Head of Internal Audit

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The Company
A large holding business based in Bahrain with investment across the GCC region within the industrial sector are looking to expand their internal audit department.

The Job
Head of Internal Audit IAH is responsible for the strategic direction leadership and overall management of the IA function within the Group. IAH provides the Board Audit and Risk Committee BARC with assurance as to the adequacy and effectiveness of the internal control system at the company 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 the company through involvement in special projects and other ad hoc reviews directed by the Board its approved representative body or requested by senior management.

Key Responsibilities

Draft develop and update the internal audit charter in line with internal auditing standards.
Prepare a comprehensive risk assessment of the Group 039 s business units and other auditable areas gathering inputs from the IA team and the company 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.
The risk based internal audit plan detailing the scope nature and timing of audit activities to cover all the key activities of the company 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 039 s approved representative body for approval.
Maintains coordinative and consultative relations with other departments of Operations Affairs and Commercial amp Marketing Affairs for smooth operation quality issues safety availability of units and sales matters.
Prepare IA department budget and resource plan periodically monitoring actual cost vs. budgeted figures.
Plan and manage audit engagements define the scope objectives and timelines. Audits to be completed based on agreed timeline.
Ensure that audit programs reflect key risks and clear understanding of business operations departmental process goals and objectives
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.
Prepare presentations to report audit results to the Board of Directors.
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.
Prepare a quarterly progress report of internal audit activities to the company 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 the company Management.
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 039 s immediate attention
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.
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.
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
Professional accounting qualification CA ACCA CPA and or professional auditing qualification such as CIA CISA . At least 12 years of work experience in audit in a senior management role preferably in heavy industrial company. Preference for GCC national Salary amp Benefits 4000 Bahraini Dinar Annual Flights Private medical insurance Annual Bonus

 

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