According to some sources, an audit manager is rated as the best job in the UK for 2019. The question then is how to become an audit manager UK.
What is an audit management
Firstly, auditing is the process of analysing procedures and processes. All this, to make sure they are legal, working and accurate. Audit management, therefore, involves supervising this process and making sure that audit directives are followed. Audit management is therefore also key to simplify and organise the workflow and processes involved in an audit.
There are different kinds of audits, internal and external, involving different procedures and processes.
Audit managers, therefore, seem to fall into three categories, internal, government and external.
The internal audit is set up within the business. It is there to prevent fraud in the business. An internal audit will have a look at risk management, governance and internal control processes to make sure they run effectively. The internal audit process is run by management directives. This is the main difference between the external audit and internal audit. The internal audit managers will, therefore, present their audit to the external audit managers for review. External audits are run by an external company, unrelated to the business.
The audit manager therefore not only supervises the audit process but also has to show strong leadership skills and put processes in place. They have to communicate well with their team of auditors, management and external auditors when necessary.
A day in the life of an audit manager
According to the article, The 10 Best Jobs in the UK 2019, an audit manager is the top job in the UK for 2019. What does the day in the life of an audit manager look like though?
Audit managers usually work within a business with hours starting at 40 per week. This varies and audit managers often work long hours. Even though this seems to be the case, it received the highest job satisfaction scores (4.6 out 5) in the above article.
The best advice on what to expect from a day in the life of an audit manager would, of course, be from an audit manager. This is a very informative answer from an audit manager on Quora. In this answer, he describes how about 40% of his day was spent in meetings. The rest of the day was spent reviewing papers, audit findings and audit reports. He also makes it very clear that this is not a ‘keep to yourself’ kind of job and that communication and leadership are very important for success. According to him, some required skills include interviewing, negotiation, having analytical skills, creativity, and also th use of sound judgement to be effective.
Audit Manager Skills and Responsibilities
To beat the harsh competition for audit manager jobs, you also have to have certain skills to get ahead in the game. According to Careers in Audit, these are the top competitive skills for audit managers.
- CISA (Certified Information Systems Auditor)
- Sarbanes-Oxley (SOX) Compliance Knowledge
- Information Security
- Project Management and Continuity Skills
- Software and Operating Systems
- A solid grasp of business continuity, project planning and risk assessment
The following would also be personality attributes important to succeed as an audit manager.
- Strong leadership skills
- Excellent communication skills
- Good planning
- Attention to detail
In general audit managers will be responsible for the following:
- Identify risks and manage
- Planning and performing operational and financial audits
- Developing testing methodologies to evaluate the adequacy of controls
- Produce reports highlighting issues and providing potential solutions
- Presenting these ideas to senior management
- Planning and allocating resources and individuals in accordance with skills and schedules
- Active engagement with senior staff to gain a good understanding of the business
- Supervise, coach and develop junior members of staff within teams
- Ensure compliance with internal and external requirements
Audit Manager Qualifications
You will need at least a Bachelor’s degree in Accounting, Finance, Business Administration or a related field. However, a Master’s Degree would give you a more competitive edge. Some employers will also require you to have certain certifications.
Some of the more popular ones are:
- Certified Public Accountant (CPA)
- Certified Internal Auditor (CIA)
- Chartered Certified Accountant with the Association of Chartered Certified Accountants or
- Certified Information Systems Auditor (CISA).
Audit manager salary expectations
According to Glassdoor, the average base salary for an audit manager is £54 810 nationally. While it is £57 439 in the London area. However, there are audit managers reporting to earn as high as £83 156 in the London area.
On the other hand, Jobisjob reports the average salary to be around £58 440.
This will not only depend on the industry but also your experience.
Even though there are currently 12 663 job openings according to Glassdoor, finding an audit manager role can also be very competitive. Here are a few sites for finding the perfect match for you.
Also, keep an eye on our careers blog page for a more detailed look at different top jobs in the UK.