Auditors fall into two broad camps. Internal auditors are employed directly by the organisation, while external auditors are independent professionals hired from outside to carry out this type of work.

Different types of audits that are carried out include:

• Financial Audit: examining accounting records to determine if they present an accurate view of the financial position and performance of the company.
   
• Compliance Audit: assessing whether all applicable laws, regulations, and internal policies are adhered to.
   
• Operational Audit: evaluating the efficiency and effectiveness of internal processes and procedures, while identifying areas for improvement and best practices.
   
• Information Technology (IT) Audit: evaluating controls, security, and reliability of IT systems and infrastructure.
   
• Performance Audit: assessing the efficiency and effectiveness of public sector programmes to ensure optimal use of resources.

Industry Sectors

If you’re thinking about a career in auditing or you’re an established professional planning your next move, it pays to consider which industry sector is the right fit. The right choice will depend on several factors including career aspirations, interests, skillset, and any geographical preferences as to where you’d like to live.

Here are some of the most popular sectors that auditors work in:

• Accounting Firms: Many auditors start out in public accounting firms, which provide auditing services to a diverse range of clients. Many of these firms are based in London, but the big operators have regional offices all over the UK so you don’t necessarily need to be based in the capital.
   
• Corporate Internal Audit: Joining an internal audit department suits people who prefer to be part of a specific industry and work closely with senior management.
   
• Public Sector: If you’re interested in performance audits and ensuring the proper use of public funds, then this sector could be the right fit. The work is purpose-driven and there are central and local government offices all over the country, which creates the opportunity to be based almost anywhere.
   
• Financial Services: Banks, credit unions, and other financial institutions require auditors to assess their financial operations, compliance with regulations, and risk management practices. London offers abundant opportunities, but you’ll also find financial services firms in Glasgow, Edinburgh, Birmingham, Bristol, and Brighton for example.
   
• Healthcare: The industry also offers opportunities for auditors to examine financial records, billing practices, and compliance with healthcare regulations.
   
• Energy and Utilities: Companies in this sector also require auditors to ensure compliance with industry regulations and financial reporting. This field is undergoing an exciting transformation thanks to a series of green initiatives and the drive to net-zero, offering auditors the chance to carry out work that makes a demonstrable impact to people and the planet.
   
• Retail: Auditors working in this sector assess inventory controls, supply chain management, and financial processes. In terms of location, this is one of the most flexible sectors with opportunities for employment available all over the country.

Conclusion

Auditing offers a range of interesting career paths. When it comes to deciding which sector is the best fit for your auditing career, consider what kind of work and industry interests you the most and assess the opportunities for career growth and advancement. Finally, think about where in the UK you’d like to work and which sectors offer the greatest flexibility if city life isn’t for you.