The major responsibilities of audit managers include the following (but they may vary from company to company based on size and location):
- An audit manager is required to supervise audit staff during audits and also to control the consulting schedules or assignments that are related to the evaluation of corporate management and operating practices.
- On a regular basis he/she is required to monitor the policies and procedures and evaluate the efficiency of systems of internal control designed to protect the clients, assets, revenues, and the company’s market reputation.
- This position requires the candidate to handle audit planning, to audit reporting, and to communicate the findings in the form of reports and recommendations to the line and senior management.
- He/she is required to understand the concerns and issues of the management and should also effectively adopt the changes in the industry regulations.
- An audit manager is required to supervise and provide on the job training for his/her audit staff or assistants. He/she is responsible for reviewing the documents and audit work prepared by the assistant(s) and to check its compliance with the predefined standard of the corporate auditing department/company.
- He is also required to develop appropriate solutions to enhance and integrate with other financial, operational, and informational technology audits when required.
Good analytical, communications, and research skills are essential. Candidates must be capable of preparing and presenting reports and results to the management or audit committee. Candidates should be proficient in accounting and auditing computer software or have expertise in specialized areas such as international business, specific industries, or current legislation. Professional recognition through certification provides a distinct advantage in this sector.
Audit managers can demand a starting salary ranging between $ 75,000 and $90,000. Upon gaining five years and above experience, one can expect to jump into a much higher range. The variation in salaries depends to a great extent on the size of firm, location, level of education, and professional credentials. Employees usually receive the standard benefits, including health and medical insurance, life insurance, paid annual leave, etc. Some companies also provide additional benefits, such as the use of a company car.
It is assumed that this occupation will generate 226,000 new jobs by 2016. This is considered to be a revolutionary growth pattern compared to all other occupations. Rapid employment growth in audit-related jobs is the result of economic expansion along with strict accounting and auditing regulations all over the world. Business expansion crossing the geographical boundaries, changing financial laws, more corporate governance regulations, and increased liability for protecting an organization’s stakeholders will surely drive employment opportunity in this sector.