An audit associate is a person who helps with auditing and compliance. Some work for a company, while others work for outside auditors who inspect companies to ensure they are adhering to accounting standards. In most cases, a four-year degree in business or accounting is required. A master’s degree, as well as formal certification in accounting or tax law, can be beneficial. People with more training and certifications may be eligible for better pay and benefits, as well as higher-ranking jobs.
Whether an audit associate works for an internal auditing team or for a third-party company, the job entails collecting audit-related documentation and conducting research. To gather information about a company and its practices, a variety of sources can be used. These can assist auditors in identifying specific areas of concern that they should investigate during their review of the company’s financial records. Creating a timeline for an audit and working with individual personnel to determine their schedules for maximum efficiency are both possible aspects of the job.
An audit associate must have a thorough understanding of generally accepted accounting principles (GAAP) and industry standards. These employees must know how to keep financial records and what to look for when reviewing a company’s documentation. They can conduct tests to see if the company is keeping accurate and relevant data. Mathematical formulas, comparisons to other documents, and a review in light of the research conducted to support the audit are all examples of testing.
An audit associate’s responsibilities may also include communication with the rest of the team. Auditors must coordinate their efforts in order to provide comprehensive coverage without influencing one another and to provide fair and unbiased opinions. This could entail double-checking work to see if two auditors arrive at the same conclusion. The audit associate may distribute manuals and ensure that everyone understands the company’s standards so that they can apply them during the review. Periodic meetings may allow team members to share information and ideas in order to aid the audit.
Document preparation is another job responsibility. Despite the fact that the audit associate does not write the final auditing opinion, the process must be meticulously documented. Associates can provide input and opinions on various aspects of the audit that could be included in the final report. They also assist supervisors in gathering data and supporting materials for use in concluding statements.