Audit Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an audit manager. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as an audit manager.
Who is an Audit Manager?
Auditing is the act of looking at, evaluating, and examining documentation and processes to verify that a structure is correct and precise. An audit manager is responsible for monitoring the organization’s internal activities, methods, and practices.
Audit managers supervise the actions and practices within a company and ensure that the auditors adhere to the company’s rules and regulations. A lot of audit managers work in the internal audit department. This allows them to ensure that all employees act professionally in their job and don’t harm the company.
Audit managers supervise an audit group and inspect financial records. An audit manager can be a general business auditor or a specialist in one industry. Premium auditor managers are specialists in the insurance sector. Your job as an audit manager includes traveling to businesses to perform audits, reviewing financial records of companies, supervising your team, and writing reports about your findings.
Audit Manager Job Description
Below are the audit manager job description examples you can use to develop your resume or write an audit manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
- Coordinating and developing internal auditing processes
- Ensuring compliance with policies and procedures.
- Conducting independent audits and supervision.
- Preparing analysis for departments.
- Investigating irregularities and errors.
- Assisting executives.
- Executing operational and monetary audits
- Developing references and reports that are centered around audits, and offering these concepts to management
- Assessing the business process risks
- Developing professional programs for low-ranking employees of the organization
- Organizing and dispersing resources and manpower following capabilities and schedules
- Preparing reports highlighting problems and offering possible solutions
- Ensuring adherence to internal and external requirements
- Planning and scheduling audit programs.
- Assuring timely completion of audits
- Discussing auditing with clients.
- Mentoring and training audit assistants.
- Analyzing financial records, statements, and reports.
- Maintaining and updating financial databases, including audit findings.
- Collaborating with management to address audit findings.
- Incorporating best practices and systems in audit programs.
- Managing risks by identifying them
Qualifications
There are certain requirements for audit manager positions. These requirements can vary depending on the job you are applying for. These are some common requirements for the profession.
Education
Many employers require that audit managers have at least a bachelor’s degree. This degree can focus on accounting, finance, or other related fields. Employers prefer candidates who have a master’s in accounting or business administration, with a focus in accounting. Relevant courses at universities include business law, taxation, and auditing, as well as business communication. Some universities offer graduate and undergraduate programs that are focused on auditing management.
Although audit managers do not need a master’s in accounting, certain states require that professionals have college credits beyond a bachelor’s degree to be eligible for certified public accountant certification. An audit manager can be more eligible for promotions and senior positions by obtaining a graduate degree in a related field.
Training
After being hired, audit managers must complete a training program. The firm places the new employee with an experienced professional, who oversees their work and offers advice based on their specific experience. This training period can vary depending on the job and firm. It may last for a few months or more than one year.
Certification
Audit managers have an advantage on the job market because they can demonstrate professional competence and dedication. They can obtain a variety of certifications that will help them increase their knowledge and boost their chances of getting hired by employers.
They include:
Certified Public Accountant
Many employers require CPAs for internal auditor candidates. This is offered by the American Institute of Certified Public Accountants. The certification is based on passing a national exam and meeting all other state requirements. Nearly all states require that CPA candidates complete 150 semester hours in college courses. This may include additional coursework beyond a bachelor’s degree. Exceptions are states that allow years of experience in public accounting to replace some of the coursework.
- Certified Internal Auditor
The Institute of Internal Auditors offers CIA certification to professionals who have an associate degree from an accredited program. Candidates must pass a four-part exam and have the minimum amount of work experience required to earn the CIA certification. This includes a one-year requirement for a master’s or bachelor’s degree, five years for associate degrees, and two years for a bachelor’s degree.
- Certified Government Auditing Professional
For professionals who wish to work in the field of auditing management for government organizations, the IAA offers the CGAP certification. For this certification, professionals must have an associate degree from an institution that is fully accredited. Candidates are eligible for certification once they have passed the exam and completed the requirements regarding their work experience.
- Certified Fraud Examiner
The Association of Certified Fraud Examiners offers a CFE credential to professional audit managers who are skilled in detecting and preventing fraud. Candidates must pass the examination and complete at least 20 hours of continuing education each year. This certification is also required to maintain annual membership.
- Certified Information Systems Auditor
CISA certification is offered by ISACA to professionals who are responsible for auditing, controlling, monitoring, and assessing an organization’s information systems. This certification requires candidates to pass an exam and have five years of experience in auditing information systems.
Essential Skills
- Analytical skills
Being a manager of an auditing team is a great way to show your expertise in the field.
You can analyze situations, records, and events. To be able to analyze the records and other documents that you have, you must first be proficient in analysis.
This is a valuable skill for audit managers.
Your analysis must be objective and clinical. This will prevent you from making mistakes due to exaggeration or oversight.
- Accounting skills
If you don’t have a solid accounting background, there is no way to be proficient at auditing. This is the most basic aspect of your job and the foundation of your auditing skills. You must learn the basics of accounting if you want to become a great auditor.
