Internal Audit Department Governance
• Assist in development and updation of Internal Audit charter, standards, policies, procedures and manuals.
• Assist in development of Internal Audit Department’s objectives, strategies, work plan and key performance indicators for the coming and subsequent years in line with Barakat’s strategic objectives and business plan.
• Prepare reports and executive summaries covering key risks, areas of concerns and internal audit activities and submit to the Head of Internal Audit for review.
• If required, represent in the Audit Committee meeting or any other relevant meetings to assist the Head of Internal Audit.
Risk Assessment and Internal Audit Work Plan
• Develop audit universe covering organization model, process model, IT applications, projects, events and objectives.
• Conduct interviews/ surveys/ workshops to identify, analyze and assess business risk, define corporate risk profile and update risk registers in co-ordination with Department and Business Heads.
• Assist in estimation of time and resources for each audit assignment and prioritization of audit assignments.
• Develop internal audit work plan (based on the risk assessment) covering entire company to address the key risk areas effectively.
Execution of Internal Audit Work Plan
• Perform execution of the internal audit work plan and supervise the work of sub-ordinates.
• Organize and supervise the activities of Internal Auditors through out the execution of Internal Audit Assignment.
• Prepare, supervise and update audit planning documents such as audit scope, process understanding, audit program etc.
• Determine the auditing procedures to be utilized, including the use of Information Systems audit techniques, statistical sampling or other techniques.
• Identify high risk processes and key control points of the system/processes to be reviewed.
• Prepare and review the Audit programs to ensure adequate and comprehensive coverage of the audit objectives.
• Evaluate the adequacy and effectiveness of controls, risk management and governance processes.
• Conduct research, analysis & benchmarking for the processes under review.
• Analyse and appraise evidentiary data as a basis for an informed, objective opinion on the adequacy and effectiveness of the internal control system and the efficiency of performance of the activities reviewed.
• Prepare and review working papers, which record and summarize data on the assigned audit areas and the results of the audit examination.
• Directs, counsels and trains assigned staff and reviews their work as to adequacy of scope and accuracy.
• Ensure that approved audit objectives have been met, adequate coverage has been obtained to support the conclusion and recommendations, and that the work has been followed in accordance with professional audit standards.
• Discuss and seek agreement from the Auditee on the obserrvations and recommendations.
• Develop, review and update the audit report and recommendations contained therein.
• Recommend improvements in management controls designed to mitigate business risks, safeguard company assets and contribute to growth and improve profitability.
Follow Up and Monitoring
• Verify adequacy of action taken by management to correct reported deficiencies on a regular basis.
• Develop or review MIS reports analysing the status of implementation of management action plan.
• Participate in providing advice, consultancy and assistance to the Chief Executive Officer and/ or any Business Unit/ Department Manager within Barakat on various issues relating to implementation of controls, risk management and govenrnance processes.
• Execute special assignments, ad-hoc assignments or faud investigations as directed by the Head of Internal Audit.
• Prepare and review special assignment reports to address special requirements and requests.
Internal Audit Co-ordination
• Develop and maintain effective business relationships with all relevant internal sections and external entities such Service Providers, External Auditors, local & government authorities etc. with highest standards of business ethics.
• Participate in the meeting with external auditor, external service provider, Business Risk Management function, HSSE/QA manager, Internal Audit Staff meeting and review the minutes of the meetings.
Internal Audit Department Administration
• Setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal – in order to maximise subordinate and the performance of the section.
• Schedule staff assignments within the scope of the overall audit work plan.
• Stimulate subordinates and contribute to the identification of opportunities for continuous improvement of section systems, processes and practices taking into account ‘international best practice’, improvement of business processes, cost reduction and productivity improvement.
• Develop and implement a formal training programs for the Internal Audit Department staff (including the development of UAE Nationals if any).
• Ensure continuous professional development of Internal Audit Department staff.
• Attend training programs and share knowledge.
Industry Type :
Accounting & Auditing
Functional Area :
Accounts / Taxation / Audit / Company Secretary
Desired Candidate Profile
• Strong problem solving and analytical skills. Recognize problem, identify root cause, develop action plans and monitor implementation.
• Proactively serve and constructively respond to client needs in order to meet business priorities.
• Acts as a Team Player - Collaborate and support colleagues and peers across the organization, while still being able to work independently when needed.
• Results Oriented – Meets deadlines on assignments, juggle multiple demands
• Committed to Self-Development
• Strong skills in negotiating, relationship building, problem solving, and timely problem escalation.
• Excellent written and oral communication skills. Communicate clearly and succinctly orally and in writing.
• Excellent time management and organizational skills
• Detail oriented, but able to quickly grasp the big picture
• A minimum of 2 years' of work experience in the area of Internal Audit, Risk, Governance, and Compliance experience in large organization or in professional consultancy firm.
• A Bachelor’s degree in Accounting/Commerce or equivalent is preffered.
• A full professional qualification such as ACA, ACCA, CPA, CIA or equivalent from a recognized international accounting/auditing body is desirable.
• Knowledge of the Standards for the Professional Practice of Internal Auditing and the Code of Ethics developed by the Institute of Internal Auditors (IIA).
• Strong knowledge of accounting principles and techniques, financial reporting, controls, risk management and governance processes.
• Good interpersonal and communication skills.
• Effectively communicates thoughts, ideas, information, and messages in writing or verbally. Fair reporting and presentation skills.