Internal Auditor Jobs - Which Audit Sector Suits You

The fields of corporate governance, internal audit jobs, accountancy positions and IT audit jobs still offer excellent career opportunities and given the increasingly international face of the corporate world means that there are audit jobs available almost anywhere in the UK and throughout Europe, though some areas offer more opportunities than others. Depending on the type of work that you're seeking, here's a quick look at where the audit jobs are around the UK.

Public Sector Audit Jobs
No matter where you want to live and work, you'll find that there are public sector audit jobs available. The demand in the public sector is greatest for internal audit positions, including both permanent and contract work, in positions from junior auditor to directors of internal audit departments. Check with recruitment firms and with local councils to find public sector jobs near to you - or wherever you'd rather live.

Audit Jobs in Financial Services Firms
If you want to work within a financial services firm, some of the best areas to be looking include London - of course - and in and around Brighton, where you'll find a number of financial services companies based. You'll also find a cluster of financial services firms that base their offices around Cornwall, Devon, Dorset and Wiltshire, and around Yorkshire, particularly West Yorkshire. In the southeast, there's a pool of financial services firms based in and around Bournemouth. In Scotland, you'll find a concentration of insurance, financial management and assets management firms in Glasgow and Edinburgh.

Retail Industry Audit Jobs
No matter where you live or want to work, you'll find audit jobs available in the retail industry. From the smallest hamlet to the bright lights of London to the seaside, there's always a demand for those who want to work within the financial audit end of retail.

Risk Management Jobs
One of the fastest growing segments of the auditing and financial industries is in risk management. The huge losses incurred by international companies in the 1990s highlighted the importance of risk management, and the rush to find qualified professionals who can identify, assess, monitor and report on risk factors and their effect on business is still driving the market and keeping salaries high. The best areas to find employment within the risk management specialty are those with a high concentration of financial services firms and the headquarters of large companies in any industry. London, Birmingham, Sussex and the capital cities offer the most opportunities, but there are positions open nearly everywhere in the UK for internal audit jobs concerned with risk management.

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Getting Ready for an Audit

Many organizations must undergo a regular financial audit by an external auditor. While the prospect of an audit can cause fear and trepidation for those being audited, this does not have to be the case. Knowing ahead of time what information the auditor is likely to ask for, and having that information organized and available before your first meeting with the auditor, will go a long way to ensuring a smooth and stress-free audit.

From the auditor's perspective, an audit engagement is made much easier when clients have properly gathered and organized all required information, and are able to provide it to the auditor in a timely manner. The auditor's job can then be completed more efficiently which can translate into fewer hours on the job, and potentially result in lower audit fees.

In preparation for the audit, and at least a month before the audit engagement is to commence, you should ask the auditor to supply you with a "shopping list" of information that he will require.

The standard monthly financial package should ideally contain much of the information that the auditor needs. Each month's financial package should contain supporting information for all balance sheet accounts. This would include for example detail aged A/R and A/P listings, capital asset depreciation schedules, and detail of prepaid expenses, deferred revenue and accrued liabilities accounts.

When the auditor arrives, you should ensure that:

the appropriate people will be there, such as the office manager, director, accountant and bookkeeper
all records are collected ahead of time (see below)
documentation is easily accessible and made available in an efficient manner, and
adequate time is scheduled for the visit
Information typically required for an external financial audit will include:

Employee contracts and payroll records
Bank statements, deposit books and invoices
Up-to-date general ledger
Lease, contracts for rental equipment, 3rd party agreements (includes contractors and consultants)
Up to date inventory list (if applicable)
Capital assets sub-ledger (if applicable)
Documentation of internal controls
Access to board minutes, contracts, by-laws, letters patent, supplementary letters patent, legal invoices and legal correspondence
On-site access to the bookkeeper or some other person who knows computer and filing systems
It is important that financial information is easily accessible. Whether in paper or electronic format, all financial records should be filed neatly and logically, for example in chronological order or alphabetical order. Original receipts and invoices should be available (credit cards statements and/or slips are not considered to be receipts or invoices). This would include original airline and train tickets, etc. Also, all records must be kept on site for as long as the law requires.

An audit can be very beneficial to the organization. You should use this opportunity to ask any questions, improve your internal controls and ensure that staff is aware of the rules governing the spending of your organization's funds.

Top 3 Reasons to Include Data Analytics in a Financial Audit

Data analytics has become indispensable to many industries. It is firmly embedded in the way a lot of companies to do business. Most companies use the power of data analytics to study customer behavior and manage progress of most business process. This provides opportunities for firms to offer services in this domain. One such service is the financial audit. Audit firms can really benefit from this opportunity as the technology evolves and advances in the coming times. However, listed below are the key reasons why the audit services providers should gravitate towards data analytics.

1. Volume of data - Traditionally firms offering services to review the financial data, traditionally used to just test data entries based on certain as it is not possible to go through all the data manually. This left a huge gap in the analysis that was done, even if performed by CPA certified professionals. The data analytics approach allows such teams to be able to test all the data extracted from their clients ERP systems and provide much more conclusive analysis in a much shorter turn-around time.

2. Sensitive Nature of the data - Recent times have shown how important it is to have proper checks and balances on the financial industries. Even small discrepancies over time can affect lives of numerous people just like it did during the financial crisis of 2008. Even at the level of public companies, it is important to ensure that the firms to do not engage in illegal financial activities in order to mislead the shareholders and stakeholders.

3. Additional Revenue Stream - Most firms are able to generate new revenue streams by promising much more comprehensive audit reviews for their clients. The inclusion of data analytics to support the audit approach allows for firms to offer a wide array of services to their clients. It serves both the firms and the clients well. It allows the firms to increase the scope of the audit and the clients can be informed by timely to take corrective actions.

Audit firms sit at a very advantageous position to benefit from all the advancements in the field of data analytics. Not only can they vastly improve their existing processes to provide much more conclusive analysis but also drive innovation to offer a variety of new services to their clients. It is a win-win for everyone involved in this game. It is just a matter of lining up the ducks.

Why Get a Forensic Loan Audit?

Most homeowners who are losing their homes are hopeless and feel powerless. They are instructed by banks that they will not be able to short sale their homes without ceasing to pay their mortgage payments, but that damages their credit and financially drags them down. With no help and little hope they face foreclosure and many finally have to file bankruptcy to end their own financial liabilities.

Is a forensic loan audit a possible solution?

The solution to this situation is called a forensic loan audit and can save many homeowners thousands and even tens of thousands of dollars quite easily. The basis for this is that 83% of lending institutions have been cited for "significant" compliance violations. This can mean incomplete disclosure or failing to failing to answer questions the buyer has about escrow accounts. Regardless of the severity, the buyer is entitle to certain information regarding their loan, and any lending company who does not permit it, is liable under various lending laws.

Who can benefit from a forensic loan audit?

Many homeowners simply get exhausted and stop paying their payment because they do not have a better strategy. My advice is to take the money that would normally go toward your payment and spend it on a forensic loan audit to make sure your lender has complied with the required laws. The loan auditing company will issue a report and pursue any damages due to the homeowner on a contingency fee basis most of the time, so it is frequently at no cost to the homeowner. Anyone who is having trouble paying for their home loan will benefit from getting one soon!