Deputy Chief Audit Executive at MacTay Consulting

Job Objectives

• Deputy to the Chief Audit Executive Support the CIA in the delivery of an independent, effective, and efficient internal audit service to the company.
• Lead the planning and conduct of operational, financial and compliance audits of the company with selected policies, procedures, and regulations to evaluate and improve efficiency, promote good corporate governance towards achieving company’s mission and vision.
• Provide an independent appraisal of the adequacy and effectiveness of the controls set up by management to help run the organization and recommending relevant changed on areas requiring improvement.

Responsibilities

• Participate in the development of company’s overall strategic goals and ensure that these are cascaded to the Internal Audit department.
• Involved in the development and implementation of the Internal Audit department’s strategy ensuring it aligns with company’s corporate strategy and business goals.
• Preparation of the department’s annual budget and monitor its implementation.
• Support in the overall leadership and direction in the execution of the department’s functions and activities.
• Continually review and implement improvement initiatives to ensure enhanced performance of the department.

Operational Duties
Risk Management:

• Oversee the continuous review of the business and operational risks facing the company in order to proactively establish appropriate mitigating controls and monitoring mechanism/ frameworks.
• Coordinate with the risk management function to ensure acceptable risk and adequate mitigants are in place.
• Provide inputs and be proactively involved in the development of the business continuity plan.
• Audit
• Develop and implement an annual internal audit plan and ensure compliance with approved plans.
• Establish and communicate the scope and objectives for internal audits to the appropriate groups/departments within the company.
• Identify control weaknesses/issues and proffer appropriate recommendations based on outcome of the audits.
• Follow-up and champion the implementation of audit recommendations.

Quality Assurance/ Compliance:

• Facilitate the review and identification of deviations from established operational policies, procedures, and regulatory requirements across all the company’s departments and provide recommendations/remediation actions as appropriate.
• Drive the standardization of control processes and practices as well as the application of relevant control tools and techniques within the organization.
• Oversee the execution of conduct spot checks/ risk-based sampling and testing approach on transactions and activities to evaluate adequacy of internal controls and efficiency /effectiveness of operations.
• Oversee performance analysis and review of key financial ratios and indicators (such as capital adequacy and reserve ratios) to ensure compliance with management’s established range/targets.
• Oversee the periodic review of completed audit work to ensure compliance with organisational and professional audit practices.

Credit Control:

• Oversee the review of client credit files and ensure completeness of prerequisite/supporting documentations including letter of request, credit appraisal memo and appropriate authorizations and ensure that incomplete documentations are updated as required.

Administrative Support/ Advisory:

• Provide administrative support for external inspection/ audit activities.
• Run investigations into suspected fraudulent practices across the organization and determine/recommend the appropriate line of action in response to findings.
• Industry Knowledge and Trends
• Keep abreast of industry trends, events, issues, and developments to enable the development and implementation of appropriate control measures, monitoring mechanism as well as their continuous update/revision.
• Stay abreast of developments in professional auditing standards and ensure necessary training and compliance.

Supervisory, Reporting and Other Duties:

• Ensure information dissemination and training of Internal Audit staff.
• Review and ratify the department’s activities, audit reports and make recommendations for improvement as required.
• Supervise the preparation of detailed reports of audit findings and provide recommendations to improve the internal control system, quality of processes and systems.
• Facilitate the documentation of periodic management and statutory reports as required:
• Fraud and forgery reports and circulate to banks, CBN and other financial institutions.
• Incident reports
• Confirmation reports for banks, customers, and external auditors.
• Act on behalf of, and perform any other duties as assigned by the MD.

Key Performance Indicators:

• Full implementation of the audit plan
• Timely response to regulatory and external inquiries
• Internal audit customers satisfaction survey
• Cost savings / containment
• Error rates.