You are probably reading this post because you want to understand and know more about “auditor salary”. Every company that wants to have its financial document to be accurate needs an auditor. To make it simplified for you to understand the importance of an auditor in a company. Every company has an accountant, and whenever an accountant makes a mistake, the auditor finds them out.
So an auditor is someone who conducts an independent assessment of the company’s financial documents. He/she verifies and reviews these documents to ensure that they comply with tax law. They guard the company against fraud and also point out inconsistencies in the accounting method. Auditors work in several ways in different companies.
Basically, they are two types of auditors: external and internal auditor. The external auditors are not employed by the company they are auditing, but internal auditors are employees of the company they are auditing. And each of them earns differently and each should be able to protect the company’s assets by using risk management skills and tools.
Let’s now dive into discussion the comprehensive guide and listing of auditor salary.
Auditor Salary
According to Indeed.com, the national average salary of an auditor is around $62,313 in July 2021. However, the salary of an internal auditor varies by region, company, and experience. For example, top cities and bigger companies pay a higher salary than the other small companies pay lower pay.
And the entry-level auditors earn an average of $60,000 annually. However, because of the ongoing crisis, salaries are changing. Meanwhile, as we said earlier that the there are top companies that pay huge salaries to auditors. Among the top companies are
- Verizon
- U.S. Army
- General Dynamics Information Technology
- Centene
- NASA
- Digital Intelligence Systems
- USAA
Internal Auditor Salary
The honest truth is that an internal auditor is an important person in a company. Internal auditing is an important aspect of a company’s infrastructure since it guarantees smooth operations and adherence to laws and regulations.
The job market for internal auditors is increasing every day, making it an appealing career choice for people with like accounting and maths. In order words, experience internal auditors have lots of options in their career path. The requirement for becoming an internal auditor starts from obtaining a bachelor’s degree in accounting or finance.
As an internal auditor, your level of skills has a huge impact on your salary. For example, most skills that affect an internal auditor’s salary include Auditing, Financial Reporting, Data Analysis Microsoft Office, Risk Management/Risk Control, Microsoft Excel, Regulatory Compliance, etc.
- Early Internal Auditor Salary (1-4) – $54,000
- Mid Internal Auditor Salary (5-9 years) – $63,000
- An Experienced Internal Auditor Salary (10-19 years) – $70,000
The above salary listing is from accounting.com
IT Auditor Salary
Before we talk about IT auditor’s salaries, let’s first understand what role they are playing in a company. IT Auditor evaluates and reviews all the auditing processes. In order words, we can say that takes charge of and manage risk the technological aspect of a company.
Here are skills IT auditors need to possess.
- Internal Audit
- Information technology
- Information technology
- NIST-The National Institute of Standards and Technology
- Infrastructure
- Risk Assessments
- Project Management
- Business Process
- ACL
- Sarbanes-Oxley
Below is the salary range.
- Entry Level IT Auditor salaries – $32,500 to $71,500
- Avearage – $54,910
- Top earners – $108,500
Management Auditor Salary
A management audit evaluates how well a company’s management team is implementing its plans and resources. A management audit determines if the management team is acting in the best interests of the company’s shareholders, workers, and reputation.
Before you can be qualified to become a management auditor, here are some qualities to possess. For example, you need to have expert knowledge in the following.
- Human resource accounting
- Financial statements analysis techniques
- Social accounting
- Managerial functions
- Economics and business laws
Here is the salary range for the management auditor.
- Early Internal Auditor Salary (1-4) – $99,497
- Mid Internal Auditor Salary (5-9 years) – $116,436
- An Experienced Internal Auditor Salary (10-19 years) – $127,449
- In later Career like (20+ Experience) – $132,005
Salary source: PayScale.
Night Auditor
Night auditors are good in accounting and bookkeeping skills. What they do is to keep a check and have an eye for details and time for the night shift. Mostly, night auditors work for night shift. They work mostly at the hotel, motel, or lodge.
Here are skills every night auditor needs to have before applying for a job. The person needs to have a good background in computer literacy, bookkeeping, and mathematics. Here is the most likely thing a night auditor can do for a company.
- They verify revenue documentation
- Night auditor helps in reconciling settlement of accounts and the revenue information
- They ensure that the financial information is very accurate
- What they do also includes reconciling statement account with revenue account.
- They also responsible for managing daily report by generating computerized the management system.
However, before you can become a night auditor, you need to be a bachelor’s degree holder in hotel management. But they train most night auditors in the skill.
Here is the salary range for night auditors
- Entry Level for night auditor – $25,000
- Average Salary – $34,000
- Top earners – $46,000
Frequent Ask Questions about Auditor Job and Salary
#1. Do Auditors Make Good Money?
Of course, auditors make enough money. The salary depends on states & location and also it depends on one’s experience and skills. So, for you to get high pay, ensure you get relevant skills that will earn you more money.
#2. Is Auditor a Good Job?
One thing you need to understand is that as long as there are businesses and transactions done, there will always be a job for an auditor. The job opportunity is on the rise. It is a job that is high in demand. There are so many other good reasons why the job of an auditor is good for you.
#3. Is Auditng Difficult?
Anyways, auditing is not difficult. But you need to get the necessary knowledge and skills first. Once you are rooted in the basis of auditing you can start at the entry-level and then move up gradually.
#4. Is Auditing the same as accounting?
Both works in the financial sector of the company. While an accountant track, report and analyze financial transactions. An auditor examines the accounting and the financial records & statements to make sure it conforms to the law. And also to make sure it is accepted in the principles of accounting.
Auditor Salary with CPA
According to the accounting.com site, the average salary of an auditor with a CPA is $70,500. Though the salaries vary by experience and also by specialization. So that is to say, that how much a CPA depends on where you live or work.
If you want to become a Financial Auditor, you can read our article on Financial Audit: All you need, Simplified!! (+ Detailed pdf).
Conclusion
An auditor’s salary strictly depends on which region of the country you work in. And according to indeed.com, the average auditor in a year is $62,313. As an auditor, you will stand the chance to get other monetary and material benefits from your company. And from expert research, they said that the number of jobs for auditors will increase by 11 percent than other occupations.
Reference
- investopedia.com – What Internal Auditors Do
- indeed.com – Auditor-salary in USA
- work.chron.com – How much does internal auditor make
- careerexplorer.com– Auditor-Salary
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