An auditor is a qualified and trained professional who examine financial documents and confirm their accuracy. Auditors make sure businesses are following tax regulations. They guard companies against fraud, call attention to inconsistencies in accounting procedures, and occasionally, they operate as consultants, assisting firms in identifying ways to improve operational efficiency.
In order to become an Auditor, aspiring candidates must pursue Company Secretary or Chartered Accountant Courses. Apart from these they can also pursue Undergraduate or Postgraduate Commerce or Finance Courses. Admissions to these courses are done both on the basis of merit as well on the basis of Entrance Exams. India is home to several top Chartered Accountant Institutes as well as top Commerce and Finance Colleges such as Shri Ram College of Commerce, New Delhi, Narsee Monjee College of Commerce and Economics, Mumbai, Thakur College of Science & Commerce, Mumbai etc. Read More: Auditor Qualifications
The average course fees for Chartered Account or Company Secretary Courses usually ranges between INR 40,000 – 1.5 LPA. The average monthly salary of an auditor during the entry level is around INR 3.4 – 6 LPA which gradually rises to INR 8 – 11.50 LPA during mid career and finally reaches to INR 17 LPA and above after a sufficient experience of about 15 years and up. Also Read: Auditor Salary
3.1 How to become an Auditor After 12th
4.1 MBA
4.3 BBA in Accounting & Finance
4.4 M.Com Accounting & Auditing
4.5 B.Sc Accountancy
5.1 Canada
5.2 Malaysia
5.3 South Africa
- Benefits of becoming an Auditor
- Skills Required to Become an Auditor
- Top Recruiters for Auditor
- Auditor Salary
9.2 Experience Wise
All About Auditors
| Industry | Accounting, tax preparation, bookkeeping, and payroll services, Finance and insurance, Company or enterprise management, Manufacturing. |
| Eligibility | Bachelor’s degree at minimum, some employers prefer a master’s degree |
| Average Starting Salary Package | INR 4 – 8 LPA |
| Job Options | Budget Analysts, Financial Analysts, Personal Financial Analysts, Financial Managers, Management Analysts etc. |
Types of Auditors
There are two basic categories of auditors. These are internal and external auditors. However, there is one more specialization i.e., Forensic auditing.
| Job Roles | Description | Average Annual Salary |
|---|---|---|
| Internal Auditors | Internal Auditors are experts who audit the accounts or financial engagements of companies they work in. These kinds of auditors are guided by the Institute of Internal Auditors (IIA) and are required to be objective and fair. Internal auditors report mostly to the highest body of authority in an organization. | INR 3.25 L |
| External Auditors | External Auditors are auditors who work in auditing firms. They are periodically called upon only to evaluate the financial records of the other organizations. They equally help to justify or discredit the financial policies of the organizations. On many occasions, they also provide professional financial advice. | INR 7.04 L |
| Forensic Auditors | Forensic Auditors specialize in investigating suspicious financial activities in any organization. They also carry out investigations on the cases such as embezzlement, banking crimes, tax evasion, money laundering, and many others. Forensic auditors mostly work with the lawyers and also with the law enforcement agencies. | INR 8.78 L |
How to Become an auditor in India
Becoming an auditor in India has a very conventional process but it takes a lot of merit and dedication. Students who wish to know how to become auditors in India must start preparation from class 11 onwards. They need to choose the right subjects, prepare for the entrance exams, they have to choose specialized courses such as M.Com, PhD, Diploma degree among others.
How to Become an Auditor After Class 12th
Students right after class 10th can choose subjects like Accountancy, Mathematics, Finance and Economics to start preparing for the post of an auditor or other courses that will help them to become an auditor in India. The following section discusses the step by step process to become an auditor after class 12th.
School Level Preparation
- You can choose any stream in your 11th and 12th standard - science or commerce or any other,
- There are so many coaching Institutes like Bilwani Institute of Professional Studies, Mylapore, Chennai which offer integrated coaching for 11th standard, 12th standard as well as for CA foundation, like coaching offered for IIT-JEE.
- If you start your preparation from 12th standard, then it will be an Intensive Integrated Coaching for 18 months coaching, integrating your 12th and CA Foundation course syllabus so that you are facilitated with conceptual clarity and practice, for better marks in school as well as to act as a catalyst in your mission to clear the CA Foundation course.
