We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What Does an Audit Associate Do?

Mary McMahon
By
Updated Mar 03, 2024
Our promise to you
Practical Adult Insights is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At Practical Adult Insights, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

An audit associate assists with auditing and compliance activities. Some may work internally within a company while others are employed by outside auditors who review firms to make sure they are following accounting standards. A four year degree in business or accounting is usually required. A master’s degree can be helpful, as can a formal certification in accounting or tax law. Additional training and certifications may qualify people for more wages and benefits as well as higher-ranking positions.

Whether an audit associate works on internal auditing teams or for an external company, the job includes collecting documentation related to an audit as well as researching. A variety of sources can be used to pull together information about a company and its practices. These can help auditors determine specific areas of concern they may want to examine during the review of the company’s financial records. Scheduling can also be part of the job, including creating a timeline for an audit and working with individual personnel to determine their schedules for maximum efficiency.

A thorough knowledge of generally accepted accounting practices (GAAP) and industry standards is important for an audit associate. These personnel need to understand how financial records should be kept and what to look for in a review of a company’s documentation. They can run tests to determine if the company is keeping accurate and appropriate information. Testing can include mathematical formulas, comparison against other documents, and review in light of the research conducted to support the audit.

Communication with the rest of the team can also be the responsibility for an audit associate. Auditors need to coordinate their work to provide complete coverage without influencing each other, so they can deliver fair and unbiased opinions. This may involve double checking work to see if two auditors get the same result. The audit associate may distribute manuals and make sure that everyone is familiar with the company’s standards so they can use them during the review process. Periodic meetings may allow members of the team to exchange information and ideas to support the audit.

Another job responsibility can be document preparation. While the audit associate may not write the final auditing opinion, the process needs to be carefully documented. Associates can offer opinions and information on different aspects of the audit that may be used in the final report. They also assist supervisors with the collection of information and supporting materials to use in concluding statements.

Practical Adult Insights is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Mary McMahon
By Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a Practical Adult Insights researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.

Discussion Comments
Mary McMahon
Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a...

Learn more
Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.

Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.