Careers
Transitioning from military service to a civilian career presents unique opportunities and challenges. One promising career path for veterans is in the field of auditing, a profession that offers the chance to leverage the skills and discipline acquired during service. This guide provides an overview of what auditing entails, the skills needed, how to qualify, and further steps to take in pursuing this career.
Auditing involves the examination and verification of a company's financial records and business operations to ensure accuracy, compliance with regulations, and operational efficiency. Auditors play a critical role in maintaining the financial integrity of organizations across various sectors, providing insights that help businesses improve their operations and financial reporting.
DEFINITION
Audit An official financial inspection (of a company or its accounts); a systematic review or assessment of something
Auditors require a mix of analytical, detail-oriented, and interpersonal skills. Key competencies include:
First, decide whether you aim to be employed within an organization or pursue a career as a self-employed auditor. This decision will influence your approach to gaining qualifications and certifications. Employed auditors often have the advantage of receiving support for their training from their employer, while self-employed auditors will typically need to invest in their own training.
Enroll in a recognized lead auditor course. These intensive courses generally span five days and conclude with a written examination. For those aspiring to conduct quality management system audits, the CQI (Chartered Quality Institute) and IRCA (International Register of Certificated Auditors) certified ISO 9001:2015 Lead Auditor Course is highly recommended. This course equips you with the necessary skills to perform first, second, and third-party audits of a complete quality management system.
Accumulate a minimum of ten days of on-the-job auditing experience. This experience should involve observing and actively participating in real audits. This step is crucial for applying the theoretical knowledge gained in the lead auditor course to practical situations, under the guidance of experienced auditors.
Undergo a witness audit where you, as a trainee auditor, are observed by a seasoned lead auditor. During this phase, you'll be involved in preparing, conducting, and reporting on the full audit cycle. This is an essential step in demonstrating your competency in applying auditing principles and practices in real-world settings.
For veterans, leveraging the skills and discipline acquired during military service can be advantageous throughout this qualification process. The structured approach to training, attention to detail, and adherence to standards are qualities that align well with the demands of a career in auditing.
For those transitioning from the armed forces into auditing, advancing your qualifications doesn’t stop with your initial certification. Engaging in three-day auditor conversion courses for various ISO standards is a strategic move to broaden your expertise across different compliance frameworks. These courses enable you to add more ISO schemes to your portfolio, making you a more versatile auditor. Your certification body (CB) can provide tailored guidance, helping you combine training and witness audits across standards based on your unique background and aspirations. Leveraging the discipline, strategic planning, and adaptability honed in the military, you can efficiently navigate your path to becoming a well-rounded auditor, ready to tackle a diverse range of auditing challenges in your new career.
Service leavers may find that numerous military occupational specialisations equate to the duties and responsibilities of an auditor
Many of the core personal skills required to be a good auditor are comparable with those found within a successful military career:
… combined with excellent communication skills.
Auditing offers a stable and rewarding career path with opportunities for progression into senior management roles. It also provides the chance to work in various industries, from finance and manufacturing to government and non-profits, ensuring a diverse and engaging work experience.
AUDIT & RISK MAGAZINE
Audit & Risk is the Chartered Institute of Internal Auditors’ internal auditing magazine for members. Published digitally, it is the leading source of news, views and insights for internal auditors in the UK and Ireland. Click here to download your copy
The cost of qualifying as an auditor can vary depending on the route taken. University courses have their own fees, while professional qualification costs include exam fees, study materials, and membership fees for professional bodies. Financial support, such as scholarships and bursaries, may be available.
Veterans can use their Enhanced Learning Credits (ELC) to fund auditing qualifications. The ELC scheme supports higher-level learning of service leavers, making it an invaluable resource for covering part of the qualification costs. Under the ELC scheme, a wide range of learning can be taken, provided it is offered by an approved provider listed on the ELCAS website and is at level 3 or above. For full details of how to make the most of your ELC, refer to our in-depth features elsewhere on the Quest website
For more information on pursuing a career in auditing, veterans can consult resources such as the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), and the Chartered Institute of Management Accountants (CIMA). These organizations offer detailed guidance on qualifications, career paths, and continuing professional development in auditing.
Transitioning from the armed forces to a career in auditing can be a fulfilling journey, offering the chance to apply the discipline, integrity, and analytical skills honed in military service to the business world. With the right qualifications and a commitment to professional development, veterans can thrive in this dynamic and respected field.
AUDIT APPRENTICESHIPS
Whether you are considering a career in internal audit, are new to the profession, or are already an experienced practitioner, there's an apprenticeship for you! The Chartered IIA, for example, has developed two apprenticeships: internal audit practitioner (level 4) and internal audit professional (level 7), both of which include Chartered IIA designation. Click here to find out more. In addition, many large firms (such as KPMG and Deloitte) offer their own audit apprenticeship schemes.
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