The audit profession
A key player in periodic control, the audit professional's role is to assess the risks of an entity or activity. They work on behalf of their employer (if they are an internal auditor) or their client (if they are an external auditor).
Through their investigations, the auditor identifies and corrects any malfunctions highlighted within the services through their meticulous analysis. In doing so, they improve operational performance and protect the group or its entities from risks of non-compliance. The Master’s in Accounting, Control, and Audit at the University of Paris Dauphine PSL offers a comprehensive understanding of the business world and companies. It trains future auditors in accounting disciplines and financial control in all its forms.
Role and responsibilities of the auditor
The auditor is a hands-on professional. For each new assignment, they are deployed to the evaluated departments to gather all necessary elements for conducting the audit. They identify, assess, and prioritize the risks and deficiencies encountered by the audited department in order to provide recommendations for corrective actions to be implemented. In doing so, they contribute to the continuous improvement of control procedures.
The audit cycle is a continuous process. In the banking sector, for instance, each department of the company is audited every 4 to 5 years. To prepare and follow up on their audit report, the auditor will regularly be required to:
Daily tasks
- Gather as much verifiable information as possible from the audited departments or entities
- Study the various applicable frameworks on a case-by-case basis
- Check the compliance of procedures and processes implemented by the organization
- Develop and update the internal control framework
- Review the company’s financial statements
- Analyze the causes of any discrepancies to draw conclusions
- Detect deficiencies
- Assess and map risks
- Provide recommendations to reduce risks
- Present the audit report to the head of the audit mission, management, and stakeholders
- Raise awareness among the concerned departments about understanding risks
Salaries and career progression
Upon completion of the Master's in Accounting, Control, and Audit (CCA) at the University of Paris Dauphine PSL, a junior auditor earns a median gross annual salary of €40,294. This income naturally depends on the auditor's experience, seniority, and the type of education they have received.
In banks and large corporations employing internal auditors, employee benefits are numerous and can represent a significant additional income: profit-sharing bonuses, participation schemes, employee savings plans, etc. Since external auditors travel frequently, they receive variable pay as well as additional allowances on top of their regular income.
Within a few years, an internal auditor can progress within the audit department and attain the position of audit manager, or even take on other responsibilities within the company's financial management. An experienced external auditor (or firm associate) will advance more quickly due to the nature of audit firms. If they choose to pursue a career in a firm, they could eventually aim for the position of partner by the end of their career. They can also leverage their experience externally by applying for roles in risk management or finance within a large company.
Required skills
- Observation, analytical, and synthesis skills
- Rigor and impartiality
- Strong communication skills
- Good listening abilities
- Availability
- Good writing skills
- Adaptability
- Solid knowledge of control standards and regulatory requirements
- Proficiency in professional English
- Proficiency in office software tools
How to become an internal or external auditor ?
Many audit firms, banks, and insurance companies are constantly recruiting new auditors. Ideal for the start of a career, this position requires a solid understanding of audit methodology as well as a genuine curiosity about the sector and audited activities.
Recruiters pay close attention to the candidates' level of education and the university they attended. To become an internal or external auditor, a Master's degree (BAC+5) is required. Ideally, this academic path should be complemented by internships or a gap year in a company to combine theoretical concepts with practical experience.
The Master’s in Accounting, Control, and Audit (CCA) at the university includes a mandatory 6-month internship in the second year. This internship can take place in France or abroad.
Training to become an auditor at Université Paris Dauphine-PSL
Université Paris Dauphine-PSL offers a Master's in Control, Audit, and Financial Reporting (CARF) as well as a Master's in Accounting, Control, and Audit (CCA), both highly recognized.
The CARF Master's offers 3 specialization tracks to become an auditor. It is one of the main career paths of the Master's program.
The CCA Master's, part of the national CCA Master's network, is the reference program for accessing careers in auditing and accounting. It also provides access to a network of over 3,000 alumni, offering numerous job opportunities.
Each year, nearly two out of three students are recruited by banks, major insurance companies, and audit firms even before completing their Master’s degree.