auditor Salary in Nigeria

What does a auditor do?

Auditors in Nigeria are responsible for examining financial records and processes to ensure accuracy, compliance with local regulations, and proper management of organisational resources. They play a crucial role in preventing fraud, advising on best practices, and enhancing financial transparency for businesses, government bodies, and non-profit organisations.

Average Salary of a auditor in Nigeria

The average salary for a auditor in Nigeria can vary based on the employer, location, and experience. The approximate figures are:

AVERAGE MONTHLY SALARY

₦ 285000

AVERAGE ANNUAL SALARY

₦ 3420000

Note: These figures are estimates and can vary. Senior and specialized professionals may earn significantly more.

Salary by Experience

Entry Level (0 - 2 years): 120000 - 200000
Mid Level (3 - 6 years): 220000 - 400000
Senior Level (7+ years): 450000 - 700000
Audit Manager / Lead: 750000 - 1200000

Salary by Education

Bachelor’s Degree (e.g., B.Sc. Accounting, Banking & Finance): Holders of a relevant first degree can expect initial salaries between 120000 to 250000 per month.
Postgraduate Degree (e.g., M.Sc. Accounting, MBA): Those with postgraduate qualifications typically earn 15-25% more than their counterparts with only a bachelor's degree.
Chartered Accountant (ICAN, ANAN): Professionals who have completed ICAN (Institute of Chartered Accountants of Nigeria) or ANAN (Association of National Accountants of Nigeria) certifications can command higher salaries, with senior auditors earning up to 700000 per month or above.

How to Become a auditor

In Nigeria, becoming an auditor requires a strong foundation in accounting and finance, relevant professional certifications, and hands-on experience in auditing or related financial roles.

Obtain a bachelor’s degree in Accounting, Banking & Finance, or related field from a recognised Nigerian university.
Complete the National Youth Service Corps (NYSC) programme.
Pursue professional accounting qualifications such as ICAN or ANAN to boost employability and career progression.
Gain entry-level experience through internships or trainee positions in audit firms, consulting firms, or corporate audit departments.
Develop technical and interpersonal auditing skills through on-the-job experience.
Participate in ongoing professional development courses and seminars, especially through local professional bodies.
Work towards becoming an Audit Senior or Manager as experience grows.

Educational Requirements

The foundational educational requirement for auditors in Nigeria is typically a bachelor’s degree in Accounting, Banking and Finance, Economics, or a closely related field from a university approved by the National Universities Commission (NUC). Many employers prefer graduates from reputable institutions such as the University of Lagos (UNILAG), Obafemi Awolowo University (OAU), or Ahmadu Bello University (ABU). Further education, such as an MSc or relevant MBA, can enhance career prospects.

Essential Skills

Technical Skills

Financial reporting & analysis
Understanding of International Financial Reporting Standards (IFRS)
Internal control assessment
Risk management
Data analysis and audit software proficiency (e.g., CaseWare, ACL, Microsoft Excel)
Taxation principles and compliance

Soft Skills

Analytical thinking
Attention to detail
Ethical judgement
Communication skills
Time management
Problem-solving abilities
Teamwork and collaboration

Professional Certifications

To practice as an auditor in Nigeria, individuals are encouraged to obtain membership in professional bodies such as ICAN (Institute of Chartered Accountants of Nigeria) or ANAN (Association of National Accountants of Nigeria). These certifications are highly regarded by employers in both the public and private sectors and are often a prerequisite for advancement to senior roles. Additional certifications such as Certified Internal Auditor (CIA) or ACCA (Association of Chartered Certified Accountants) can further boost career opportunities.

Frequently Asked Questions

What are the major employers of auditors in Nigeria?

Auditors in Nigeria are employed by the 'Big Four' auditing firms (KPMG, PricewaterhouseCoopers, EY, Deloitte), indigenous audit firms, commercial banks, multinational corporations, the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), and various government agencies.

Is ICAN certification necessary for an auditing career in Nigeria?

While not always mandatory for entry-level roles, ICAN or ANAN certification is strongly preferred and often required for career advancement, especially to senior and managerial positions.

How long does it take to become a chartered auditor in Nigeria?

Typically, it takes about 4-6 years, including earning a degree, completing NYSC, undergoing professional training, and passing professional exams (ICAN or ANAN).

Can I become an auditor without a degree in accounting?

A degree in accounting or a closely related field is usually required. However, those from economics, business administration, or finance backgrounds can enter the field if they obtain relevant professional certifications.

What is the career progression path for auditors in Nigeria?

The typical career path starts as an Audit Trainee or Assistant, progresses to Audit Associate, then Audit Senior, Audit Supervisor, and eventually Audit Manager or Head of Audit Department.