The specialty concerned with the assessment and verification of financial records. Auditors are the primary practitioner of this specialty, and may be internal auditors, meaning they are employed by the company they are auditing, or external auditors, who work on a contractual basis. Auditors review corporate records and practices to determine the actual financial and operational standing of a company or department.
Auditors inspect company accounts, statements and procedures and prepare financial reports summarizing the findings. They evaluate company resource management and financial systems to determine and certify compliance with government and industry regulations, and they examine every aspect of operations and fiscal status to make effective recommendations regarding cost cutting, managerial adjustments and employee compensation schemes, which include pay and other benefits. An auditor may be required to assess hiring and compensation procedures; project fund and cash flow issues; tax compliance; and external costs and payments. A senior auditor may be in charge of delegating and supervising the work of other auditors assigned to specific tasks in the auditing process.
Auditing is primarily an office-based job, although auditors often travel to their clients' offices in public or private establishments, banks, and government institutions. They also interact with other people regularly, although intense solitary work in their own offices is common.
Auditors must have bachelor's degrees in a business-related course such as accounting, commonly supplemented by various certification programs, although master's degrees are common among auditors. The specialty generally requires an in-depth knowledge of accountancy and how businesses work. The demand for auditors is constantly increasing thanks to strict government regulations on company financial reporting and regulatory compliance.