Internal Audit and Control Officer at Velvot

Job Summary

• The Internal Audit and Control Officer is responsible for evaluating, improving, and monitoring the effectiveness of internal controls, governance processes, risk management, and compliance within the organization.
• The role ensures that financial, operational, and IT processes comply with company policies, regulatory requirements, and industry best practices while safeguarding company assets and supporting operational excellence.

Key Responsibilities
Internal Audit:

• Develop and execute annual risk-based internal audit plans.
• Conduct financial, operational, compliance, and IT audits.
• Evaluate the adequacy and effectiveness of internal controls.
• Review accounting records, financial transactions, and supporting documentation.
• Identify process weaknesses, control gaps, and areas for improvement.
• Prepare detailed audit reports with findings, recommendations, and management action plans.
• Follow up on audit recommendations to ensure timely implementation.

Internal Controls:

• Design, implement, and continuously improve internal control frameworks.
• Monitor compliance with company policies, procedures, and delegated authorities.
• Review and strengthen controls over revenue recognition, procurement, inventory, payroll, fixed assets, and treasury.
• Ensure segregation of duties across business processes.
• Conduct periodic control testing and document results.

Risk Management:

• Identify operational, financial, technology, and compliance risks.
• Maintain the organization's risk register.
• Assess the effectiveness of risk mitigation strategies.
• Recommend practical solutions to reduce identified risks.

IT Audit & Information Security:

• Review IT general controls, including:
  • User access management
  • Password policies
  • System change management
  • Backup and disaster recovery procedures
  • Data security controls
• Evaluate ERP systems (such as Microsoft Dynamics), cloud applications, and software development controls.
• Assess cybersecurity policies and adherence to data protection requirements.
• Review logical access to financial systems and critical business applications.

Compliance:

• Ensure compliance with:
  • Company policies
  • Regulatory requirements
  • Tax regulations
  • Financial reporting standards
  • Data protection laws
  • Software licensing requirements
• Coordinate internal and external audit activities.
• Support regulatory inspections and compliance reviews.

Fraud Prevention:

• Conduct fraud risk assessments.
• Investigate suspected fraud, financial irregularities, and policy violations.
• Recommend preventive and detective controls.
• Monitor whistleblower reports where applicable.

Process Improvement:

• Review business processes for efficiency and effectiveness.
• Recommend automation opportunities to reduce manual errors.
• Promote best practices in governance and control.
• Support continuous improvement initiatives across departments.

Reporting:

• Prepare monthly, quarterly, and annual audit reports.
• Present audit findings to management and the Audit Committee.
• Track outstanding audit issues until resolution.
• Report key risk indicators and control deficiencies.

Qualifications

• Bachelor's Degree in Accounting, Finance, Business Administration, Information Systems, or a related field.
• Professional or part qualification certification such as:
  • ACA
  • ACCA
  • CIA (preferred)
  • CISA (highly desirable for IT firms)
  • CRISC or CISM (an added advantage)

Experience:

• 3 - 6 years' experience in Internal Audit, Risk Management, Internal Controls, or Compliance.
• Experience in an IT, software, technology, fintech, or digital services company is preferred.
• Experience auditing ERP systems (e.g., Microsoft Dynamics, SAP, Oracle) is an advantage.

Technical Skills:

• Internal auditing
• Risk assessment
• Internal control design
• Financial reporting
• ERP systems (Microsoft Dynamics preferred)
• Microsoft Excel (Advanced)
• Data analysis
• Audit documentation
• Business process mapping
• IT governance
• Cybersecurity awareness
• Knowledge of IFRS and applicable tax regulations
• Understanding of data privacy and information security principles.

Personal Skills:

• High integrity and ethical judgment
• Strong analytical and problem-solving skills
• Excellent attention to detail
• Effective communication and report-writing skills
• Ability to work independently and collaboratively
• Strong organizational and time management skills
• Professional skepticism and sound judgment
• Ability to influence stakeholders and drive corrective actions.

Core Competencies:

• Internal Controls
• Risk Management
• Financial Audit
• Operational Audit
• IT Audit
• Compliance Monitoring
• Fraud Detection
• Business Process Improvement
• Governance
• Data Analysis
• Reporting and Presentation.