How to Become an Audit Manager: Career, Courses, Job Profile, Salary & Scope

How to Become an Audit Manager: Quick facts 

A table of quick Facts for audit Manager are given below-

What does an Audit Manager do? 

The following responsibilities comes under the audit manager job description:

• An Audit Manager job description includes preparation of the internal audits of their organisation and management of the internal audit plans. Audit Manager examines the internal processes of a company and analyses them for the overall effectiveness of the organisation process, legal compliance, financial potency, associated risks etc.
• Audit Manager job description does not only include only the auditing responsibilities.Additionally the audit managers job description requires them to administer and prepare report for the top management and present their analysis of the audit report.
• Another responsibility of the Audit Manager is to suggest any changes or updates within the existing processes. The audit manager job description includes correction of the flaws or loopholes within the system of the organisation. Hence,an Audit Manager is responsible for minimizing the financial risks of a company by streamlining their processes and eliminating wastage of resources and workforce.
• They make sure that the financial records of an organization and that taxes are paid properly on time. They additionally assess financial operations and work to assist make sure that firms run with efficiency.

• The audit manager job description includes taking care of the fact that various processes within the company are performed in such a way so that it complies with the laws and regulations set for the respective industry .

How to Become an Audit Manager: Steps to follow 

In order to become an audit manager in India the aspirants need to follow a series of steps that would help them smoothly complete the translation from being an aspirant to a successful audit manager. Here are the steps:

Make a decision 

• Before a candidate starts pursuing a career in anything, they need to check what is their primary interest and what subject combination that one has to pick up in their 12th so that they can take up the course that would be relevant to become an audit manager.
• A career as an audit manager is usually challenging and hard-to-please. The candidates need to maintain due diligence in every step so that the interest of the company as well as the compliances are met. The Candidates need to have great interest and motivation to work for the companies even in hard conditions.
• Making the right decision about the course that candidates want to pursue creates a large impact in the future so the decision must be taken wisely whether to pursue a diploma after 12th or pursue a bachelor degree which provides an opportunity to go for higher education in this field.

Choosing the correct Subjects 

• An academic degree is the most popular and usually the minimum education needed for an audit manager is a bachelor degree in finance or accounts. However, several employers are currently searching for candidates with a master degree, ideally in accounting and finance. In some cases professional courses such as CA, CS are also in great demand
• A candidate must have accounting, finance, mathematics, commerce as mandatory subjects along with good knowledge of grammar, vocabulary and comprehension.
• It is advisable that the students should take up the connerence stream in their 10+2 Level. However, candidates from science and arts are also eligible to pursue the course after the completion of their intermediate or undergraduate course.

Entrance Examination Preparation

• After passing 10+2 or the graduation one will have to appear for the entrance exam and only after qualifying these entrances one would be able to begin with their accounting courses from a reputable college.
• In order to qualify for the entrance examination the candidates need to start preparation for the entrance examination by preparing the various study materials and taking up mock tests related to the examination. 
• Some of the common entrance exams conducted by different universities or agencies for providing admission in the various courses for an audit manager are CUET, IPU CET, BHU CET, MAT, CAT, etc.

After qualifying the entrance examination the candidates are required to appear for the interview and group discussion.

Choose the correct college 

After qualifying the entrance examination the choice of the is the next best decision the candidates must take. Most of the educational professionals advise the candidates to choose colleges that provide excellent infrastructure facilities as well as placement assistance. The candidates need to take the following steps before selecting a college for their course

• Check out the top colleges in the particular stream based on the ranking provided by the various agencies like NIRF, India Today,Outlook, etc.
• Check out the previous years cutoff of the different colleges and the reviews of the colleges from the students of the previous batch.
• Make comparative analysis of the fees and the future placement option and calculate the return of investment.

After Qualify Course

• After the completion of the course the candidates can look for job opportunities. The candidates can look for placement options during their stay at the college. 
• Most colleges provide placement assistance to the candidates.Candidates are mainly absorbed in the manufacturing or production sectors.
• Most of the top colleges provide placement to their top candidates. It is necessary to gain some professional experience before taking a plunge into the worklife. Sometimes candidates after completion of the course start working on part time basis in various audit firms in India understand the job responsibilities of an audit manager.

