Head of Internal Audit

3 weeks ago

Jeddah, Saudi Arabia Saudia Dairy & Foodstuff Company (SADAFCO) Full time

Purpose of the job

To manage the Internal Audit function at SADAFCO & its Subsidiaries by directing independent, efficient, continuous, risk based audits / reviews / investigations across SADAFCO to provide a reasonable assurance to the Board of Directors that the control environment is adequate enough to achieve the business objectives of the organization

Key Accountabilities

1. Strategic Responsibilities

· Develop a 3-year strategic audit plan and have it approved by the Board Audit Committee using a risk-based approach

· Establish audit standards and practices through the maintenance, review and update of the Policies and Procedures Manual for the Internal Audit Department by reference to the International Standards for the Professional Practice of Internal Auditing

2. Managerial Responsibilities

· Plan and acquire adequate resources for carrying out the yearly audit plan in coordination with the Board Audit Committee.

· Manage the audit team and regularly evaluate the performance of the audit staff, provide feedback on an ongoing basis, identify staff development needs and coach them to ensure ongoing development of their skills and capabilities

· Identify training needs and organize trainings for the department on various aspects on which the role holder has responsibilities

· Set the key performance indicators for the internal audit department and obtain Board Audit Committee approval

· Ensure compliance with the professional standards of audit conduct including but not limited to compliance with a code of ethics, applicable laws and regulations

· Strive to achieve the highest levels of proficiency on all competencies and skills required to perform the role

· Identify the training and development requirements for the team and agree on them with the Board Audit Committee and the Training & Development department to ensure that the required trainings are arranged and attended.

· Set performance goals at the beginning of the year after discussion with the Board Audit Committee and ensure that the goals are achieved during the course of the year

·Set KPIs with reference to the Industry practice and agree them with the Board Audit Committee to be used for evaluating the performance of the Internal Audit function

3. Core Responsibilities

· Review and update of the Policies and Procedures Manual of the Internal Audit Department on a periodic basis, make required amendments and obtain approval from the Board Audit Committee

· Supervise all the activities of the Internal Audit Department and the performance of various audit and attestation functions as per the annual audit plan and BAC Mandate including special assignments approved by the Board Audit Committee including review of reports of outsourced assignments.

· Prepare the annual audit plan and obtain the Board Audit Committee approval

· Make recommendations for modifications to be made to the Annual Audit Plan during the year if circumstances necessitate and obtain Board Audit Committee approval

· Prepare the budget for the internal audit department, obtain the Board Audit Committee approval and ensure compliance

· Report progress of the audit plan and the implementation of corrective actions to the Board Audit Committee

· Discuss audit findings with the concerned management to obtain its comments and responses on all findings

· Report audit findings, recommendations and management responses to the Executive management to follow up on the action plans.

· Report audit findings, recommendations and management responses to the Board Audit Committee

· Make recommendations for enhancing the internal control environment after necessary discussion with the respective department, ensuring that they are appropriate and agreeable.

· Provide other advice to management in an advisory or consulting capacity when requested by the Executive management or the Board Audit Committee

· Coordinate audit efforts with the External Auditors

Job Requirements

  • Educational level: Minimum University Degree preferably in Accounting or Business Administration
  • Specific professional certification: CIA, CPA, CA, ACCA or other relevant qualification. Other qualifications such as CISA/CFE are a plus.
  • Minimum 10 years' experience of auditing, preferably in process industry, with a minimum of 3 years as an audit manager.
  • Good exposure to computerized systems
  • Good written and oral English.
  • Good communication with numerate and analytical skills, result oriented and problem solving approach to his work.
  • Good inter personal skills and ability to deal with people at all levels.
  • Ability to perform his job professionally with least supervision.
  • Ability to understand and analyze financial & operational data.
  • Familiar with ratio analysis.
  • Strong character & integrity
  • Preferably bilingual

Job Competencies

  • Analytical thinking
  • Conceptual thinking
  • Achievement drive
  • Strong initiative and leadership skills
  • Teamwork skills with ability to efficiently manage others.

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