Audit Consultant Responsibilities

Ever given a thought about what is the significance of audit consulting? If not, you will surely agree with its importance once you get a detailed insight of audit consultant responsibilities. Implementation of effective auditing procedures will ensure in presenting the real facts that will project a positive face in the corporate world. This in turn will motivate new clients to make new investments contributing to the overall growth in business. Thus it is essential for the survival and success of any organization.

Key Responsibilities of an Audit Consultant

To add real value while functioning as an audit consultant, it is vital that the key responsibilities need to be handled with utmost efficiency. It helps in resolving, fixing up the financial issues and revealing the real picture of the organization. This will further enable in either making or breaking the new or the existing clients. A positive picture will definitely encourage and invite the new investors thereby leading to the growth of an organization. Here is a detailed description of the key responsibilities that need to be handled by an audit consultant:

1. He should be able to understand the requirements of the client and gather as much information as possible by interacting with various resources
2. After getting the relevant financial information and data he conducts a thorough research to find out if there are any fraudulent issues and question about those discrepancies
3. He should resolve any financial issues that may crop up during the auditing procedures and ensure that they are in compliance with the auditing rules and standards
4. He should rectify and fix the problems in a timely fashion and evolve new methods for improving the efficiency of the organization
5. He should demonstrate a disciplined approach while assessing the risks
6. He should evaluate the potential risks and control various issues by implementation of pragmatic solutions

Additionally he is involved in applying creative financial concepts and develop corporate strategies. This will help in keeping abreast with the evolving audit trends and practices. It is his responsibility to recommend new methods to reduce the costs, streamline the business operations and mitigate the business risks involved. He should be able to supervise, train, guide and instruct the auditing team on the latest developments in the auditing field. He should be able to implement some creative action plans to ensure that the financial records are maintained and are free from any auditing discrepancies.

Essential Skills

Audit consultants need to be good listeners as well as excellent communicators. They should have a natural inclination to conduct a thorough investigation and research a wide range of financial data. He must be able to identify the fraudulent issues. He should be creative and should be able to question any issues without hesitation. Exceptional time management and organizational skills are necessary to ensure timely completion of the audit work in the given budget.

Educational Background

The minimum qualification that is required to become an audit consultant is a graduation in finance, accounting, business administration, business management or any other relevant field. A CPA, CIA or any other relevant accounting certification is definitely a plus. A five to ten years of experience will guarantee in getting the desired job more easily.

Work Hours

The daily routine of an audit consultant includes long working hours sometimes forcing him to work late in the evenings, holidays or even on the weekends. Sometimes the work hours also get extended depending on the priority of the project that needs to be completed within a specified time.

Salary Details

The salary normally varies depending on the geographic location, experience and the academic background. It generally falls in the range of $50,000 to $80,000.

Career Advancement

There is an increasing demand for the auditing consultants as they are well-experienced and have a greater exposure on the latest auditing practices, procedures and rules. Performing individuals will advance to senior managerial level or may act as partners after having hands on experience in the consulting field.

If your aim is to become an audit consultant, make sure you are fully aware of the audit consultant responsibilities, skills and the required educational background for it.