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Studies & Degrees in Auditors

Auditing is the independent examination of an organisation's accounts and controls. An external auditor checks whether the financial statements give a reliable picture and issues an opinion that shareholders, banks and regulators rely on. The US Bureau of Labor Statistics distinguishes three main profiles: external auditors, who are employed by an outside organisation and check the management of funds, revenue and internal controls; internal auditors, who do similar work as employees of the organisation they audit; and information technology (IT) auditors, who review the controls of IT systems.

Students learn financial accounting and reporting standards, auditing standards and procedures, company and tax law, internal control and risk, sampling and data analysis, and professional ethics.

Qualifications and levels

Auditing is studied in two steps in most countries: a university degree, and then a professional qualification that gives the right to sign audit reports.

  • Bachelor's level. In Spain there is normally no separate bachelor's degree in auditing; students take a bachelor's degree (grado) of 240 ECTS credits in business administration, accounting and finance or economics, with auditing as a subject. In Chile and other Latin American countries auditing is a full first degree: at the Universidad de Concepción the Auditoría programme lasts eight semesters and leads to the academic degree of Licenciado en Contabilidad y Auditoría and the professional title of Contador Auditor.
  • Master's degrees. Official Spanish master's degrees have 60, 90 or 120 ECTS credits. The Máster Universitario en Auditoría de Cuentas of the Universidad de Alcalá has 60 ECTS credits, lasts one academic year full time and is taught online in Spanish. The university gives indicative first-enrolment prices of €2,736 for Spanish students and residents and €5,079 for non-resident students from outside the EU. In Germany, the Master in Auditing of the Frankfurt School of Finance & Management is a part-time Master of Science of 120 ECTS credits over seven semesters, taught in German and designed for employees of audit firms who are preparing for the German Wirtschaftsprüfer exam.
  • Professional qualifications. Statutory audit is a regulated activity. In the United States, listed companies must have Certified Public Accountants (CPAs) sign the documents they submit to the Securities and Exchange Commission. For internal audit, the Institute of Internal Auditors awards the Certified Internal Auditor (CIA) certification, whose three exam parts must be passed within three years of applying.

Becoming a statutory auditor in Spain

The Spanish Audit Act (Ley 22/2015) sets the route. Auditors must be entered in the official register of auditors (Registro Oficial de Auditores de Cuentas), which requires authorisation from the Instituto de Contabilidad y Auditoría de Cuentas (ICAC). That authorisation is granted to people who:

  • hold an official university degree valid throughout Spain
  • have followed programmes of theoretical training
  • have completed at least three years of practical training in finance and accounting, at least two of them with an auditor or audit firm
  • have passed a professional aptitude exam organised and recognised by the State

Holders of official university degrees are exempt from the exam subjects they already passed in those studies, which is why many graduates choose a master's degree in auditing. The Act also lists Spanish or EU nationality among the conditions for registration, subject to the rules on the right of establishment, so applicants from other countries should ask ICAC how the rules apply to them.

Where to study

SpainExchange lists 34 active schools for auditing. Eighteen are in Spain and three in Chile; the United States, Peru and Slovenia have two each. In Spain the list includes the Universidad de Alcalá, the Universidad Autónoma de Madrid, the Universidad de Cádiz and the Universidad CEU San Pablo, and business schools such as Enae Business School in Murcia. Elsewhere it includes the Universidad de Concepción, the Universidad Nacional Mayor de San Marcos in Lima, the Frankfurt School of Finance & Management, Lund University and the Australian National University.

Auditing follows national law and national accounting rules, so programmes are usually taught in the language of the country, and a qualification prepares for practice in that country first.

Careers

Graduates work in audit firms, in the internal audit and finance departments of companies and banks, and in public audit bodies. According to the Bureau of Labor Statistics, a bachelor's degree in accounting or a related field is typically required to become an accountant or auditor in the United States, and employment in the occupation is projected to grow 5 percent from 2025 to 2035, faster than the average.

Frequently asked questions

What is the difference between an internal and an external auditor?

An external auditor works for an outside firm and gives an independent opinion on an organisation's accounts. An internal auditor does similar checks as an employee of the organisation being audited.

Is a master's degree enough to work as a statutory auditor in Spain?

No. Spanish law also requires at least three years of practical training, a State professional aptitude exam and authorisation from ICAC before entry in the official register of auditors.

Can I study auditing online?

Yes. The Máster Universitario en Auditoría de Cuentas of the Universidad de Alcalá, for example, is taught online in Spanish and has 60 ECTS credits.

Is my auditing qualification valid in another country?

Not automatically. The right to sign audit reports is granted country by country, so ask the audit regulator of the country where you want to work which exams and experience it requires.