Career In Auditing & Taxation: Courses, Scope, Jobs, Salary
Find Auditing & Taxation very interesting and fascinating and wish to make your career in it… then this article will guide you about how to get started in this field.
Auditing & Taxation are two different terms here, let us explain you about these first.
What is Auditing?
Auditing is an official verification and examination of accounts and records, like financial accounts of a company or organization.
Professional who performs audits in various companies and other places are termed 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.
What is Taxation?
Taxation is a process of government for collecting money from its citizens to pay for public services (for example – public parks & libraries, etc).
Taxation is more specialized and the hours are more predictable, while auditing could get more intense in terms of the work hours and needing to get things done on time.
Types of Taxes:
Direct Tax: Those taxes, which are directly paid to the government through the taxpayer. For example – corporation tax, income tax, etc.
Indirect Tax: Those taxes, which are paid to the government by an intermediary. These types of taxes are applied on sale of goods & services. For example – service tax, sales tax, etc.
Courses & Eligibility
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The plenty of courses are available in the field of Auditing & Taxation. In India, a large number of universities offer courses in these fields from diploma to masters level. Some most sought courses in the field of Auditing & Taxation are mentioned below:
Diploma Courses (One 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
Bachelor Courses (Three 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
Eligibility Requirements: 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.
In audit, you verify the whole financial statements are reasonable. In tax, you take those financial statements and take the parts that are relevant for tax purposes and make adjustments accordingly.
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How you will get admission in these courses?
Some 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 group discussion and personal interviews.
For admission in MBA in Banking & Taxation, you can opt CAT 2023, it is a national level examination conducted for selecting appropriate candidates for admissions in management courses.
Some entrance exams for MBA are listed here:
- CAT (Common Admission Test)
- MAT 2023 (Management Aptitude Test)
- CMAT 2023 (Common Management Admission Test)
- GMAT 2023 (Graduate Management Admission Test)
- SNAP 2023 (Symbiosis National Aptitude Test)
There are many universities in India which offer courses in this field which are mentioned below:
- Symbiosis Law School Pune, Maharashtra
- Osmania University, Hyderabad
- University of Pune, Pune
- Xavier’s College Kolkata, West Bengal
- Budge Budge College, Kolkata
- Symbiosis College of Arts and Commerce, Pune
Is there a bright future for you in Auditing and Taxation? Definitely, the answer is YES!
The immense job opportunities are available in these fields. After holding a degree in this field you can take up for a job in both private and government sectors. Professionally you can also opt teaching jobs in colleges and universities.
You can find jobs according to your educational background and working experience. You can work in different fields such as different government and private organizations, business banking sector, colleges, universities, economic companies, etc.
What Job Title Might I Have?….. Here we have listed some job titles of these fields:
- 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.
“Earnings in these sectors are beyond the limit with a good experience and degree.”
In India, the average salary of an auditor is between Rs. 3 to 4 lacs per year while in abroad, you can earn an average salary of more than $52 k per year.
As an Accountant, you can get a salary package between Rs. 2 to 3.5 lacs annually and as a Senior Accountant, you can earn the salary package of above Rs. 3 lacs per annum.
Experience counts in these fields, more you will get experienced in these fields’ better salaries you will get.
Books & Study materials
After analyzing the books available on the market for Auditing & Taxation, 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
Accounting Quality, Auditing, and Corporate Governance by Imhoff, Eugene A., Jr
A Guide to Tax Audit and Other Certifications under Income Tax Act, 1961 by CA Amit Ashok Purohit
A Practical Guide to Taxation of Capital Gains and Gifts by N.S.Srinivasan
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