Internal Audit Manager at Flexi-Personnel

Job Purpose

The Internal Audit Manager ensures compliance with corporate governance policies and internal controls to minimize risk. They provide independent and objective evaluations of financial and operational activities, while also assessing the effectiveness of operations and the reliability of financial and operational reporting. The Internal Audit Manager ensures adherence to laws and regulations and provides recommendations to enhance the internal control framework and add value to the business.

Key Responsibilities:

Internal controls gap assessment and Audit Planning:

• Collaborate with senior management and the Audit and Risk Committee to identify and assess the company's key risks and control gap areas.
• Develop a comprehensive annual audit plan based on the identified areas of exposure, organizational priorities, and regulatory requirements.
• Ensure the audit plan is aligned with the organization's strategic objectives and approved by the Audit and Risk Committee.
• Ensure audit working papers are properly prepared, referenced, reviewed, and documented systematically for each area of audit.
• Maintain complete confidentiality of records and information obtained during audit jobs.

Internal Audit Execution:

• Perform financial, operational, compliance, and information technology audits across various business functions and processes.
• Gather and analyze relevant data and information to evaluate the adequacy and effectiveness of internal controls.
• Identify control weaknesses, inefficiencies, and potential areas for improvement.
• Provide practical and cost-effective recommendations to enhance the control environment.

External Audit Management:

• Liaise with the Finance team to assess the external audit preparedness and monitor the audit process to ensure efficiency and effective execution, thus minimizing audit overruns and managing audit costs.
• Update the Audit and Risk committee on the key issues raised by the external auditors and matters that have been documented in the management letter. Follow up with the respective departments to ensure management letter concerns raised by the external auditor are addressed properly and on time.
• Follow up with the respective departments to ensure management letter concerns raised by the external auditor are addressed properly and on time.
• Conduct discussions with line managers at the commencement and completion of all audits.

Reporting and Coordination:

• Prepare and present reports on internal audit matters at the periodic Audit and Risk Committee meetings.
• Prepare clear and concise audit reports that communicate findings, control gaps, and recommendations.
• Present audit results and recommendations to the Audit and Risk Committee and the Board of Directors.
• Follow up on the implementation of agreed-upon action plans by management to address identified issues.
• Maintain proper documentation of all audit activities and findings.

Compliance and Internal Control Review:

• Check that prescribed management policies, statutory and other obligations, systems, and procedures are correctly applied across all areas of the company's operations.
• Review the existing internal control systems regularly to ensure security and compliance with relevant statutory requirements.
• Identify weaknesses in controls, practices, and policies, and make suggestions for improved operational efficiency.
• Verify the existence and proper utilization of assets and review the means of safeguarding them.
• Assess the organization's compliance with applicable laws, regulations, and internal policies.
• Collaborate with other departments, such as Legal and Compliance, to ensure the company maintains a robust control framework.

Continuous Improvement and Professional Development:

• Stay updated on the latest trends, techniques, and tools in internal auditing.
• Provide training and guidance to other members of the audit team to enhance their skills and knowledge.
• Participate in professional associations and attend relevant conferences to maintain and enhance the department's technical expertise.

Resource Management:

• Manage the human, financial, and material resources assigned to the department.
• Ensure the assets of the company are safeguarded and properly utilized.

Strategic Review:

• Review both short-term and long-term strategy implementation.
• Provide independent and objective evaluations of the company's financial and operational business activities.

Other Duties

• perform any other duties as may be assigned from time to time.

EDUCATION, PROFESSIONAL QUALIFICATIONS AND EXPERIENCE

• Bachelor’s degree in accounting /MIS/ Business Administration/ Finance/Internal Audit
• CPA (K) /ACCA Qualification
• CISA/CISM is an added advantage
• Member of Institute of Internal Auditors
• Minimum 7 years’ experience with 5 years at management level
• Experience in the insurance industry is an added advantage.

KNOWLEDGE, SKILLS AND COMPETENCIES

• Comprehensive understanding of the insurance industry
• Thorough knowledge of International Financial Reporting Standards (IFRS)
• Solid expertise in various business audit methodologies.
• In-depth understanding of financial markets, investment instruments, and related regulations.
• Proficient in the use of information technology, including enterprise resource planning (ERP) systems, data analytics tools, and other relevant software.
• Analytical Thinking
• Data Collation and Reporting
• Strategic Perspective
• Flexibility
• Collaborative Approach
• Customer Service Orientation
• Teamwork
• Resilience
• Professionalism
• Personal Integrity