What Does an Audit Associate Do?

Audit associates are the entry-level employees in an audit firm. They typically perform a wide range of tasks under the supervision of more senior auditors. These tasks may include reviewing documents, interviewing clients or other stakeholders, and analyzing data to determine whether a company’s financial statements are accurate and complete.

Audit Associate Job Duties

Audit associates typically have a wide range of responsibilities, which can include:

• Reviewing and analyzing financial statements for inaccuracies or inconsistencies
• Performing tests of controls to ensure that company policies are being followed by staff members
• Reviewing legal documentation such as contracts, leases, patents, and trademarks
• Communicating with clients verbally or in writing to explain audit findings and answer questions about their audits
• Reviewing financial statements and other records to determine whether they are accurate and complete
• Preparing reports summarizing findings of audits and recommending any corrective action needed
• Conducting field audits of company operations or work sites to ensure that they are complying with laws and regulations
• Interviewing management staff, customers, suppliers, and other stakeholders to gather information about the company’s business practices
• Analyzing data to identify potential risks or opportunities for the company

Audit Associate Salary & Outlook

Audit associate salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses.

• Median Annual Salary: $70,500 ($33.89/hour)
• Top 10% Annual Salary: $113,500 ($54.57/hour)

The employment of audit associates is expected to grow at an average rate over the next decade.

Demand for audit services will depend on the demand for audits by the companies that hire audit firms. As companies continue to expand globally, they will need to have their financial statements audited by independent firms.

Related: 17 Audit Associate Interview Questions and Answers

Audit Associate Job Requirements

To become an audit associate, one typically needs to have the following:

Education: Most employers require audit associates to have a bachelor’s degree in accounting, finance or another closely related field. Some employers prefer to hire candidates who have a master’s degree in accounting or business administration with a concentration in accounting. Relevant coursework includes accounting, auditing, business law, economics, finance, management and statistics.

Training & Experience: Many employers will provide on-the-job training for audit associates. This training will help you learn the specific processes and procedures of the company. You may also receive training in the use of auditing software and other computer programs.

Certifications & Licenses: Certifications can provide an advantage for audit associate candidates because they allow you to demonstrate your professional knowledge and qualifications to potential employers. There are several certifications available for professionals interested in becoming audit associates.

Audit Associate Skills

Audit associates need the following skills in order to be successful:

Communication: Communication skills are necessary for an audit associate position. You may be required to communicate with clients, other auditors and managers, as well as other employees. Effective communication can help you to understand and convey information, answer questions and resolve issues.

Attention to detail: Attention to detail is the ability to notice small changes in data. This skill is important for auditors because it allows them to find errors in financial records. Attention to detail can also help you notice if a company is following regulations correctly.

Critical thinking: Critical thinking is the ability to analyze a situation and make a decision based on the information you have. As an audit associate, you may be required to make decisions about the validity of a company’s records or the accuracy of their financial statements. Having strong critical thinking skills can help you make the right decision.

Problem-solving: Problem-solving skills allow you to identify issues and find solutions. As an audit associate, you may be responsible for finding errors in financial records. Your ability to identify and solve problems can help you complete your work efficiently.

Organization: Organization skills can help you perform your duties efficiently. You can use organization skills to keep track of your work, complete tasks on time and find information quickly. Organization skills can also help you maintain a clean workspace and keep records organized.

Audit Associate Work Environment

Audit associates work in teams of two to four people, led by a manager, to complete audits for their clients. They typically work regular business hours, Monday through Friday, although they may occasionally work evenings and weekends to complete an audit or meet with clients. Audit associates typically work in an office environment, although they may travel to their clients’ places of business. The work can be stressful, as audit associates must pay close attention to detail and meet deadlines. However, most audit associates find the work to be challenging and stimulating, and they enjoy working with their team members.

Audit Associate Trends

Here are three trends influencing how audit associates work. Audit associates will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Technical Skills

The audit profession is evolving as businesses become more complex and technology plays a larger role in accounting. This means that audit associates will need to be familiar with more technical skills, such as data analytics and software development.

By developing these skills, audit associates can help their firms stay ahead of the curve and provide valuable insights into the operations of their clients. In addition, this trend may lead to an increased demand for auditors who have experience working with big data and cloud-based technologies.

More Focus on Cybersecurity

As businesses become more reliant on technology, the need for cybersecurity professionals has grown exponentially. This is because cyberattacks are becoming increasingly sophisticated, and businesses need professionals who can protect them from potential threats.

Auditors are in a unique position to capitalize on this trend, as they are able to identify vulnerabilities in a company’s systems and suggest ways to improve its security. By specializing in cybersecurity, auditors can set themselves apart from the competition and become essential members of any team.

Greater Regulatory Oversight

Regulatory oversight is increasing across all industries, and the audit profession is no exception. As regulations become more complex, audit professionals will need to adapt by learning new skills and understanding how to interpret and apply the rules.

This trend will require audit professionals to be well-versed in both traditional and emerging audit methods. They will also need to be able to communicate effectively with clients and understand their needs.

How to Become an Audit Associate

When starting your career as an audit associate, it’s important to consider the company you want to work for. Do some research on the company and see if it matches with your personal values and interests. Also, think about the type of work you want to do. Some companies specialize in certain industries or types of audits.

It’s also important to have a strong foundation in accounting and auditing principles. This can be achieved by taking courses in college or through professional certification programs. Additionally, it’s important to develop strong communication and teamwork skills. These skills will help you succeed in any role within the accounting profession.

Advancement Prospects

Audit associates typically start their careers working under the supervision of more experienced auditors. As they gain experience and knowledge, they are given more responsibility and independence. After a few years, audit associates may be promoted to senior associate or manager. In large firms, audit associates may eventually become partners.

Audit Associate Job Description Example

As an audit associate at [CompanyX], you will be a part of a team of professionals who provide assurance services to clients in a variety of industries. You will be responsible for planning and executing audits, reviewing financial statements, and preparing tax returns. The ideal candidate will have a bachelor’s degree in accounting, strong analytical and research skills, and experience with auditing and tax preparation. He or she must also be able to work independently and be detail-oriented. As an audit associate, you will have the opportunity to work with a variety of clients and gain valuable experience in the accounting field.

Duties & Responsibilities

• Understand and apply knowledge of accounting, auditing, and tax principles to client engagements
• Develop an understanding of the client’s business and industry
• Identify and communicate issues and findings to seniors and managers
• Assist in the development of audit programs and testing procedures
• Perform fieldwork on assigned audits, including documenting and testing internal controls
• Prepare detailed workpapers that support audit conclusions
• Understand and apply knowledge of data analysis techniques using Excel and other software
• Participate in exit conferences with clients and prepare draft reports for review by seniors and managers
• Assist in follow-up on outstanding audit items
• Manage multiple assignments simultaneously and adapt to changing priorities
• Demonstrate strong verbal and written communication skills
• Maintain a high level of professional skepticism

Required Skills and Qualifications

• Bachelor’s degree in accounting or related field
• CPA or CPA eligibility preferred
• 1-3 years of experience in public accounting or related field
• Proficient in Microsoft Office, with aptitude to learn new software and systems
• Ability to work independently and as part of a team
• Excellent analytical, problem solving, and research skills

Preferred Skills and Qualifications

• Experience with auditing software programs, including Caseware and IDEA
• Strong understanding of GAAP and IFRS
• Experience working in a Big 4 accounting firm
• MBA or Master’s degree in accounting or related field