If you find Auditing & Taxation very interesting and wish to make your career in it… then this article will guide you about how to get started in this field.
A career in Auditing & Taxation open wide range of career opportunities in the finace and accounting sector. The auditing and taxation professionals are high in demand across multiple industries like banking, finance, consultancy firms, Insurance companies and government organizations.
A Chartered Accountancy is considered one of the top choices among the students to pursue career in auditing, taxation and similar domain.
However, apart from CA, there are several other diploma, undergraduate, postgradulate programs that can lead to rewarding careers in auditing, taxation, and financial compliance.
But before we begin to discuss more about courses in this field, let’s understand what is Auditing and Taxation.
What is Auditing?
Auditing is an official verification and examination of accounts and records, like financial accounts of a company or an organization, or an individual.
The primary goal of an auditing is to detect errors, fraud or any financial financial irregularity while ensuring transparency, and compliance with financial regulations and standards.
Professional who performs audits in various companies and other places are known as “Auditors”.
The word “Audit” has been derived from a Latin word “audire” it means “to hear”. In medieval times (In Britain), auditors used to hear the accounts and check them that the company or organizations were not careless or deceitful.
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What is Taxation?
Taxation is a process of government for collecting money from its citizens or businesses to pay for public services (for example – Hospitals, public parks & social schemes etc).
These include various types of taxes like income tax, GST, corporate tax, custom duty etc. A tax professionals (like a CA) assit individuals or businesses in tax planning, compliance, and filing, make sure that individuals or organizations meet their legal tax obligations.
Types of Taxes
Direct Tax: Those taxes, which are directly paid to the government by the taxpayer are called as direct taxes. For example – corporate tax, income tax, capital gains tax etc.
Indirect Tax: These types of taxes are imposed on goods and services. These inlcude GST, custom duty etc.
Top Courses in Auditing & Taxation
Candidates can choose from a wide range of courses from diploma to master’s level. In India, a large number of government and private universities offer these courses.
Some of the most sought courses in the field are:
Diploma Courses (1-2 year Duration)
- Diploma in Accounting & Auditing
- Post Graduate Diploma in Accounting
- Diploma in Taxation
- Diploma in Tax & Company Law
- Advance Diploma in Financial Accounting & Taxation
- Advance Diploma in Taxation
- Post Graduate Program in Tax Management
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Bachelor Courses (3 Year Duration)
- Bachelor of Commerce (B.Com) in Fundamental of Auditing
- Bachelor of Commerce (B.Com) in Taxation
- Bachelor of Business Administration (BBA) in Accounting & Finance
- Bachelor of Commerce (B.Com) in Accounting & Taxation
- Bachelor of Commerce (B.Com – Hons) in Direct & Indirect Taxation
- Bachelor of Commerce (B.Com) in Tax Procedure & Practice
Master Courses (Two Year Duration)
- Master of Commerce (M.Com) in Accounting and Auditing
- Master of Commerce (M.Com) in Taxation
- Master of Business Administration (MBA) in Banking & Taxation
- Master of Commerce (M.Com) in Accounting & Taxation
Professional Course
- Chartered Accountant (CA) Course
- Cost & Management Accounting
- Certified Public Accountant
Eligibility Criteria
The candidates interested in pursuing career in Auditing and Taxation, must meet the eligibility conditions as mentioned below:
For Diploma Program: Candidates must have passed class 12th with any stream.
For admission in bachelor programmes: students must have passed 12th with commerce subjects like Mathematics, Economics & Accounts.
For postgraduate courses: the candidates must hold a bachelor’s degree in the related field.
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Admission Process
How can i get admission in these courses?
Most of the top private and government universities provide admissions on the basis of entrance exams score. The central universities consider CUET UG exam score for admission to their undergrduate programs.
Some private universities and colleges offer admissions in bachelor or diploma courses on the basis of merit list prepared on the basis of marks obtained in 12th standard, while other universities select students for admissions on the basis of entrance exam followed by counselling process.
For admission in MBA programs (Banking & Taxation), candidates have to qualify MBA entrance exams like CAT, MAT etc
Entrance Exams
Some of the top entrance exams for admission to UG & PG courses are:
- CUET UG 2025 (Common University Entrance Test)
- CAT 2025 (Common Admission Test)
- MAT 2025 (Management Aptitude Test)
- CMAT 2025 (Common Management Admission Test)
- GMAT 2025 (Graduate Management Admission Test)
- SNAP 2025 (Symbiosis National Aptitude Test)
Top Universities in India
There are many universities in India which offer courses in this field which are mentioned below:
- ICAI (The Institute of Chartered Accountants of India)
- IIM Ahmedabad
- IIM Bangalore
- IIM Calcutta
- Shri Ram College of Commerce
- St. Xavier’s College, Kolkata
- Narsee Monjee College of Commerce & Economics, Mumbai
- Loyola College, Chennai
- Christ University, Bangalore
- Symbiosis College of Arts & Commerce, Pune
- Amity University, Noida
- Delhi School of Economics (DSE)
Career Scope
Is there a bright future for you in Auditing and Taxation? Definitely, the answer is YES!
After completing a degree in auditing and taxation, candidates can find numerous career opportunities across various industries in both public and private sector.
Professionals can find employment in banking, consultancy, corporate firms, non-banking financial institutions and capital market companies.
The big four (Deloitte, PwC, EY, KPMG) hire Auditing and Taxation professionals for providing services to their clients. These professionals have high demand in MNC’s for internal auditing and corporate taxation related work.
Candidates can also join government Institutions for work related to income tax, GST, Tax planning & compliance.
Professionals with 5-10 years of industry experience can also start their consultancy firms and provide services to individuals and businesses.
What Job Titles Might I Have?
Here are some common job titles in the fields of Auditing & Taxation:
- Accountant
- Tax Policy Analyst
- Financial Analyst
- Internal Auditors
- External Auditors
- Employment Tax Specialist
- Personal Finance Consultant
Role of a Tax Accountant
- Preparing and submitting accounts and tax returns.
- Advising about business plans, investment opportunities, etc.
- Assisting clients with financial and income tax statements.
- To develop or plan strategy to minimize the income tax.
Role of an Auditor:
- To give the true view of the profit or loss of the company.
- Test documentation and supporting account balance.
- To ask about the management and others to develop an understanding of the company.
- Prepare audit reports and shows result to the authorities.
Salary
The auditing and taxation professionals are paid as per their experience, job roles and educational qualifications.
As a fresher you can start your career as a audit associate, tax assistant or an assistant accountant. The salary for these roles could be anywhere between between INR 4-7 LPA.
With 3-5 years of experience, working as a tax consultant, senior auditor professionals can earn anywhere between INR 6-12 LPA.
Professionals with a degree like MBA or CA are paid among the highest and the salary for experienced professionals could be in the range between INR 10-25 LPA.
Candidates working with top MNC’s and financial Institutions earn significantly higher than those working in the government organizations or PSU’s.
Books & Study materials
Here we have listed some books which will help you throughout your studies:
- Systematic Approach to Income Tax, ST and VAT by CA. Girish Ahuja and Dr. Ravi Gupta
- Students Guide to Income Tax by Dr. Vinod K Singhania and Dr. Monica Singhania
- Students Handbook on Income Tax, VAT and ST by T.N. Manoharan and G R Hari
- Principles of Auditing & Other Assurance Services by Ray Whittington
- IT Auditing Using Controls to Protect Information Assets by Chris Davis
FAQ’s
For any other queries regarding Career In Auditing & Taxation, feel free to leave your queries below.