August 29, 2008, Newsletter Issue #94: Audit Manager

Tip of the Week

The Audit Manager is an upper level management position requiring supervisory skills. The actual job description and duties varies according to the firm employing the Audit Manager.

An Audit Manager working in internal control is known as an Internal Audit Manager. This individual would conduct contract and business reviews, assess key risks, review management controls, and draft detailed reports. They would identify key controls and manage the company's business risks. The internal auditors report to the Internal Audit Manager. The IA Manager is the liaison between the auditors and management. The IA Manager plans, directs, and supervises the internal audit. They prepare the report findings and present it to management.

An Internal Audit Manager needs excellent communication and influencing skills. They also need a thorough understanding of regulation issues. They examine internal control systems. They need to ascertain compliance with Sarbanes-Oxley (SOX).

In general, the Audit Manager oversees the audit engagement. They manage the full scope of the engagement from planning the best course of action to setting the audit engagement budgets. Audit Managers are responsible for the supervision and management of services provided to the client. They are the main contact with the audit client.

Audit Managers properly staff the audit engagement and determine the workload responsibilities. They can schedule audits, prepare audit strategy, and set the audit budget. They provide guidance and assistance to the audit engagement staff. This is where the strong supervisory and interpersonal communication skills necessary for the position come into play.

Audit Managers also communicate with management and partners on audit engagement matters.

Audit Managers usually have between 5-7 years experience in the public accounting field. Big 4 experience is required by larger firms. A CPA is required. An advanced degree is preferred by many companies for this position. Audit Managers need to have proven heavy technical expertise. They need to have a proven track record involving accounting software and various IT processes. They also must have an advanced knowledge of GAAP & GAAS.

The salary range for Audit Manager depends upon the region, firm size, and experience. It ranges between $75,000-$125,000 annually.

Audit Manager positions are usually obtained by networking with other professionals or via accounting/auditing staffing agencies.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.