Torchora
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Key Responsibilities and Required Skills for Assurance Associate

💰 $45,000 - $70,000

AccountingAuditAssuranceFinanceEntry-Level

🎯 Role Definition

We are seeking an Assurance Associate to join our audit and assurance practice to perform financial statement engagements, internal control testing, and related assurance services. The Assurance Associate will execute audit procedures under supervision, apply accounting standards (GAAP/IFRS), leverage data analytics to improve audit quality, and build client relationships while contributing to a high-performing team. This role is ideal for early-career accounting professionals pursuing CPA or similar credentials who want hands-on audit experience across multiple industries.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Accounting or audit internship with a public accounting firm
  • Recent graduate with a Bachelor's in Accounting or Finance
  • Staff accountant or bookkeeper with exposure to month-end close and reconciliations

Advancement To:

  • Senior Assurance Associate / Senior Auditor
  • Audit Manager / Assurance Manager
  • Senior Manager, Risk & Advisory
  • Director of Assurance or Practice Leader

Lateral Moves:

  • Internal Audit (corporate)
  • Financial Reporting or Corporate Accounting
  • Risk & Compliance or SOX Advisory

Core Responsibilities

Primary Functions

  • Plan, prepare, and execute financial statement audit procedures for clients across various industries, ensuring work papers, sampling, and testing align with firm standards and auditing standards such as PCAOB/AICPA or applicable local standards.
  • Perform risk assessments and document understanding of client business processes, internal controls, and key financial reporting cycles to identify areas of potential material misstatement.
  • Test and evaluate internal control design and operating effectiveness, including walkthroughs, control testing, and communication of control deficiencies to seniors and managers.
  • Execute substantive testing on account balances and transactions (including cash, receivables, inventory, fixed assets, and revenue), analyze variances, and prepare clear audit evidence and conclusions.
  • Prepare and review audit workpapers, lead schedules, and supporting documentation to ensure completeness, accuracy, and compliance with audit methodology and regulatory requirements.
  • Assist in drafting and reviewing financial statement disclosures and ensure alignment with relevant accounting frameworks (GAAP, IFRS) and client reporting requirements.
  • Use data analytics and audit technology (e.g., Excel, ACL, IDEA, Power BI) to extract, manipulate, and analyze large datasets to identify anomalies, trends, and audit risks.
  • Perform substantive analytical procedures including ratio analysis, trend analysis, and variance explanations to corroborate financial statement balances and relationships.
  • Support SOX and internal control remediation efforts, including testing of controls and preparing management and audit committee communications as needed.
  • Lead client communication on routine audit matters, provide clear status updates, request documentation, and escalate issues to engagement seniors and managers appropriately.
  • Identify process improvement opportunities within client accounting and internal control processes and document recommendations for efficiency and control enhancements.
  • Coordinate with tax, advisory, and other internal service lines to ensure audit coverage and address cross-functional client issues.
  • Supervise and mentor junior associates and interns on audit programs, data gathering procedures, and documentation best practices to build team capability.
  • Assist in time and project management for audit engagements by tracking progress, managing deliverables, and adhering to engagement budgets and deadlines.
  • Apply professional skepticism and exercise judgment in evaluating audit evidence, documenting conclusions, and challenging client assertions where appropriate.
  • Prepare client deliverables including management letters, control deficiency write-ups, and audit observations, and present findings to client representatives under supervision.
  • Conduct inventory observations, cash counts, and other fieldwork procedures, ensuring accurate documentation and chain-of-custody of audit evidence.
  • Reconcile general ledger accounts and supporting schedules, trace transactions from source documents to financial statements, and confirm balances with third parties when necessary.
  • Maintain up-to-date knowledge of accounting and auditing standards, industry trends, and regulatory changes that affect clients and audits; apply new guidance to engagement work.
  • Participate in client onboarding and planning activities, including risk identification, scoping, and development of the audit plan and staffing requirements.
  • Perform special assurance projects such as agreed-upon procedures, regulatory compliance reviews, and due diligence support for transactions and financings.
  • Maintain confidentiality, adhere to firm quality control procedures, and comply with professional ethics and independence requirements in all client interactions.
  • Assist in audit quality reviews and internal peer reviews by responding to inquiries, correcting documentation, and implementing feedback to elevate engagement quality.

Secondary Functions

  • Support ad-hoc data requests, perform exploratory data analysis, and provide summarized insights to engagement teams to improve audit efficiency and risk coverage.
  • Contribute to the practice’s audit technology and data strategy by testing new analytics routines, templates, and automation tools to scale consistency across engagements.
  • Collaborate with client accounting and IT teams to translate data extraction needs into deliverable audit procedures and resolve data availability or integrity issues.
  • Participate in engagement planning meetings, status calls, and cross-functional check-ins to align on timelines, deliverables, and issue remediation plans.

Required Skills & Competencies

Hard Skills (Technical)

  • Financial statement audit execution and documentation (workpapers, lead schedules, tickmarks)
  • Understanding and application of GAAP and/or IFRS accounting standards
  • Internal control testing and SOX compliance testing (COSO framework knowledge)
  • Substantive testing skills across major balance sheet and income statement accounts
  • Data analytics proficiency: Excel (advanced: pivot tables, VLOOKUP/XLOOKUP, Power Query), SQL basics, and tools such as ACL, IDEA, or Python pandas for audit data interrogation
  • Familiarity with audit software and engagement platforms (e.g., CaseWare, CCH, TeamMate)
  • Experience with financial ERP systems (e.g., SAP, Oracle, NetSuite) and ability to extract and reconcile data
  • Audit sampling methodologies, statistical and non-statistical sampling techniques
  • Preparation and review of financial statement disclosures and reconciliations
  • Documentation of audit risk assessments, audit programs, and conclusions in line with professional standards
  • Experience with analytical procedures and variance analysis to identify anomalies and corroborate balances
  • Basic knowledge of tax, regulatory reporting, and industry-specific accounting nuances is advantageous

Soft Skills

  • Strong client-facing communication: clear, concise written and verbal skills for status updates and issue resolution
  • Professional skepticism and ethical judgment in evaluating evidence and making audit conclusions
  • Excellent organizational and time-management skills, able to prioritize multiple deliverables and meet deadlines
  • Attention to detail and a commitment to producing high-quality, defensible audit documentation
  • Team collaboration and mentoring mindset; ability to work with cross-functional and remote teams
  • Problem-solving and critical thinking to identify root causes and recommend practical remediation steps
  • Adaptability and resilience in fast-paced engagement environments and changing regulatory landscapes
  • Positive client service orientation and ability to build trust with finance teams and stakeholders
  • Initiative to drive continuous improvement and contribute to process automation and knowledge sharing
  • Confidentiality and professional integrity when handling sensitive client financial information

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's degree in Accounting, Finance, or related field (required)

Preferred Education:

  • Master of Accounting or M.S. in Finance (preferred)
  • Active progress toward CPA, CA, ACCA, or equivalent professional qualification
  • Certifications or coursework in data analytics, audit technology, or internal controls an asset

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration
  • Information Systems (with accounting focus)
  • Data Analytics (with financial emphasis)

Experience Requirements

Typical Experience Range:

  • 0–3 years of public accounting, audit, or related accounting experience; internships or co-op placements considered

Preferred:

  • 1–2+ years of progressive audit or assurance experience in a public accounting firm or corporate internal audit function
  • Prior exposure to financial statement audits, internal control testing, SOX, or data analytics tools used in assurance engagements
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