Job Role:

The role of the Chief Audit Executive is to monitor and verify the adequacy, effectiveness, and correct operation of the internal control system.

The Chief Audit Executive is endowed with an adequate level of autonomy and independence, as well as with adequate means to carry out its function. It is not responsible for any operational area and is hierarchically subordinate to the Board of Directors.

The job description includes but is not limited to:
Job Responsibilities :

• Develop and execute the annual audit plan, ensuring that all areas of risk are addressed in a timely and effective manner.
• Led a team of auditors in conducting financial, operational, and compliance audits, as well as special projects as needed.
• Evaluate internal controls and make recommendations for improvements to management.
• Ensure all audit findings are properly documented and reported to the Audit Committee/governance team.
• Work with external auditors to coordinate the annual financial statement audit and roll the full process indicating his inputs.
• Monitor changes in laws and regulations that could impact the organization and its operations
• Keep abreast of new developments in the field of auditing, including emerging technologies and best practices
• Serve as a trusted advisor to management on matters of risk, expansions, business developments, and control.
• Foster a culture of continuous improvement within the department and across the organization.
• Oversee the development and implementation of an effective fraud detection and prevention program.
• Ensure that the department has the necessary resources, including staff, budget, and technology, to function effectively.
• Perform other duties as assigned by the Board of Directors or senior management organization to aid customer service, production workflow, and cost improvements.
• Ensure metrics, reports, and process documentation is available.

Governance Risks

Risks related to the structure, policies, procedures, and authorities in which the key directions and decisions of the company are overseen; ex. independence and oversight; ethics; corporate social responsibility; delegation of authority; shareholder relations; stakeholder activism; corporate policy

Strategy and Execution:

Risks associated with the ability to formulate and/or execute a successful business strategy; they relate largely to the company\xe2\x80\x99s future initiatives, such as plans to enter new markets, launch new products, or form new alliances. For example, acquisitions and divestitures; succession planning; capital planning/allocation; research and development; brand and marketing; pricing; customer demands; customer concentration; product; technology and etc.

Operational Risks:

• Risks affecting controls and the controls infrastructure relating to the protection and utilization of existing assets and operations including how they may be leveraged for future growth.
• For example, sourcing; manufacturing; distribution and logistics; sales; franchises and licenses; privacy; quality; information technology; and security.
• Operational risks also flow from all of the preceding situations where the entity relies on another party in a business relationship

Infrastructure Risks :
Risks relating to the performance of people, processes, and systems that support the company\xe2\x80\x99s operations. For example, legal/intellectual property/litigation; tax; finance and accounting; reporting; treasury; compliance; human resources/culture; change management; personal safety and physical security; insurance/business continuity; environmental; facilities management.

External Risks :
Risks associated with the environment in which the company operates or external factors beyond the company\xe2\x80\x99s control. For example, competition; legal and regulatory; stakeholder relations; geo-political; climatic, economic conditions/industry trends; hazards; terrorism, war, climatic, and civil unrest.

People Management :

• Manage the professional development of the company team members.
• Ensure that team members are motivated and retention of good-performing employees is high.

Compliance Management :

• Lead development of standard policies and process
• Ensure compliance with policies and procedures, local rules and regulations
• Ensure that standards and controls are in place to manage information security, operational risk, disaster recovery and commercial contracts, and provide support and direction where necessary
• Manage Proper audit Process
• Hold responsibility for the department budget

Skillset:

• 15+ years in progressively responsible positions, including at least 5 years in a senior leadership role within internal audit
• Bachelor\xe2\x80\x99s degree in accounting, finance, business administration, or related field; Master\xe2\x80\x99s degree preferred
• Strong understanding of risk management concepts and ability to integrate them into the audit process
• Demonstrated success leading and motivating teams, with experience managing direct reports
• Excellent verbal and written communication skills

Experience:

• 15 years of experience in the Same field, with a minimum of 10+ years of experience in a Managerial role
• Experience in Manufacturing & Industrial background is preferred

Education:

Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or Chartered Accountant (CA) designation required.

Role KPIs:

• Performance measurement process.
• Quality assurance process.
• Internal measures.
• External measures.
• Quantitative measures.
• Qualitative measures.
• Objective, Indicator, Data, Target Reporting.
• The materiality of audit findings.
• Percentage of unsatisfactory ratings.
• Percentage of the audit plan delivered during the year.
• Percentage of recommendations implemented by taking corrective action.
• A number of complaints from regulatory bodies.
• Number of frauds per annum and the value of frauds.
• Percentage of internal auditors being promoted elsewhere in the organization.
• Results of the client satisfaction survey questionnaire at the end of audit assignments
• Cost savings generated by implementing internal audit recommendations
• Changes to processes resulting from implementing internal audit recommendations

Betterteam