The Head of Internal Audit will form part of the senior management of the company, reporting directly to the Board representative who runs the Audit Committee. The Head of Internal Audit will hold primary responsibility for implementing and overseeing the entire array of financial controls, assuring the effectiveness and efficient of the audit function in the context of governance, risk management and financial controls.
Principal Responsibilities
The position is functionally accountable to the Board Audit Committee and has specific responsibilities as indicated below:
manage the internal audit function to ensure it adds value to by providing objective and relevant assurance and contributing to the effectiveness and efficiency of governance, risk management and control processes.
the Internal Audit Charter for the company, consistent with the definition of internal auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing, for approval by the Audit Committee. Periodically review the Internal Audit Charter and present relevant changes to executive management and the Board for approval.
policies and procedures to guide the internal audit activity. Periodically evaluate the quality of the audit work performed to ensure the effectiveness of internal audit department. Review for continued relevance and update on an ongoing basis the policies and procedures, methodology, frameworks, and tools to meet best practice expectations.
annual basis, establish risk-based plans, covering the entire spectrum of the company’s activities in the various businesses and support functions (audit universe), to determine the priorities of the internal audit activity, consistent with the company’s goals and taking cognizance of the company’s risk management framework.
the annual internal audit plan and resource requirements, to executive management and the Audit Committee for review and approval. Ensure that internal audit resources are appropriate, sufficient, and effectively deployed to achieve the approved plan. Significant interim changes to the plan must also be communicated to the Audit Committee for review and approval.
and make appropriate recommendations for improving the governance process; promoting appropriate ethics and values within the company; ensuring effective corporate performance management and accountability; communicating risk and control information to appropriate areas of the company. Assess whether the Information Technology governance of supports the company’s strategies and objectives.
the effectiveness and contribute to the improvement of risk management processes. Determine whether risk management processes are effective by assessing whether significant risks are identified and assessed; appropriate risk responses are selected that align risks with the company’s risk appetite; and relevant risk information is captured and communicated in a timely manner across the company, enabling staff, management, and the board to carry out their responsibilities. Evaluate risk exposures relating to the company’s governance, operations, and information systems.
the potential for the occurrence of fraud and how the company manages fraud risk. Conduct forensic audits and investigations into all cases of fraud, losses, and malpractices in the company. Ensure all investigation and forensic audits are performed in a conscientious and careful manner incorporating careful application of professional standards and observation of relevant legal requirements and rules of professional conduct.
the adequacy and effectiveness of controls in responding to risks within the company’s governance, operations and information systems regarding the reliability and integrity of financial and operational information; effectiveness and efficiency of operations and programmes; safeguarding of assets; and compliance with laws, regulations, policies, procedures, and contracts.
audit findings in each of the business and support functions reviewed, per the approved internal audit plan, to the Audit Committee, at the scheduled meetings of the Committee. Reporting must include significant risk exposures and control issues, including fraud risks, governance issues and other matters that should be brought to the attention of the board. Report on the internal audit activity’s performance relative to the approved internal audit plan.
and maintain a system to monitor the disposition of audit findings communicated to management and the Audit Committee. Establish a follow-up process to monitor and ensure that management actions have been effectively implemented.
routine coaching, training, and assistance for direct reports to develop knowledge, skills, and abilities to maximise performance. Ascertain skills gap on an on-going basis, develop and update the annual training plan incorporating skills gap noted for all levels of internal audit personnel.
the plan to the Human Resources department for implementation. Prepare performance evaluations for all internal audit personnel in accordance with the company’s performance appraisal system.
special audit assignments or consulting engagements as requested by the Audit Committee or executive management.
Key Performance Indicators
of the annual internal audit plan by the Audit Committee.
conduct of internal audit reviews, per the approved audit plan, and issuance of findings within the established timeframe.
reporting to the Audit Committee, at each of the scheduled meetings, on the audit findings made in the reviews conducted per the approved audit plan.
completion of the total number of reviews approved by the Audit Committee in the annual internal audit plan.
of Audit Issues Log reflecting status of implementation of audit recommendations; periodic reporting on the status of implementation of corrective actions to the CEO and the Audit Committee.
Experience Required
years of relevant experience gained in either a listed or large privately held businesses with regional commercial interests and who operate to international standards and business best practices
of 5 years in a leadership senior position in internal audit and risk where you have demonstrated a strong accountability and independence in delivering effective business risk management and financial controls.
Minimum Qualifications
strong academic record at university level
professional accounting qualification – ACA, ACCA, CPA, CISA
This senior role has a high impact in driving the business forward. This is a great opportuity for a seasoned professional to be part of a highly significant East Africa business success initiative, and you will be well rewarded commensurate with the level of seniority of the role which is internationally benchmarked.
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