An Audit Manager is a professional who plays a vital role in ensuring the accuracy and integrity of financial records and systems within an organization. They oversee the audit process, assess internal controls, and provide recommendations for improvement. In this blog post, we will explore the primary responsibilities and the most in-demand hard and soft skills for Audit Managers.

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Main Responsibilities of an Audit Manager

The following list describes the typical responsibilities of an Audit Manager:

Adapt

Adapt to changes and new technologies in the auditing field.

Analyze

• Analyze and revise assurance files assigned and ensures compliance with quality control standards.

• Analyze work in progress reports and ensure hours worked are recorded for invoicing.

Anticipate

Anticipate reactions by others and plans responses in advance.

Assess

• Assess risk along with design and communicate audit procedures to engagement teams.

• Assess the effectiveness of internal controls and identify control gaps.

Assign

Assign project work in accordance with level and skill of team members as required.

Assist in

• Assist in developing and delivering internal CPD training.

• Assist in the development of the annual internal audit plan using a risk-based approach.

• Assist with automation projects for key financial processes.

• Assist with the ongoing execution of the Continuous Monitoring program.

• Assist with TU's SOX compliance requirements across regions.

Assume

Assume lead role in planning and implementing assigned projects.

Build

Build and maintain global compliance audit programs.

Carry out

Carry out debrief and provide feedback at end of assignments.

Champion

Champion the development and maintenance of data analytics for assigned audit areas.

Clear

Clear review notes following each review.

Collaborate with

Collaborate with stakeholders to implement audit recommendations and monitor progress.

Communicate

• Communicate audit results and findings to senior management and the board of directors.

• Communicate details of fees to clients, and assists in collection of overdue accounts.

• Communicate effectively with clients, colleagues, and stakeholders at all levels.

• Communicate learning points through Quality Alerts.

• Communicate of audit results with your team and with your client.

• Communicate regularly with team and manager to provide updates on progress.

• Communicate the objectives, status and results of assigned work to various levels of management.

Complete

• Complete Post Audit Feedback Form for self.

• Complete research and planning projects and provides presentations when applicable.

• Complete risk-based Advisor Desk Reviews.

• Complete systems, operational or compliance audits using a risk-based methodology.

Conclude

Conclude on the effectiveness of internal controls, enterprise policies, processes and procedures.

Conduct

• Conduct debrief meetings and recommended improvements for next year's process with Director.

• Conduct forensic audits to detect and prevent fraudulent activities.

• Conduct in-house training programs as required.

• Conduct research on various auditing and accounting standards and topics.

• Conduct risk assessments and identify potential areas of non-compliance or fraud.

• Conduct special audits or investigations as required.

• Conduct thorough assessment and analysis and obtains sufficient and appropriate evidence.

Contribute to

Contribute to preparation of internal audit management reports.

Coordinate

• Coordinate IT themes across US IT Teams by collaborating with Global ITA teams.

• Coordinate the SOX assessment with external auditors.

• Coordinate with external auditors during the annual financial audit process.

• Coordinate work performed on behalf of the external auditors as assigned.

Create

Create and lead audits specific to cyber security.

Define

Define project scope, plan and then complete risk-based audits within time and budget.

Demonstrate

• Demonstrate proficiency in audit software and data analytics tools.

• Demonstrate strong analytical and critical thinking skills to identify issues and provide practical solutions.

Design

• Design and implement data analytics.

• Design or update audit procedures for assigned audits.

Determine

Determine overall compliance of the program, based on the results of the review procedures.

Develop

• Develop a consistent documentation framework and methodology for Actuarial Testing.

• Develop and deliver an audit opinion on internal controls through completion of the audit.

• Develop and implement audit policies, procedures, and methodologies.

• Develop and implement data analytics in support of audit planning, execution and reporting.

• Develop and / or reviews all required correspondence on regulatory accounting matters.

• Develop and / or reviews all RSM Canada comment letters on accounting matters.

• Develop Annual Compliance Audit Plans and schedules.

• Develop audit plans and strategies to ensure effective and efficient audits.

• Develop high-quality business processes and audit testing documentation.

• Develop, implement and monitor project plans to ensure delivery per budget and timeline.

• Develop PC-aided audit testing and data mining techniques, whenever possible.

• Develop reportable conditions letter and effective suggestions and solutions.

• Develop staff by assisting in performance evaluations, recruiting, and training.

• Develop strategies on how to adopt or implement new standards (when necessary).

• Develop team processes and systems to improve the productivity and growth of the business.

• Develop tools to enhance controls and functions.

Display

Display excellent organizational and project management skills to prioritize tasks and meet deadlines.

Draft

Draft audit reports to communicate audit findings and significant control deficiencies.

Educate

Educate stakeholders on our processes and work to improve the overall SOX actuarial audit experience.

Ensure

• Ensure appropriate working paper evidence of findings is maintained.

• Ensure audit engagement objectives are met.

• Ensure completion of audit work within the time budget.

