What is the auditing industry? What to study, how much to pay and career opportunities

1. Overview of the auditing industry

1.1. What is the auditing industry?

Auditing is a field that specializes in checking, evaluating and verifying the accuracy of financial statements of an enterprise or organization. This helps ensure that financial information is presented transparently, honestly and in compliance with applicable legal regulations.

Professionals who work in this field are called auditors. They are tasked with analyzing financial data, evaluating internal control systems, and providing independent opinions on the financial health of the business.

1.2. The role of audit in enterprises

In the modern economy, auditing plays an extremely important role when:

• Ensuring transparency of financial statements

• Detect errors or financial fraud of the business.

• Supporting businesses to improve their financial management systems

• Assist businesses in complying with financial, accounting, and tax regulations according to the laws of each country.

• Contributing to improving the efficiency of corporate governance

Thanks to these roles, auditing becomes an essential area in the financial management system of most modern businesses.

1.3. Difference Between Accounting and Auditing

When learning about the auditing industry, many students often confuse the two fields of accounting (Accounting) and (Auditing). In fact, these two industries are closely related but play different roles in the financial system of enterprises.

• Accounting focuses on recording, synthesizing, and managing the financial transactions of a business. An accountant's job includes preparing financial statements, tracking expenses, managing revenue, and ensuring financial operations comply with accounting regulations.

• Auditing is the process of checking and evaluating the accuracy of financial statements prepared by accountants. The auditor will analyze the data, evaluate the internal control system, and provide an independent opinion on the transparency of the financial statements. This job helps detect errors, fraud, or financial risks in the operation of the business.

Overall, accounting and auditing are two fields that complement each other. Accounting provides financial data, while auditing helps ensure that the data is accurate and reliable. It is this combination that helps businesses operate more transparently and efficiently.

2. What subjects does the auditing major study?

2.1. Foundation Subjects

In the early years, you'll learn the basics to understand how businesses operate and manage finances. Some popular subjects include:

• Accounting principles

• Business Law

• Governance

• Microeconomics and Macroeconomics

• Economic Mathematics and Statistics

• Corporate Finance

• Statistics and data analysis

2.2. Specialized subjects

Upon completion of the foundational courses, students will continue to study specialized subjects directly related to the field of auditing, such as:

• Financial Statement Audit

• Internal Audit

• Independent Audit

• Financial Statement Analysis

• Risk management and internal controls

2.3. Professional certifications in the auditing industry

In addition to professional knowledge from undergraduate programs, many auditing students choose to pursue international professional certificates to improve their professional capacity and expand career opportunities. These certifications are widely recognized globally and are often a great advantage when working in the field of finance and auditing.

• ACCA (Association of Chartered Certified Accountants): one of the most popular international accounting and auditing certifications today. This certificate is recognized in more than 180 countries and is highly appreciated by many businesses, especially large auditing firms.

• CPA (Certified Public Accountant): CPA is a popular accounting and auditing practice certificate in the US and many other countries. This is considered one of the most valuable certificates in the financial sector.

3. Qualities and skills required of auditing students

The auditing industry is often seen as a field that requires high accuracy and the ability to work with complex financial data. Therefore, besides professional knowledge, students pursuing this major also need to possess some appropriate qualities and skills to develop well in the professional environment. Here are important factors to help you assess whether you are a good fit for the auditing industry:

• Logical thinking and the ability to analyze data: The ability to read and analyze financial data is a core element of the auditing profession. This skill will help you spot errors or risks in financial statements.

• Carefulness and attention to detail: A small deviation in financial figures can also affect the entire report. Therefore, meticulousness and prudence are very important qualities for auditors.

• Problem-solving skills: During an audit of the financial system, the auditor must identify the causes of financial deviations and propose appropriate solutions.

• Communication and teamwork skills: Auditors often have to work with many departments in the business, from the accounting department to the management board. Clear communication skills and the ability to coordinate with colleagues will make the work process more efficient.

• Ability to manage time and withstand work pressure: Audit work often takes place in peak periods, especially at the time of preparing financial statements at the end of the year. Therefore, the ability to organize work and work under pressure is an important factor.

• The spirit of continuous learning and updating knowledge: Accounting standards and financial regulations are constantly changing. People working in the auditing industry need to actively learn and update their knowledge to keep up with the development of this field.

In Vietnam, you can study at universities training in auditing such as National Economics University, University of Economics Ho Chi Minh City. Ho Chi Minh City, Academy of Finance, University of Commerce and University of Economics – Vietnam National University, Hanoi. During their studies, students often have the opportunity to participate in internship programs at businesses, banks or auditing firms to gain practical experience.

