Roles & Responsibilities
1. To be a key contributor to the further development of internal audit function and meet business growth aspirations.
2. Assist the Board of Directors, through the Audit Committee, to safeguard and improve the interests of the company.
3. Presents annual audit plan to the Audit Committee and the Top Management.
4. Agree an annual scope of audit work with the Audit Committee, so as to provide adequate coverage of the principal areas of risk to the company.
5. Develop and implement comprehensive audit plans and strategies.
6. Evaluate the business’ financial figures, standard procedures, internal controls and company policies and regulatory rules.
7. Evaluates and provides reasonable assurance that risk management, internal control, and governance systems are functioning as intended.
8. Identify issues of fraud, embezzlements and ethics within the company and recommend appropriate corrective actions.
9. Evaluates information security and associated risk exposures.
10. Evaluates the organization’s readiness in case of business interruption.
11. Reports risk management issues and internal controls deficiencies identified directly to the audit committee and provides recommendations for improving the organization’s operations, in terms of both efficient and effective performance.
12. Provides Union Coop Top Management and Board of Directors’ Audit Committee with reports on findings, recommendations and action plans of the internal audits, and solicit its feedback to improve these audits in the future to meet management needs on a management request.
13. Teams with other internal and external resources as appropriate.
14. Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or Non-compliance with laws, regulations, and management policies. Prepare detailed reports on audit findings.
15. Report to management about asset utilization and audit results, and recommend changes in Operations and financial activities.
16. Inspect account books and accounting systems for efficiency, effectiveness, and use of accepted accounting procedures to record transactions.
17. Examine records and interview employees to ensure recording of transactions and compliance with laws and regulations.
18. Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.
19. Review data about material assets, net worth, liabilities, capital stock, surplus, income, and expenditures.
20. Examine whether the organization’s objectives are reflected in its management activities, and whether employees understand the objectives.
21. Prepares a comprehensive, long-range internal audit strategy covering all departments, functions and activities.
22. Identifies those activities subject to audit coverage, evaluates their significance, and assesses the degree of risk inherent in the activity in terms of cost, liability, and quality.
23. Assist in the development of risk-based audit programs.
24. Conducting risk assessments and identifies controls in place to mitigate identified risks.
25. Gather data for internal audit through a variety of methods including interviews, financial research, analysis, etc.
26. Responsible for discussing and validating any audit exceptions /weakness/concerns highlighted during reviews with departments, identifying related risks, recommend corrective action/improvements and document relevant Management responses for the exception.
27. Assess, where applicable, compliance with the International Accounting Standards (IAS), Regulatory requirements, Company Policies and Procedures.
28. Performs audit procedures to verify that controls are operating through testing and interviewing techniques.
29. Identifies control gaps and opportunities for improvement.
30. Documents the results of audit work in accordance with audit department and the Institute of Internal Auditors (IIA) standards. Ensure that all work papers are prepared and adequate, clear and relevant evidence obtained to sufficiently support the audit conclusion.
31. Prepares timely audit reports for the Audit Committee and the Board of Directors.
32. Evaluate and promote compliance to internal Union Coop’s direct policies.
33. Contributes, as appropriate, in the year-end financial audit with the external auditor.
34. Provides advice to management with regard of internal control systems and other recommendations.
35. Tracking of Audit issues to resolution.
