JOB DESCRIPTION
To deliver an independent, effective and efficient internal audit service to the organisation. To direct and lead the planning and conduct of operational, financial and compliance audits of the organisation with selected policies, procedures and regulations to evaluate and improve efficiency, promote good corporate governance towards achieving the organisation’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 change on areas requiring improvement
RESPONSIBILITIES
STRATEGIC RESPONSIBILITIES
Participate in the development of the organisation’s overall strategic goals and ensure that these are cascaded to the Internal Audit department.
Lead the development and implementation of the Internal Audit department’s strategy ensuring it aligns with the organisation’s corporate strategy and business goals.
Oversee the preparation of the department’s annual budget and monitor its implementation.
Provide 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 organisation 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 organisation
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
Monitor organisation-wide compliance with internal operational procedures.
Facilitate the review and identification of deviations from established operational policies, procedures, and regulatory requirements across all the organisation departments and provide recommendations/remediation actions as appropriate.
Drive the standardisation of control processes and practices as well as the application of relevant control tools and techniques within the organisation.
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 authorisations and ensure that incomplete documentations are updated as required.
ADMINISTRATIVE SUPPORT/ ADVISORY
Provide administrative support for external inspection/ audit activities.
Act as secretary for the Board Audit Committee and serve on committees or cross-functional teams.
INVESTIGATION
Run investigations into suspected fraudulent practices across the organisation 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.
Oversee the motivation and performance appraisal of all Internal Audit staff.
Review and ratify the department’s activities, audit reports and make recommendations for improvement as required.
Oversee 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.
REQUIREMENTS
Bachelor’s Degree in Business, Finance, Accounting or relevant field
Professional qualification, such as ACCA, ACA,CPA or CFA
At least 8 years of experience in Auditing in a large organisation or professional services firm, 3 years of which should be at manager level
Deep awareness and understanding of Audit, Credit control and Risk management in the Merchant Banking /financial industry.
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