Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The Head of Internal Audit creates and follow through a vision that align with FINCA’s strategic directions and stakeholders expectations; empowers the internal audit function by seeking support from major stakeholders; demonstrate executive presence by bringing a bold and broad perspective and partner with the business as a proactive and trusted advisor.
The Head of Internal Audit is responsible for advanced-level professional internal auditing work which involves managing, assurance, advisory and fraud examination services. He/ she is responsible for development and execution of the annual audit plans; all with emphasis on a risk-based approach designed to assist FINCA in the attainment of its objectives. He/ she is required to source and retain the right talent and provide training, coaching, and supervision to internal audit staff and maintains all organizational and professional ethical standards. He/ she ensures that internal audit activities are carried out in compliance with The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) and the Global Internal Audit Manual. He/she oversees fraud and misconduct investigations and ensures that investigations follow the ACFE’s professional methodology. Works independently under general direction with extensive latitude for initiative and independent judgment.
ESSENTIAL DUTIES include the following. Other duties may be assigned.
I. AUDIT PLANNING
· In collaboration with the Chairperson of the Audit Committee set internal auditing goals in alignment with FINCA’s strategic objectives and stakeholder expectations.
· Translate goals into enterprise wide risk-based audit plans.
II. ENGAGEMENT PLANNING, EXECUTION AND SUPERVISION
· Oversees the execution of audit engagements in accordance with the approved annual plan.
· Manages resources in a flexible manner and ensures immediate redeployment in response to management requests, significant shift in the risk profile, unexpected events, major frauds, etc.
· Review the work of audit teams including:
· Identification and definition of issues, development of criteria, review and analysis of evidence, and documentation of client processes and procedures.
· Conducting interviews, reviewing documents, developing and administering surveys, composing summary memos, and preparing working papers.
· Identification, development, and documentation of audit issues, recommendations for improvement and design and approval of action plans.
· Direct IS and digital financial services (including Fintech, mobile banking, tablet digitalization) audits in accordance with the standards relevant to auditing and payment systems.
III. COMMUNICATION AND SUPPORT TO MANAGEMENT AND THE AUDIT COMMITTEE
· Partner with the business by building trust with major stakeholders (including the management board, board of directors and the audit committee members) and seek their support for a strong control environment.
· Build partnerships across the lines of defense to play greater roles in coordinating risk management across functions.
· Inform, educate and influence major stakeholders as well as earn their trust. Keep boards and audit committees updated with latest trends in internal auditing.
· Use those connections to raise their level of engagement across FINCA, taking on leadership roles in working with management, compliance, legal and other assurance functions to develop an integrated assurance strategy.
· Ensures that the results of audits and consulting projects are adequately discussed with management at the appropriate/required level and properly communicated in written reports and oral presentations on a timely basis.
· Ensure implementation of audit closing process. Deliberate significant audit issues with senior management where consensus is not reached between the audit team leaders and business heads.
· Communicates with regulators, lenders, grantor and donors if required.
· Develops and maintains productive team-oriented client, staff, and management relationships through individual contacts and group meetings.
· Represent internal audit when needed/requested on organizational project teams, at management and board meetings, and with external organizations.
· Ensures reporting on internal audit activities (execution of the plan, administration, quality performance etc.) is executed following the set schedule and time requirements.
· Maintain and report accurate and timely pipeline information to the office of the Global Chief Auditor.
IV. QUALITY ASSURANCE AND IMPROVEMENT
· Supports the Chairperson of the Audit Committee in maintaining a quality assurance and improvement program for the internal audit activity:
- Executes ongoing monitoring of performance of the internal audit activities.
- Executes periodic internal quality reviews and arrange periodic external independent quality assessment of audit activities.
- Reports results as required.
- Participates in the improvement of audit operational procedures, methodologies, tools and techniques.
- Participates in Global Audit retreats and provides input in the overall strategic direction of the Global Audit Activity.
V. MANAGEMENT OF HUMAN RESOURCES AND ADMINISTRATION ACTIVITIES
· Assists the audit committees in sourcing and maintaining the right talent in the audit team. This include managing staff, maintaining optimal skills and competencies mix, planning, organizing, directing, and monitoring of audit operations, including assisting in hiring, training, and evaluating staff, and taking effective actions to address performance matters in compliance with FINCA policies and local labor laws.
· Provides mentorship and talent development opportunities to the audit teams.
· Prepare audit budget (financial and staffing) and report on achievements and variances as requested (coordinates with the CEO and the Chairperson of the Audit Committee).
· Evaluates performance of the audit team on periodic basis.
VI. TRAINING AND CAREER DEVELOPMENT
Pursues professional development opportunities, including external and corporate training and professional association memberships, and shares information gained with management, co-workers, and others as seen fit.
Performs other related work as assigned by the Audit Committee.
o Extensive knowledge and skill in applying corporate auditing, forensic accounting, fraud investigation and accounting principles and practices, and management principles and preferred business practices, including:
§Skill in conducting quality control reviews of audit work products.
§Proficiency with fraud investigation techniques, indicators of fraud and fraud prevention
o Considerable knowledge of Pakistan’s Mercantile, Corporate and Banking regulations including the Prudential Regulations of the State Bank of Pakistan.
o Considerable knowledge of the Standards and Code of Ethics.
o Knowledge of contemporary risk management and control techniques and working knowledge of contemporary control frameworks and control and risk self-assessment facilitation techniques.
o Knowledge of management information systems terminology, concepts, and practices, including but not limited to applicable reporting, disclosure, financial reporting and accounting principles and practices.
o Substantial knowledge of financial services industry in Pakistan.
o VI. Considerable skill in effective verbal and written communications, including active listening skills, negotiation skills and the skill of presenting issues at the root cause level and recommendations for improvement. Ability to establish and maintain harmonious working relationships with customers, co-workers, staff, management and external contacts, and work effectively in a professional team environment.
o Problem identification and solution skills by core, conceptual and analytical thinking.
· Associate Chartered Accountant/ Chartered Certified Accountant/ Certified Public Accountant or equivalent from an accredited professional association required.
· A second certification/degree in a specialty field- Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Financial Analyst (CFA) or Certified Information System Auditor (CISA) required.
EDUCATION & EXPERIENCE
· Fifteen years of full-time experience in auditing and finance, including at least ten years in internal auditing, systems auditing or fraud examination in a senior leadership role.
· Ten years of experience with the banking industry in Pakistan.
· Experience in micro credit industry, financial services, development banks or central banks in an operations, or finance or auditing supervising capacity.
· Graduate degree in business administration, public administration, or a related field or a second certification/degree in auditing, antifraud, forensic accounting specialty field.
· Bachelor’s degree from an accredited college or university in accounting, business administration, or equivalent.
· Proficiency in English and Urdu required.
· Knowledge of other regional languages a plus.
· Skill in collecting and analyzing complex data, evaluating information and systems, and drawing logical conclusions.
· Knowledge of auditing through IT systems and familiarity with banking systems.
· Word processing, spreadsheets, systems documentation, or eventually audit packages, and other business software to prepare work papers, reports, memos, summaries, and analyses.
· Provide value-added, risk-based auditing services to FINCA.
· Develop and annual audit plan and financial budget to support the plan needs.
· Manage staffing requirements and continuously develop auditing staff and yourself.
· Develop strong relations with subsidiary management and audit staff at all levels.
· Communicate timely in a risk-based and succinct manner
Chairperson of the Board of Directors, Chairperson of the Audit Committee, Management Board and Department Heads.
Availability to travel (40% of the time, within the country and about 5% globally)
Ability to travel in economy class when traveling by air, bus or rail.