• Ensure compliance with auditing standards, regulations, and ethical guidelines.

• Ensure quality control in the portfolio of reviews in line with the Audit methodology.

• Ensure that deliverables meet clients' needs and expectations.

Establish

• Establish and maintain strong relationships with clients, addressing their concerns and providing valuable insights.

• Establish tables of accounts and assign entries to proper accounts.

Evaluate

• Evaluate and improve the effectiveness of IT audit practices, tools and programs.

• Evaluate and reports the impact of inadequate controls.

• Evaluate audit findings and coordinate remediation of deficiencies.

Execute

Execute quarterly continuous audit monitoring and review plans for each entity, as required.

Exhibit

Exhibit leadership qualities to motivate and inspire the audit team.

Expand

Expand knowledge base through proactive knowledge sharing and collaboration.

Facilitate

• Facilitate key discussions and provide thought leadership to executive audience.

• Facilitate Teamwork - Take ownership of your team's morale and success.

Follow-up

• Follow-up of all action plans determined after the audit in coordination with the Group audit team.

• Follow-up of prior audit work to ensure new controls are in place and working as intended.

Foster

• Foster a collaborative and team-oriented environment within the audit department.

• Foster a culture of ethics, integrity, and accountability within the audit team.

Help

Help drive maturity of application testing skillset across the division.

Identify

• Identify and supervise staff.

• Identify audit scope based on risks and controls identified.

Implement

• Implement audit plan, and ensure effective audit practices for traditional and continuous audits.

• Implement remediation activities as needed.

Interact

Interact and build relationships with clients.

Keep

• Keep abreast of latest developments as they affect GAAP and the Firm's standards and policies.

• Keep apprised of new standards and services being developed by outside teams.

• Keep partner informed of significant developments on engagements.

Lead

• Lead and supervise audit engagements to assess the organization's financial statements and internal controls.

• Lead appropriate activities during fieldwork, as outlined by the audit manager.

• Lead special investigations involving frauds, control failures or special needs of the Bank.

• Lead the finding resolution process to make sure resolution milestones are met.

Maintain

• Maintain a thorough understanding of compliance risks and processes.

• Maintain contact with clients throughout the year.

• Maintain relationships with Global Compliance and audit teams (Country / Business audit teams).

• Maintain SharePoint sites to stage documents for review and delivery.

Manage

• Manage and present audit reports for Audit committee review.

• Manage audit assignments and personally conduct in-depth and conclusive audit testing.

• Manage / lead a number of moderately complex audits and be responsible for completion of the audit.

• Manage multiple audit projects simultaneously, ensuring timely completion.

• Manage multiple projects and stakeholders.

• Manage performance of audit work and review working papers with audit management.

• Manage performance of on-site audit work and review working papers when audit lead.

• Manage team members assigned to audits on a project basis.

• Manage the development of staff by providing direction and coaching.

• Manage the process to track, follow-up, and ultimately close all open audit issues.

• Manage, trains, mentors, coaches and motivates internal audit team members.

Mentor

• Mentor and develop a team of 2 to 3 Jr staff.

• Mentor and develop staff to ensure professional development and business continuity.

Monitor

• Monitor and assess implementation of corrective action plans and audit recommendations.

• Monitor and evaluate the organization's risk management processes.

• Monitor the progress of engagements and key project activity dates to ensure deadlines are met.

Oversee

• Oversee and manage the audit of the clients.

• Oversee follow-up of open audit issues.

• Oversee the audit action plans to ensure they are completed quickly and address the root causes.

Participate in

• Participate in and oversee / manage audit engagements and projects that encompass.

• Participate in annual Sarbanes-Oxley testing of internal controls over financial reporting.

• Participate in assignments of varying complexity.

• Participate in a variety of special projects as assigned by management.

• Participate in engagement timetable management.

• Participate in preparation of the audit Executive Summary.

• Participate in special audit projects as requested by senior management of the Bank.

• Participate in special projects as and when required.

• Participate in the preparation of proposals and presentations.

• Participate in the proposal process for new clients and projects.

Perform

• Perform additional duties as required.

• Perform data analysis and utilize audit software tools for enhanced audit procedures.

• Perform quality reviews of others' working papers.

• Perform testing of critical areas of audit.

Plan

• Plan and completes other assigned segments of the audit and assigns other tasks to team members.

• Plan clients' assurance program strategies and supervise their performance.

• Plan, manage, direct, and review the work of compliance auditors.

• Plan, supervise and / or conduct end-to-end operational audits as well as the annual SOX program.

Possess

Possess a deep understanding of accounting principles and financial reporting standards.

Prepare

• Prepare and review audit reports that are accurate, clear, and concise.

• Prepare applicable sections of the quarterly report to the Audit Committee.

• Prepare audit programs to be used in current and future audits.

• Prepare clear and concise internal documentation and prepare audit reports.

• Prepare comprehensive audit reports with findings, recommendations, and action plans.

• Prepare financial statements and footnotes.

Promote

Promote the use of advanced audit techniques such as continuous auditing and monitoring.