Graduation
- After the completion of class 10+2, one will have to clear the entrance examination and complete any degree programme related to the field of accounts, finance, and economics.
- The graduation course is for 2-3 years in India and then will have to do an internship.
- The student must have Accounts, Finance, Mathematics and Economics subjects in class 12 with 50% in class 12 boards.
Post Graduation
- After the completion of graduation, the graduates will do an internship for a year and then they can pursue further education to gain more knowledge in the field of auditing.
- Courses like M.Com in Accounting and Auditing, M.Com in Accounting and Taxation and many other courses can be pursued after completing graduation.
Audit Courses
The students can apply for degrees like B.Sc., B.Com, BBA, Diploma, and M.Com in the related subjects.
The candidates should know that a few universities and colleges already have courses that focus more on auditing and others also have auditing as one of their specializations. So, if a career in the field of auditing is ideal for you, you should begin to consider enrolling in these courses listed below below.
Masters in Business Administration
MBA or Master of Business Administration degree is a Postgraduate Academic Master Degree of 2 years which is divided into 2 or more years and this degree is awarded for a course or program in Business Administration.
Admission Process
- Mostly admission in Masters in Business Administration or MBA takes place through All India entrance Exams.
- After qualifying a good percentile in entrance exam students will get a call from B schools for the GDPI round.
- Students get colleges according to the score awarded in the GDPI round.
Entrance Exam
| Exam | Application date | Date of Exam |
|---|---|---|
| CAT 2023 | August 3 - September 14, 2023 | November 26, 2023 |
| CMAT 2023 | Last week of January – Last week of February, 2023 | Last week of March 2023 |
| MAT 2023 |
PBT: February 14, 2023 CBT 1: February 21, 2023 CBT 2: February 27, 2023 |
PBT: February 19, 2023 CBT 1: February 26, 2023 CBT 2: March 4, 2023 |
| XAT 2023 | August 10 – December 12, 2022 | January 8, 2023 |
| NMAT 2023 | August 1 – October 12, 2022 | December 19, 2022 |
| SNAP 2023 | August 4 – November 24, 2022 | December 10, 18 & 23, 2022 |
Eligibility criteria for the exam
- You need to have completed your graduation or must be in the final year of graduation to be eligible for an MBA course.
- Your score in graduation should be at least 50% or more. Premier institutes like IIMs and IITs ask for a minimum of 60% marks.
- Students of reserved categories like OBC, SC and ST get 5% relaxation in the percentage asked.
- In the majority of MBA colleges, final year students are also eligible to apply for the MBA Admissions, provided that they have to submit a provisional certificate from the college or university.
PG Diploma in Accountancy
PG Diploma in Accountancy or Accounting is a 1- year diploma programme which is offered through either full-time or part time. It is a post-graduation program of professional education specializing in accounting topics such as bookkeeping and financial accounting.
Admission Process
Many colleges and universities consider the aggregate percentage obtained at the level of graduation and merit basis, a few of them conduct their own entrance examinations which are either PG Entrance Exams or PG Diploma Entrance Exams.
Selection is also made on the basis of scores obtained in the entrance exams like CAT/CMAT/MAT/XAT which is followed by rounds of Group Discussion and Personal Interview.
Eligibility criteria for the exam
- Students with a bachelor’s degree from any recognized college or university preferably in the fields like Accountancy/Commerce or any other Commerce- based course.
- Students with a minimum aggregate score of 45-50% are eligible to pursue Post Graduate Diploma in Accountancy programmes.
BBA in Accounting & Finance
BBA Finance and Accounts degree programme is an undergraduate professional course of 3 years which deals with the accounting principles and financial aspects of the business planning. The programme is designed for those aspirants who prefer to work for strategic business performing some roles like financial analyst and enterprise venture specialist.
Admission Process
- The admission process for BBA Finance and Accounts degree programme varies from college to college.
- Some of the colleges and universities accept admission on the basis of merit.
- Some of the colleges and universities conduct their own entrance exams to test the aptitude of the candidates for admission.
