Auditing industry: What to study, where to study and career opportunities
23 Oct, 2023
The auditing industry has stable development, good income and open job development opportunities. So what exactly is the auditing industry and how does it influence the economy and society? This article by Eliteblog will help you have an overview and detail about the auditing industry if you want to venture into this field.
What is audit?
Auditing is the process of collecting, evaluating and validating financial statement numbers provided by the accounting department. From there, the audit team will make an assessment about the current financial performance of the business or organization. To do the above, auditors will use methods of collation, interpretation of information, investigation, observation, inventory and testing to verify the correctness of documents and the legality of reports. finances of that company or organization.
Auditing includes many areas such as information audit, efficiency audit, regularity audit and performance audit. Audit classification by subject will have three types:
State Audit: Is carried out in accordance with the law and by competent state agencies. The subjects of state audit are state-owned enterprises.
Independent audit: Conducted by auditors at independent firms specializing in audit services. In addition to auditing financial reports as usual, independent auditing companies also provide other financial and economic services depending on customer requirements. This type of audit receives trust from third parties or investors.
Internal Auditors: Are auditors within a company or organization that perform audits at the request of members of the Board of Directors or Board of Directors. Audit reports are usually only used within the company.
Difference between accounting and auditing
Accounting and auditing have 3 basic differences as follows:
Accounting presents specific information about transactions and assets within an organization, while auditors check and confirm the accuracy of those figures.
Accounting is an activity that takes place continuously all year round, while auditing is performed periodically according to specific time periods .
When the accounting ends (monthly/quarterly/yearly closing), the audit begins .
What does the audit major study?
Students studying auditing will be equipped with knowledge about collecting, processing, checking and providing financial information and business performance through accounting operations such as:
Students are equipped with necessary professional skills such as reading financial reports, financial analysis, negotiation skills, etc. Besides professional knowledge, students are also equipped with additional knowledge. soft skills such as teamwork, foreign languages, information technology, planning, solving situations in Accounting - Auditing,... to confidently integrate into the real working environment.
If you have vision and ambition to go further in the financial field, you should invest in prestigious international accounting certificates such as: CAT ( Certified Accounting Technician) , ACCA (The Association of Chartered Certified Accountants) , CPA (Certified Public Accountants) ... They are likened to "passports" to the international accounting and auditing market.
Where to study auditing?
Auditing is closely related to accounting, so students are often admitted as accounting majors in many schools. However, realizing the difference and importance of the auditing industry, many schools in Vietnam have now separated the auditing industry for separate training. Most schools in the economics sector offer auditing programs such as National Economics University, Hanoi University of Industry, International Faculty - Hanoi National University, Da Nang University of Economics, Hue University of Economics, University of Economics Ho Chi Minh City Law.
If you want to improve your opportunities and abilities, you can consider studying Auditing abroad. The following are promising study abroad destinations that Eliteblog suggests:
Please note that you click on the link "View [number] of Auditing courses" to find out specific information about the curriculum at each school. If you have questions about studying auditing abroad, experienced IDP study abroad experts are always ready to provide support and advice completely free of charge.
Career opportunities in the audit industry
The Audit industry today has great career opportunities and great potential for future development. Graduating from the Auditing major, students can take on jobs and positions after graduation, which are:
In particular, the 4 largest auditing companies in the world you will surely hear about at least once when participating in this field are: Ernst & Young, KPMG, PwC and Deloitte. Big4 is a familiar name for these 4 companies, demonstrating their popularity in terms of scale, revenue and history, making many auditing students aspire to work in one of these places.
What you need to know to join the audit industry
Auditing is not a manual profession
Unlike other flexible professions such as IT, Marketing,... auditing is a profession that is difficult to pursue on a side-by-side path but you must be properly trained through school and have a practicing certificate. According to the standards prescribed in Article 14 of the Law on Independent Auditing, auditors must have a university diploma or higher in finance, banking, accounting, auditing or other majors as prescribed by the Ministry. Finance. So if you get into the auditing industry, you need to be determined to spend a lot of time and effort over the long term.
Cautious, honest and able to withstand great pressure
Auditors are those who are responsible for checking and confirming the accuracy of data compiled by accountants. So caution is necessary and you only draw conclusions when you have enough evidence and reasoning. To receive trust, in addition to professional capacity, you also need to follow professional ethical standards, not be influenced by customers, evaluate objectively and realistically, and most importantly, respect the law.