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Job Description And Average Salary Of A Senior Auditor In Nigeria

Salary Of A Senior Auditor In Nigeria

Senior auditors manage auditing initiatives, making sure that duties are delegated to and carried out by auditors on their team. They direct, support, and ensure that the auditing procedure is carried out in compliance with company requirements. In this post, we will be taking a critical look at the job description and average salary of a senior auditor in Nigeria. 

Primary duties of a senior auditor include:

  • Oversee and direct a compliant and accurate auditing process
  • Supervise and coach junior and staff auditors
  • Ensure efficiency of internal controls

What Is Auditing?

The term “auditing” normally refers to an objective review and evaluation of a company’s financial statements, typically carried out by a third party from the outside. Internal parties and a government organization, such as the Internal Revenue Service, can both conduct audits (IRS).

Importance of Auditing

It aids in the analysis and validation of the financial records of an organization. Its purpose is to guarantee the fair and accurate representation of financial data.

Additionally, audits are carried out to make sure that financial statements were created in conformity with the applicable accounting rules.

The three primary financial statements are:

  1. Income statement
  2. Balance sheet
  3. Cash flow statement

Management internally prepares financial statements applying pertinent accounting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) (GAAP). They are created to give the relevant information to the following:

  • Shareholders
  • Creditors
  • Government entities
  • Customers
  • Suppliers
  • Partners

Through different documented transactions, financial statements depict a company’s funding, investing, and operating operations. The financial statements were created domestically, so there is a high possibility that they were prepared fraudulently. Preparers can readily mislead their financial positioning to make the organization appear more profitable or successful than they are in the absence of appropriate rules and standards. For businesses to accurately and fairly portray their financial status in compliance with accounting rules, auditing is essential.

Types of Audits

Internal audits

A company’s or organization’s workers conduct internal audits. The corporation does not share these audits with the public. They are instead ready for management and other internal stakeholders to use. By giving managers specific recommendations for enhancing internal controls, internal audits help businesses make better decisions. Additionally, they manage timely, fair, and accurate financial reporting while ensuring compliance with laws and regulations. Before enabling external auditors to analyze the financial accounts, management teams might use internal audits to find defects or inefficiencies within the organization.

External audits

External audits, carried out by independent organizations and other parties, offer a frank assessment that internal auditors might not be able to offer. To find any significant inaccuracies or flaws in a company’s financial statements, external financial audits are used. When an auditor offers an unqualified opinion, also known as a clean opinion, it shows that the auditor has faith that the financial statements are accurately and completely presented.

External audits are crucial for giving various stakeholders the confidence to make choices regarding the organization that is being audited. An external auditor is independent, which is the main distinction between one and an internal auditor. It implies that they can offer a more objective assessment than an internal auditor, whose objectivity might be affected by the employer-employee connection. There are numerous reputable accounting firms that frequently carry out external audits for different corporations. The Big Four accounting firms of Deloitte, KPMG, Ernst & Young (EY), and PricewaterhouseCoopers are the most well-known (PwC).

Government audits

Government audits are carried out to guarantee that financial statements have been made accurately and have not understated a company’s taxable income.The Internal Revenue Services (IRS) conducts audits to confirm the veracity of a taxpayer’s tax returns and transactions. To make sure that businesses are not inflating their taxable income, audit choices are made. Tax fraud is the purposeful or unintentional understatement of taxable income. With government audits, taxpayers who are very likely to conduct tax fraud are detected by using statistical formulae and machine learning.

Performing a government audit may result in a conclusion that there is:

  1. No change in the tax return
  2. A change that is accepted by the taxpayer
  3. A change that is not accepted by the taxpayer

Job Brief Of A Senior Auditor

A Senior Auditor is being hired to oversee our auditing procedure. As a senior auditor, you’ll be responsible for making sure that your organization’s financial processes and controls adhere to standards and are flawless. A Senior Auditor must be exacting, analytical, and well-versed in auditing procedures. You must be dependable, have excellent organizational abilities, and be knowledgeable about risk management and compliance.

Job Description Of A Senior Auditor

  • Plan and oversee the auditing process
  • Allocate responsibilities to junior and staff auditors
  • Review team members’ work for accuracy and compliance
  • Perform effective risk and control assessments
  • Complete audits on time and submit reports to auditing manager
  • Present audit findings and find ways to increase compliance and efficiency
  • Coordinate periodical audits

Requirements And Skills For A Senior Auditor Job

  • Proven experience as an auditor
  • In-depth understanding of auditing and control practices
  • Updated knowledge of applicable laws and regulations
  • Proficient in MS Office (especially Excel) and accounting software
  • Strong mathematical and analytical skills
  • Attention to detail
  • Organizational and leadership abilities
  • Integrity and reliability
  • BSc/BA in Accounting or Finance; master’s degree and professional certification (e.g. CPA, CMA) are pluses

Average Salary Of A Senior Auditor In Nigeria

Based on salary estimates from 3 senior auditors in Nigeria, the average monthly salary for Senior Auditor in Nigeria is 381,000 Naira. However, a more experienced senior auditor in Nigeria can earn up to 437,000 Naira monthly. 

How To Get Senior Auditor Jobs In Nigeria

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