To understand the workings of the documents you will receive, you must first have accounting skills. This is important as you won’t be able to understand the documents if your accounting knowledge is shallow.
You will also need to know basic accounting skills to spot irregularities in the documents you receive. Since auditing is a process that identifies and corrects financial irregularities. This means that you must be skilled in this area.
- Risk management
You are not only expected to understand and detect irregularities but you also need to advise your employer on how to minimize or avoid the risk associated with certain practices within the company. This means you can also act as an advisor to your employer.
Your extensive knowledge of the company and any internal practices that could cause financial irregularities in the company will help you to provide risk management advice.
This can’t be done without you being familiar with the laws and regulations of your company. This means you play a significant role in the financial stability and success of the company you work for.
- IT expertise
The digital world is still a key factor in every industry. Every other industry consults the digital industry to make their jobs easier.
This applies to all auditing firms of which you are the manager You will need to be able to use different software that is relevant to your job as an auditor manager.
This means you need to search for useful apps that will help you do your job efficiently. You can also learn the basics of computer use. The computer can make your job easier and more precise by helping you do your job faster.
Computers and other IT gadgets are essential if you want to be precise when dealing with numbers during auditing.
- Expertise in your area
If you want to be a professional in this field, it is not a good idea to be a beginner. You must be an expert in your field to be considered for a position as an audit manager. You must scale up and attain the required level of expertise.
This is a crucial factor in landing a job or contract with potential clients. If you’re not talented, there is no way that you can be competitive with them in this field. Don’t stop learning and don’t let others get in the way of your progress. This is how you grow.
- Business acumen
You must have some business knowledge or basic business acumen before you can start any money-making venture.
If you don’t have a solid understanding of business ideology, there is no way to excel at your job. After all, what you do is in the best interest of the business organization.
You must be able to run a rule over certain contents of documents if you are a business person.
- Mathematics proficiency
Accounting is based on mathematics. When it comes to auditing, accounting should be considered. It all boils down to this: you must be mathematically sound to perform better auditing jobs.
If you don’t know enough mathematics, auditing can be a disaster. It will certainly affect your self-image if you are unable to conduct an efficient and effective auditing exercise.
To ensure accuracy in your auditing, you must go back to basics.
- Building relationships
This is to remind you that although you may not be involved in the entire auditing process, you must perform some supervision to ensure that you get the desired result.
This means you will need to supervise others who are presumed to be part of your team. They can be controlled, but they are not robots without ideas. This requires you to have good interpersonal skills.
It is easy to establish a good, long-lasting relationship with your team and make it simple for them to work together in the auditing process.
How to Become an Audit Manager
Step 1: Get a Bachelor’s degree
Although a degree may not be required in all cases, employers will prefer candidates who have at least a bachelor’s degree in accounting, business administration, or insurance. These areas offer fundamental principles and practices in tax law, financial regulation, auditing, and business regulation. Schools often offer internship and fieldwork programs to allow students to work alongside experienced professionals to provide a real-world application.
Step 2: Gain experience in insurance
Employers are looking for professionals who have experience in financial management, auditing, and insurance technology. After college, you could have experience in premium auditing by working in sales or accounting-related firms
Step 3: Get the necessary credentials
Employers may request that premium auditor managers be certified public accountants (CPA), certified internal auditors (CIA), or certified financial examiners (CFE). The CPA exam is administered by a state board of accounting. It requires that the candidate has supervised experience as a certified accountant before they can confer the license. However, the required experience hours vary. The Institute of Internal Auditors administers both the exam for the CIA credential and specialized credentials for financial services auditing. The Society of Financial Examiners offers the opportunity for experienced members to take the CFE exam if they have taken at least one college-level course on management.
Step 4: Acquire optional Certification
Although professional certification is not required, the credential in premium auditing can be a valuable tool for career advancement. The American Institute for Chartered Property Casualty Underwriters is used to offer an Associate in Premium Auditing program (APA). This prepares individuals for certification. Associate in Premium Auditing (APA), and Certified Insurance Premium Auditors (CIPA) can be earned by professionals who have completed their education, has enough experience, passed an 85-question exam, and submitted an essay about premium audit management.
Step 5: Continue your education
To keep your certifications and licensure active, you will need to complete your education. You can enroll in courses offered by several colleges and universities for premium auditor managers. Participation in seminars, conferences, or workshops in various fields related to the field could earn you some credit.
Where to Work as an Audit Manager
Many audit managers work part-time. While most audit managers work in an office, some do work remotely. Audit managers can also travel to the client’s locations.
Audit Manager Salary Scale
An audit manager’s average annual salary is $63,000. The salary of an audit manager varies depending on the company’s size, geographic location, industry, experience, academic qualifications, and other benefits. They may be eligible for benefits like medical insurance, travel allowance, paid holidays, vacations, sick days, and performance bonuses.