Entrance Exam
| Exam | Application date | Date of Exam |
|---|---|---|
| DU JAT 2023 | August 2 – 31, 2023 | September 2023 |
| IPU CAT 2023 | Till 4th week of May, 2023 | 1st week of June, 2023 |
Eligibility criteria for the exam
- The candidates should have passed 10+2 board exams with minimum aggregate marks of 50% and more from a recognized board of education.
- The candidates who have passed 10+2 board exams from Commerce background are preferred.
M.Com (Accounting & Auditing)
M.Com. Accounting & Auditing is a postgraduate Accounts course of 2 years. The M.Com (Accounting & Auditing) degree programme includes micro and macroeconomics, business commerce, export and import policies. Some other topics are like economic theory, money systems, banking systems and principles of accounting and many others. Some of the specialization subjects of this degree programme are Statistics, Taxation, Marketing, Accounting & Finance, Banking, and Insurance.
Admission Process
- Admission to the M.Com in accounting and Auditing will be carried out on the basis of the entrance exam.
- Admission process of every University/institution is different. Many universities and colleges conduct their own entrance exam for providing admission to the students.
- Some colleges and universities also grant direct admission to the eligible candidates.
- You can fill the application form of the college or university in which you are interested by visiting their official websites.
Eligibility Criteria
- The candidates should have passed B.Com. or B.B.A. (earlier B.B.S.) degree programme from University of Calicut or B.Com., B.B.A. or B.B.M. or B.B.S. degree of any other University or Institute in any state which is recognized by UGC or AICTE.
- Candidates must have scored minimum 45% marks aggregate in their graduation degree.
- OBC and SC/ST category candidates are eligible for relaxation as per the university rules.
B.Sc. Accountancy
B.Sc. in Accountancy is a full-time degree programme of 3 years which is divided into 6 semesters of studies in India that is concerned with the provision and analysis of information for a regulation, a range of other decision-making tasks, both inside and outside of an organization and resource allocation.
Admission Process
- For pursuing B.Sc. in Accountancy, students must ensure that they fulfill the eligibility criteria.
- The selection process for B.Sc. Accountancy in India is based on the aspirants' marks in their 10+2.
- Once the admission process commences in the respective colleges or university, aspiring students can register by filling an online form with their required information.
- Soon after, the screening will be done which will be completely based on the 10+2 score.
Eligibility Criteria
- For admissions in the B.Sc. Accounting course, students must have passed 10+2 or any other equivalent examination from a recognized board with an aggregate of at least 50%.
- In addition, aspirants must have studied Accounts, Mathematics and Economics as a compulsory subject in Class 12.
Diploma in Accounting & Auditing
Diploma in Accounting & Auditing is a postgraduate Diploma level Accounts programme of 1 year. This diploma programme includes topics like micro and macroeconomics, business commerce, export and import policies. Some other topics are economic theory, money systems, banking systems and principles of accounting etc.
Admission Process
The admission process of the Diploma in Accounting and Finance programme is mainly based on the marks obtained by the students in 10+2.
Some colleges and universities also conduct their own entrance exam.
Eligibility Criteria
Aspiring candidates should have passed B.Com. or B.B.A. (earlier B.B.S.) degree programme from University of Calicut or B.Com., B.B.A. or B.B.M. or B.B.S. degree programme of any other university or college in any state recognized by UGC or AICTE with a minimum of 45% marks aggregate is eligible for admission.
OBC and SC/ST category students are eligible for relaxation as per rules of university.
How to become an auditor in Abroad
Pursuing auditing as a career abroad is one of the most sought after professions; one does not have to worry much about the future if they become an auditor. The top Countries like Australia, Canada, Sydney, Malaysia, and South Africa offer this carrier.
Auditor in Canada
You must have an associate’s degree or a higher degree.
- The IIA will accept students with common associate’s degree equivalents. These equivalents basically include a Foundation Degree, Diploma of Higher Education, Higher National Diploma, or 3 A-level certificates with a grade of C or higher.
- The IIA does not require any candidate to meet the experience requirement before they take the CIA examination.
- The candidates must complete the CIA programme requirements within 3 years.
- The IIA does require the candidates of the CIA programme to have at least 12 months of experience in a relevant field.
