Manager Audit

Full Time
Clark
Posted 1 month ago

Key responsibilities:

The Role

The Manager is responsible for managing and completing the audit assignments for subsequent partner review. The manager has responsibility for managing several audits at the same time and acting as the firm’s point of contact for coordinating other services provided by Client.

The manager is responsible for ensuring the audit staff are appropriately trained and able to carry out their work in accordance with standard professional practice.

The manager is responsible for ensuring maximum utilization of their own and their staff’s time on assignment and completion in line with time and budgetary requirements.

Managers will also assist the partner in the performance of special assignments and other corporate work as and when required.

Responsibilities

  1. Audit Approach
    • Ensure that all audits are conducted in line with the Client Audit Manual.
    • Foster the understanding of the Client audit approach amongst the audit staff and provide on-the-job training as and when required.
    • Demonstrate proper application of this approach in the following areas:
      • Financial statement assertions
      • Audit risk model
      • Materiality
      • Assessing the business and the environment
      • Planning and completion procedures
      • Audit work papers and programs
    •  Ensure they stay up to date with changes to audit procedures and that they learn and apply new procedures as appropriate.
    • Demonstrate a detailed understanding of all sections of the audit file and the audit requirements of each. Be able to complete work where necessary and review work on each section.
  2. Planning and Programming Work
    • Identify audit and engagement risks and, in that environment, determine the appropriate audit strategy for each assignment in conjunction with the audit partner. The audit strategy proposed should consider the nature of the organization being audited, for example:
      • Reporting or non-reporting entities
      • Small or large proprietary companies
      • Listed public companies.
      • Australian subsidiaries of foreign corporations
    • Plan out audit assignments, including:
      • Agreeing timetables and fees with clients and scheduling staff to meet all deadlines.
      • Reviewing past files
      • Liaising with the client to determine additional areas to be addressed as a result of changes made during the year.
      • The efficient mix and number of staff required to complete the audit.
      • Budgeting time and cost
      • Agreeing the scope of tax review procedures and agreeing on the budget with the tax division, if applicable
    • Program fieldwork, including:
      • Liaison with the client on the timing of fieldwork
      • Preparing audit planning documentation in line with the firm’s standard
      • Preparing branch/group instructions, where applicable
      • Ensure low-risk areas are not over-audited.

3.Control and Supervision of Work

  • Ensure that staff on the job have a thorough understanding of the audit process to be followed and how this relates to the type of organization; the individual roles and reporting structures; and deadlines for each section and the total job.
  • Allocate work to staff in line with the audit plan. Ensure that you provide clear instructions on your requirements and in particular, any areas highlighted as needing special attention.
  • Be aware of the level of skills of each member of the audit team and where necessary, provide on the job training to ensure appropriate completion of work. Being alert to situations where the staff member may not have worked on this type of organization, maybe new to the firm, etc.
  • Monitor the completion of work to ensure that completion will meet both time and budgetary restraints.
  • Keep the partner informed in a timely manner of any significant variances to the budget and highlight any difficulties in meeting the plan.
  • Ensure that work papers are prepared in line with the firm’s standards.

4.Completion Procedures

  • Review the audit file and work papers completed by staff to ensure compliance with both the audit plan and audit procedures, as well as reviewing the quality of work.
  • Finalize the management letter points identified during the audit.
  • Finalize the audit file, where necessary for partner review, ensuring that work papers are fully complete, referenced, etc, including but not limited to:
    • Preparation/review of financial reports in accordance with the applicable reporting framework.
    • Management representation letter completed.
    • All other confirmations received.
    • Tax division sign-off on tax balances, if applicable.
  • Ensure that there is satisfactory clearance of all partner review points, before representing the file.
  • Participate effectively in exit meetings with clients, demonstrating a full understanding of the outcome of the audit and areas of concern.
  • Provide feedback to staff on their performance during the audit.
  • Prepare the bill for the job, being aware of performance against budget, and explaining any cost overruns.

