Internal Auditor

Job Description: Internal Auditor

Department: Internal Audit

Reports To: Audit Manager

Role Overview:

- The Internal Auditor will be a key member of the Internal Audit team, responsible for ensuring the effectiveness of the organization's internal controls, risk management, and governance processes.

- This role involves conducting branch inspections, performing process audits, and assisting with investigations, all while adhering to established timelines and quality standards.

- The ideal candidate will be a highly analytical and detail-oriented professional with a strong understanding of financial statements and audit methodologies.

Key Responsibilities:

Branch Inspection Execution:

- Execute branch inspections according to the annual audit plan, ensuring comprehensive coverage of key risk areas.

- Conduct thorough reviews of branch operations to assess compliance with established policies, procedures, and regulatory requirements.

- Identify weaknesses in internal controls and operational inefficiencies within branches.

- Document audit findings clearly and concisely, including recommendations for improvement.

- Ensure inspections are completed within the stipulated timelines.

Branch Inspection Review and Compliance:

- Review branch operations to ensure adherence to laid-down processes and internal guidelines.

- Verify compliance with all applicable statutory and regulatory requirements at the branch level.

- Follow up on previously identified audit findings to ensure timely implementation of corrective actions.

Process Audits:

- Plan and execute process audits across various departments and functions within the organization.

- Evaluate the design and effectiveness of internal controls over key business processes.

- Identify process gaps, inefficiencies, and potential areas of risk.

- Develop and communicate recommendations for process improvements and strengthening internal controls.

- Ensure process audits are completed within the defined timelines.

Risk-Based Auditing:

- Apply a risk-based approach to audit planning and execution, focusing on areas with the highest potential impact.

- Participate in risk assessments to identify key organizational risks and develop appropriate audit strategies.

- Tailor audit procedures to address specific risks and control weaknesses identified.

Reporting:

- Prepare clear, concise, and well-supported audit reports in the defined format, summarizing findings, conclusions, and recommendations.

- Communicate audit findings and recommendations to relevant stakeholders, including branch managers and department heads.

- Track the status of audit recommendations and follow up on implementation.

Investigations:

- Assist in conducting investigations into suspected fraud, irregularities, or non-compliance, as required.

- Gather and analyze evidence, conduct interviews, and document findings in a professional and objective manner.

Liaison and Coordination:

- Serve as a point of contact for the external audit firm, facilitating the smooth and timely conduct of quarterly audits.

- Collaborate effectively with various auditee departments to ensure cooperation and access to information during audits.

- Build and maintain positive working relationships with stakeholders across the organization.

Critical Competencies:

- Analytical and Number-Driven: Possesses strong analytical skills with the ability to interpret financial data, identify trends, and draw logical conclusions.

- Financial Statement Expertise: Thorough understanding of all forms of financial statements (Balance Sheet, Income Statement, Cash Flow Statement) and their interrelationships.

- Audit Principles and Practices: Solid understanding of internal auditing principles, standards (IIA standards), and best practices.

- Risk Assessment: Ability to identify, assess, and evaluate risks within different business processes.

- Internal Controls: Knowledge of internal control frameworks (COSO) and the ability to evaluate their design and effectiveness.

- Attention to Detail: Meticulous and detail-oriented with a focus on accuracy and completeness.

- Communication Skills: Excellent written and verbal communication skills, with the ability to effectively communicate audit findings and recommendations to various audiences.

- Problem-Solving: Strong problem-solving skills with the ability to identify root causes and propose practical solutions.

- Integrity and Objectivity: Demonstrates high ethical standards, integrity, and objectivity in all audit activities.

- Time Management: Ability to manage time effectively, prioritize tasks, and meet deadlines.

- Proficiency in Audit Tools and Techniques: Familiarity with audit software and data analysis tools is a plus.

Key Interactions:

- Audit Manager (Direct Supervisor)

- Managers of various branches

- External audit firm

- Heads and staff of various auditee departments

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