The Leap Year: Not Just An Extra Day for Auditors
For most, a “leap year” is simply a calendar year that contains an additional day. But for the auditing profession, where end dates and time periods are vital to accurate reporting, the leap year marks an occasion where auditors must take extra care to identify trends and/or irregularities in financial statements.
A Data Oddity
Data is the lifeblood of auditors, with trends and patterns ranking high in importance to their work. Oddities like inaccurate reporting, instances of fraud and the leap year means auditors can’t simply take data at face value. That is why the profession requires strong analytical thinkers who aren’t just reporting on data, but rather they are tasked with making sense of holes and irregular shifts in financial statements. Auditors make sure the numbers add up, and in the case of the leap year they must be extra vigilant to ensure the extra day is correctly accounted for.
Though these skills are always employable given the nature of the work, leap years keep auditors on their toes to ensure there is a seamless start and end to the fiscal year. Auditors undergo substantive training in school and on the job in order to understand how best to access the unique business needs of their clients. They must exercise impeccable attention to detail so that discrepancies do not fall through the cracks and should remain flexible to any shifts in the process.
Putting it to The Test
Successful auditors are natural problem solvers. When approaching a new audit, it is important to recognize that every business has different needs and each approach requires a strong level of flexibility and analysis. During leap years in particular, auditors must put this training into practice to accurately access an organization’s financial health. A leap year may seem like just an extra day in the calendar but for auditors, it’s a time where all their training and expertise are on full display.