What is Audit Management?
To audit is to cross-validate the accounts of a company or a business for compliance to all the rules and regulations laid out by the relevant authorities such as proper taxation and records being kept. Thus, in this growing economy auditing is very important and saves a lot of legal and financial trouble for these businesses and companies. As a career choice, audit management can be eased into by enrolling into an audit management course. The stream is not just limited to auditors alone and a job as an analyst and management consultant can also be easily grabbed.
There are two types of audit management- internal and external audit. An internal auditor is a full-time permanent job at a company. The internal auditor makes sure that the company is complying with all the regulations and the accounts are not out of order for the external audit- speaking of which, an external auditor is sent by the regulatory authority to impromptu audit the company/business’s accounts to check if they aren’t breaking any laws.
Both of these are covered well in audit management courses along with a plethora of other skills that are required for the job and that effectively open up job profiles such as management consultant and Taxation Analysts.
Education, Eligibility and Skills required
Following the usual pattern of management job- this is also a post-graduate level job profile and thus requires a master’s in business administration in Audit management. The basic 10+2 and bachelor’s degree must be completed with at least 60% marks in order to qualify for enrolling in the MBA program and a background in finance, taxation and commerce, etc. or a bachelor’s in business management (also from the relevant stream) is preferred and happens to carry a lot of weight in the later stages of the career as it gives the students a strong foundation to build upon with the course matter of the MBA.
The traditional degree (on-campus degree) spans two years and four semesters, there are a number of other options to consider as well. Such as short term MOOCs that might add over an MBA from another stream or a Distance Learning alternative to a traditional degree which is substantially lighter on the pocket where the cost of the degree is considered but lacks in that practical exposure to some degree- enough for it to not be overlooked.
As the job requires a very in-depth analysis of the company’s operations and accounts it requires an equally diverse group of qualities to be in the candidate. Ideally, good communication skills, visualization ability, statistical analysis ability, time management, analytical ability, an affinity for data analytics, problem-solving skills, a comfortable relationship with mathematics and accounts, etc. are all contributing skills towards becoming an efficient Audit manager.
Job Profiles, Salaries and future prospects
Some of the most common Job profiles that a multimedia management student can hope for are Accountant, Tax Policy Analyst, Financial Analyst, Internal Auditors, External Auditors, Employment Tax Specialist, Personal Finance Consultant, etc. along with these there are government jobs as Stat Auditors that come with a substantial amount of job security and an added sense of righteousness.
The top recruiter in this field are heavily varying with both private sector firms, tax consultancies, management consultancies and even businesses directly hire the auditors but after giving some entrance examinations and basic interviews a job as an external auditor representing the government can be landed as well so the public sector also remains a prospect recruiter of audit management students.
The average salaries offered at entry-level are 2 to 3.5 LPA, at profiles like Financial Analyst, Management consultant, etc. the mid-career salaries at job profiles such as Internal Auditor, Tax Policy Analysts, scale upwards to 4.5 to 7 LPA and late-career and high profile jobs such as Employment Tax Specialist, Financial Management Specialist, etc. fetch as a rather generous salary of 8.5 to 11 LPA.
The great Indian economy is a place to thrive in and when emerging businesses try and make a name for themselves it is really important that they follow the proper guidelines and don’t break the law- this is precisely why Audit management is an evergreen field to work in.
