Audit accounting plays a key role in ensuring a company’s accounts are accurate and finances are being distributed in the fairest or most efficient manner.
As companies and public sector organisations face increasing scrutiny over their finances, audit accountants are entrusted with the responsibility of reviewing financial records to ensure they are accurate and compliant.
Audit accounting can be an internal process with a focus on mitigating risk and identifying areas where cost savings can be made. Alternatively, audit accountants can be independent specialists who conduct external audits on company accounts.
Audit accounting differs from other finance routes as the nature of financial accountability means you must work to strict deadlines, with a keen eye for detail and a willingness to challenge the status quo.
Whereas an accountant will provide advice and support on tax returns, bookkeeping and cash flow, an audit accountant digs deeper into the records looking retrospectively at the accounts of an organisation.
Audit accounting also differs from roles such as asset management and investment banking, as it focuses on objectives surrounding governance and compliance rather than growing a company’s finances.
It’s all about making sure the numbers add up through careful analysis and administration to dot the I’s and cross the T’s. No stone is left unturned when protecting the financial health of an organisation.
Large organisations, particularly those in highly regulated industries such as finance and the public sector tend to hire audit accountants to help them achieve compliance and accountability.
As well as ensuring the books are balanced and all incomings and outgoings are accounted for, an internal auditor will identify areas where the business can become more efficient, particularly when purchasing supplies for multiple sites.
Working externally gives you the opportunity to work with multiple organizations, auditing their accounts to ensure they meet requirements.
Audit accountants measure a variety of metrics, depending on whom they work for.
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