Auditor Qualification: Courses, Certifications, Scope, Salary

Who are Auditors?

Auditors are the professionals who deal with preparing and examining the financial records of various companies, work places, etc. They make sure that the company for which they are working pays their taxes on time and to maintain the company's financial records with accuracy. Auditors have various specializations such as some could be specialized in risk management or assurance services whereas the others could be in education or healthcare industry specifically. 

Aspirants wishing to make a career as an Auditor can pursue courses in accounting, economics or other relevant fields. 

They can work as Budget Analysts, Financial Analysts, Financial Managers, etc. Some of the other key responsibilities of an auditor are:

• They help in ensuring that the company does not face losses and runs efficiently in terms of finance.
• They examine the financial statements and ensure that the company is adhering to the laws and regulations.
• Also, they work on preparing tax returns

Auditor Qualifications

Candidates who want to become an Auditor in India must have to fulfill the eligibility requirements. Following are some of the requirements in order to become an auditor in India:

• You will need a bachelor’s degree from an institute recognized by the Indian Government. 
• You will also have to possess a Certificate of Practice (CoP) from The Institute of Chartered Accountants of India (ICAI) or any other professional body that is associated or recognized with The International Federation of Accountants

However the eligibility criteria and educational qualifications may vary for auditors according to their field of specializations. Listed below are some of the other eligibility requirements to become various types of Auditors such as Internal Auditor, CIA, Cost Auditors etc,

• Internal Audit Qualification: The minimum requirement of an internal auditor is a bachelor’s degree in disciplines like public administration, Computer information systems, accounting, finance or management.
• CIA Qualification: It is a programme for Certified Internal Auditors. Passing this examination enhances the credibility of the candidate and increases the earning potential.
• CAG Qualification: The minimum eligibility for the controller and auditor general of India is a bachelor’s degree. Age limit is from 18 to 27 years, it is a level 5 job and pay scale is around INR 29,200 to INR 92,300.
• Cost Auditor Qualification: For appointment as a cost auditor, it is mandatory for the candidate to be a cost and management accountant along with a certificate from ICMAB. Once you graduate with your Bachelor's degree, you're required to take an exam which tests your knowledge of auditing procedures, followed by a practical examination which tests your actual ability as an auditor. These regulations vary slightly between states and territories. In general some of the basic eligibility criteria and qualifications that are necessary to become an auditor are listed below for your reference.

Also Read: MBA in Finance and Accounting

Undergraduate Qualifications

Candidates wishing to pursue UG auditing courses can opt from various popular colleges in India such as Chandigarh University, University of Rajasthan, MLSU in Udaipur, Veer Bahadur Singh Purvanchal University in Jaunpur, GITAM institute of management in Visakhapatnam offers Auditing and Control courses. Some of the popular undergraduate courses to become an Auditor in India are:

BCom Hons in Internal Auditing

There are several Undergraduate courses offered by the University of Johannesburg, South Africa. Specializes in analysis, interpretation, application of advanced accounting, Governance, control and internal auditing principles.

• BSc hons. In Accounting and finance- offered by Arden University, UK. It is a course for 3-6 years.
• Bachelor’s degree in Standardization and Metrology- offered by Omsk State technical University, Russia. It is a course for 4-5 years.
• BSc. In International Accounting and Audit – this course is provided by University in Tashkent, The Stars International; Uzbekistan. It is a course for 4 years.
• Bachelor in Accounting, auditing and analyzing- offered by Vietnam International University, Hanoi-International School. The course has 8 semesters.
• Bachelor in Accounting and Audit- offered by Vilnius University, Lithuania; University of Modern Sciences CKM, Dubai, UAE and Karaganda University of Economics, Kazakhstan. The course includes specialization in the field of accounting, taxes, planning and evaluation, auditing, company performance analysis. It is of 4 years duration.

Postgraduate Qualifications

Like Undergraduate courses, there are several Postgraduate courses available for becoming Auditors some of them are listed below,

• Masters in commerce, accounting and auditing- offered by Mumbai University, India.
• MSc in Auditing and Consulting- offered by ESCP Business School, Paris, France.
• Master in Accounting and Audit- offered by University of Luxembourg, Department of law, finance and economics. The course consists of 4 semesters.
• Master in Auditing and Accounting- offered by University of Madrid, Spain. The course has 2 semesters.
• Master’s in Management course- Specialization in Financial analysis and audit- offered by HEC Management School, University of liege, Belgium. It is a 2 year course.

Certifications for Become an Auditor

Apart from the Undergraduate and Postgraduate courses there are several Certificate courses available that can be pursued to become an Auditor. Some of the popular certification courses are given below:

ICWA Auditor course

• It is offered by the Institute of Cost and Works Accountants of India. The course is of 3-years duration and comprises 3 stages.
• The average fee for the course for different stages are foundation stage INR 4,000, Intermediate stage INR 20,000 and for Final stage INR 17,000.
• The average salary after this certification course is INR 5,00,000 to INR 6,00,000 per annum.

CA

• It is the designation of professional accounting, practice in taxation, auditing, and financial assessment for an organization. 
• The job of a chartered accountant is to maintain taxes for the company, prepare and review financial reports, audit the financial statements and other related work. 
• The course is divided into 3 levels- foundation, intermediate and final.
• The level 1 CA CPT Exam costs INR 9,800, Level 2 CA IPCC costs INR 3000 and Level 3 costs INR 3,300.
• The average annual fee ranges from INR 50,000 to INR 3,00,000.
• The average salary of a CA is around INR 5,00,000 and can increase up to INR 25,00,000 per annum.

ACMA

• The Associates for Cost and Management Accountants is the professional certification by ICAI (Institute of Cost Accountants in India). 
• This course is popular both in India and the US. The examination of this course consists of 3 parts.
• The average fee for this course is around INR 60,000 to INR 70,000.
• The average salary is around INR 8,00,000 per annum.

CMA

• Certified Management Accountant is the certification course for the field of management accounting. 
• It is mandatory to pass both parts of the CMA exam to get the certification. This field has scope in India as well as abroad.
• The highest earning positions are Financial Controller and Finance Managers.
• In India, the starting salary after the CMA course is around INR 3,00,000 to INR 4,00,000 per annum. The rest depends majorly on the job profile.

Also Read: Job Profiles after becoming Auditors

Auditor Salary

In India, the salary of an auditor depends on the sector for which they are working, private sector or government (public sector). The Average salary of an Auditor employed in the Government of India is around INR 4,00,000 to INR 5,00,000. The salary packages increase depending upon experience and job profile. According to Payscale, the average annual salary of auditors in India is INR 4,87,087.

The salary is usually more in the private sector. In India, the average salary of an auditor is around INR 6,00,000 to INR 8,00,000. The auditors have a great potential of earning more with experience and the right job profile. Many auditors also get additional benefits such as retirement plans, healthcare facilities, vacations and much more.

Experience Wise Salary

Tabulated below is the salary of an auditor according to the years of experience he has,

Qualification wise salary

The qualification wise salary of an auditor is tabulated below for an Auditor,