Lead Internal Auditor
Provide assurance to management on the overall assessment of internal controls and related risks and make recommendations for improving the efficiency and effectiveness of the company’s operations.
•Update the Internal Audit Charter in compliance with Board Audit Committee Charter and as per the standards of Institute of Internal Auditors (IIA)
•Allocate parts of the audit plan to Auditors and direct the development of detailed audit assignments including the methodology, process and resources needed to carry out the audit assignment with a view to ensuring the systematic and efficient conduct of the assignment.
•Review the Audit programs to ensure adequate and comprehensive coverage of the audit objectives.
•Review the audit reports for each program to ensure they are comprehensive and accurate in their key observations and findings, address the main audit concerns and provide value added recommendations for improvements.
•Update and maintain the internal Audit manual in order to establish standards and methodology to guide the effective conduct of internal audit assignments.
•Update the internal Audit Charter in compliance with Board Audit Committee Charter and as per the standards of institute of Internal Auditors (IIA)
•Review the allocation made by Audit Supervisor of Audits out of Audits plan to Auditors.
•Finalize the allocation made by Audit with Supervision given by the Internal Audit Supervisor
•Develop the annual risk based Audit plan for systematic coverage of all high risk areas in Finance, Operations and Information Systems, with a view to ensuring adequate internal controls are in position to mitigate the risk.
•Direct Auditors in the conduct of audit field work in order to ensure the audit programs are conducted in line with Audit plans.
•Apprise the external auditors about the key findings of internal Audit in order to support the external audit with complementary advice and in the process evaluate the performance of external audit.
•Apprise the Audit Committee through monthly and annual reports about the progress of the Internal Audit plan and highlight any variations with reasons to brief them on scope limitations, significant risks, and any other significant concerns like poor follow up on implementation of audit recommendations.
•Define an optimum organization structure for the Internal Audit department so that resources are optimally utilized and audit plan is carried efficiently.
•Comment on the overall organization structure in terms of segregation of duties to ensure there is no conflict of interest or weakening of internal controls.
•Ensure the effective achievement of Internal Audit functional objectives through the leadership of the Internal Audit department – setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal – in order to maximize subordinate and departmental performance.
•Monitor financial performance versus the budget so that the business is aware of anticipated costs/revenues, areas of unsatisfactory performance are identified and potential performance improvement opportunities are capitalized upon.
•Direct the development and oversee the implementation of operational policies, procedures and controls covering all areas of Internal Audit activity so that all relevant procedural/legislative requirements are fulfilled while delivering a quality, cost-effective service to customers.
•Ensure compliance to all relevant safety, quality and environmental management policies, procedures and controls across the Internal Audit department to guarantee employee safety, legislative compliance, delivery of high quality products/service and a responsible environmental attitude. Provide commentary on any variance in safety, environment and quality versus standards for the benefit of functional management.