Chief Internal Auditor at People Capacity Management

The Chief Internal Auditor is responsible for leading the audit function and planning and conducting operational, financial, and compliance audits to assess the effectiveness of internal controls. The job holder determines compliance with selected policies, procedures, and regulations and will advise management on increasing the efficiency or effectiveness of control systems. The work will include managing audits, evaluating internal controls, performing and documenting audit test work, communicating with users to management, writing audit reports, identifying emerging areas of risk, and recommending opportunities for a more effective and efficient audit process.

Responsibilties

•   Develop and implement internal audit strategy, policies, procedures, and annual audit plan; identify priorities and resource requirements for the year in line with strategic goals of the company
• Develop and execute a comprehensive audit program that is responsive to the operational, financial, and control risks within the company; plan and conduct audits to assess controls, operational efficiencies, and compliance with selected policies, procedures, and regulations.
• Resolve audit problems that occur and develop modifications to coverage and schedule.
• Review management action plans and monitor implementation of recommendations proposed by Internal Audit, as well as the independent auditors, to ensure that root causes have been identified and issues are adequately addressed and mitigated.
• Perform annual risk assessment during audit planning and development of the audit strategy, audit plan, and audit scope.
• Coordinate scope and coverage with the Company’s independent external auditors.
• Coordinate Internal Audit activities with those of the external auditors to ensure proper audit coverage, eliminate duplicate efforts, and improve the efficiency and effectiveness of audit activities.
• Maintain audit files by documenting the audit procedures used and each of the audit reports completed
• Take appropriate actions to close or mitigate control deficiencies identified by the external auditors
• Presents to the Board Audit Committee the annual audit plan, including periodic status updates and changes required in the plan.
• Communicates information to and from the Board Audit Committee and executive management regarding the audit function
• Report on audit/internal control findings to the Board Audit Committee on a quarterly/periodically
• Ensure reports of all audited, investigated, and other special assignments on the company are in line with best practices
• Communicate management responses on audit findings and corrective actions to various departments; monitor as appropriate
• Providing feedback to the Committee on closure of observations  and directives on instructed assignments
•  Monitor and ensure that the Company’s operating units comply with corporate policies and standard operating procedures, statutory and regulatory requirements
• Reviews existing as well as new products, services, and procedures to ensure compliance with appropriate regulatory authorities.
• Suggests policy and procedure changes or reviews as appropriate.
• Review internal controls within the system and make appropriate recommendations to the Audit Committee
• Review and ensure that the company’s Quality Management System is functional and consistent with SON requirements for certification
• Work with executive management to design and implement cost-effective procedures to ensure that internal controls are effective and to eliminate redundant or inefficient procedures where necessary.
• Oversee the execution of other tasks or special projects when required by management, such as reviews of system implementations, due diligence reviews, fraud investigations, etc
• Identify and manage risk in liaison with management and heads of departments
• Keep abreast of developments in good corporate governance practices and advise management accordingly
• Provide advisory services on whistleblowing and initiatives on standard practices on Internal Audit to the board and management
• Develop new methodologies to improve the audit process, for easier implementation of recommendations

Team Leadership and Management

• Organizes, directs, and controls the Internal Audit department and the work of all internal audit staff
• Lead the Internal Audit team via mentorship and continuous development, fostering a culture of constant improvement and progress.
• Manage the Audit team\'s performance through performance planning, coaching, and appraisal
• Identify human resources needs of the department in line with the corporate strategy, and liaise with HR on training and development of the staff

Key Performance Indicators

• Completion of the Audit Plan within budget 60%
• Reduction of risk exposure 25%
• Efficient reporting of existing and emerging risks in both  new and existing businesses;
• Implementation of Audit recommendations 25%
• Identify revenue enhancement and  savings, or cost reduction mechanisms
• Improved relationship with the Audit  Committee;
• The conduct of quarterly and annual audits of relevant departments, as well as the products of the Company;
• Cost management within the approved budget
• Timely submission of quarterly internal audit reports
• Prompt resolution of audit issues, within fifteen (15) working days
• Timely submission of Audit Plan deliverables and key control deficiencies Reports to the Managing Director and the Audit Committee