An Auditor assesses and verifies financial records and processes to ensure accuracy, compliance and transparency. To become an Auditor, candidates are required to pursue a bachelor’s degree preferably in finance, accounting or a related field. Certifications are an important part of an Auditor's qualification and candidates should pursue them to demonstrate their skills.
The salary of Auditors can vary based on the experience and expertise they possess. The average annual salary of an Auditor is INR 2.7 LPA. The highest salary is INR 8.6 LPA with the monthly salary ranging between INR 19,126 to INR 20,803. The salary of an Auditor also depends on the Type or the specialization that one has mastered, e.g. the average salary of an Internal Auditor is INR 6.30 LPA while the salary of a Financial Auditor is INR 12 LPA.
There are many courses that can be taken up by candidates aspiring to become Auditors. BSc Accountancy, BCom, BBA Finance, BMS and MCom are some of the top courses. Certifications are highly valued by employers in the auditing fields and candidates must pursue them. CIA, CPA and CISA are some of the most commonly sought certifications. Read: Qualifications of an Auditor
Table of Contents
- How to Become an Auditor: Quick Facts
- Eligibility to Become an Auditor
- Qualifications to Become an Auditor
- Steps to Become an Auditor
- Audit Courses
5.1 Entrance Exams
How to Become an Auditor: Quick Facts
| Eligibility | Class 12 from the commerce stream |
| Qualifications | Bachelor’s degree in Finance, Accounting or a related field |
| Starting Salary (INR) | 0.5 LPA |
| Average Salary (INR) | 2.7 LPA |
| Highest Salary (INR) | 8.6 LPA |
| Top Recruiters | ICICI, LIC, EY, KPMG, Deloitte, Bajaj Capital Ltd |
Eligibility to Become an Auditor
There are certain eligibility requirements that candidates aspiring to be Auditors have to fulfil. The general eligibility criteria are as follows
- Candidates must have a bachelor’s degree in finance, accounting or a related field.
- Candidates must possess certifications like CA, ICWA and CS.
- Auditors of joint stock companies are required to be chartered accountants according to the Chartered Accountants Act of 1949.
- Analytical, communication, ethical and professional integrity and knowledge of auditing standards are some of the skills that Auditors must possess.
Qualifications to Become an Auditor
Aspiring Auditors are required to meet some specific educational qualifications to start auditing practice. Some general qualifications required include
- Education - A bachelor’s degree in finance, accounting or a related field is the minimum education requirement to be an Auditor. Many organisations also accept degrees like MBA and MAcc.
- Certifications - Skilled Auditors are expected to have certifications that demonstrate their expertise in the field. The most commonly pursued certifications include
- Certified Public Accountant (CPA): Candidates must qualify for the exam and ensure experience and ethical requirements for CPA certification. It is offered by AICPA.
- Certified Internal Auditor (CIA): Candidates have to meet the educational requirements set by IIA and qualify for the exam for CIA certification.
- Certified Information Systems Auditor (CISA): Candidates interested in the auditing of information systems can pursue this certificate. It is offered by ISACA.
Steps to Become an Auditor
There are two ways to become an Auditor in India. Candidates can CA/CMA or equivalent courses or, they can graduate in commerce for internal auditing. The steps also depend on the type of Auditor a candidate wants to become. For example, for a tax audit, CA is needed. For a cost and secretarial audit, a cost and managerial accountant and company secretary is needed respectively.
Becoming an Auditor is a multistep process starting from school preparation and going all the way to graduation and certifications. The general steps to becoming an Auditor are explained in the following points
- Complete class 12 - Candidates have to clear class 12 from a recognised board preferably in the commerce stream.
- Earn a bachelor’s degree - Candidates should enrol in a bachelor’s degree program focusing on finance, accounting or related topics. BCom, BBA and BMS are some of the most commonly pursued courses.
- Join an internship - Candidates have to join an internship as a part of their degree or separately to get hands-on work experience. They will learn about the challenges and daily responsibilities of working in the field.
- Get certified - Candidates have to earn specific certifications proving their credibility and showing their expertise. CPA, CIA and CISA are some of the top certifications.
Audit Courses
There are many courses that can be pursued by students to become an Auditor. BSc Accountancy, BCom, BBA Finance, BMS and MCom are some of the top courses available. The details for the most popular courses are mentioned in the following table.
| Parameters | BSc Accountancy | BBA Finance | MCom Accounting and Finance |
|---|---|---|---|
| Eligibility | Class 12 | Class 12 | Bachelor’s degree |
| Entrance Exams | NPAT, SAT, CUET, CUCET | NPAT, SAT, CUET, IPU CAT | CUET PG |
| Top Colleges | G.D. Goenka World Institute, LPU, IILM Undergraduate Business School, Oriental College of Commerce And Management | NMIMS, Amity University Mumbai, SJ Mehta School of Management, SP Jain Institute of Management and Research | University of Delhi, Aligarh Muslim University, Christ University, Jadavpur University |
| Course Fees | INR 20,000 to 4,00,000 | INR 2,00,000 - 5,00,000 | INR 8,000 to 2,00,000 |
| Average Salary (INR) | INR 3 LPA to 10 LPA | INR 4 LPA to 5 LPA | INR 2.5 LPA to 3 LPA |
| Top Recruiters | Amazon, Genpact, Wipro, KPMG, IBM, TCS | Accenture, HDFC Bank, EY, TCS | Amazon, Jio, HCL, Airtel, HDFC Bank, Flipkart, ICICI Bank |
Entrance Exams
There are many entrance examinations for courses leading to a career as an Auditor. Some of the most famous entrance exams for banking include CAT, CMAT, MAT, XAT, NMAT and SNAP. The details for some of the top exams for banking are mentioned in the following table.
