Audit accounting is vital to ensuring a company’s finances are accurate and distributed fairly. But what does audit accounting involve?
What Is It?
Learn about audit accounting and why it’s a popular career path for graduates.
As companies and public sector organisations come under increasing scrutiny for their finances, audit accountants are responsible for reviewing financial records to ensure they are accurate and compliant.
Audit accounting can be an internal process focused on mitigating risk and identifying areas where cost savings can be made. Alternatively, audit accountants can be independent specialists who conduct external audits of company accounts.
How Is This Accounting Different?
Audit accounting differs from other finance roles in that the nature of financial accountability imposes strict deadlines and requires a keen eye for detail and a willingness to challenge the status quo.
Whereas an accountant provides advice and support on tax returns, bookkeeping and cash flow, an audit accountant delves deeper into the records, retrospectively examining an organisation’s accounts. Essentially, their goal is to give the client a financial overview of their year and point out any areas of improvement or weakness in the business while following company legislation and calculating tax liability.
Audit accounting also differs from asset management and investment banking roles, focusing on governance and compliance objectives rather than growing a company’s finances.
It’s about ensuring the numbers add up through careful analysis and administration. No stone is left unturned when protecting the financial health of an organisation.
In short, they add value and confidence to a set of accounts by examining areas of financial risk and uncertainty and reducing them to give or restore much confidence in their client accounts. They will review the financial statements and test their accuracy, looking for errors that would change users’ perceptions of the accounts.
Audit Accounting Roles
Audit accountants usually specialise in two areas—internal and external auditing.
Internal audit accountants: Large businesses, especially those in regulated industries such as finance and the public sector, often hire audit accountants to help them with compliance and accountability.
As well as making sure the books are balanced, and all income and expenses are accounted for, an internal auditor will identify areas where the company can become more efficient, especially when buying supplies for multiple locations.
External audit accountants: External audits allow you to work with multiple organisations, examining their accounts to ensure they meet requirements.
This could involve tax liabilities for HM Revenue & Customs, funding allocation for public bodies, or financial health for private companies working with government organisations. Audit accountants measure a variety of metrics, depending on their clients.
You need to be able to spot anomalies in large amounts of data to be successful in this role.
You must communicate effectively in writing and in person to present your findings.
You need to be able to identify problems and present solutions.
You need to get the work done quickly and efficiently under pressure.
You must be confident in your abilities and willing to challenge the status quo.
Work with Audit Accountants Today
Should you need assistance with audit accounting in Southampton , contact Fiander Tovell immediately! We specialise in providing businesses and industries with financial services that restore or give fiscal confidence. Visit our website or call us at 023-8033-2733 now!