Career in Auditing and Taxation: Auditing and Taxation include the verification of financial data of any private, limited or government organisation. A Tax auditor implements all the principles of accounting to evaluate the financial records of any company or organisations. Check Complete Details of BBA Course.
What are Auditing and Taxation?
Auditing is a process of verifying the organization’s financial activities throughout the year. The Taxation is another department where the taxes are studied and paid as per government norms. Tax saving policies are made and improved by the experts.
Career in Auditing and Taxation
The auditor mainly does the inspection process of funds of the company. Check Career in Auditing and Taxation. There are mainly three types of Auditors in the industry.
- Internal Auditor.
- External Auditor.
- Government Auditor.
Internal Auditor: The internal auditor may be the senior accounts manager or the owner of the company may perform this job. The inspections for the spending and management of funds will be there. If there is any fraud found then a legal operation/ action will be taken against the responsible person.
External Auditor: The external audits may be done by third party accountants. A Certified Public Accountant especially performs this audit. You can give an advice to the organisation about tax advantages or savings as a Certified Public Accountant (CPA).
Government Auditor: Government auditors ensure the accuracy of records and provide tax audit services for non-profit organizations and companies.
Types of Taxes
GST is the main tax among the taxpayers in the country. This tax has its own slabs for different goods and services. However, there are two types of taxes. They can be understood as:
Direct Tax: These taxes are directly paid by the taxpayers to the government. There is no any intermediate is there. These taxes are income tax, corporation tax.
Indirect Tax: The taxes which are paid by the public/ companies to the government by an intermediate. These taxes are applied to goods and services. For example Goods and Service Tax (GST), sales tax.
Study Programs/ Courses
To become a tax auditor, you have many different ways. A large number of universities and institutes provides many programs in this field. There is diploma to postgraduate courses are available in this field. Check career after 12th class in commerce.
- Post Graduate Diploma in Accounting.
- Diploma in Accounting and Auditing.
- Diploma in Tax and Company Law.
- Advance Diploma in Financial Accounting and Taxation.
- Diploma in Taxation.
- Post Graduate Program in Tax Mgmt.
- Advance Diploma in Taxation.
- Bachelor of Commerce (B.Com) in Fundamental of Auditing.
- Bachelor of Business Administration (BBA) in Accounting and Finance.
- Bachelor of Commerce (B.Com) in Taxation.
- B.Com (Bachelor of Commerce) in Accounting and Taxation.
- B.Com Honours (Bachelor of Commerce) in Direct and Indirect Taxation.
- Bachelor of Commerce (B.Com) in Tax Procedure and Practice.
- Master of Commerce (M.Com) in Accounting and Auditing.
- Master of Business Administration (M.B.A) in Banking & Taxation.
- M.Com (Master of Commerce) in Taxation.
- Master of Commerce (M.Com) in Accounting and Taxation.
The students from commerce stream can go for this field. A 12th pass student in commerce can apply for the different institutes and institues. Students can get admission in the above-given courses at university level.
Entrance Exams for MBA course:
- CAT (Common Admission Test).
- SNAP (Symbiosis National Aptitude Test).
- MAT (Management Aptitude Test).
- GMAT (Graduate Management Admission Test).
- CMAT (Common Management Admission Test).
Opportunities in Auditing and Taxation
In this field, the scope is very wide and bright. The demand for these professionals increasing day by day in the corporate world. Better salary packages are available in this industry. However, the freshers have to start with a normal salary up to 15,000 rupees. But after the experience, the talented one will get the golden opportunity.
The students can choose their career in taxation in the following job titles as per their interest. There is bright future in the given job profiles.
- Taxation Advisor.
- Financial Analyst.
- Charted Accountant.
- Internal Auditors.
- Professional in Accounts.
- Employment Tax Specialist.
- Tax Policy Analyst.
- Personal Finance Consultant.
- External Auditors.