The Job Description of an Income Auditor
An income auditor helps a corporation's top management and department heads ensure that revenue amounts reported in corporate financial statements are accurate and complete. He also works under the guidance of a senior accountant to evaluate internal controls and procedures in income reporting systems and ensures these procedures are operating effectively.
Other People Are Reading
-
Responsibilities
-
An income auditor reviews a company's income reporting processes to ensure they are adequate, functional and established in conformity to generally accepted accounting principles (GAAP), industry practices and regulatory guidelines. Simply put, she ensures that income procedures adhere to laws and directives. An income auditor also reviews income information, re-computes revenue data and ensures that amounts reported in corporate accounting books are accurate.
Education and Training
-
A senior income auditor with vast supervisory duties generally holds a master's degree in accounting, auditing, taxation or finance. She also may hold a professional certification such as the certified internal auditor (CIA) designation, in which case she must abide by minimum continuing education guidelines that the Institute of Internal Auditors (IIA) requires. A junior income auditor may have a bachelor's degree in a business or liberal arts field.
-
Compensation
-
An income auditor's total compensation depends on the industry, the company's size and the employee's seniority or length of service. According to the U.S. Department of Labor, median annual wages of income auditing clerks were $32,510 in 2008, with the top 10 percent of the occupation earning more than $49,260 and the bottom 10 percent earning less than $20,950. An experienced income auditor's remuneration is higher. The same research shows that median annual wages of income auditors were $59,430 in 2008, with the bottom 10 percent earning less than $36,720 and the top 10 percent earning more than $102,380.
Career Growth
-
An income auditor may improve her chances of promotion by attending periodic training sessions or enrolling in an advanced degree program in finance, auditing or accounting. An income auditor also could be promoted faster if he seeks a professional certification such as a certified public accountant (CPA) or a certified financial services auditor (CFSA) designation. A competent and skillful income auditor moves to a senior role, such as income audit manager or senior income auditor, within two to five years.
Working Conditions
-
An income auditor works a typical 8:30 a.m. to 5:30 p.m. shift. Occasionally, she may travel to other corporate branches to meet with colleagues or review income reporting processes. Or, she may be busy at the end of the month when the firm files its regulatory documents with the Securities and Exchange Commission (SEC).
-
References
- Photo Credit accounts image by Alexey Klementiev from Fotolia.com
