Evaluate, purchase, or sell investments on behalf of clients.
An External Auditor performs independent, third-party reviews on the financial records of private companies. Your job is to evaluate a company’s accounting, payroll, and purchasing records, as well as documents related to investments, stocks, and loans. Your ultimate objective is to provide an accurate and unbiased analysis of the company’s financial condition.
To be an astute External Auditor, you must be familiar with the business operations of the company you’re auditing. If you find irregularities in the company’s records, you document your findings and suggest improvements regarding accounting methods, internal controls, or spending habits. You might also suggest ways to reduce overhead expenses through staff reductions or inventory control. Once the job is completed, you present your findings to management, with constructive comments for improvements.
Objectivity is the key to being a successful External Auditor. This job requires having no ties to the company you’re auditing. In other words, you can’t be a friend or relative of anyone who works for the company. This is because your report needs to come from a neutral viewpoint.
Businesses depend on External Auditors to be their financial Judge. Your services are also required by regulatory agencies and shareholders who have doubts about the accuracy of a company’s financial claims. Your findings are valuable because the company’s reputation can depend on them. If the External Auditor’s conclusions don’t tally with the company’s records, then there’s going to be trouble, which sometimes means prison time for the persons responsible for the discrepancies, or heavy fines for the company.