Auditing is one specialization in the field of accounting. As an auditor, there are many different industries that you can specialize in. From nonprofit to large corporations, the demand for auditors continues to grow. Following is a short list that gives you an assortment of great specializations for anyone who is thinking about becoming an auditor.
Cities, counties, and state governments all offer careers in their internal audit departments. People who work in internal audit for a municipality need an in-depth understanding of the special rules and regulations that apply to governmental accounting. Depending on the size of the entity, the audit department could be a single person or a large department. Some of the duties could include looking at internal controls, reviewing financial records, looking for compliance for federal and state regulations, preparing reports, and more. Salaries for municipal internal audit specializations depend on the size of the entity, with some larger cities offering salaries in the six figures.
2. Hospitals and Medical Centers
Hospitals and medical centers are another nonprofit industry that offers a great specialization for auditors. All of the larger medical chains and centers have an internal audit department. Auditors who work in this industry also need an in-depth understanding of the special rules and regulations specific to the medical field. In addition to the financial reviews, other duties could include reviews of internal controls, fraud detection and prevention, looking at the insurance claims process, Medicare and Medicaid claims, and more. Salaries are very competitive and can be dependent on experience and education.
3. Healthcare Insurance
With the Affordable Healthcare Act, the need for qualified and educated internal auditors in the healthcare insurance industry has exploded in recent years. While the hospitals and medical centers focus on the claims billed and received, the healthcare insurance companies also must look at the claims filed and paid to ensure that the process on the insurance side is streamlined and as efficient as possible. One large area requiring internal audit is risk management and adjustment. This field is fluid and has undergone extensive changes in recent years and requires an audit team that can stay on top of the constantly changing rules and regulations.
4. Large Corporate Businesses
Every Fortune 500 Company has a large internal audit department. These in-house auditors are responsible for looking at the financial reports to ensure that they are accurate and complete before the external auditors come in for their independent audit. The better job the internal auditors do, the less time the external auditors will have to spend and that saves the company hundreds of thousands of dollars. Other duties checking internal controls, fraud detection and prevention, inventory accounting methods and controls, preparing and presenting reports, and more.
5. College and Universities
College and universities are another specialization for auditors. This industry also has specialized rules and standards that are unique to the field. Some of the duties could include looking at internal controls and compliance with established regulations including both financial and others.
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Internal auditors must have a unique skill set and specialized knowledge in their field of expertise in addition to a good solid background in accounting. Internal auditors are a valued department and an asset to the company they work for. While this is only a short list, the specializations for auditors is extensive and the demand for internal audit will continue to grow.