Types of Audit Managers

There are different job roles come under types of Audit manager, the details of the types of audit manager has been discussed below: 

Public accountants 

• Public accountants are responsible for maintaining different kinds of activities associated with accounting, auditing, taxation, and consultation. Their customers involve individual people, firms and various government organisations. Public accountants present various financial statements and reports that clients must report to the concerned authorities.
• They provide tax reports and maintain monetary statements that organisations put forward to the different prospective investors. The public accountants specialize in taxation and related aspects, informing organisations on the extra advantages that they can avail in various business selections or processes and improve the revenue generation.
• Public accountants offer recommendations and supply basic financial information to their clients. The Public accountants are responsible for filling the tax returns of the clients and ensure that the taxes are paid in time. 

Management accountants

• Management accountants are typically termed as value accountants, corporate, or personal accountants. The documentation made by management accountants is intended for internal use by business executives. The internal audit done by the management accountants helps the organization to understand the various loopholes and flaws present in the financial statement of the company and allows them to correct them.
• Management accountants take care of a company’s accounts. They advise managers concerning the financial implications of business choices to assist growth and profit.
• They supervise a team of accounting technicians and develop and manage financial systems/policies and negotiate and get finance for major business decisions and control and prognosticate financial gain and expenditure.
• Management accountants additionally understands the various trends in the markets and identifies the opportunities of growth and prevents the financial risks and arrange the funding and financing of operations, and monitor and enforce compliance.

Government accountants 

• Government accountants manage and review the documents of state departments and audit different firms and entities whose operations are subject to government legislation or taxation. 
• Accountants appointed by the state and native governments guarantee the funds that are obtained and endowed in various departments of the government, and maintain compliance with laws and rules. Accounting graduates additionally think about serving within the personal or public industries of accounting, however, jobs in government sectors typically provide opportunities for an undefeated life.

Check Out: How to Become a Cost Accountant

How to become an Audit Manager in India 

Indian students have access to certificates, diplomas and graduate and postgraduate degree programmes in accountancy and finance in order to become an audit manager in India. The minimum qualification required for the role of audit manager in India is a bachelor degree. But in some cases the candidates with master degree are prefered for the role. 

The following are the different preparation that they can take up to become audit managers at various education level

School level Preparation 

• It would be preferable that the students complete the 10+2 level in commerce stream with subjects like accounting, economics, business studies, accounting, and arithmetic with an aggregate mark of 50 % from a recognized board. Students from science or arts streams can also take up courses of audit manager in the future..
• Students are advised to start their preparation for undergraduate entrances from class 11 which helps in scoring high in competitive examinations. 
• Most of the syllabus of the entrance examination covers subjects such as arithmetic, general comprehension, english aptitude, etc..
• Solving mock tests and previous year papers would help the candidates to understand the basic structure of these tests and patterns as well.

How to become an Audit Manager after 12th? 

After completing their 12th or equivalent examination the candidates can take various undergraduate or diploma courses that would help them in achieving their target in becoming a Audit Manager in India. Full-time degree programmes are generally preferred by the candidates who wish to apply for an Audit Manager course in India.

UG Preparation 

• After completion of the 10+2 level examination the candidate should take up relevant courses in the undergraduate level such as BCom in Finance, BCom in Account and finance, BBA in Finance, etc.
• Doing a bachelor degree in a relevant field like finance, accountancy or business is necessary. It will help them to have a clear knowledge about various aspects related to financial statements of the firms related to auditing.
• Students can take certificate courses in accounting, finance to get a much better understanding. A course in Tally can be very helpful. 
• While at the graduation level the students should start to prepare for post graduate courses so that they get better opportunities in the future. The candidates should start preparing for the various entrance examinations such as CAT, XAT, MAT, CMAT, etc.
• Students must start to prepare for the campus placement or job interview in their undergraduate level. Candidates should take up internships in different audit firms to gain more intrinsic knowledge.
• Students are expected to elucidate relevant business information in these areas, as well as insurance, accounting, credit administration.

PG Preparation 

• After finishing a bachelor programme, students have many choices to elevate their career prospects. Most of the students prefer to take up PG courses such as MBA or MCom in relevant fields.
• Apart from these the candidates also pursue different certificate courses with the PG degrees such as Chartered Accountants (CA) course, Company Secretary (CS) course. 
• Those who want to go into the research field should take up PhD courses in the future. The candidates should start preparing for the various entrance examinations required for the PhD program.

For admission to PhD courses one have to qualify these exams

• UGC NET
• XIMB-RAT (Research Aptitude Test)
• IIIT Delhi PhD Admission Test
• Aligarh Muslim University PhD Entrance exam
• Indira Gandhi National Open University (IGNOU) Entrance Exam

How to become an Audit Manager Abroad? 