Provide

• Provide a driver's abstract for review.

• Provide advisory services, investigations and other ad hoc projects.

• Provide daily work direction, manage workload and evaluate resource requirements.

• Provide direction and insight in maintaining a robust control environment.

• Provide feedback on staff performance on an audit project basis.

• Provide guidance, advice and support to the wider Audit Team as a subject matter expert.

• Provide guidance and feedback regularly.

• Provide guidance and support to audit staff, assisting in their professional development.

• Provide inputs to resource allocation and scheduling.

• Provide input to Global QMS Documents and functional processes.

• Provide input to the annual planning process assisting in shaping the direction of the work.

• Provide leadership, coaching, performance management and personal development support.

• Provide meaningful recommendations to audit procedures and programs.

• Provide ongoing monitoring, coaching, supervision and feedback as required.

• Provide on-the-job training for staff.

• Provide oversight of staff including talent acquisition, retention, and development.

• Provide specialized consulting, analytical and technical support.

• Provide strategic analysis regarding the growth of the stated industries.

• Provide support to the business to implement IT and operational improvements.

• Provide technical mentorship and training to auditors across all levels.

• Provide thought leadership and / or industry knowledge for own area of expertise.

Recognize

Recognize the appropriate value of timing of rewards.

Recommend

Recommend control improvements to mitigate key risks.

Report

• Report control gaps and other improvements to management.

• Report to management regarding the finances of establishment.

Review

• Review, analyze and approve audit programs, working papers and reports.

• Review and assess key compliance processes and controls of distribution firms.

• Review and evaluate audit findings, ensuring accuracy and adherence to auditing standards.

• Review and evaluate work and prepares performance reports.

• Review any special reports required for the engagement and submit for final review.

• Review control deficiency and compliance letters, with an eye on quality, thoroughness and accuracy.

• Review financial statements for accuracy and compliance with applicable laws and regulations.

Schedule

Schedule and conduct presentations at meetings with auditees and management as needed.

Stay updated on

Stay updated on regulatory changes, accounting standards, and industry best practices.

Substantiate

Substantiate audit findings by filing audit criteria, source documents and explanatory notes.

Supervise

• Supervise and monitor audit testing.

• Supervise findings follow up tasks with management and audit staff.

• Supervise Staff and Senior Consultants on client engagements.

Support

• Support annual and continuous risk assessment activities.

• Support continuous mentoring and development of audit team members.

• Support Corporate Audit change initiatives and department strategy.

• Support information gathering, reporting, and tracking of items for external regulators.

• Support of the Auditor Certification process (either as a trainer or an interviewer).

• Support root cause investigations into serious incidents / product recalls.

• Support the annual risk assessment process and scoping activities.

• Support the Audit Partners with overall strategic and operational initiatives in the practice.

• Support the development and implementation of data analytics more broadly in the business.

• Support the transformation and continual improvement of the Internal Audit function.

Take

Take ownership of assigned tasks and seek out ways to improve efficiencies in the IAG process.

Train

Train staff during fieldwork.

Understand

• Understand and implement new audit risk standards as they pertain to our clients.

• Understand and manage firm risk on audits and proposals.

Undertake

Undertake timely and robust issue tracking to ensure issues raised are appropriately remediated.

Update

Update assigned Global QMS Documents and Audit function SOPs.

Use

• Use data analytics to improve effectiveness and efficiency of the audit process.

• Use data to support pragmatic remediation suggestions.

• Use or learn data mining / analysis and continuous auditing techniques.

Validate

Validate the accuracy of the finding with the audit clients and present issues to management.

Work with

• Work independently but receives assistance / coaching from the audit manager.

• Work with business to develop and implement a continuous assurance process.

• Work with Management and users to identity best practices and procedures.

• Work with the legal and management teams to develop and implement a risk-based internal audit plan.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Audit Manager:

1. Financial auditing and reporting

2. Risk assessment and management

3. Internal controls evaluation

4. Regulatory compliance

5. Forensic auditing

6. Data analysis and data mining

7. Audit software and tools proficiency

8. Accounting principles and standards

9. IT auditing and cybersecurity

10. Industry-specific regulations and standards

Most In-demand Soft Skills

The following list describes the most required soft skills of an Audit Manager:

1. Excellent communication and interpersonal skills

2. Leadership and team management

3. Critical thinking and problem-solving abilities

4. Attention to detail and accuracy

5. Time management and organizational skills

6. Ethical conduct and integrity

7. Adaptability and flexibility

8. Analytical mindset

9. Relationship building and client management

10. Continuous learning and professional development

Conclusion

Audit Managers play a crucial role in ensuring the integrity of financial records and the effectiveness of internal controls within organizations. They possess a blend of technical expertise, analytical skills, and strong interpersonal abilities. The main responsibilities include planning and executing audits, providing recommendations, and maintaining regulatory compliance. To excel in this role, Audit Managers need to possess a combination of hard skills related to financial auditing, risk management,