An audit manager oversees the activities of an audit department to ensure financial reporting compliance with policies, laws, and regulations. They plan tasks, conduct audits, hire and train staff, and investigate fraud. Specialization in areas like IT is common, and qualifications include a degree in internal auditing or accounting and industry certifications.
Generally, an audit manager’s primary role is to oversee the activities of an audit department. This department ensures that financial reporting complies with policies, laws and regulations. The manager is responsible for planning various tasks for a managerial level and delegating tasks to subordinates when necessary. Typically, the duties it includes include conducting audits in accordance with industry-accepted auditing practices, hiring and training staff, and ensuring that audit procedures meet legal requirements.
There are organizations with their own internal audit teams. In these organizations, an audit manager plans and directs audit tasks. When an audit is conducted, it is the manager’s duty to thoroughly review the financial records and ensure that they are accurate. Due to major financial fraud and accounting dishonesty in the past, an audit manager is required to ensure that his team implements strict controls over financial reporting in order to maintain a high level of integrity.
In addition to ensuring compliance with law, policies and regulations, the audit manager may be required to conduct investigations when there are allegations of fraud. The issue of fraud has serious consequences, and the manager must be careful in his inspection. When discovered, it is the duty of the manager to report the matter to the proper authorities.
Specialization is also an aspect of auditing. For example, a manager might seek expertise in a domain such as information technology. A manager with experience in this field, for example, usually oversees and controls data management. By doing so, it ensures that confidential data is not lost or manipulated, among other matters.
Some organizations do not have internal auditors and rely primarily on companies that specialize in this domain. When an organization hires a firm to provide audit services, there will be an audit manager to oversee the process. The manager will review the financial statements to ensure that there are no irregularities. In addition, he or she will review the controls that the organization has in place and thereby assess their efficiency and effectiveness.
The audit manager can also work for the government. In this role, the manager may be responsible for overseeing various activities. This includes audits of individuals and companies, especially when there are suspicions of tax evasion, money laundering or any other criminal activity.
Most often, audit manager positions require the candidate to have a degree in internal auditing or accounting, preferably at a graduate level. Additionally, he or she may be required to hold one of several industry certifications. This includes designations such as Certified Internal Auditor (CIA), Certified Internal Systems Auditor (CISA), and Certification in Control Self-Assessment (CCSA).
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