5.Client Liaison

  •  Demonstrate a high standard of professional appearance and approach in dealing with clients.
  • Demonstrate superior communication skills, both written and oral.
  • Develop a thorough understanding of the client’s business and the commercial environment in which they operate.
  • Identifying areas where we can add value to the client’s business by providing advice designed to improve processes, reduce expense or enhance income growth.
  • Be proactive role when liaising with the client or their staff by phone, e-mail, or in person, to ensure that you build their trust and confidence in the Client.
  • Ensure that any commitments made to clients are followed up and met in line with the expectation of the client.
  • Be sensitive and responsible to concerns raised by clients to ensure that these issues are dealt with promptly, professionally, and effectively.
  • Ensure that the partner is kept informed of any issues which may impact negatively a client relationship.

6.Professional and Technical Skills

  • Display a detailed knowledge and understanding of Australian reporting requirements, especially Accounting Standards, the Corporations Act 2001, UIG’s, and other applicable requirements. Apply these standards in practical situations, consistent with Professional Qualifications and experience.
  • Use appropriate analytical techniques in completing audits.
  • Apply such knowledge to accurately prepare financial reports, including statements of cash flows.
  • Coordinate the preparation and presentation of consolidated financial reports.
  • Demonstrate a good knowledge of income tax for corporations (tax effect accounting) and have a working knowledge of income tax for individuals and other entities.
  • Keep yourself up to date on technical issues such as:
    • Changes to legislation and/or its application
    • Changes in reporting requirements, etc.

7.Supervision of Staff

  • Give direction to staff, outlining their responsibilities, actions expected and emphasizing other key factors such as particular requirements of the client.
  • Provide feedback to staff on their performance on a job-by-job basis and by six-monthly reviews of their performance, ensuring staff has an understanding of their strengths/weaknesses and areas requiring improvement.
  • Build the motivation of staff and foster an understanding of common goals.
  • Identify areas where staff require further development and training.
  •  Foster good relations between staff in the division, by ensuring that they participate effectively as part of the team and understand each other’s roles.

8.Report Writing

  • Provide constructive feedback and advice to clients through concise business reports and management letters. Ensure that these reports highlight the key issues of relevance to the client and provide solutions or recommended actions that are clearly stated and easy to understand and follow.
  • Ensure that all correspondence is written in a professional manner and with demonstrated sensitivity to the attitude of the recipient, which includes avoiding implied criticism of them.
  • Be aware of our legal and professional requirements when providing written advice or opinions and ensure all correspondence is appropriately worded.

9.Marketing

  • Be aware of all the services which the firm is capable of supplying and the name of the Partners who can take responsibility for providing those services.
  • Be aware of the Client marketing literature and merchandise.
  • Through client liaison, be proactive in promoting the services of the firm to clients.

10.Corporate Advisory

  • Contribute to the preparation and completion of special investigation assignments; independent experts reports and other corporate work by the following:
    • demonstrating a willingness and aptitude to take on corporate advisory work.
    • being able to draft reports for partner review.
    • prepare profit and cash flow projections.
    • demonstrate an understanding of the legislative and professional requirements.
    • complete work in line with agreed timetables
    • demonstrate a high degree of professional judgment.

11.Computer Skills

  •  Demonstrate a good working knowledge of:
    • Word
    • Excel
    • CaseWare
    • Solution 6
  • Be efficient in your use of these products, including:
    • Ensuring that you are properly trained in all products you use.
    • Using shortcuts wherever possible
    • Establishing standards to be copies and re-used.
    • Using existing templates/standards

12.Other General Areas

  • In performing your work, ensure that you adhere to the requirements of the following:
    • Client typing policy.
    • File naming conventions
    • Other audit requirements which may include:
  • Layout work papers
  •  File set up.
  • à Letters
  • à Spreadsheets, etc
  • Be aware of your budgeted chargeable units per day and the total units per day for completing timesheets. Managers are expected to charge 70% of their total units per day.
  • Ensure that you keep comprehensive daily records of time spent, particularly when at client premises, as the basis for completing timesheets and regularly review the timesheets of the audit staff.
  • Consistently submit timesheets that are fully and accurately completed by the due day and time each week.
  • Participate effectively in all meetings, from divisional/team meetings to other firm meetings. Ensure that you complete the action points assigned to you and meet the deadlines set.
  • Actively participate in the firm’s training programs, ensuring that you are proactive in demonstrating the skills taught on the job.
  • Be proactive in developing good relations with other staff in the division, ensure that you participate effectively as part of the team, understanding your role and the roles of others.
  • Job Types: Full-time, Contract, Permanent

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