Director/Partner - Internal Audit - CA

The Director of Internal Audit plays a crucial role in providing independent, objective assurance and consulting services designed to add value and improve the organization's operations. This role involves assessing and enhancing the effectiveness of risk management, control, and governance processes. The Director of Internal Audit reports directly to the organization's senior management and possibly the Audit Committee of the Board of Directors.

Key Responsibilities:

Strategic Leadership:

- Develop and execute a risk-based internal audit plan that addresses the organization's key areas of risk and aligns with its strategic objectives.

- Provide guidance and oversight to the internal audit team, ensuring proper execution of audit engagements and adherence to professional standards.

- Collaborate with senior management and the Audit Committee to establish audit priorities and address emerging risks.

Risk Assessment and Planning:

- Identify and assess the organization's key risks and controls, considering both financial and operational aspects.

- Develop a comprehensive annual internal audit plan based on the identified risks, ensuring coverage of critical areas and alignment with business goals.

Audit Execution:

- Lead and conduct internal audits to evaluate the effectiveness of controls, accuracy of financial reporting, and compliance with policies and regulations.

- Review and analyze processes, systems, and controls to identify deficiencies and opportunities for improvement.

- Prepare audit reports with clear findings, recommendations, and action plans for addressing identified issues.

Stakeholder Engagement:

- Foster strong working relationships with department heads, executives, and other stakeholders to understand their needs and challenges.

- Communicate audit findings and recommendations to management in a clear and constructive manner.

- Collaborate with management to develop and implement action plans that address identified issues and enhance internal controls.

Professional Standards and Compliance:

- Ensure that internal audit activities adhere to professional standards, ethical guidelines, and regulatory requirements.

- Stay updated on industry best practices, emerging risks, and changes in regulations that could impact the organization.

Team Development:

- Recruit, train, and develop a high-performing internal audit team.

- Provide coaching, guidance, and feedback to team members to promote their professional growth and enhance audit capabilities.

Continuous Improvement:

- Continuously assess and improve the internal audit function's processes, methodologies, and tools to increase efficiency and effectiveness.

- Implement data analytics and technology solutions to enhance audit procedures and provide deeper insights.

Reporting:

- Report directly to senior management and the Audit Committee on the status of internal audit activities, findings, and the overall effectiveness of the organization's internal controls.

Qualifications and Requirements:

- CA Qualified

- Extensive experience in internal audit, risk management, or related roles, including leadership experience.

- Strong understanding of financial reporting, internal controls, risk management, and corporate governance.

- Excellent analytical, problem-solving, and communication skills.

- Ability to work collaboratively with various stakeholders and influence change.

- Proficiency in using audit software, data analytics tools, and Microsoft Office applications.

- Up-to-date knowledge of industry trends, best practices, and regulatory requirements.

Note: This is a general overview and can vary based on the organization's specific needs and industry. The Director of Internal Audit's responsibilities may evolve over time as the organization's risk landscape changes.