An income auditor is responsible for reviewing income reporting procedure of a company to ensure they are established, satisfactory, adhere to directives and laws and are functional in regards to GAAP (Generally Accepted Accounting Principles), regulatory guidelines and practices. They provide assistance to the department heads and top management personnel to review the re-computes revenue data, income information and ensures that all the calculations and reported amount in the corporate accounting record are accurate.
Income auditor responsibilities focus on classifying, computing and documenting numerical data to keep the record updated. They carry out various combination of tasks to check the accuracy of the postings, calculations and figures concerned with the business transactions filed by other employees. The income auditors work under the direction of a senior accountant to assess procedures and internal controls in income reporting system. They ensure that the procedures are performed efficiently. Evaluating all income generating centers and making report for revenue journal on a daily basis as well as assessing and balancing all rebates for assets management system are some of their regular activities. Basically, these professionals are hired to keep a track of all the transaction in an organization and record them with accuracy. They can be considered as the whole and sole in charge who maintains the record of input and outcome of revenue in any business.
Key Tasks of an Income Auditor
These are the typical tasks and duties that an income auditor performs on a regular basis:
Education and Training Requirements
Candidates with a graduate degree in liberal arts or business can get hired for the position of a junior income auditor, while a candidate aspiring to become a senior income auditor needs a master's degree in auditing, finance, accounting or taxation. Holding an additional professional certification in the same field can prove beneficial for their career growth. Some companies may demand an associate's or college degree, while others may ask for a bachelor's or assocoate's degree in either hospitality or accounting. Since income auditors perform internally within the company and very rarely report to the external agencies like the exchange commission and the U.S. securities, they need not to compulsorily have the licensing criteria of certified public accountants and accounting education.
Required Knowledge
Computer and Electronics: Should have sound knowledge of computer software and hardware along with programming and applications; knowledge of processors, circuit boards, electronic equipment and chips is essential.
Human Resources and Personnel: Should have the knowledge of principles and procedures of recruitment, training, selection, benefits and compensation, negotiations, labor relations, etc., in addition to the personnel information systems.
Management and Administration: Candidate needs to have knowledge of management and business principles in addition to leadership techniques, resource allocation, human resource modeling techniques, strategic planning, collaboration with various departments, etc.
Accounting and Economics: Knowledge of accounting and economic practices and principles, banking, financial markets, reporting and analysis of financial data.
English Language and Mathematics: Since they have to document various accounting and auditing reports, knowledge of English language including rules of composition, spelling of words, meaning and grammar, etc., is required. Knowledge of algebra, calculus, geometry, statistics and arithmetic and their applications is obligatory.
Clerical and Administration: As they may have to manage records and files, perform word processing, transcription, stenography and designing forms, the knowledge of clerical and administrative processes is required.
In short, it can be said that performing income auditor responsibilities requires administrative and clerical skills in addition to sound knowledge of accounting, auditing and mathematics.
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