JOB PROFILE
What Is an Audit Manager?
IN THIS JOB PROFILE
You Will Learn.
- What does an Audit Manager do?
- What are the responsibilities of an Audit Manager?
- How to become an Audit Manager?
- How much does an Audit Manager make?
- Who employs an Audit Manager?
- What are the progression opportunities for an Audit Manager?
- What skills does an Audit Manager need?
- Where are the latest Audit Manager jobs and how do I apply for them?
What Does an Audit Manager Do?
An Audit Manager is a professional responsible for overseeing and managing the auditing process within an organisation. They play a crucial role in ensuring the accuracy, integrity, and compliance of financial records and systems.
An Audit Manager supervises a team of auditors, assigns tasks, and reviews their work to ensure quality and adherence to auditing standards. They collaborate with internal stakeholders to develop audit plans, assess risks, and implement effective control measures.
Additionally, an Audit Manager liaises with external auditors, communicates audit findings to management, and provides recommendations for improvements in financial practices and reporting.
What Are the Responsibilities of an Audit Manager?
An Audit Manager liaises with external auditors, communicates audit findings to management, and provides recommendations for improvements in financial practices and reporting.
While working as an Audit Manager, you will be required to:
- Develop annual audit plans, considering the organisation's objectives and risk assessment.
- Define audit objectives, scope, and methodologies for various audits.
- Coordinate with stakeholders to understand their expectations and align audit plans accordingly.
- Identify potential risks and develop strategies to mitigate them.
- Establish audit timelines and allocate resources effectively.
- Recruit, train, and supervise a team of auditors.
- Assign audit engagements to team members and ensure their adherence to audit standards and protocols.
- Provide guidance and support to auditors throughout the audit process.
- Conduct performance evaluations and provide constructive feedback for professional development.
- Foster a positive and collaborative work environment within the team.
- Conduct or oversee complex and high-profile audits.
- Review audit documentation and workpapers to ensure accuracy and compliance with auditing standards.
- Perform detailed analysis of financial statements, internal controls, and operational processes.
- Identify control weaknesses, non-compliance, and areas for improvement.
- Verify the accuracy and reliability of financial data and reports.
Effective management
As an Audit Manager, you will recruit, train, and supervise a team of auditors. This will entail providing thorough guidance and support to your team. You will assign audit engagements to team members and ensure their adherence to audit standards and protocols. You will also conduct performance evaluations and provide constructive feedback for professional development.
Attention to detail
Audit Manager jobs require a good eye for detail to conduct or oversee complex and high-profile audits, verifying the accuracy and reliability of financial data and reports. This thoroughness is also essential for reviewing audit documentation and workpapers to ensure accuracy and compliance with auditing standards.
Frequently Asked Questions
How To Become an Audit Manager
To become an Audit Manager, you typically need a recognised professional certification such as ACA, ACCA, or CGMA, along with several years of experience in auditing or accounting.
In-depth knowledge of auditing standards, financial regulations, and accounting principles is crucial, as is the ability to analyse data, identify risks, and provide recommendations. Strong communication and leadership skills are necessary to interact with stakeholders, lead audit teams, and present findings.
Maintaining high ethical standards and integrity when dealing with sensitive financial information is also essential. Specific requirements may vary based on the employer and industry.
What Is the Average Salary of an Audit Manager?
On average, an Audit Manager in the UK can expect to earn a salary in the range of approximately £45,000 to £75,000 per year.
However, this can vary depending on factors such as experience, qualifications, location, and the size and industry of the company.
Who Employs an Audit Manager?
Audit Managers can be employed by a range of organisations in the UK including mid-tier accounting firms, and specialised audit firms.
Additionally, corporations across various industries have internal audit departments where Audit Managers are employed.
Financial institutions, including banks and insurance companies, also employ Audit Managers to ensure regulatory compliance and risk management.
Furthermore, government agencies, non-profit organisations, and public sector entities may have internal audit functions that require the expertise of Audit Managers to assess financial practices and internal controls.
What Are the Progression Opportunities for an Audit Manager?
With your experience as an Audit Manager, you could choose to become a Finance Director, a partner of a particular practice, or even set up your own accountancy practice.
You could also become a self-employed consultant, offering your expertise in helping organisations to improve their internal processes and ensure compliance to the relevant legislation.
What Makes a Good Audit Manager?
Key skills of an Audit Manager include:
- Comprehensive knowledge of auditing standards, financial reporting regulations and accounting principles.
- Proficiency in financial analysis, including the ability to interpret financial statements and evaluate internal controls.
- Understanding of risk assessment methodologies and the ability to identify control weaknesses and potential fraud risks.
- Strong leadership skills to oversee and manage a team of auditors.
- Ability to assign tasks, delegate responsibilities, and provide guidance to ensure efficient and effective audit execution.
- Excellent organisational and time management skills to prioritise tasks and meet deadlines.
- Collaboration and teamwork skills to foster a positive and cooperative work environment.
- Clear and effective communication skills, both written and verbal, to interact with stakeholders at all levels.
- Ability to present complex financial information in a concise and understandable manner.
- Active listening skills to understand stakeholder expectations and address their concerns.
- Negotiation and persuasion skills to facilitate discussions and implement audit recommendations.
- Strong analytical skills to analyse financial data, identify trends, and detect anomalies.
- Ability to think critically and problem-solve by evaluating risks and proposing effective control measures.
- Attention to detail to ensure accuracy and precision in auditing processes and documentation.
- High ethical standards and integrity to handle confidential financial information.
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