Head of Internal Audit - Finance

Job Purpose: 

Manage financial audit projects in the given timeline as per agreed guidelines to ensure that all identified risks are addressed by management with high level of efficiency and effectiveness. This position is responsible for assisting the CAE in order to maintain an effective system of internal controls across the organization. Duties will be performed in accordance with acceptable audit standards. 

Key Accountabilities:

Strategic Contribution:

• Participate and contribute to the development and refinement of the Internal Audit’s short and long-term strategy and ensure it is properly translated into operational plans for the Internal Audit function.
•  Assist the CAE in the formulation of the Financial Audit -Internal Audit Strategy, budget, and planning process covering the areas of business financials, accounting systems, and business risk management.
• Annually revisit the Financial Audit strategic plan and amend it in accordance with changes to the company risk register,
• Coordinate the Audit function’s activities so that it effectively utilizes its resources, manages its priorities, and is able to be both responsive and proactive.
• Assist the CAE in evaluating and assess significant new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
• Ensure proper implementation of the functional strategy by managing the day-to-day operations of the Financial Audit unit, providing guidance, encouraging teamwork, and facilitating delivery of work processes to achieve high performance standards.

 Leadership:

• Lead the execution of the financial audit projects using the established IFRS and SOCPA standard in the audit process.
• Lead the effective achievement of the Finance Audit unit objectives by setting individual objectives, managing performance, developing, and motivating employees in order to maximize individual and functional performance.
• Coordinate the activities of the team to ensure that all work is carried out efficiently, in line with the annual business plans, policies and procedures.
• Supervise the Finance Audit unit’s organizational and professional ethical standards, ensuring all audit activities are carried out in accordance compliance with The IIA’s International Standards for the Professional Practice of Internal Auditing and Panda standards.
• Has the obligation to serve as a department resource to answer relevant questions and provide guidance on technical matters in the organization.
• Coordinate with External Auditors or advisors, as applicable, to ensure the audit or review activity is performed in an efficient manner.

 Operational:

• Prepare the annual Finance Audit plan in collaboration with the Chief of Internal Audit, gain approval from the Audit Committee and direct its execution, reviewing all business systems and processes within Panda on a planned and ad-hoc basis.
• Lead internal audit projects based on the annual audit plan and the risk assessment.
• Lead the financial audit projects’ planning, execution and reporting to the process owners.
• Conducts interviews, identify controls, develop audit programs, review evidences, develops and administer surveys, compose summary memos, prepare working papers, identify and define issues, review and analyse evidence, document processes, and documents issues and recommendations.
• Maintains productive business unit and staff relationships through individual contacts and group meetings.
• Maintain the IIA’s standards for the Professional Practice of Internal Auditing and the Code of Ethics developed by The Institute of Internal Auditors and Panda policies and standards.
•  Administer the assessment of risks and internal controls within the audited processes, identify processes’ weaknesses and inefficiencies and operational issues, evaluation of Risks and Controls and preparation of Risk and Control matrix.
• Work closely with the other business units’ heads (IT, Operations, etc.) on internal audit matters to achieve the company and internal audit division’s objectives and ensure the implementation of the agreed remediation plans.
• Stays updated with the general business/economic/industry trends, risks and new professional announcements & standards to gain an understanding of their links and impact on the organization. Understands and applies technical standards.
• Maintains a positive, professional relationship with staff and management at all levels, and always upholding a professional appearance.
• Coordinate with other Audit business units and activities so that it effectively utilizes its resources, manages its priorities, and can be responsive and proactive.
• Manage and develop the team of the Financial Audit business unit to complete all the assigned projects.
• Develop the draft report and discuss it with the process owners, align the observations, remediation plans with the department heads, directors, and executives.

Reporting:

• Communicate the results of audits via written reports and oral presentations to the CAE.
• Report to the CAE on monthly basis on the related pending remediation plans. 
• Assist the CAE in preparing the Audit Committee reports and presentations.

Follow up:

• Ensure that all agreed remediation plans are subsequently implemented.
• Perform follow-up procedures timely to determine whether agreed remediation plans have been implemented.

People Managment:

•  Keep abreast with all the latest updates in the audit, risk management and fraud field and improve the abilities of the department abilities. ·
• Provide clear direction, priorities tasks, assign and delegate responsibility and monitor the workflow 
• Plan, manage and review individual performance and provide regular feedback, development, and coaching, taking prompt action where necessary.

• Bachelor's degree . 

• A minimum experience of 8 years in audit.

• External Audit experience in Big 4 is a must.

• Understanding of IFRS standards, SOCPA and ZATCA requirements

• Retail experience is a plus, and at least 2 years in a leadership position

Key Competencies:

• Financial Audit
• IFRS
• IIA standards
• ZATCA compliance
• Financial Data/ Risk Analysis
• Audit Reporting
• Good verbal and written communication and presentation skills.
• Strong interpersonal skills—ability to work closely with people at all levels of the organization and facilitate the implementation of corrective action.
• Project management experience would be a plus.
• Proficient in MS Word, Excel and PowerPoint.