Internal Audit Director - Entity Level Controls and Combined Assurance

Recruiter:

Ziyasiza Consulting (Pty) Ltd

Job Ref:

JHB000024/NM

Date posted:

Tuesday, April 22, 2025

Location:

Johannesburg, South Africa

SUMMARY:

Overview:

We are seeking a highly skilled and strategic Internal Audit Director to lead the assessment and auditing of Entity Level Controls (ELCs) within each Group Division and to establish, maintain, and deliver a comprehensive Group-wide Combined or Integrated Assurance Plan.
This role is pivotal in ensuring the effectiveness and efficiency of the system of Internal Control, enhancing risk management practices, audit coverage and delivering value-added assurance services, including self-assessments and reliance on other service providers.

A core responsibility of this role is to ensure an effective system of internal control that safeguards the Group’s assets, ensures the integrity of financial reporting, and supports the achievement of strategic objectives. This includes defining and maintaining standard control objectives across Financial, IT, and Operational processes, ensuring consistency, effectiveness, and alignment with organizational goals and regulatory or compliance requirements.

The Internal Audit Director will collaborate with senior leadership to provide independent assurance on the design and operating effectiveness of internal controls, driving continuous improvement and supporting risk management activities where possible.

The role requires working closely with other Internal Audit Directors to ensure alignment and integration of audit activities across the Group. This includes contributing to a cohesive Group-wide audit strategy, optimizing resource utilization, and ensuring comprehensive risk coverage and strategic assurance delivery. This collaborative approach ensures consistent and efficient auditing practices, enhances knowledge sharing, and drives a unified approach and control standards.

Additionally, the Internal Audit Director will work closely with Risk Management and Compliance functions to ensure a coordinated approach to assurance activities. This includes aligning audit activities with risk assessments and compliance requirements, sharing risk intelligence, and assist in addressing emerging risks and regulatory changes.

The role also involves facilitating collaboration with other assurance providers, including External Audit and Certification Auditors, to enhance the overall assurance landscape. This includes coordinating audit activities, sharing findings, and ensuring a consistent approach to risk and control assessments. By aligning internal and external assurance efforts, the Internal Audit Director will help minimize duplication, optimize audit resources, and provide a unified perspective on control effectiveness and risk management to stakeholders.

A critical responsibility of this role is the follow-up of audit findings and oversight of management actions to ensure timely and effective remediation of control deficiencies. The Internal Audit Director will develop and implement robust follow-up processes, maintaining accountability and transparency in addressing identified control deficiencies. This includes tracking management action plans, verifying the effectiveness of remediation efforts, and escalating overdue or insufficient actions to senior leadership and the Board Audit Committee. By maintaining rigorous oversight of audit findings, the Director will drive continuous improvement in the control environment and reinforce a culture of accountability and risk ownership.

Educational Background and Certifications:

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.

Technical Experience:

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.

Entity Level Controls (ELC) Auditing

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.

Catalogue of Control Objectives Ownership

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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