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Job Description And Average Salary Of Auditors In Nigeria

Salary Of Auditors In Nigeria

A lot of people don’t really understand what an auditor entails. Interested in Auditor Jobs in Nigeria? this post is for you as we will be taking a look at the job description and average salary of auditors in Nigeria.

Who Is An Auditor?

An auditor is an accounting expert that makes sure businesses and organizations maintain proper accounting all year long. They make sure that accounts are current and accurate and that other accounting teams adhere to established procedures.

To make sure that everything has been done correctly following the guidelines established by industry standards, an auditor examines accounting records and creates compliance reports. It is an auditor’s responsibility to confirm that all business procedures within a corporation comply with risk management. 

Examining specific areas for compliance with pertinent regulations and gauging how successfully this department has implemented its controls into practice are both parts of the operating process. Auditors often work under Senior Auditors, who oversee all internal auditing processes.

In a nutshell, an auditor is someone who assesses the degree of correctness and clarity with which a corporation has accounted to determine how truthful the financial records of a company are.

Auditors must also explain their conclusions after studying and compiling written reports and financial records. Face-to-face interactions with clients and managers of the company are included in this.

The basic responsibilities of an auditor are:

  • Examines financial statements for accuracy
  • Examines financial statements for compliance with laws and regulations
  • Computes taxes owed, prepares tax returns
  • Make sure taxes are paid properly and on time
  • Inspects account books and accounting systems for efficiency
  • Organizes and maintains financial records
  • Makes best-practices recommendations to management
  • Suggests ways to reduce costs, enhance revenues, and improve profits

We have four types of auditors and they are:

Public Auditors

A wide range of accounting, auditing, tax, and consulting responsibilities are performed by public auditors. Governments, corporations, and private citizens are among their clients. They work with financial records that customers must disclose by law. Potential investors must be given tax documents and balance sheet statements by corporations. Some public auditors, for instance, focus on tax-related issues, counseling firms on the tax benefits of particular business decisions, or drafting individual income tax returns. 

They examine the financial statements of their customers and let authorities and investors know that they have been fairly compiled and disclosed. Some public auditors are experts in forensic accounting or the investigation of financial crimes, including embezzlement and securities fraud, contract disputes, and bankruptcy, as well as other sophisticated and potentially illegal financial transactions.

Forensic Auditors

To evaluate if an activity is unlawful, forensic auditors combine their expertise in accounting and finance with knowledge of the law and investigation methods. Many forensic auditors collaborate closely with law enforcement officials and attorneys throughout investigations and frequently testify as experts in court. Government auditors keep track of and review the documents kept by government organizations, as well as auditing private companies and people whose operations are subject to laws or taxes. Federal, state, and municipal governments all hire auditors to make sure that tax dollars are collected and used in line with the rules and laws.

Internal Auditors

Internal auditors look for financial mismanagement within a business. They pinpoint measures to enhance the procedures for locating and getting rid of fraud and waste.

External Auditors

These independent auditors who are not employed by the company they are auditing are called external auditors. This type of auditor is relied upon by investors, governmental organizations, and publicly traded firms to provide an objective and impartial report.

Information Technology Auditors

A dependable supply of financial data is ensured by information technology auditors, who are internal auditors. They examine controls for their organization’s computer systems.

Qualities Of A Good Auditor

Auditors must conduct themselves with honesty and fairness at all times. Additionally, they need to be trustworthy, impartial, and tough enough to handle any challenging situations that may emerge during an audit.

Job Brief Of An Auditor

By applying a methodical and disciplined approach to the effectiveness of risk management, control, and governance systems, an objective auditor will provide value and enhance an organization’s operations. The ideal applicant will be well-versed in accounting practices and have good judgment.

As an auditor, you are in charge of monitoring a company’s cash flow and accounts to make sure that they are being processed and recorded accurately, that assets are safeguarded by suitable control methods, and that financial records adhere to legal requirements.

Job Description Of An Auditor

  • Perform and control the full audit cycle including risk management and control management over operations’ effectiveness, financial reliability, and compliance with all applicable directives and regulations
  • Determine internal audit scope and develop annual plans
  • Obtain, analyze and evaluate accounting documentation, previous reports, data, flowcharts, etc
  • Prepare and present reports that reflect the audit results and document the process
  • Act as an objective source of independent advice to ensure validity, legality, and goal achievement
  • Identify loopholes and recommend risk aversion measures and cost savings
  • Maintain open communication with management and audit committee
  • Document process and prepare audit findings memorandum
  • Conduct follow-up audits to monitor management’s interventions
  • Engage in continuous knowledge development regarding the sector’s rules, regulations, best practices, tools, techniques, and performance standards

Requirements And Skills Needed For Auditor Jobs

  • Proven working experience as Internal Auditor or Senior Auditor
  • Advanced computer skills in MS Office, accounting software, and databases
  • Ability to manipulate large amounts of data and compile detailed reports
  • Proven knowledge of auditing standards and procedures, laws, rules, and regulations
  • High attention to detail and excellent analytical skills
  • Sound independent judgment
  • BS degree in Accounting or Finance

Average Salary Of Auditor Jobs In Nigeria

Based on salary estimates from over 50 auditors in Nigeria, the average monthly salary for an Auditor in Nigeria is 175,000 Naira. However, entry-level auditors can earn 114, 000 Naira while mid-level auditors earn 217,000 Naira. A senior-level auditor earns up to 285,000 Naira. 

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