Candidates can pursue various courses from abroad in their attempt to be an audit manager. Candidates prefer to do the audit manager courses from foreign universities because they provide the candidates with better infrastructural support along with research facilities and of course a better payment. However, the candidates must keep the following thing in mind before opting for hardware engineering courses abroad.

• University Ranking: Do extensive research over the internet, online forums, friends, colleagues, acquaintances etc who have knowledge on university ranking of the said institute where you are planning for a course.
• Eligibility Criteria & Admission Requirements: Gather sufficient information regarding eligibility criteria for admission into various courses as foreign institutes are very stringent in terms of eligibility criteria. In addition, to study and work abroad it is mandatory to clear any of the following entrance examinations viz. TOEFL, IELTS to satisfy English language proficiency norms along with clearing any one of GRE, GMAT etc to get admission in foreign institutes.
• Student and Work VISA: Every country has its separate visa norms for both study and work.Prior to applying for any course it is essential to have thorough knowledge on existing visa rules for both study and work.
• Fees & Scholarship: Since studying abroad is itself costly it is well advised to get thorough knowledge on fees structure of various institutes along with scholarship facility and criteria for scholarship in such institutes.

UK 

UK offers a range of various programmes with a variety of specialisations available that would help the candidates pursue a career as an audit manager.Candidates who wish to study in UK should keep the following things in mind about the admission process.

Admission processes 

• Applications for Masters in finance in the UK are principally accepted for the intake during september. 
• Incase of the undergraduate courses the admission calendar starts from September every year. 
• In case of masters the students should have a bachelor in accountancy and finance or equivalent from a recognised university. 
• For undergraduate courses the candidates need to pass the 12th from a recognised board with a minimum score of 65%.. 
• The candidates need to pass the english proficiency tests such as the TOEFL and IELTS. The minimum score must be 6.5 in case of IELTS and 80 in case of TOEFL.
• The candidates need to submit at least two letters of recommendation and an essay to the individual colleges indicating their purpose of choosing the course. 
• The candidates also need to submit their work experience in case of admission to some specific colleges.

Top Colleges/Universities 

USA

USA is the world’s most well-liked destination for international students.Every year over 1000 students pursue higher education from the various colleges and universities in the United States.

Candidates who wish to study in USA should keep the following things in mind about the admission process before applying for a relevant course for becoming a audit manager 

Admission process 

• In case of admission to the postgraduate program the candidates must pass their graduation from a relevant degree from any recognized university. The average marks obtained depends upon the universities but it is preferable that the candidates should score above 60%.
• In the case of undergraduate programs the candidates must score 65% in the 12 th or equivalent exam from a recognized board. 
• The candidates must pass the english proficiency tests such as TOEFL and IELTS. In TOEFL the candidates must score at least 70 and in IELTS the candidates need to score overall 5.5.
• The candidates need to appear in the entrance examination such as GRE and GMAT.
• Apart from these the candidates need to provide a letter of recommendation and 2 references to their college.
• The candidates should also submit a written sample of their previous work and a statement of purpose. 

Top Colleges/ Universities 

Canada

Candidates who wish to study in Canada should keep the following things in mind about the admission process.

Admission process

• In case of admission to the postgraduate program the candidates must pass their graduation from a relevant degree from any recognized university. The average marks obtained depends upon the universities but it is preferable that the candidates should score above 65%.
• In the case of undergraduate programs the candidates must score 65% in the 12 th or equivalent exam from a recognized board. The candidates must have mathematics in their 10+2 level in order to get admission in some of the top universities in Canada.
• The candidates must pass the english proficiency tests such as TOEFL and IELTS. In TOEFL the candidates must score at least 80-85 and in IELTS the candidates need to score overall 6 to 6.5.
• The candidates need to appear in the entrance examination such as the GRE or other university examination.
• Apart from these the candidates need to provide a letter of recommendations and references to their college.
• They need to submit at least 2 pages of personal statements describing their personal and professional statements.

Top Colleges/Universities

Australia

Australia is emerging to be one of the most sought destination for Indian Students who want to pursue higher education Abroad. The courses in Australia are highly sought because they are comparatively cheaper and the universities are ranked amongst the best in the world.

Candidates who want to study in Australia should keep the following things in mind about the admission process.

