Job Brief:
As an Internal Control Officer, you will assess the design and implementation of internal controls, conduct audits and reviews, and provide recommendations to management for enhancing control environments and minimizing risks. Your role involves collaborating with stakeholders, identifying control deficiencies, and promoting a culture of accountability and integrity.
Responsibilities:
- Develop and implement internal control frameworks, policies, and procedures to ensure compliance with regulatory requirements and industry standards.
- Conduct risk assessments and internal control reviews to identify areas of potential risk, fraud, or non-compliance.
- Evaluate the design and effectiveness of internal controls, including segregation of duties, access controls, and authorization processes.
- Perform internal audits, reviews, and testing procedures to assess the reliability and accuracy of financial and operational information.
- Document audit findings, observations, and recommendations in audit reports, and communicate results to management and stakeholders.
- Collaborate with departmental managers and process owners to address control deficiencies and implement corrective actions.
- Monitor and track remediation efforts and action plans to address audit findings and control weaknesses.
- Provide training and guidance to employees on internal control principles, policies, and procedures.
- Conduct investigations into suspected fraud, misconduct, or irregularities, and recommend appropriate actions and preventive measures.
- Stay abreast of changes in regulations, laws, and industry standards related to internal controls and risk management.
- Participate in cross-functional teams and committees to support organizational initiatives and projects.
- Liaise with external auditors, regulators, and other stakeholders during audits and inspections.
- Analyze data and trends to identify emerging risks and areas for improvement in internal control processes.
- Monitor compliance with internal policies, procedures, and ethical standards, investigating and addressing violations as necessary.
- Contribute to the development and implementation of risk management strategies and initiatives to enhance organizational resilience and sustainability.
Requirements and Qualifications:
- Bachelor's degree in accounting, finance, business administration, or related field; CPA, CIA, or CISA certification preferred.
- Proven experience in internal auditing, internal controls, or risk management roles.
- Strong understanding of internal control principles, practices, and frameworks (e.g., COSO, SOX).
- Knowledge of auditing standards, regulatory requirements, and industry best practices.
- Analytical and critical thinking skills to assess risks and evaluate control effectiveness.
- Excellent communication and interpersonal skills, with the ability to interact effectively with stakeholders at all levels.
- Attention to detail and accuracy in auditing and documentation.
- Proficiency in audit tools and software, as well as Microsoft Office suite.
- Integrity, professionalism, and ethical behavior in handling sensitive information and investigations.
- Ability to work independently and collaboratively in a team environment.
Required Skills:
- Internal auditing
- Risk assessment
- Compliance management
- Investigation skills
- Communication skills
- Analytical abilities
- Problem-solving skills
- Attention to detail
- Collaboration
- Ethics and integrity
Frequently Asked Questions
What is the work of internal control officer?
An internal control officer is responsible for evaluating and improving the effectiveness of an organization's internal controls. Their work involves identifying risks, assessing control procedures, monitoring compliance with policies and regulations, implementing controls to mitigate risks, conducting internal audits, and providing recommendations for process improvements.
What is the role of an internal control and compliance officer?
The role of an internal control and compliance officer is to oversee and ensure the effectiveness of internal controls and compliance with laws, regulations, and internal policies within an organization. They are responsible for evaluating control processes, identifying weaknesses or gaps, implementing remedial actions, conducting compliance audits, providing training on compliance issues, and promoting a culture of integrity and ethical behavior throughout the organization.
