Consulting Opportunities for Former Auditors

Many current and aspiring auditors are thinking about what the next step in their career is after auditing. While industry is always an option, it may not be the best fit for everyone. For those who want to stay in a client-facing role after an audit role in a public accounting firm, there are a number of options available. However, these options aren’t always well-known by those who might want to pursue them. Today, I’m going to share with you three of the common consulting roles that former auditors transition into. 

Technical Accounting Consultants & Project-Based Support - Technical accounting consultants are professionals who provide expert advice on complex accounting issues, including regulatory compliance, financial reporting, and accounting policies. They are typically hired by companies, audit firms, or law firms to assist with complex accounting issues that require specialized knowledge and expertise. Technical accounting consultants help clients interpret and apply accounting standards, develop accounting policies, and ensure compliance with regulations. Technical accountants can also act as staffing support on complex projects for large clients. It’s common for companies to hire consultants that have experience with technical accounting issues for complex projects that can last months, with the consultant acting as a full-time resource for the Company. No matter what form the work takes, understanding the full range of accounting from fundamental debits and credits to complex accounting standards is essential to performing as a technical accounting consultant.

Transaction Advisory Consultants - Transaction advisory consultants provide guidance to clients on complex financial transactions, such as mergers and acquisitions, divestitures, and capital raisings. They help clients evaluate potential transactions, assess risks and opportunities, and develop strategies to optimize deal outcomes. Transaction advisory consultants also provide due diligence services to identify potential risks and opportunities associated with a deal. Transaction advisory services are very audit-like in nature so it’s easy for former auditors to swap in at the senior level, but with time the service does become fairly specialized due to the unique nature of the work and deliverables.

Forensic Accounting - Forensic accounting consultants are experts in investigating financial fraud and misconduct. They help clients identify and analyze financial data to uncover evidence of fraudulent activity, such as embezzlement, money laundering, or financial statement fraud. Forensic accounting consultants often work with lawyers, law enforcement agencies, and regulatory bodies to support investigations and legal proceedings related to financial fraud. They may also provide expert witness testimony in court. While not directly related to audit, having years of experience performing audit procedures helps auditors leverage their analytical skills for something other than getting the results of their analytics within a reasonable variance.

While there are many more out there, these three service lines are very common for auditors to transition into. If you are a current or aspiring auditor looking to plan your next career move, consider learning more about these roles!