An audit manager supervises all auditing activities for the various departments of a company. These managers are experts in making sure company policies company with government regulations. Audit managers employed in larger companies may serve as the ones in charge of making extensive auditing policies.
Audit managers are responsible for planning, executing, and managing audit assignments; performing financial, operational, and process audits; compiling audit reports, and preparing a detailed risk assessment document. They may also be assigned in developing auditing programs, identifying audit scope, staff requirements, timetable and budget; as well as discussing and presenting an annual audit plan and budget. Audit managers may lead a discussion about audit observations with business leaders and support management, while identifying solutions for the issues identified. They also ensure the efficiency of the auditing team; review audit reports and determine problems; as well as handle the hiring and training of auditing staff. Audit managers are also responsible for planning, organizing, and scheduling financial audits of each branch or department in an organization, monitoring the efficiency of the business platforms, then finding ways to improve on it, and ensuring all procedures are updates and communicated to relevant staff.
Education and Training Requirements
The minimum educational requirement to become an audit manager is a bachelor’s degree in accountancy, finance, banking, business law or any related field. After passing an exam given by the Board of Accountancy to acquire a license as a Certified Public Accountant, audit managers must complete at least 2 years of experience in auditing and a managerial or supervisory post. A postgraduate degree, although not necessary, is advantageous especially when applying for large companies.
Knowledge and Skills Requirements
An auditing manager must have knowledge in general accounting and auditing standards. They should also be results-oriented, highly analytical and have a keen attention to details and excellent oral and written communication skills. They should be able to display good leadership skills, interpersonal skills, proficiency in the use of computers or related software and work in a team environment.
An Audit Manager normally spends an average of 40 hours per week in a normal office setting, often working in front of a computer. They work during regular office hours although there may be a need to work overtime to meet deadlines. There is little exposure to dust, noise, temperature, and the like. Depending on their specialization, there may be a need to travel on business trips.
The median salary of an Audit Manager is $63,000 per year. This varies greatly due to the size of the company, its geographic locations, industry involved in, experience and academic qualifications of the candidate, and benefits received. They usually receive benefits such as medical insurance; travel allowance; paid holidays, vacation, and sick days; and may also receive performance bonuses.