Vacancy Details
Vacancy
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Details
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Vacancy Number
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17/2024
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Title
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Internal Audit Officer
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Description
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PRINCIPAL RESPONSIBILITIES
1. Assist the Manager, Internal Audit in developing and executing the Banks Annual audit plan, and take a lead role in the day to day execution of internal audits;
2. Contribute to the Internal Audit (IA) function by identifying risks associated with business objectives and evaluating the controls in place to mitigate those risks in order to improve the effectiveness of risk management, control, and governance processes.
3. Provide value-added advice and support to Manager Audit on the creation or modification of policies, procedures, processes, products or services to ensure an appropriate level of internal control and compliance is maintained.
4. Participate in opening meetings with audit to explain the scope and objectives of the audit and provide an overview of all steps in the audit process.
5. Perform audit tests and prepare working papers in accordance with professional IIA standards and FDB IA methodology.
6. Evaluate the adequacy of process design and the effectiveness of controls in meeting business and control objectives. Identify and document control and process weaknesses and provide evidential support for findings.
7. Propose practical and value added recommendations to address control weaknesses and/or process inefficiencies.
8. Organize and reference work papers for review by Manager, Internal Audit.
9. Participate in closing meetings with client at the end of fieldwork, providing clear explanations for identified issues.
10. Assist in the preparation of a concise and informative audit report to effectively communicate the findings and recommendations to the branch/department and senior management.
11. Prepares the Audit Field Reports and ensures that they are maintained up to date, and the draft Audit Reports are submitted to Executive Manager Audit within the time prescribed. Check that the correct procedures have been followed for loans declined/lapsed/withdrawn.
12. The primary customer of the IAD is the Board Audit Committee [BAC] which is responsible to the main Board. For administrative matters, IA report to the CEO. The internal customer is the CEO and through the latter does IA officially communicate findings and issues to EXCO and to the Profit and Support centres.
13. The officer is required to travel to any Branch/Centre where the audit is to be conducted in accordance with the approved schedule of audits; and the specific Audit Plan for the centre; conduct investigations; and complete the relevant Audit Field Reports [AFR]; and write/compile audit reports for Management Exit Meeting and for BAC. The final draft will be passed by MIA before final paper is endorsed for issue.
14. The officer is independent of any centre and performs the audit, independent of all activities of all auditable centres. During the course of the audit, the officer may concur with officers of the centres; MIA or other audit officers; and other institutions, for investigation and verification of information in relation to the audit.
15. The officer carries out different types of audits not limited to the following: [Compliance; Risk based; Review of past Audits; Performance; Best practices; and Special investigations. Defines the parameters i.e. the objectives and scope and arrive at a plan for time and resources required to complete the audit.
16. The officer executes detailed audit of: procedures; including reviewing transaction documents, records, reports; and policies and procedures for accuracy and effectiveness. The officer prepares the Audit Field Reports completed at the audit site. The report may comprise of a record of inadequacies of the internal control systems; non-compliance issues; breaches in policies; fraud; abuse; lack of policies, procedures; and discussions with officers of centre in relation to the Audit assignment.
17. The final report will categorise findings into either Major or Minor and allocate a Risk rating for the centre and the issues raised in the report. The officer prepares the Management Exit report previously known as the Management Audit Committee [MAC] report for MIA’s endorsement. The paper may be changed by some degree however keeping within the ambit of the AFR findings.
18. After deliberations at the MAC level, the officer in consultation with MIA, report on the: resolutions; mitigation; and action plans committed to by Management, in the final report; for BAC deliberation. The officer assists MIA in the follow up process on the commitments and resolutions made at BAC meeting; such is to see that actions are being actually executed as committed.
19. The officer analyses the audit findings as either major or minor, based on risks and implication and recommends. The officer assigns an audit grading to the major and minor findings. A critical outcome of the report is the independent recommendation on corrective action which may result in policy changes, procedural changes, process changes, disciplinary action on employees which could lead to legal action, suspension or termination. Depending on the Risk grade approved by BAC, changes may affect the entire organisation, or the centre that is being audited.
20. Due to the independent nature of the work, discussion with employees is encouraged but has its limits. Communication with parties affected by the Audit is through the Audit reports submitted to Management and the BAC. The officer plays an influential role through Audit grading; recommendations and follow up specified in the reports.
21. The officer’s audit reports must be reliable and in the best interest of the organisation and of the shareholder and stakeholders in general. This entails the ability to do the right thing and be impartial at all times and to protect and enhance the shareholders interests in the FDB as a business entity with not only financial and economic desires, but with ethical and social responsibility obligations.
22. The officer must be able to establish and formulate recommendations that will strengthen the internal controls of FDB on issues of breaches in policies; significant procedural violations; formulate new internal controls that are required; and recommend improvements in Operational and Financial efficiencies, such that the Bank’s assets are protected at all times.
23. Formulate disciplinary actions that are appropriate to compliance violations. Support the MIA in identifying opportunities that will increase income and reduce cost for the Bank; and pursue the strengthening of the banks strategic position at all times by helping the bank to have Competitive and Distinctive advantages over its competitors.
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Qualification
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Degree in Accounting & Financial Management, or a related field. Professional certification as a Public Accountant or an Internal Auditor. A member of the Institute of Internal Auditors [Fiji Chapter] or a member of the Fiji Institute of Accountants.
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Experience
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At least 5 to 6 years’ experience in lending, both at Branch level and at Head Office.
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Salary
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$36,450
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Term
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0
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Start Date
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8/7/2024
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End Date
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8/13/2024
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