Associate Director – Internal Audit

Job Purpose

Overseeing and managing the internal audit function within an organization. This role is crucial for ensuring that the organization's operations are conducted efficiently, effectively, and in compliance with applicable laws, regulations, and internal policies.

Roles, Responsibilities, Duties

IA Governance

• Support the development of the Internal Audit strategy, drafting the IA Charter, and developing policies and procedures for the Internal Audit Department
• Assisting in the establishment of a quality assurance program for the operation of internal audit activities.
• As part of the Internal Audit Function Leadership, support the development of annual IAD Manpower and Financial Budget for Audit Committee review and approval.

Team Management

• Provide guidance and supervision to audit team members.
• Conduct performance evaluations and provide feedback to team members.
• Mentor and develop the skills and knowledge of internal auditors to enhance the overall effectiveness of the internal audit function.

Conducting Internal Audits

• Oversee the creation of detailed audit plans outlining the scope, objectives, and methodologies for conducting audits across various functional areas.
• Oversee the conduction of thorough examinations of financial records, operational processes, and internal controls to assess their effectiveness.
• Analyze audit findings to determine root causes of issues and assess their potential impact on the organization.
• Review and oversee the documentation of audit findings, observations, and recommendations in clear, concise, and well-organized audit reports, ensuring that key stakeholders, including senior management and audit committees, are informed of significant issues, and are equipped to take appropriate remedial actions.

Reporting on IA Findings

• Reporting significant issues related to the processes of Group and its Subsidiaries, including potential improvements of those processes and how effectively the system of controls works to protect the organization’s interests.

Monitoring Audit Observations

• Oversee the monitoring and ensuring that management actions for significant observations or recommendations have been effectively implemented or that senior management has accepted the risk of not acting.

Managing Co-source Auditors

• Monitoring and evaluating the performance of external service providers for internal auditing, if appointed.

Other Requests

• Provide consulting/advisory services upon the board or management’s request.
• Evaluating and assessing significant merging/consolidating functions and new or changing services, processes, operations, technologies, and control processes at the time of their development, implementation, or expansion.
• Oversee and manage the Audit Management software in use, including responsibility to liaise with software providers as and when needed.

Liaison with Audit Committee

• As part of the Internal Audit Function Leadership, assist in keeping the Audit Committee informed of emerging trends and successful practices in internal auditing.
• As part of the Internal Audit Function Leadership, assist in conducting quarterly meetings with the Audit Committee, reporting on the IA Plan, performance relative to plan, results of audit engagements and follow-ups.

Qualification

• Bachelors’ degree in accounting, finance or Business or related field.
• Master’s degree in accounting, Business, or related fields is preferred.
• Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), or any other relevant certification is preferred.

Experience and Competencies

• 12 years of experience in the internal audit field as a minimum.
• Experience in Investment or Holding/Conglomerate companies preferred.
• 3 years of UAE experience as a minimum.