Admission process

• In case of application to the post graduate program the candidates need to have a graduate degree in the relevant field such as business, management and commerce. The candidates need to score between 65-70% in their graduation program. In some cases the candidates need to score as high as 80% in graduation.
• In the case of undergraduate programs the candidates need to score 70% in their 12th or equivalent exam from a recognised board. The candidates also need to have english and maths as their compulsory subjects for admission in some of the courses.
• The candidates need to pass the english proficiency tests such as IELTS and TOEFL. THe candidates must score 6.5 in the IELTS and between 75 to 80 in the TOEFL exam.
• A GRE score is needed by only a few universities for master in finance admission. In some cases, students not having minimum eligibility grades within the academic degree will submit a GRE score as a substitute 
• Though not an obligatory demand for admission in most of the colleges, relevant work expertise within the field of finance offers students a position within the admission method of masters in finance in Australia
• The candidates need to provide 2 or more letters of recommendation as well as references to the individual colleges.

Top Colleges/Universities 

Benefits of career as an Audit Manager 

There are some benefits of pursuing career as audit Manager such as-

Higher financial gain Potential 

• Most of the candidates are attracted to the lucrative salary that the profession of Audit Manager offers. Salaries of audit managers are highly fluctuating in comparison to other professions all across the world. 
• Career as an Audit Manager offers a huge scope of employment opportunities around the world. According to payscale website, the salary of an audit manager in the USA can go upto INR 66 Lakh per annum, thus, globally the job role of an audit manager is highly lucrative financially. 
• The average salary of an Audit Manager is around INR. 8.5 LPA. The average salary of an entry level audit manager in India is INR 4.5 LPA.The salary increases with the gain experience. An audit manager after 5 years of experience can earn around 10 LPA.

• For highly experienced professionals in this field, the annual salary will exceed Rs. 20 lakh.

Better Job Prospects

• A career as audit manager involves employment which will be either permanent or part time in nature. Most of the audit managers in India are employed in various CA firms or directly in the companies. Apart from the full time jobs, audit managers are also hired by different individuals who ask them to audit their business and point out mistakes and loopholes in their business process.
• Thus, this job allows the candidates to even open their own consultancy firms and provides them with job security and extra source of income. 

Positive impact of the career

• You have a lot of opportunities to discover new skills in the profession of Audit Manager.They work in different audit firm companies and handle different tasks which helps them to build their skill sets in decision making and problem solving.
• The vital feature of a career as audit manager is that the profile isn't restricted to a specific gender. individuals of all backgrounds and gender might become an audit manager if they have the mandatory qualifications. 
• Career of an audit manager allows the candidates to reduce the wastage of resources within the organisation and allows them to minimize the loss and increase the profit of the organisation. Hence it brings certain job satisfaction to the role.

Higher studies

• MCom in Accountancy – This is often one in all the most effective choices for aspirants who want to pursue higher studies within the field. Usually, M.Com is a 2-year Post graduate course. Once finishing M.Com you'll be able to either apply for jobs or enter the analysis field (Ph.D.). 
• PhD. – After MCom, you'll be able to directly enroll in the Ph.D. program. This is often a superb alternative for college students who have an interest in analysis and research . Usually, PhD. programs are a 5-year course involving 2 years of theoretical study and a minimum of 3 years of analysis and research work.
• For getting admission in top colleges for pursuing higher courses candidates have to score higher marks in entrance examinations conducted by University.

Progressive career

• The career of an audit manager has no full-stop, completing the undergraduate is just the beginning. Along with an undergraduate degree, Candidates have to earn certifications that would allow them to get placed more easily. After becoming an audit Manager, they can also pursue post-graduation to increase pay packages. 
• Students seeking their career in management should pursue MBA programs especially finance. It would help in securing career in the big 4 companies in the finance field more easily.
• Audit manager career is a challenging one. Sometimes candidates have to work for a long time to complete work in time and they have to solve several problems of companies and firms, it provides a progressive approach towards their life.

Top Recruiters for Audit Managers

The following are the top recruiters for audit manager in India 

Key Skills needed to Become an Audit manager

There are many necessities to become an audit manager. We've mentioned below a listing of audit manager skills.

Some other important skills are-

• Knowledge
• Conviction, ImaginativeStrong command over a minimum of 2 languages
• Must be acquainted with regional languages
• Keen observation skills, Creative
• Good social skills
• Ability to figure besieged
• Flexible with inputs from higher authorities
• Passionate
• Disciplined
• Consistency, Persistence