JOB PROFILE
What Is an Audit Senior?
IN THIS JOB PROFILE
You Will Learn.
- What does an Audit Senior do?
- What are the responsibilities of an Audit Senior?
- What qualifications does an Audit Senior need?
- What is the difference between a Senior Auditor and an Auditor?
- How much does an Audit Senior make?
- Who employs an Audit Senior?
- What are the progression opportunities for an Audit Senior
- What makes a good Audit Senior?
- Where are the latest Audit Senior jobs and how do I apply for them?
What Does an Audit Senior Do?
An Audit Senior plans and executes risk-based internal audits for businesses as part of their annual audit plan and in accordance with company standards. Tasks include planning an audit process, research, reviewing current processes and providing recommendations to enhance company policies and procedures.
What Are the Responsibilities of an Audit Senior?
While working as an Audit Senior, you could be required to:
- Support the planning, execution and delivery of an audit in a timely manner.
- Meet with management and stakeholders to discuss the findings of an audit.
- Assign roles to the audit team.
- Identify risk matters to the business.
- Review the work of junior auditors.
- Manage and solve any issues or discrepancies in data or figures.
- Understand the commercial objectives of the business and the impact made by an internal audit.
- Liaise with external advisors if necessary.
- Manage client expectations during the audit.
- Collate Annual Financial Statements.
- Train junior auditors.
Frequently Asked Questions
What Qualifications Do Audit Seniors Need?
Most Audit Seniors need to be fully qualified ACCA/ACA or have a bachelor's degree in finance or accounting.
Qualifications and skills requirements can vary from employer to employer but it is extremely desirable to have a minimum of three years’ experience in external audit.
How Much Does an Audit Senior Make?
The average salary for an Audit Senior in the UK is around £45,000 per year. Due to the higher cost of living and an increased demand for talent in the city, the average salary in London is £50,000 per year.
However, salaries can vary depending on factors such as location, level of experience, and the size of the firm. It's also worth noting that total compensation, including bonuses and other benefits, can significantly increase an Audit Senior's overall earnings.
Who Employs an Audit Senior?
An Audit Senior is typically employed by accounting and consulting firms. These firms range from small regional firms to large international firms.
The "Big Four" accounting firms (Deloitte, PwC, EY, and KPMG) are among the largest employers of Audit Seniors, but there are many other firms that also offer audit services and employ Audit Seniors.
Additionally, some companies have their own internal audit departments and may employ Audit Seniors to help oversee their financial reporting processes.
What Are the Progression Opportunities for an Audit Senior?
Using the experience developed from working as an Audit Senior, there are various opportunities to progress your career. Some direct progressions include becoming an Audit Manager or Director.
Specialising in a particular field, such as IT, audits or risk management, to develop your skillset and become a valuable asset to organisations is also a popular option.
What Is the Difference Between a Senior Auditor and an Auditor?
Though a Senior Auditor and Auditor’s work will cover the same field and general duties, there are distinguishing factors between these two positions.
A Senior Auditor is commonly the next career progression from a Junior Auditor. As a result, a Senior Auditor will have several years of experience within the role. This will make them more adept for their responsibilities entailed as part of senior internal audit jobs. This includes leading and planning audit engagements, reviewing junior auditors' work, making informed audit decisions, and engaging in direct client interactions with higher-level executives.
In contrast, an Auditor is usually an entry-level position. While working as an Auditor, a person’s responsibilities will conversely involve basic audit functions, working under supervision, and having less client interaction and report issuance authority.
What Makes a Good Audit Senior?
Key skills of an Audit Senior include:
- In-depth understanding of auditing and control practices.
- Enhanced knowledge of economics and accounting.
- Proficiency in accounting software.
- Enhanced mathematical and analytical skills.
- Strong attention to detail.
- Ability to keep private information confidential.
- The ability to work well under pressure.
- The ability to work to strict deadlines.
- Great written and verbal communication skills.
- The ability to work with professionalism and integrity.
- A strong drive to excel professionally.
- The ability to adhere to company policy.
- Strong business management skills.
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