In recent years, the activity of financial auditing has been constantly growing in demand. Last year, the big four (Deloitte, PwC, KPMG and EY) closed the year with a turnover of 1,845 million euros, 7% more than the previous year and the forecast for this year and coming years is very promising. Companies are growing in all lines of business, and consulting services are in demand with significant growth in mergers and acquisitions of (M & A)
Although, all billing of the big four does not correspond to audit services, this represents 43% of the total billing, indicating a turnover of more than 791 million euros for such services.
Why become an auditor?
Leaving out strictly personal motivations of the nature of, “in my family my father and my grandfather have been auditors”, we asked several accountants in central London for their reasons why you should consider choosing the auditing of accounts as a profession of the future:
- Auditing is a growing profession, as discussed at the beginning, the auditing of accounts is a professional service widely in demand, both for the performance of external and internal audits. Therefore, it is a profession with a wide spectrum of potential work.
- Being an auditor is also highly valued for the performance of financial management and management control work. In fact, many professional auditors who work in the big four leave after a few years to fill related positions in major companies, with very high salaries.
- Mergers and acquisitions need the work of auditors to perform the valuation of the companies, as well as to analyse the viability of the investment project. M & A activity grew by 20% last year, and according to forecasts the dynamics of mergers and acquisitions will continue in the coming year, thanks to a better economic situation, the increase in investment made by foreign funds, and the improved financial situation of many companies after adjustments made in previous years.
- Auditing is no longer an exclusive activity of large companies, auditing services are being increasingly demanded by SMEs, who require the auditor’s role as an advisor to identify errors in the accounts, implement good accounting principles, optimise the accounting process, make fiscal and accounting consolidation, detect internal frauds, and achieve a true financial representation of their companies.
- It is a prestigious profession, since auditors are respected for their integrity and knowledge, and verify that the accounting books of a company represent the true financial reporting of the company, and detecting anomalies that could affect such reporting.
- Good remuneration, both for auditors who work for others, and for those who work on their own, since auditing services usually have a high cost, as it is a profession that require a great deal of specialisation.
- It is a profession that will resist digital disruption and robotization, which threaten to replace many jobs in the future, because although the auditor can and should rely on technology, their opinion will always be necessary.
Working as an auditor typically requires availability to travel, dedication, resistance to stress, especially at certain times of the year, and personal skills to deal with clients, with whom auditors work in close contact. It is an extremely rewarding profession and offers many future career possibilities.