Auditors employed in Government offices usually receive a starting salary of P18,000 while a Chief Auditor normally has a monthly take-home pay of P28,000 to P35,000. In medium-sized private companies, an Auditor’s salary usually ranges from P35,000 to P45,000 a month. In large or multi-national companies, Auditors usually receive about P45,000 to P75,000 a month. In the U.S., an entry level Auditor receives an average monthly salary range of $3,515 - $4,290 per month.
Basic Educational Requirement
An Auditor position requires at least a bachelor's degree in accounting or a related field. Some employers prefer applicants with a master's degree in accounting, or with a master's degree in business administration with a concentration in accounting and auditing.
Cost of Education *
A four-year accounting in B.S. Accountancy costs around P30,000 to P45,000 per semester in a private institution while in public educational institutions that offer the same discipline, tuition fee would cost about 20%-40% less.
The demand for Auditors will increase simultaneous with economic growth since the number of business establishments is expected to increase as the economy grows. The increase in the number of business establishments will require more auditors to analyze financial data, prepare taxes, and provide financial advice.
Auditors may also be employed in the following industries: Manufacturing; Electricity, Gas and Water Supply; Construction; Wholesale and Retail Trade, Repair of Motor Vehicles, Motorcycles and Personal and Household Goods; Hotels and Restaurants; Transport, Storage and Communication; Financial Intermediation; Real Estate, Renting and Business Activities; Public Administration and Defense, Compulsory Social Security; and Health and Social Work.
Prospects for Career Advancement
Auditors with adequate academic preparation may advance to positions with more responsibility in 1 or 2 years and to senior positions within another few years as supervisors, managers or partners in an auditing firm. They may assume the position of chief auditor, budget director, controller or chief financial officer. Those who excel in their jobs may move to executive positions in other fields of specialization such as internal auditing, occupying top positions as Vice-President for Finance or as Corporation President.
Nature of Work
An Auditor examines and analyzes accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Analyzes financial data;
- Uses cost benefit analysis techniques;
- Follows tax laws and regulations;
- Computes financial data;
- Directs and coordinates financial activities;
- Compiles data for financial report; and
- Prepares financial reports.
Skills and Competencies
- Aptitude for mathematics;
- Ability to analyze, compare, and interpret facts and figures quickly;
- Excellent communication skills both verbally and in writing;
- Practical knowledge of computers (basic accounting software packages) and their applications in accounting and internal auditing; and
- Strong interpersonal skills.
Physical Attributes and Characteristics
- Have high standards of integrity;
- Must be good at working with people;
- Can exercise independent judgment; and
- Able to work individually or as part of a team.
* Based on tuition fee rates for school year 2010-2011.