An audit manager is responsible for overseeing internal operating controls, processes, and practices. They organise and manage internal audits according to audit plans. Other responsibilities include overseeing the process of audits, making recommendations on policies, and ensuring that the organization fulfills international and governmental obligations of compliance.
Qualifications Required For An Audit Manager
As an audit manager, at least, you should have a bachelor’s degree in accounting or any business degree. Some employers may prefer a master’s degree or Master of Business Administration (MBA).
Also, audit managers are expected to have certifications such as Certified Financial Service Auditor (CFSA), Certified Information System Auditor (CISA), or Certified Internal Auditor (CIA).
An audit manager is also required to have experience with technology.
Skills Required For Audit Manager
An audit manager should be someone who is capable of analyzing situations, records and events, especially in the monetary aspect of the organization you work with. An audit manager should analyse and draw reasonable conclusions on the records.
As audit manager one should be proficient in accounting. Accounting skills are a much needed skill for an audit manager. You need accounting skills so that you can understand the documents related to accounting and finance of an organisation. Basic accounting knowledge will help you to understand the irregularities within the financial records.
As an audit manager you are expected to advice your employer on what to do to avoid or minimise the risk associated with some practices in the organization.
Technology is one of the most important factors of every industry. Technology makes work easier. For an audit manager, you have to be conversant with computer softwares that is relevant to the job you do. Also you need to learn some basic computer skills. Using computers and softwares makes your job speedier and more accurate.
Proficiency In Mathematics
As we know mathematics is the basics and foundation of accounting. Accounting is the foundation of auditing. So an audit manager should be proficient with numbers.
You need to supervise your team members. When you build a good and long lasting relationship with your team, it becomes easy to organize and integrate each one into the auditing exercise without much fuss.
- Plan and perform financial and operational audits.
- Identify business process risks.
- Ensure compilation of audits on time.
- Review and assess completion of audits.
- Coordinate with clients about audit practice.
- Develop recommendations and reports based on audits and presenting these ideas to senior management.
- Analyse financial data, records, reports, and statements.
- Initiate internal audit controls for effective financial management.
- Formulate professional development and educational plans for junior staff members.
- Plan and allocate resources and individuals in accordance with skills and schedules.
Certified Internal Auditor (CIA)
Certified Internal Auditor (CIA) is the only globally accepted certification for internal auditors. In which individuals demonstrate their competency and professionalism in the internal auditing field.
Certified Information Systems Auditor (CISA)
The CISA certification is a globally recognized certification for IS audit control, assurance and security professionals. CISA certification shows your audit experience, skills and knowledge, and demonstrates you are capable of managing vulnerabilities, ensuring compliance and institute controls within the enterprise.
Certification in Risk Management Assurance (CRMA)
The CRMA is designed for internal auditors and risk management professionals with responsibility for and experience in providing risk assurance, governance processes, quality assurance, or control self assessment (CSA). CRMA certification demonstrates an individual’s ability to evaluate the dynamic components that comprise an organization’s governance and enterprise risk management program and provide advice and assurance around these issues.
Certified Management Accountant (CMA)
The Certified Management Accountant (CMA) certification is the advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance.
Chartered Global Management Accountant (CGMA)
CGMA designation is the most widely held management accounting designation in the world. CGMA establishes your commercial skills, strategic vision and transformational mindset.
Job Opportunities For Audit Manager
An internal auditing career is assigned the task to check that proper internal controls are in place and ensure that the company complies with the required laws and regulations and follows the proper procedures in an effective and efficient manner. As an internal auditor you need to check whether proper internal controls are in place and have compliances as per the internal policies and other legal requirements.
External auditors perform tasks like examining the validity of financial records of the company to find out if there is any misstatement in the company’s record because of fraud, error, or embezzlement and then reporting the same. They work over the accounting books, purchasing records, inventory, and other financial reports in order to check that the company is functioning in the right manner.
Information Technology Manager
Information Technology Auditors are responsible for analysis for monitoring performance of the special technological functions which are designated by the management of the company. They check the internal controls and the risks which are there in the technology system of the company. They also help the management of the company in designing and implementing the audit strategies pertaining to technologies used by the company.
Importance Of Practical Knowledge
Having practical knowledge is a most important part in an audit manager career. It provides a better understanding of the flow of knowledge across the organization and where there are areas to improve. It helps to improve your career opportunities. Practical training programs help to improve your skills.
- What is the authority of audit and management services?
Audit and management services have the authority to recommend improvements and to monitor the implementation of its recommendations. In accordance with its board approved charter, it has free, unlimited and unrestricted access to all books, records, files, data, property and personnel of the university and health system including the schools, services and resource centres and institutes, central administrative departments, auxiliary enterprises, subsidiaries, etc.
- How are audits selected?
Audits are generally selected through an annual risk assessment process. Risk assessment includes factors such as :
- Size and complexity of operation
- Change in business environment
- Time elapsed since last audit
- What are the roles of an Audit Manager?
- Plan and perform operational and financial audits
- Identify business process risk
- Develop and test methodologies to evaluate the adequacy of controls
- Documenting the result of evaluation
- What Qualities Does an Audit Manager Need To Be Successful?
Organizations need skilled, experienced professionals in key roles like audit managers to help support the audit function. An organization’s ability to meet compliance requirements and identify potential risks needs employees’ coordination, cooperation, and vigilance. Through the audit process, the team ensures everyone in the organization is doing what’s required to help avoid risk and meet compliance demands. However, because audit projects are often complex and time-intensive, it’s easy for even experienced auditors to lose sight of key details and miss red flags.
- What is the plan Of Action For Doing An Internal Audit?
It consists of basic requirements that include financial records. The records include detailed expenses, bank statements, cheque books, and deposit slips. All bill receipts are required too to complete the internal audit.
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