An audit manager’s primary responsibility is to oversee the activities of an audit department. This division ensures that financial reports adhere to company policies, laws, and regulations. The manager is in charge of planning various tasks at the managerial level and delegating jobs to subordinates as needed. His or her responsibilities typically include performing audits in accordance with industry standards, hiring and training staff, and ensuring that auditing procedures comply with legal requirements.
There are some businesses that have their own internal auditing teams. An audit manager is in charge of planning and directing auditing tasks in such organizations. It is the manager’s responsibility to thoroughly examine financial records and ensure that they are accurate during an audit. Due to past major financial frauds and accounting dishonesty, an audit manager must ensure that his or her team implements tight controls over financial reports to maintain a high level of integrity.
When there are allegations of fraud, the audit manager may be required to conduct investigations in addition to ensuring compliance with the law, policies, and regulations. The issue of fraud has serious ramifications, so the manager must conduct a thorough investigation. It is the manager’s responsibility to report the matter to the appropriate authorities once it is discovered.
Auditing also involves a degree of specialization. A manager, for example, might seek expertise in a particular domain, such as information technology. For example, a manager with experience in this field will typically supervise and control data management. He accomplishes this by ensuring that sensitive data is not lost or manipulated, among other things.
Some businesses lack internal auditors and instead rely on firms that specialize in this field. When a company hires a firm to provide auditing services, the process will be overseen by an audit manager. The manager will review financial statements to ensure that there are no discrepancies. In addition, he or she will assess the organization’s controls in order to determine their efficiency and effectiveness.
The audit manager could also be employed by the government. The manager in this position may be in charge of overseeing a variety of activities. Audits of private individuals and corporations are common, especially when tax evasion, money laundering, or other criminal activities are suspected.
A degree in internal auditing or accounting, preferably at the postgraduate level, is usually required for audit manager positions. He or she may also be required to hold one of a number of industry certifications. Certified Internal Auditor (CIA), Certified Internal Systems Auditor (CISA), and Certification in Control Self-Assessment are examples of these (CCSA).