Head Of Internal Audit

https://mpowerjobz.com/company/confidential-1542975490

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Job Detail
  • Industry:
    Mining
  • Total Positions:
    1
  • Job Type:
    Full Time
  • Salary:
    16000 USD - 20000 USD
  • Job Location:
    Bahrain, Bahrain
  • Minimum Education:
    CA
  • Minimum Experience:
    10+ Years
  • Apply By:
    Feb 22, 2019
Job Description
ead of Internal Audit (IAH) is responsible for the strategic direction, leadership and overall management of the IA function within the Foulath Group.
IAH provides the Board Audit and Risk Committee (BARC) with assurance as to the adequacy and effectiveness of the internal control system at Foulath and its subsidiaries, by identifying significant risk exposures and control weaknesses.
IAH also has a proactive role in Enterprise Risk Management and Business Process Improvements at Foulath, through involvement in special projects and other ad-hoc reviews directed by the Board/ its approved representative body, or requested by Senior Management.
Academic qualifications and experience required for job:
Professional Accounting qualification (CA/ ACCA/ CPA) and / or Professional Auditing qualification such as (CIA/ CISA ).
At least 12 year of work experience in audit in a senior management role, preferably in industrial company.
DETAILED DUTIES AND RESPONSIBILITIES:
1. Draft, develop and update the Internal Audit Charter in line with Internal Auditing Standards.
2. Prepare a comprehensive risk-assessment of the Group’s business units and other auditable areas, gathering inputs from the IA team and Foulath stakeholders. Risk Assessment results will be the basis for preparing the IA Strategy and prioritizing audit engagements for the year. The Audit plan is to be developed within the dept. or by the outsourced IA service provider.
3. The risk – based internal Audit plan detailing the scope, nature and timing of Audit activities to cover all the key activities of Foulath (Holding co and its subsidiaries), identify audit priorities and resource required for the year. Updates to the IA strategy shall be documented in the Annual Audit plan. IA strategy to be submitted to the Board of Directors/ or it’s approved representative body for approval.
4. Prepare IA Department Budget and Resource Plan, periodically monitoring actual cost vs. budgeted figures.
5. Plan and manage audit engagements, define the scope, objectives and timelines. Audits to be completed based on agreed timeline.
6. Ensure that audit programs, reflect key risks and clear understanding of business operations, departmental/ process goals and objectives.
7. Manage and perform audits as per Institute of Internal Auditors (IIA) Standards and Guidelines, review the work of audit staff assigned to the audit engagement, and ensure that deliverables are completed on time and within the budget.
8. Prepare presentations to report audit results to the Board of Directors.
9. Ensure that a proper system is in place for the maintenance of internal audit working papers, IA Memos, administrative records and other internal communications as per Records Management and IIA Working Paper Standards.
10. Prepare a quarterly progress report of internal audit activities to the Foulath Board of Directors for their information and review. Progress report may include the following: planned audits, investigations, risk advisory work and any other ad-hoc reviews requested by Foulath Management.
11. Meet with the Board of Directors or BARC or its authorized representative body, on a quarterly basis to present audit results, or schedule special meetings to raise significant issues, which require the Board's immediate attention.
12. Ensure final reports are issued with all recommendations agreed and accepted by the audited individual/group. Differing viewpoints if any are to be reflected in a balanced manner.
13. Manage the IA head count, recruiting and deploying resources as required, to ensure the department budget is balanced and the right mix of skills and strengths are being leveraged as effectively as possible.
14. Provide guidance and motivation to junior staff and share knowledge with team members, through coaching/ counselling.
Prepare the Development/Training Plan for IA Department. The Training Plan to ensure addressing the performance gaps and professional development needs of each IA team member.

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