How to Become a Audit Manager

About Audit Manager

An Audit Manager or Auditing Manager is a person who is hired by corporations to organize their internal audits and manage the internal audit plans. An Audit Manager examines the internal processes of an organization and analyses them for their effectiveness, legal compliance, financial efficiency, associated risks etc. Basically, an Audit Manager checks whether a process is:

• consuming only the required inputs

• providing the desired output

• causing any wastage of resources

• in compliance with the law of the land as well as the company policies.

Auditing Manager is a senior-level role in an organization. A person taking up the responsibilities of an Audit Manager not only has to undertake audits but also oversee the planning and organizing of various audits as well as come up with auditing strategies. An Audit Manager is also responsible for suggesting any changes or updates in the existing processes to fix any flaws or loopholes. Hence, an Audit Manager can help an organization save money and minimize risks by streamlining their processes and eliminating wastage of resources and manpower.

Eligibility to become Audit Manager

Audit Manager is a job role that requires specialized skills as well as extensive subject knowledge. Plus, this is a job where having a good mathematical ability is essential. Companies usually prefer candidates with degrees in accounting or finance for the role of Audit Managers. Since this is a senior-level position, candidates will also find that having work experience is also a requirement for this position in most of the organizations.

Given below are the details regarding the eligibility criteria for the Audit Manager position in India.

• Candidate must have a bachelor’s degree in accounting/finance etc.

• Some companies may also require candidates to have a master’s degree or an MBA in Accounting or Finance.

• Companies may also give preference to or exclusively select candidates who have completed a CA / CS / ICWA course.

• Candidates may also be required to have 3 - 5 years of work experience in a related field such as Internal Audit.

• In addition, companies may require candidates to have knowledge of auditing and data analytics tools.

Certification to Become an Auditor

Candidates must be certified to conduct audits by any recognized certification body such as ISACA, IIA etc.

Audit Manager is a job role suited for a candidate who is interested in process creation and financial accounting. Plus, for a candidate to be able to effectively fulfil their duties as an Audit Manager, they must have good Mathematical Skills, communication skills, problem-solving attitude, result-oriented approach, time management and ability to work in a team.

Types of Job Roles Audit Manager

As an Audit Manager, a professional has to undertake various roles and responsibilities. Given below are some of the job responsibilities assigned to an Audit Manager.

• Performing audits for various offices or locations of the organization.

• Preparing related reports and analysis and presenting them to the management.

• Developing and executing processes for internal audits.

• Providing suggestions for improvement based on audit findings.

• Identifying any areas of risk and suggesting changes to mitigate them.

• Ensuring that the various processes are in compliance with the laws and regulations.

• Coordinating with the various departments to implement any procedural changes.

The above information covers most of the aspects of an Audit Manager’s job. The exact job description of Audit Managers will depend on the sector and the company for which they are working.

Employment Sector/Industry for Audit Manager

Audit Managers may be hired by organizations working in many different sectors. Finance-related companies, however, is one key area where the services of an Audit Manager are required. Given below are some of the top recruiting areas for Audit Managers.

• Banks

• Financial Service Providers

• Insurance Companies

• Construction Companies

• PSUs

• Government Agencies or Departments

• Consultancies

• HR Service Providers etc.

Top Recruiting Companies for Audit Managers

Given below are some of the top companies recruiting Audit Managers in India.

• Bajaj Capital

• Ernst and Young (EY)

• L&T (Larsen & Toubro)

• National Stock Exchange (NSE)

• ICICI

• PwC etc.

Pay Scale/Salary of Audit Manager

The salary details of an Audit Manager can be found below.

• The average salary of an Audit Manager is around Rs. 8.5 LPA.

• The average starting salary for an Audit Manager post in India is Rs. 4.5 LPA.

• Experienced Audit Managers can easily make Rs. 10 - 15 LPA.

• For well-experienced professionals in this field, the annual salary can exceed Rs. 20 lakh.

Books & Study Material to Become Audit Manager

Pros of becoming a Audit Manager

• Good choice of career for methodical people who like to make and inspect processes.

• The work and projects are mostly independent.

• Good starting salary with excellent growth prospects.

Cons of becoming a Audit Manager

• Frequent travelling may be required.

• It is a highly-skilled job and it is not easy to get the necessary certifications and educational qualifications for this role.

• Work schedule may be hectic and erratic.