Internal Audit Director - Entity Level Controls and Combined Assurance

SUMMARY:

Overview:

• Bachelor’s Degree in Accounting, Finance, Business Administration, or a related field.
• Professional certifications such as Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Chartered Accountant (CA), or Certified Information Systems Auditor (CISA).
• An MBA or advanced degree is an advantage.

• A proven track record of at least 10-15 years of experience in internal auditing, with substantial exposure to leadership or management roles. Experience with auditing across different business functions (financial, operational, IT) is crucial.
• Proven experience working with other assurance functions such as Compliance, Risk Management, and External Audit to deliver a cohesive assurance plan is highly desirable.
• A solid understanding of risk management principles and frameworks is essential, especially given the need to integrate audit activities and the establishment of control standards and objectives.
• Experience in strategic risk assessment, internal controls evaluation, and governance frameworks.
• Knowledge of Regulatory Compliance: Familiarity with global or regional regulatory frameworks (e.g., SOX, GDPR, FCPA, IFRS, Local regulations) is important, particularly when aligning internal controls and audits with compliance requirement.

POSITION INFO:
Key Responsibilities:
Combined Assurance Ownership

• Develop and Implement Combined Assurance Framework: Establish and maintain a comprehensive Combined Assurance framework that integrates assurance activities across multiple lines of defense, including Internal Audit, Risk Management, Compliance, and External Auditors.

• Align Assurance Activities: Coordinate and align assurance activities to minimize duplication, optimize resource utilization, and provide a unified perspective on control effectiveness.
• Stakeholder Collaboration: Facilitate effective collaboration and communication among all assurance providers, ensuring consistent risk assessments, reporting, and strategic insights.
• Comprehensive Assurance Plan: Develop and deliver an integrated assurance plan that aligns with the Group’s strategic objectives, risk appetite, and regulatory requirements.
• Continuous Improvement and Innovation: Drive continuous improvement in assurance practices by leveraging advanced methodologies, data analytics, and technology-enabled tools.
• Reporting and Insights: Provide consolidated assurance reports to senior leadership and the Board Audit Committee, highlighting key risks, control deficiencies, and strategic recommendations.

• Lead ELC Audits: Plan, design, and lead audits of Entity Level Controls across the Group, ensuring they are designed and operating effectively to mitigate key risks and ensure the integrity of financial reporting.
• Audit Execution: Conduct thorough audits of ELCs to assess their effectiveness, design, and implementation, ensuring compliance with organizational policies, regulatory requirements, and best practices.
• Control Evaluation: Evaluate the effectiveness of ELCs in mitigating risks across financial, operational, and IT processes, ensuring alignment with overall control objectives.
• Risk Identification and Assessment: Identify and assess risks related to ELCs, ensuring that audits address critical areas and focus on emerging risks that could impact the Group.
• Continuous Monitoring: Implement continuous monitoring processes to assess the ongoing effectiveness of ELCs and identify areas for improvement or strengthening of controls.
• Audit Reporting: Provide clear, concise, and actionable audit findings and recommendations related to ELCs, ensuring they are communicated effectively to senior leadership, process owners, and the Board Audit Committee.
• Follow-Up and Remediation: Oversee the implementation of corrective actions for identified control deficiencies, ensuring timely remediation and effective risk mitigation.
• Tracking and Accountability: Develop tracking mechanisms for audit findings and management actions to ensure accountability and transparency in the resolution of identified ELC weaknesses.

• Development and Standardization: Develop and maintain a comprehensive catalogue of standard control objectives across Financial, IT, and Operational processes to ensure consistency, effectiveness, and alignment with organizational goals and regulatory requirements.
• Alignment with Strategic Objectives and Risk Appetite: Ensure control objectives are strategically aligned with the Group’s objectives, risk appetite, and compliance requirements, supporting effective risk management and internal control.
• Alignment with Combined Assurance Plan: Integrate control objectives into the Combined Assurance Plan to ensure coordinated assurance activities, comprehensive risk coverage, and strategic assurance delivery. This includes:
  • Harmonizing Assurance Activities: Align control objectives with assurance activities across multiple lines of defense, including Internal Audit, Risk Management, Compliance, Control Self Assessments (CSA’S) and External Auditors, ensuring a unified approach to risk and control assessments.
  • Consistent Reporting and Insights: Ensure consistent reporting on control objectives' effectiveness within the Combined Assurance framework, providing strategic insights and recommendations to stakeholders.
• Periodic Review and Updates: Regularly review and update the catalogue of control objectives to reflect changes in business operations, regulatory requirements, emerging risks, and industry best practices.
• Integration with Entity Level Controls (ELCs): Ensure seamless integration of control objectives with Entity Level Controls (ELCs) to enhance overall control effectiveness.
• Communication and Awareness: Communicate and promote awareness of the standard control objectives across the Group, ensuring consistent application and understanding among stakeholders.
• Stakeholder Collaboration and Input: Collaborate with senior leadership, process owners, and other assurance providers to gather input, validate control objectives, and drive continuous improvement.
• Centralized Repository and Accessibility: Establish and maintain a centralized repository for the catalogue of control objectives, ensuring easy accessibility, version control, and governance over changes.
• Audit and Assurance Integration: Align control objectives with audit and assurance activities, ensuring comprehensive coverage, strategic assurance delivery, and consistent risk assessments.
• Reporting and Strategic Insights: Provide periodic reports and strategic insights on control objectives’ effectiveness, gaps, and improvement opportunities to senior leadership and the Board Audit Committee

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