- Job Title: Internal Auditor
- Reports to: Audit Committee & Chief Executive Officer
- Department: Audit
- Location: Harare
- Date: March 2021
- Reporting Structure
The position exists to provide an independent assurance that Council’s operations are compliant with policies and procedures and the risk management, governance and internal control processes are operating effectively.
Nature and Scope
The position reports to the Board/Audit Committee and the Chief Executive Officer. The Internal Auditor develops audit strategies and annual audit plans as well as significant control issues, the potential for improving risk management and control processes of the Council. The incumbent also provides periodic information on the status and results of the annual audit plan, assist in the investigation of significant suspected fraudulent activities within the organization, and monitors internal audit service delivery and recommends improvement on service standards. The Internal Auditor interacts with the Chief Executive Officer to give feedback and update on work progress as well as providing feedback on reviews conducted and follow up on the implementation of previous reviews. The incumbent also inter-relates with the Departmental Heads to provide guidance in critical areas and internal controls in general. The incumbent communicates with external auditors to consult on risk management and provide support during audits. The incumbent will be guided by Council policies.
- Financial Indicators
- Budgeted Revenue +/- USD10 million
- Costs +/- 15% of Budgeted Revenue
- Value of Assets (Consolidated Balance Sheet Value) USD20million
- Direct Subordinates - 0
- Indirect Subordinates
- Principal Accountabilities
- Audit Work plan
- Design and Review Council’s Audit Charter for approval.
- Develop strategic audit plans, audit procedure manual and general development of audit functions, ensuring consistency with the internal audit charter and goals of the Council.
- Identify risks on key business activities and assess the level and impact they have on the organisation and provide severity ratings using a pre-determined system.
- Develop a risk assessment report and submit it to management and the Audit Committee for review and approval for input into the plan.
- Gather data for internal audit scope and develop an annual plan for verification by the Chief Executive Officer and the Audit Committee
- Determine from the risk assessments the areas to be incorporated into the plan, taking into account the risk ratings, amounts involved and the previous audit report ratings.
- Plan and recommend accordingly the budgetary requirements of the Audit plan to ensure the plan is well resourced to avoid any disruptions during audits. This will include the development of the itinerary for approval.
- Develop work plans including risk control matrices and audit programs for each assignment and submit for approval prior to commencement of work.
Fraud Prevention and Investigation
- Raise fraud awareness in the organisation to ensure all staff are aware of the impact and implications of fraud.
- Implement fraud prevention mechanisms to safeguard the company assets and finances.
- Conduct fraud investigation and report all findings to the Audit Committee, Chief Executive Officer and/or Council Committees for informed decision making.
- Perform follow-up procedures to monitor the timely implementation of corrective measures by management.
Internal Control review Reporting, External Audits Coordination and Follow up
- Prepare formal Internal Control reports including recommendations for correcting unsatisfactory conditions, improving operations and containing costs.
- Ensure that supporting documents and working papers are retained and properly maintained.
- Coordinate external audits of financial and other operational areas.
- Follow up and evaluate the adequacy of actions taken to implement recommendations of internal and external audits and link them to the Council’s risk register.
Internal Customers Information Requirements
- Keep abreast of international audit standards developments and other market developments.
- Review all internal control system procedures for all departments and make recommendations.
- Ensure recommendations are undertaken and internal control systems are in line with market developments.
- Ensure compliance with statutory regulations and laws by all departments.
Systems of Internal Control
- Liaise with external auditors and other regulatory authorities to establish areas of cooperation and reducing audit costs.
- Review the adequacy and effectiveness of the systems of financial, operational and management control and their operation in relation to the business risks to be addressed.
- Report significant control issues and potential for improving risk management and control processes.
- Gain unrestricted access to all functions, records, property and personnel in order to audit all the functions in the organisation.
- Provide audit reports to all responsible personnel as requested to help in the decision making of the future plans for the Council.
- Monitor the effectiveness of audit effort through reviewing audit papers and report to the Board/Audit Committee and the Chief Executive Officer to facilitate informed decision making.
- Provide management with detailed draft audit reports that are in line with IIA’s standards, which after discussion will be presented to the committees of the Council.
- Inform appropriate personnel and departments, in accordance with the policy establishing the internal audit process, of concerns that come to light during the internal audit process and which require immediate response in order to protect the health, safety and welfare of employees of the company or to mitigate identified wastage of company assets and resources.
- Assist in the implementation of internal audit programs that test compliance with established internal controls in order to promote greater efficiency and effectiveness in the use of company assets and financial resources.
Key Decisions Made
- Decides on the development of audit plans.
- Decides on solutions to risks identified.
- Decides on the outcome of special investigations.
- Opinion on the financial status of the organisation
- Opinion on compliance with all processes, governance and legal requirements.
The job receives supervision from the Board/Audit Committee and the Chief Executive Officer based on the audit plan, deadlines of ad hoc assignments and audit reports as well as updates to the Audit Committee and Chief Executive Officer as and when necessary and performance appraisals.
The pressure of work/Stress
High stress due to the complication of some risks identified and investigations carried out.
The cycle of processes varies depending on implementation plans and other tasks at hand.
Position requires high levels of accuracy as the objective is to come up with an opinion and give recommendations on work performed.
The job has oversight of the audit function across the whole organisation. The incumbent monitors the implementation of risk management solutions by all positions where risks would have been identified.
- Minimum buy in from the Board/Audit Committee and senior management may delay the audit process.
- Failure to achieve some of the objectives and targets due to resource constraints.
The incumbent will develop monthly and daily work plans
- Audit all functions.
- 100% implementation of risk management solutions
- 100% compliance with processes, policies, governance and legal requirements.
List of individuals/organizations the incumbent will interact with:
- Chief Executive Officer
- Audit Committee
- All Departments and Committees
- External Auditors
- Service Providers
Education and Qualifications
- Degree in Accounting/Risk Management/Equivalent
- Professional Qualification (e.g. ICAZ, CPA, CIMA,ACCA, CIS)
- A registered member of the Institute of Internal Auditors
- 5 - 7 years’ relevant experience
- 3 years supervisory/managerial experience
- Achievement orientation
- Organisational awareness
- Analytical thinking
- Organisational Awareness
- Concern for order and quality
- Information seeking
- Attention to detail