Why build a career in audit?

Just like any career, the audit profession offers a number of advantages as well as challenges. A career in audit allows you to develop your skill set across a variety of industries while building a strong foundation in financial statements, internal controls, and risk management. These are essential in today’s financial services sector and provide a strong launchpad for an accounting career or other related fields such as compliance, consulting, or finance.

To give a little more insight into what a career in audit looks like, Brewer Morris recruitment consultant Lennon Moore, spoke to Peter Alabi, former Technical Manager at PKF. Peter is a seasoned manager who has recently joined the technical accounting team at PKF, bringing with him a wealth of experience from working with accounting firms and external auditors.

What initially drew you to a career in audit?

Several factors initially attracted me to the field of audit, but these were the aspects which stood out to me the most:

• Variety of clients: Working in audit would give me exposure to a diverse array of clients spanning different industries. This diversity keeps the work engaging and intellectually stimulating, so I am always learning
• Professional development: Audit firms offer comprehensive training and support for ongoing professional growth. This includes opportunities to pursue certifications such as Chartered Accountant (CA), enhancing my credentials and expertise
• Career progression: In accounting firms, there’s a clearly defined career path with prospects for advancement to higher roles like Senior Auditor, Manager, and even CFO. I felt this structured progression allows for tangible goals to strive for and can give direction
• Networking opportunities: Audit firms boast extensive networks of clients and industry professionals, helping to facilitate valuable connections in the long term. This networking has proven beneficial, allowing me to work across borders and expand my professional horizons
• Skill development: Working in an audit firm fosters the development of essential skills like critical thinking, analytical reasoning, and effective communication. These skills are not only valuable within the audit domain but also applicable in broader business contexts
• Job stability: Auditing is an indispensable function for businesses, providing a relatively stable career path compared to some other fields. This aspect offers a sense of security and stability, which is essential for long-term career planning

How do you think the industry has changed over recent years?

The audit profession and financial services industry have experienced significant transformations recently, driven by a variety of factors including information technology, regulatory changes, globalisation, and evolving client demands.

Technology advancements have not only streamlined the sector, making it much more efficient, but also created a high demand for auditors with expertise in information technology, data analytics, and cybersecurity. I’ve found that data analytics tools have become the foundation of my day-to-day work. We can now more efficiently analyse financial data to find trends and detect anomalies. This not only speeds up the work but also allows us to present more insightful information to clients.

Regulatory changes have also been a big factor in recent years, particularly due to several high-profile financial scandals. This has resulted in a growing emphasis on internal audit quality, transparency, and accountability, reinforcing the importance of robust internal controls and risk management frameworks.

What skills do you think are most important for your role?

There are a number of key skills vital for excelling in audit and professional accounting roles:

• There are a number of key skills vital for excelling in audit and professional accounting roles:
• Adaptability: Auditors must swiftly adapt to changes in regulations, industry standards, and client requirements.
• Client relationship management: Cultivating and sustaining positive relationships with clients fosters trust and ensures seamless communication throughout the audit process.
• Collaboration skills: Collaboration is imperative when working with cross-functional teams or coordinating audits with clients and colleagues.
• Analytical skills: Auditors must adeptly analyse financial statements and financial data, recognising trends and identifying irregularities or discrepancies.
• Attention to detail: Precision is paramount in auditing to guarantee accurate financial records and adherence to regulations.
• Communication skills: Clear communication is essential for conveying complex financial information effectively to clients, colleagues, and stakeholders.
• Problem solving abilities: Auditors frequently encounter intricate financial challenges necessitating creative problem-solving skills for effective resolution.
• Technical proficiency: Mastery of accounting principles, financial reporting standards, and relevant auditing software, especially tools like Excel, is more important than ever.

What do you find most rewarding about your career in audit?

I have discovered numerous aspects of my role that I find rewarding, and some of these are highlighted below:

• Problem solving: There’s a sense of satisfaction in confronting complex financial challenges, analysing data, and devising solutions to accounting puzzles
• Contributing to financial integrity: Ensuring the precision and transparency of financial statements is fulfilling, as it nurtures trust in businesses and financial markets
• Continuous learning: The accounting field is constantly evolving, with new regulations, technologies, and industries emerging. I particularly relish the opportunity for ongoing learning and professional growth
• Client relationships: Building strong rapport with clients is at the heart of what I do, and offering valuable insights and guidance is very rewarding.
• Career advancement: There are a number of ways to progress your audit career, ranging from promotions, attaining certifications, or assuming leadership positions
• Making a difference: Knowing my work contributes to informed decision-making, goal achievement, and value creation for stakeholders is deeply fulfilling

Whether you’re exploring entry-level roles or looking to transition into a more senior position, the job opportunities in audit are vast and growing. With the increasing complexity of global business, the need for skilled professionals in auditors work, internal audit, and external auditors is only set to rise.

If you want to know more about a career in audit, or you think that now is the time for you to make a career move, please get in touch with a member of the team. The work environment in audit is dynamic, collaborative, and full of potential.