Auditor Salaries in South Africa: Breaking Down the Numbers

Auditors are trained Chartered Accountants (CAs) who study financial documents and assess whether a business or corporation is following accounting principles. They also help detect fraudulent transactions and mismanagement of company funds. Based on their findings, auditors offer an unbiased opinion and help promote transparency and ethical practices.

Auditors are prestigious, challenging, and rewarding professionals. Their salaries in South Africa are well above the national average. However, several factors, such as location, size of the auditing firm, and experience, can affect salaries. 

Continue reading to learn more about average auditor salaries in South Africa, as well as a breakdown of salaries according to job titles.

What is the Average Salary of an Auditor in South Africa?

According to Talent.com, the average auditor salary in South Africa is R35,001 per month as of October 2024. This comes to an average of R420,006 annually. The average salary figures take into account all auditor positions.

However, entry-level roles earn an average annual salary of R240,000, while experienced professionals can take home R6,388,201 annually. Auditor salaries in South Africa are usually structured as base pay + additional benefits. 

The Auditor General of South Africa is the highest audit institute in the country, and the Auditor General’s salary is amongst the highest for a public office. 

The table below lists the average auditor salaries in South Africa, according to Glassdoor, as of October 2024. These figures help to indicate the salaries auditors can earn based on field experience.

What are Some Factors that Affect Auditor Salaries?

After students complete their education and training to become registered auditors, they want to find employment in an industry or a city with the highest salaries. This is because even though auditors earn above the national average, salary variations can occur.

These occur due to the nature of the market, the demand for the skills in a particular geographical location, job responsibilities, qualifications, and skills.

Let us examine some factors affecting auditor salaries. 

Experience level: One of the biggest factors that affect auditor salaries in South Africa is the experience and skills that an auditor brings to the role. Auditing is a highly skilled role that takes years to master, putting experienced auditors in high demand. 

Location: Auditors can demand higher salaries in larger cities due to economies of scale and the cost of living. Economies of scale in this context refers to the cost or the opportunity of doing business in a large vs a small city.

Company size: Large accounting firms pay higher wages to auditors because they provide services to multinational corporations and charge higher fees. 

Job profile: This factor is related to experience. As auditors gain more experience, they can upgrade their job profiles, which include a salary hike.

What is the Average Auditor Salary Per Month?

It takes an average of 7.5 to 8.5 years of education and training to begin working as a registered auditor in South Africa. The years that individuals put into training and gaining knowledge are well compensated, as we can see from the average annual auditor salaries in South Africa listed in the table above.

Some variations in salaries occur based on the role, experience level, location, and industry. External auditors employed by a large auditing or accounting firm will earn much higher salaries plus bonuses than internal auditors.

The table below displays the variations in auditor salaries in South Africa based on the location of the job profile. The average monthly salary data has been compiled from Indeed.com and is updated as of October 2024.

What is the Entry-Level Auditor Salary?

Entry-level auditors earn significantly less than experienced auditors in higher positions. However, even entry-level auditors command a high salary since they are qualified CAs with practical experience. 

They have previously worked at a SAICA-accredited training centre and completed the Audit Development Programme (ADP) at the Independent Regulatory Board for Auditors (IRBA).

According to Talent.com, entry-level auditor salaries in South Africa average R240,000 annually as of October 2024. As auditors gain experience and promotions, they can negotiate higher salaries. They can also apply to some of the top auditing and accounting firms in South Africa.

Alternatively, auditors can choose to work in industries with a high demand for skilled auditors willing to compensate them for their services. These include banking and financial services, and the mining industry.

Auditor Salary by Job Titles

The average auditor salaries in South Africa consider all the job profiles for the role. Auditors can take on various job profiles, depending on whether they are internal auditors employed by a company or external auditors employed by an accounting and auditing firm. 

Additionally, auditor profile can also depend on the practical experience an individual has gained since becoming a registered auditor.

The table below covers the average auditor salaries in South Africa based on job profiles. They take into consideration all position levels, experience, and location of the job to offer an overall perspective.

Note: The Salary data are taken from external websites, including Indeed, Salary Expert, PayScale and Glassdoor. 

Conclusion

When businesses are set up in South Africa, they must adhere to strict financial and regulatory norms. Auditors evaluate financial documents to assess if companies are following accounting principles and best practices. They also offer recommendations and opinions to the board of directors and the stakeholders. 

Auditor salaries in South Africa can depend on experience, position, firm size, and the location of the job profile. However, on average, auditors earn above-average salaries in South Africa. This is a highly specialised field with scope for steady growth due to the shortage of skilled and knowledgeable auditors. 

Aspiring auditors should visit the School of Finance at Regenesys for more information about our Bachelor of Accounting Science programme.

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