Top Colleges for Auditors
There are many colleges in India that offer various courses in commerce and finance for students looking for a career in auditing. NMIMS Mumbai, IFHE, Woxsen University, Christ University and SJCC are some of the top colleges. The details for top colleges are mentioned in the table below.
| Name of the Colleges | Location | Average Fees (INR) |
|---|---|---|
| NMIMS | Mumbai | 3.25 L |
| ICFAI Foundation for Higher Education (IFHE) | Hyderabad | 2.80 L |
| Woxsen University | Hyderabad | 4 L |
| ICFAI Business School (IBS) | Hyderabad | 2.50 L |
| Parul University | Vadodara | 80,000 |
| Christ University | Bangalore | 2.05 L |
| HR College of Commerce and Economics | Mumbai | 18,612 |
| St. Joseph’s College of Commerce (SJCC) | Bangalore | 1.32 L |
| KPB Hinduja College of Commerce | Mumbai | 8,336 |
| Mithibai College of Arts | Mumbai | 32,000 |
Skills Required to Become an Auditor
There are several skills that candidates should develop to become a successful Auditor. Some of the top skills are tabulated below.
| Strong Financial and Accounting Knowledge | Analytical and Critical Thinking | Attention to Detail |
| Ethical and Professional Behaviour | Communication skills | Problem-solving skills |
| Audit Standards and Regulations Knowledge | IT and Data Analysis skills | Time Management and Organisational skills |
Benefits of Becoming an Auditor
Becoming an Auditor can offer benefits some of which are mentioned below.
- Job security - Auditing is a crucial function in organisations, due to which Auditors enjoy a high level of job security especially in larger government organisations.
- Diverse career opportunities - Auditors are in demand across various sectors providing a wide range of job opportunities and options to work in different industries.
- Professional development - An auditing career offers significant professional development prospects. As suitors gain expertise, they can pursue different certifications enhancing their career progress and demonstrating commitment.
- Competitive compensation - The demand for skilled Auditors often translates to attractive compensation packages. Professionals with relevant skills and certificates are known to get good salaries and benefits.
- Transferable skills - Skills acquired as an Auditor can also be applied to other professions allowing Auditors the flexibility to transfer into new roles easily.
Salary of an Auditor
The average annual salary of an Auditor is INR 2.7 LPA. The average starting salary of an Auditor in India is INR 0.5 LPA while the highest is INR 8.6 LPA. The salaries for different Auditor designations are mentioned in the following table.
| Designations | Average Annual Salary (INR) |
|---|---|
| Internal Auditor | 3.3 L |
| External Auditor | 2.4 L |
| Forensic Auditor | 6.5 L |
| Government Auditor | 6.9 L |
| IT Auditor | 7.7 L |
| Tax Auditor | 3 L |
| Quality Auditor | 3 L |
| Audit Assistant | 2.4 L |
How to Become an Auditor: FAQs
Ques. What qualifications are required to become an Auditor in India?
Ans. Candidates are required to possess a bachelor’s degree in commerce, accounting or related fields. Additionally, acquiring a certificate or professional qualification like CA is highly recommended.
Ques. Can I become an Auditor in India without a professional qualification?
Ans. It is possible to work as an Auditor without qualification, having one can significantly enhance career prospects and credibility. Certifications are highly valued in the auditing profession and are often required by employers.
Ques. Are there any specific skills needed to succeed as an Auditor?
Ans. Candidates should have strong analytical and problem-solving skills, attention to detail, ability to interpret financial data, communication skills and ethical standards to excel as an Auditor.
Ques. Are there any work experience requirements to become an Auditor?
Ans. Candidates are required to complete a period of practical training. The duration of training can vary based on the certification or qualification pursued. For example, CA aspirants are required to complete three years of training.
Ques. Can I specialise in a specific area of auditing?
Ans. After gaining some experience as an Auditor, you can specialise in various areas. The specialisation can be achieved through additional certifications, advanced courses and experience.
Ques. What career opportunities are available for Auditors in India?
Ans. Auditors in India can work in accounting firms, corporate organisations, government agencies, banks and non-profit organisations or can establish their own auditing processes.
Ques. Which cities are paying the most to Auditors in India?
Ans. Bangalore, Hyderabad, New Delhi, Pune and Mumbai are paying the most to Auditors in India.
Ques. Name the top-paying industries for Auditors in India.
Ans. Analytics and KPO, Accounting and Auditing, IT Services, and Banking and Financial Services are the top-paying industries for Auditors in India.
Ques. Name the top recruiters of Auditors in India.
Ans. Top recruiters of Auditors in India include ICICI, LIC, EY, KPMG, Deloitte and Bajaj Capital Ltd.
Ques. What is the monthly earning of an Auditor in India?
Ans. An Auditor in India earns between INR 19,126 to INR 20,803 per month in India.
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