Guide To A Successful Financial Auditor Career Path
Due to the Movement Control Order (MCO) in Malaysia, almost half of the workforce was pivoted to work from the safety of their homes. And to a remarkable extent, the financial services industry is thriving. Many companies have slowly but surely started transforming their work into the digital space. With this, it is a great time to consider exploring different career opportunities — and maybe, this is the time for you to take a chance on a financial auditor career path.
Financial auditors play a constructive role in keeping the economic stability and market confidence of businesses. They ensure financial records are accurate and taxes are correctly paid on time. It is a fulfilling career where one can start mastering professional skills like communication, analytical thinking, and client-facing skills. All these skills will set you apart in the competitive job market.
The financial auditor’s career path offers limitless growth opportunities as it exposes one to various businesses — from startups to global corporations — in different industries. Check out the basics below to help you successfully launch into the career path of a financial auditor.
What does a financial auditor do?
Financial auditors are specialists who ensure the validity and legality of a company's finance and accounting records. It is a bit of accounting with a mix of investigative work. The role is to look into financial statements, write a report (audit), and recommend improvements and cost-saving actions to attain business success.
Financial auditors do not just deal with numbers and paperwork. In fact, the role is a people business, where teamwork is central to success. It relies on a culture of collaboration, mentoring, and professional growth. You will have the chance to work with people from many different backgrounds and industries. Your role can have a tangible impact on business growth.
Types of financial auditors
There are two kinds of financial auditors: internal auditors and external auditors. Internal auditors are typically employed within an organisation. They work on internal financial statements and assets. Meanwhile, external auditors are independent of their clients. They are most likely to report to shareholders and are necessary to provide unbiased opinions on a company’s financial records and statements.
As you advance professionally, your career path as a financial auditor can lead to a spot as a firm partner, an executive or CEO in the corporate sector, a consultant (external auditor), or an entrepreneur. Some responsibilities include:
- Reviewing all financial assets and procedures to spot errors, inefficiencies or instances of misuse
- Assessing compliance with financial regulations by monitoring executing balance sheets, income statements, and related financial statements
- Liaising with the managerial staff and reporting findings and recommendations to reduce costs, enhance revenues, and improve profits
- Evaluating systems, processes, and projects to gain information about financial systems
- Developing new standards of practice within a company to increase accounting accuracy and integrity
- Organising financial statements, records, and other documents involving assets and liabilities
- Maintain a high level of knowledge and expertise by participating in professional development and networking with industry leaders
Salary Range
An entry-level financial auditor can expect an average gross annual salary of RM29,369. With 1 to 4 years of experience, the average yearly gross salary is RM 33,705. In addition, financial auditors of this level can earn an average bonus of RM15,000. As you go up the ladder and gain more experience, you can expect an average gross salary of RM 109,000 annually.
What is the career path of a financial auditor?
Junior Level (1-3 years experience)
Mid Level (4-8 years experience)
Senior level (8 years or more)
What requirements do you need to become a financial auditor?
Required skills
- Attention to detail
Financial Auditors deal with a lot of numbers. One simple mistake can affect the workflow. It is essential to have a keen eye on simple details and thoroughness in accomplishing tasks. It means efficiently checking your work to ensure that the results are accurate and complete.
- Analytical skills
Analytical skills are important in the financial auditor role because you need to find solutions to various problems and make concrete decisions and action plans to solve those problems.
- Verbal and non-verbal communication skills
Financial auditors collaborate and build relationships with people within the organisation and outside. These include clients, management, and other staff within the business. You must have the ability to effectively communicate with people to ensure a harmonious working relationship.
- Numerical skills
You do not need to be an expert in Math to succeed as a financial auditor. It is, however, essential that you have the confidence and ability to manipulate simple equations. Merely knowing how to add, subtract, multiply, divide, and use decimals, fractions, and percentages is important in this role.
- Organisational skills
As a financial auditor, you will be tasked to juggle multiple tasks and collaborate with different teams. You must be highly organised to meet necessary deadlines and follow proper guidelines. Each task entails a significant amount of documentation to keep track of necessary paperwork, especially in dealing with budgets and regulatory standards.
Other skills
Technical prowess
These days, financial auditors rely on various software programs, like AutoCount or Bukku, to complete different tasks. You need to have patience and a thirst for knowledge to explore digital tools to help you work better and faster.
Adaptability
Financial professions constantly change and evolve. Financial auditors should always be prepared to adapt to changing standards and protocols when it comes to frameworks, tax guides, and financial reporting. Being able to adjust and be comfortable with change is incredibly important.
Creativity
You can apply your creativity in finance by coming up with innovative solutions to problems. Some consider dealing with numbers as another form of art. If you can recognise how to improve a process or adapt to potential issues, you will most likely succeed in the role of a financial auditor.
Educational background
A bachelor’s degree in Accounting, Finance or Business Administration is required to become a financial auditor at any level. Having a Master’s degree or being a board-certified CPA can also boost your career.
The Certified Internal Auditor (CIA) certification is most common among financial auditors. Certification is excellent to have as it shows an improvement in your competency to perform your role. To become a certified finance auditor in Malaysia, you need to apply to The Institute of Internal Auditors Malaysia (IIA). The certification involves an exam, a character reference from a member of IIA, and an examination fee.
Below are other institutions that grant certifications and further learning to promising Financial Auditors:
- The Institute Of Internal Auditors Malaysia (IIA Malaysia)
- The Malaysian Association Certified Fraud Examiners (MACFE)
- The Malaysian Institute of Certified Public Accountants
- ISACA Malaysian Chapter: CISA—Certified Information Systems Auditor
Opportunities for Continuous Education
More and more employers are finding out just how critical financial auditors are in keeping pace with rapidly emerging technology and evolving regulations. Accounting and finance professionals are exploring further learning to keep up with the global economy. Transferable skills can open you up to other opportunities and help you build a compelling career path as a financial auditor.
Here are a few online courses you can explore for further learning:
- Business Planning to Grow Successful Companies
- FinTech - Financial Innovation
- Financial Analysis for Business Performance: Planning, Budgeting, and Forecasting
How to write a financial auditor resume?
Mark Tan (Contact Details) Career SummaryHighly motivated and detailed oriented Financial Auditor with five years experience in the financial services industry. Focused on improving an organisation’s workflow, business compliance, and processes through transparency and optimised audits. Work ExperienceExternal Financial AuditorKLMNOP Company (July 2019 - present)
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Download the Financial Auditor resume template here
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