ellaar blog 3-01

Skills you need to succeed as a Financial Audit Professional

If you have excellent number-crunching skills, there are a plethora of opportunities in the field of finance. As of March 2022, 2012 companies in NSE and 5263 companies in BSE are listed. The number of unlisted companies is even higher. As per statutory obligations, every company must keep a record of their audited financial statements and balance sheets for each financial year. Introducing Financial Audit.

What Is Financial Audit?

A financial audit objectively evaluates a company’s financial statements, such as income-expenditure, balance sheet, cash flow statement, etc. Simply put, a financial audit determines the firm’s overall financial health and is an integral part of the finance management of any firm. 

How To Become A Financial Auditor? 

Following are the steps to becoming a successful Financial Auditor:

●  Hone Your Accounting Skills: Accounting skills are fundamental in the field of finance. While there is no hard-and-fast rule on how to become an accountant, the most common way is to pursue an undergraduate course in Commerce after class 12. However, students with a non-commerce background, too, can consider taking up a financial management course to catch up on the same.

●      Learn Tally: Tally is the most popular accounting software across the world. The working knowledge of the latest version of Tally – currently Tally Prime Release 2.1 – is always preferred.

● Become a Financial Analyst: Financial Analysis, as a career, is one of the fields in finance where entry-level jobs are routinely advertised. A Financial Analyst makes business recommendations for an organisation based on market research, trends and numbers. Mutual funds, stock brokerage firms and portfolio management services routinely employ financial analysts to help them find companies with sound financial credentials. A degree in MBA in Financial Management can be beneficial in landing a job as a financial analyst.

Top 4 Skills You Need To Be A Financial Analyst

Financial analysis and audit require a vast number of skills. Some essential skillsets required are:

  1. Research: The ability and patience to research from various sources are the foremost important skills of a financial analyst.
  2. Analysis & Interpretation: Data and information can be analysed and interpreted in many ways. For instance, a company has provided multiple dividends to its investors in a financial year. A proper analysis is required to know whether it is due to a rise in profit or a lack of growth opportunities. 
  3. Attention to details: An old idiom goes:  ‘The devil’s in the details’. This stands true for a financial analyst and auditor. 
  4. Financial audit: After entering the world of finance, you can work your way up to become a financial auditor and work towards joining one of the various reputed audit firms in India.

For working professionals, NMIMS offers Distance MBA in Financial Management. The institution has partnered with renowned multinational corporations, companies, and start-ups to provide job opportunities for students who have completed the two-year program. An MBA degree in Financial Management will add skills such as corporate finance, strategic cost management, and international finance to your arsenal, helping you advance in your career.

No organisation can sustain itself without a robust financial audit structure. In this fast-paced and highly competitive industry, a career as a financial auditor can reap high rewards for those who wish to make a mark in this industry. A decision to enter into this intriguing world of number-crunching and analysis has the potential to become a milestone of success in the future.