In addition to the option of studying in the country, studying auditing abroad is also a direction that many people consider. Here are some prominent countries that train the auditing industry:

• Study Auditing in the US: The US is one of the countries with the world's leading business and financial education systems. Students studying auditing in the US often have access to an in-depth training program, combining theory and practice. In addition, many universities in the US also associate with large auditing firms, creating opportunities for internships and gaining practical experience.

• Study Auditing in Australia: Australia is a popular destination for international students when studying business, finance and accounting – auditing. Auditing courses in Australia are usually designed according to international standards and have affiliations with professional organisations such as CPA Australia or ACCA.

• Study Auditing in Canada: Canada is known for its friendly learning environment and high-quality education system. Many universities in Canada offer auditing training programs that are tied to business practices, helping students develop both professional knowledge and professional skills.

• Study Auditing in the UK: The UK is home to many prestigious auditing professional organizations in the world, such as ICAEW. Students studying auditing in the UK have the opportunity to access international standard training programs and a traditional academic environment.

The choice of a country to study in auditing should be based on many factors such as the quality of training, the cost of studying, internship opportunities and future career orientation. Thoroughly understanding the curriculum and educational environment in each country will help you make the right decision for your academic goals.

5. Career opportunities in the Auditing industry

The auditing industry is considered one of the fields with a stable demand for human resources in the labor market. After graduation, you will not only have the opportunity to work at auditing firms but also take on many other positions in the field of finance, accounting and corporate governance such as:

• Auditor

• Internal Auditor

• Financial Analyst

• Financial or Tax Consultant

• Work at international auditing firms (Deloitte, PwC, EY or KPMG (commonly known as Big4).

With a background in finance, accounting, and corporate governance, you can completely try yourself in many different fields. If you continue to pursue international professional certifications such as ACCA or CPA, career development opportunities in this industry can expand even further.

6. Average salary of the Auditing industry

One of the factors that make many students interested in the auditing industry is the relatively stable income level and long-term career development opportunities. After graduating in countries with developed economies, you can work in auditing firms, financial institutions, or multinational corporations with competitive income. However, the average salary of the auditing industry can vary depending on the country of work, job location, and years of experience.

• US: According to data from labor market reports, newly graduated auditors in the US have a starting salary of about 55,000 – 70,000 USD/year*. With 3-5 years of experience, the income level can increase to about 80,000 – 100,000 USD/year * or higher.

• Australia: In Australia, new graduates in the auditing industry usually have a starting salary of around 55,000 – 65,000 AUD/year*. As you gain more experience and gain professional certifications such as CPA Australia or ACCA, your income can increase significantly.

• Canada: Auditors in Canada have a starting salary of around 50,000 – 60,000 CAD per year*, and can increase to more than 80,000 CAD per year after a few years of employment.

*Salary information is collated and aggregated from a variety of trusted data platforms, including Glassdoor – Salary Insights, Payscale, Government of Canada – Job Bank and Australian Government – Labour Market Insights.

Discover the right Audit course with IDP

The auditing industry is an important field in the financial and business system, playing a role in ensuring the transparency and reliability of financial statements. When studying this major, you will be equipped with knowledge of accounting, finance, risk management and many important skills such as analytical thinking, problem-solving ability and prudence at work.

If you love finance, have a logical mindset, and want to build a career in a professional environment, the auditing industry may be worth considering. Carefully research the training program and learning path to choose the right direction for your career goals in the future.

To find out more about auditing training programs in countries such as Australia, the UK, the USA, Canada, New Zealand and Ireland, you can refer to the IDP website – Study Abroad Consultancy or contact IDP's team directly. With many years of experience in the field of international education consulting and a network of partners who are prestigious universities around the world, IDP is ready to accompany you on your study abroad journey.

• Advice on the right study abroad pathway: IDP supports students in choosing the right country, school, and field of study that suits their abilities, career orientation, and budget. In addition, you will also be guided to prepare documents, register for the IELTS test, hunt for scholarships to study abroad

  and complete the procedures for applying for a student visa.

• Connect directly with university representatives: You can participate in IDP's Study Abroad Fairs to meet university representatives, learn about study programs, and career opportunities after graduation.

• Support for essential services for international students:

  IDP offers a range of support services for international students, such as

  finding housing (homestay, dormitory, or rented house) to suit your budget and needs. In addition, you will also be supported to purchase insurance, apply for an international SIM card, and banking services, helping you quickly adapt to life abroad.

• Equip yourself with information before you go to study abroad: Equip yourself with all the knowledge and skills to confidently embark on your study abroad journey.