What is auditing?
Well, it is the method of scrutinising, evaluating and examining paperwork and processes to make a sure a structure is precise and accurate. So in other words, an audit manager is accountable for supervising the inside actions, methods, and practices of an organisation.
The work of an audit manager is to supervise the actions and practices of the auditors in an organisation and to make sure the auditors follow the rules and regulations set by the organisation. Many auditing manager positions include some work with internal company affairs; they may ensure that employees are all acting properly in their profession and not engaging in behaviour that may hurt the company or put their interests ahead of the company.
This includes keeping a record of all company finances to ensure that no funds are misplaced because of a lack of organisation or individual greed. In addition to this, an audit manager serves as a link between the employees and the management of the organisation for the sharing of information between the two.
What are the duties of an audit manager?
The duties of an audit manager often vary depending on the size of the organisation and where it is located but some of the basic duties of an audit manager can include:
In addition to the above-listed skills, present-day audit managers must be as technically skilled as they are statistically skillful. The reason for this is because there are so many tools and software packages available for auditors, and many of them have gone global on the commercial scene. Consequently, acquaintance with major enterprise resource planning systems as well as other technologies is critical to success and continuous growth in career progression.
Skills an audit manager should possess
There are a number of basic skills an audit manager should possess, a few of which are listed below;
Ability to collaborate and communicate – These skills are important because audit teams need to work together more regularly with both staff inside and outside their department. The employees look up to the audit manager to play a central part in communicating the comprehensive nature of the rules and regulations of the organisation and this necessitates the audit manager to not only have strong written and verbal skills but to also possess the ability to engage in a fruitful exchange of ideas with staff, including those in management. It is one thing to be good with numbers and it is an entirely different thing to effectively communicate the details of the job when having a meeting. For an audit manager to have a successful career, the ability to read people and adapt to any given situation is a top requirement.
Extraordinary organisational skills – Audit managers are infamous for having to multi-task, often reporting to several different departments at any time, and working within clearly defined auditing project time frames. As a risk taker, an audit manager should be able to cultivate clear goals of what is vital within an audit work, as well as the capability to live up to these responsibilities.
A desire for knowledge – An audit manager must always strive to nurture a deep knowledge of the organisation he finds himself as well as its philosophy, main performers and competitive environment. It is this key feature that is certain to set a prolific audit manager apart from other audit managers. Knowing the internal mechanisms of an organisation, having a comprehensive understanding of what is driving its accomplishment, and a powerful zeal for remaining up-to-date in auditing business trends is what could make the difference between remaining a junior auditor or to one day crossing over to becoming that highly sought-after audit manager.
Ability and passion to solve a problem – Auditing as a risk management job requires meticulousness thinking, perfect reporting, and statistical breakdown to certify the reliability of the auditing process. To be a highly successful audit manager, one should have the ability to exercise sound conclusion on the next course of action for the organisation once the audit has been delivered.
Innovation – To be a successful audit manager requires creativity. Every audit manager should be able to combine innovation with the practices of the organisation to produce remarkable results.
Master planner – Effective communication is not conceivable without first instituting trust. So, another test for an audit manager is discovering the best way to create integrity among individuals both inside and outside the department. A prosperous manager leads by example, taking the resourcefulness to collaborate across departments, consider different perspectives and be respectful to others. An audit manager will need to apply forward-thinking and logical skills in order to understand audit findings and decipher them for the business. Additionally, the audit manager needs to take a big-picture view of the function itself, especially when it comes to hiring. Embracing this broader perspective of the organisation will allow the audit manager to think strategically when recruiting talent that the company will need to stay on top of evolving compliance requirements and emerging risks. He or she also can make sure members of staff have access to the professional development opportunities they need to succeed, and that will encourage these in-demand professionals to stay with the organisation for the long term.
Qualifications required of an audit manager
An audit manager must, at least, have a bachelor’s degree in accounting, or any business degree. However, some employers may prefer an audit manager with a master’s degree or Master of Business Administration (MBA). An audit manager is also required to have experience with technology. In addition, audit managers may be obligated to have certifications such as Certified Financial Service Auditor (CFSA), Certified Information Systems Auditor (CISA), or Certified Internal Auditor (CIA). Actual certification(s) required depends on the position the audit manager will hold in the organisation. These certifications prove an audit manager has the understanding and skills required to get the job done. Since the everyday jobs of an auditing manager are highly specified and require precise talent, a bachelor’s degree and professional education in accounting are ideal. To hold a supervision position in auditing, an individual should have at least three years of experience to develop an in-depth understanding of auditing practice. Finally, an acute devotion to detail and a meticulous nature are preferred qualities of an auditing manager.
Salary structure for an audit manager
An entry-level Auditing Manager with less than 5 years of experience can expect to earn an average total of around $70,000 every year. An Auditing Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average salary total of $80,000 yearly. An experienced Auditing Manager which includes employees with 10 to 20 years of experience can expect to earn an average salary of $92,000 annually. An Auditing Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total salary of $94,000 annually.
The job outlook for an audit manager
Audit managers can work as an internal, external, or government auditor. In each of these capacities, they scrutinise and evaluate financial data to authenticate and validate accuracy and ensure generally accepted standards are followed. Those keen to build on their career ever so often become a Certified Public Accountant (CPA).
What is the career path of an audit manager like?
As an audit manager, one will have to help in the execution of audits for a range of customers. The job of an audit manager is to closely and keenly monitor the flow of the money, where it comes from, where it goes, how it is allocated, and just mention a few. The goal and main aim of an audit manager are to assure potential stakeholders, financiers and existing customers of the organisation that the balance sheet, cash flows, profit and loss statements of said organisation is standing and is financially healthy.
An audit manager will have the chance to work with different people from different backgrounds the role of an audit manager can have a real impact on these people. As time goes on, the career path of an audit manager can lead one to a host of positions in a firm such as an executive or CEO in the corporate sector, or as an entrepreneur and even a consultant. This career path exposes one to a variation of businesses in an array of industries and offers almost unlimited chances for growth. Choosing to have a career in audit management will not only teach you technical skills but also help you develop your communication and teamwork skills that will set you apart.