Top Colleges
| College | Admission Process |
|---|---|
| Conestoga University, Kitchener, Ontario | An international candidate needs to apply a year in advance before the commencement date of a programme. For instance, for the fall session, the online applications open in the month of October. The applications which are received after February 1 will be considered on a first come first served basis. |
| York University, Toronto, Ontario | Choose a programme of your choice, view the mandatory requirements for the course and apply online at the official website. Submit the official academic transcripts. Provide TOEFL/IELTSor equivalent test scores. Submit Citizenship and Immigration Documents. Letter of Recommendation (LOR) for Canada. |
Courses available
| Course | Total Fees | Duration |
|---|---|---|
| B.B.A Accounting, Audit and Information Technology | $ 44160 | 4 years |
| Advanced Diploma in Business Administration-Accounting | $ 30000 | 3 years |
| Master of Finance | $ 65771 | 1 year |
| MBA | $ 131542 | 2 years |
Auditor in Malaysia
A Bachelor’s degree is the minimum requirement needed to begin a career as an Auditor in the colleges of Malaysia. However, some employers may also prefer a postgraduate degree.
In order to be qualified as an Auditor, the applicant, with maximum 5 years of working experience and 3 years in Auditing field related works, must be a member (1-year minimum) of the Malaysian Institute of Accountants under the “Chartered Accountant Category”.
Top Colleges
| College | Admission Process |
|---|---|
| Multimedia University, Cyberjaya, Selangor | All international applicants must provide the English proficiency test scores like IELTS or its equivalent. International students are encouraged to apply early so that the visa application process can be smoothly completed in the given time. |
| Tunku and Abdul Rahman University College, Kampar, Perak | All the applicants of the university are required to submit the application processing fee of RM 300. Some postgraduate programs require applicants to have relevant work experience. |
Courses available
| Course | Total Fees | Duration |
|---|---|---|
| M.Com | $41400 | 2 years |
| B.Com Accounting | $ 60651 | 3year |
| MBA | $ 57408 | 2 years |
| Master of Finance | $ 42228 | 2 years |
| Bachelor (Accounting) | - | 4 years |
Auditor in South Africa
An appropriate Diploma degree in Accounting or Accounting Sciences programme.
Applicants who do not meet the admission requirement as indicated above, should apply for a lower NQF level qualification for which they meet the statutory and additional requirements of the different universities.
Top Colleges
| College | Admission Process |
|---|---|
| University of Pretoria, South Africa | You have made an initial inquiry and it’s been mounted through the UP Online Call Centre where you are an eligible student, you’ll benefit from communication from the University of Pretoria. This conversation will provide an applicant a hyperlink on the way to offer them a right of entry to the University of Pretoria’s Online Study Application System. |
| University of South Africa | The main criterion of admission in the University of South Africa is the academic performance of the applicant. When it comes to the University of South Africa online application process, any potential student has an equal opportunity at the institution. For non-native English speakers, an English proficiency test is required to test the credibility of the applicant. |
Courses available
| Course | Total Fees | Duration |
|---|---|---|
| MPhil in Fraud Risk Management | 3955 EUR | 1 year |
| BCom (Hons) in Internal Auditing | USD 5000 | 1 year |
Benefits of Becoming an Auditor
Here are some of the benefits of career as an auditor:
- Salary: If you work with a large auditing firm, then the pay is sufficiently nice. Much better than what some (non-auditing) organisations pay.
- Job Security: Half the employees of the clients dislike auditors. And yet, they cannot avoid them because audit is a mandate required by law. So long as law requires that audits be conducted, auditors will definitely have to work.
- Unique Experience: It is not unheard of that those working with an auditing firm get chosen for employment with their clients or with another employer in the same sector as what they have audited. The experience that one builds by being an auditor counts in the eyes of the employers who do business in the field of auditing. It is a very nice way to enter those industries if you would like to.
- Demand is high: The auditor is one of the in-demand finance and accounting positions in today's hiring market.
