13 Audit Manager Skills for Your Career and Resume

Audit managers are responsible for leading and coordinating audit activities within their organization. They must have a strong understanding of accounting and auditing principles, as well as the ability to effectively manage and motivate a team. If you are interested in becoming an audit manager, or you are already in a management role, learning about the skills that are essential for this position can help you succeed.

Problem Solving

Problem solving is the ability to identify and resolve issues. Audit managers often use problem-solving skills when they review financial records, as there may be inconsistencies in data or other errors that need to be corrected. It’s also important for audit managers to solve problems with their team members, such as if an employee has a conflict with another member of the staff.

Communication

Communication is the ability to convey information in a way that others can understand. Audit managers must be able to communicate with their team members, clients and other stakeholders about the audit process. This includes conveying complex financial information in an understandable manner. It also means being able to explain the results of the audit in a clear and concise manner.

People Management

Audit managers are responsible for supervising and managing teams of auditors. They must be able to motivate their team members, delegate tasks effectively and resolve conflicts between employees. People management skills can help an audit manager lead a successful team that produces high-quality work.

Leadership

Leadership is the ability to motivate and guide a team. Audit managers are responsible for leading teams of auditors, who may have varying levels of experience in their roles. Strong leadership skills allow an audit manager to provide guidance and direction that helps their team members grow professionally and feel valued as part of the organization. It also allows them to empower their team to take initiative and make decisions on their own.

Risk Management

Risk management is the ability to identify and minimize risks. Audit managers use risk management skills when they create audit plans, which outline what aspects of a company’s records or operations an auditor will examine. They also use these skills when they evaluate whether an audit has uncovered all relevant information. For example, if an auditor finds that a company may have weaknesses in their security protocols, the audit manager can add steps to ensure that the auditor examines those protocols thoroughly.

GAAP

GAAP is an acronym for Generally Accepted Accounting Principles, which are the guidelines that dictate how companies record and report their financial information. Auditors use GAAP to ensure consistency in reporting and to verify that a company’s records are accurate. Audit managers who have strong knowledge of GAAP can help their team interpret complex accounting principles and make informed decisions about whether a company’s records are accurate.

Organization

Organization is the ability to keep track of multiple tasks and deadlines. Audit managers often have many projects at once, so it’s important for them to be organized in order to manage their time effectively. Organization also includes keeping track of files and records related to audits, which ensures that they can find what they need when needed.

Organizational Skills

Audit managers must be able to organize their time and resources effectively in order to meet deadlines, complete projects on time and ensure that all aspects of an audit are thoroughly reviewed. This requires strong organizational skills, including the ability to prioritize tasks, delegate responsibilities and keep track of records and information related to audits.

Financial Statements

Financial statements are the records of a company’s financial status. Auditors use these documents to determine if a company is following regulations and laws, as well as how they can improve their business practices. A strong understanding of financial statements allows an auditor to evaluate a company’s performance accurately. It also helps them identify any irregularities in the company’s finances that may require further investigation.

Project Management

Project management skills allow audit managers to oversee multiple projects at once. This can include overseeing the work of several auditors, as well as managing the time and resources needed for each project. Having strong project management skills allows an auditor manager to ensure that all projects are completed on time and within budget. It also ensures that the company’s financial records are accurate and up-to-date.

Analytical Skills

Analytical skills are the ability to examine data and find patterns. Audit managers use their analytical skills when reviewing financial statements, analyzing trends in data and evaluating business processes. Your analytical skills allow you to identify areas where a company can improve its operations or reduce costs. You also use your analytical skills to determine if a company’s financial records are accurate.

Communication Skills

Communication is the ability to convey information in a way that others can understand. Audit managers must be able to communicate with employees, clients and other stakeholders about the audit process. This requires excellent written and verbal communication skills. You should also have the ability to explain complex financial concepts in an easy-to-understand manner.

Auditing Standards

Auditing standards are the guidelines that auditors use to evaluate a company’s financial records. Auditing standards include rules and regulations set by regulatory agencies, laws and professional associations. Auditing standards help ensure consistency in audits so companies can compare their audit results over time. Auditing standards also protect investors from fraudulent activity because they provide clear expectations for how an auditor should review a company’s finances.

How Can I Learn These Audit Manager Skills?

There are a few ways that you can learn the skills necessary to be an effective audit manager. Firstly, problem solving and communication skills are essential in this role, so honing these skills through practice will be beneficial. Additionally, people management and leadership skills are key in leading a team of auditors, so taking courses or attending workshops on these topics would be beneficial. Finally, risk management and GAAP knowledge are essential in this role, so studying these topics in depth will be helpful.