Skills required to Beocme an Auditor
Some of the top skills required for an Auditor are tabulated below for your reference,
| Communication skills | Decision-making skills |
| Attention to details | Strong analytic math skills |
| Team Work Skills | Good knowledge and interest in the financial |
| Ability to work under pressure | Strong IT Skills |
| Strategic planning | Risk assessment |
| Team work | Strategic planning |
| Financial analysis | Financial reporting |
Top Recruiters for Auditors
The Auditors are recruited in both government and private companies. Some of the top recruiters of Auditors in India are mentioned below in the table:
| ICICI Group | LIC Finance Limited |
| L&T Finance Limited | SBI Capital Markets Limited (SBICAP) |
| National Stock Exchange | Auditor General of India |
| Deloitte | Bajaj Capital Limited |
| Indiabulls Housing Finance Limited | KPMG |
| Ernest & Young | PWC |
Auditor Salary
The salary of auditors in India varies from INR 3, 00,000 to 8, 00,000, the digits change pertaining to what kind of job role the auditors have. The overall salary is usually higher than any other profession which is why most students pursue auditing.
Average Annual Salary
| Name of the organisation | Average Annual Salary |
|---|---|
| Government | INR 4 – 5 L |
| Private | INR 6 – 8 L |
Specialisation Wise
| Specialisation | Starting Salary (Annual) | Median Salary (Annual) | Highest Salary (Annual) |
|---|---|---|---|
| Budget Analysts | INR 1.25 – 3.45 L | INR 4.50 – 7.75 L | INR 8.50 – 10.80 L |
| Financial Analysts | INR 1.35 – 3.50 L | INR 4.80 – 8 L | INR 8.70 – 11.40 L |
| Personal Financial Analysts | INR 1.30 – 3.60 L | INR 4.90 – 8.50 L | INR 9.60 – 14 L |
| Financial Managers | INR 1.40 – 2.95 L | INR 4.40 – 7.65 L | INR 9.65 – 12 L |
| Management Analysts | INR 1.50 – 3.60 L | INR 3.70 – 7.90 L | INR 8.75 – 11 L |
Experience Wise
| Experience | Average Annual Salary |
|---|---|
| Fresher | INR 3.66 L |
| Experienced | INR 6 L |
How to become an Auditor: FAQs
QUES: Who can become an auditor?
ANS: For external auditors the requirement for their qualification is usually put in statutes/laws. In many cases to be qualified as an auditor you must be registered by professional bodies for example ACCA, and must have thorough knowledge of accounting after all they are going to audit financial statements.For internal auditors their qualification depends on the requirement of the organization that needs the service of the internal auditor.
QUES: Is math a required subject for becoming an auditor?
ANS: You will be required to take finance and accounting classes when earning an accounting or auditing degree, which will have math functions. There are also statistical analyses required as an auditor, so courses related to, mathematics is recommended. They may not be required. There may be great latitude available to meet the credit requirements which are completely depending on your university.
QUES: What is the highest paying Auditor job?
ANS: Chief Audit Executive, Internal Audit Director, Senior Managers are some of the highest paying auditing jobs.
QUES: Does the job of an Auditor involve a lot of travelling?
ANS: Only external auditors often travel frequently not all auditors, this is because of the number of clients external auditors represent at specific geographic locations. External auditors who work for only one company may travel between several branches of the business, but travel is generally kept to a minimum.
QUES: How many hours does an auditor work?
ANS: Many auditors and accountants work full time. Some auditors also even work more than 40 hours a week. Long working hours can be expected at the end and at the beginning of the financial year.
QUES: What are the major types of auditors and what units do auditors cover as they advance in a major?
ANS: Auditors fall into three major categories; these are forensic auditors, external auditors and internal auditors. As a student advances in the major, they cover the advanced topics such as banking, engineering and health. Some employers prefer hiring applicants who have already completed an advanced degree program in the field of auditing such as Master of Business Administration or Master of Science in Accounting.
QUES: What major, skills and competencies does an individual need to become an auditor?
ANS: Most of the people who want to become an auditor generally start as an accounting or business major. They may take one of many paths to a career in the field of auditing. An auditor general should also have strong documentation skills, excellent attention to detail, good presentation skills, strong communication skills and excellent reporting skills, among others.
QUES: Why is being an auditor is a good career choice?
ANS: Being an auditor is a good career choice because there is job security, higher pay scale, you will get to travel a lot, the job is of dynamic nature, help you in growing mentally, there are many opportunities for the auditors.
QUES: Who makes more money Auditors or Accountants?
ANS: Auditors have the chances of make more money because they have a practicing facility and their services are necessary for every organisation. But the accountants are available to least salary to every organisation. Therefore practicing accountants’ services are necessary for the small firms only.
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