Responsible to: Board Audit Committee (BAC) - Administratively to the CEO
Department: Internal Audit
Summary of Functions and Responsibilities: Effectively manage the Internal Audit activity and ensure that Internal Audit responsibilities, as per its Charter, are completely and effectively in order. Effectively assist the Board Audit Committee (BAC) in the discharge of its responsibilities.
- Establish and maintain policies, standards and guidelines of roles and responsibilities of the Internal Audit function, consistent with Capital Market Authority regulations.
- Based on the Risk Assessment, prepare a risk-based audit plan, which needs to be approved by BAC, and ensure that all aspects of Arbah’s key risk areas are subject to an Audit Review according to the degree of perceived risk.
- Audit to be performed in accordance with the risk-based audit plan with a revised and approved audit plan by BAC if the circumstances so warrant.
- Ensure that Internal Audit engagements carried out with a high standard in terms of the following aspects:
- Sufficiency/adequacy of the audit plan in the evaluation of controls, efficiency and compliance.
- Sufficiency and Appropriateness of audit evidence.
- Quality of the documentation.
- Adherence to Audit Policies Standards (Professional and Internal).
- Ensure audit findings are discussed with the concerned Management and are reported to the members of BAC and Executive Management on a timely manner, as per the guidelines of the Audit Manual.
- Ensure when instances where management has accepted a level of risk, that may be unacceptable to the Arbah, are communicated to the BAC.
- Follow up on the findings of previous Internal Audit reports determining whether the agreed recommendations have been implemented.
- Conduct ad hoc investigations when necessary on own initiative and/or at the request of the Executive Management and/or the Board of Directors.
- Report any material losses, frauds to Executive Management and the members of BAC as soon as these come to Internal Audit’s attention.
- Appraise, coach and mentor subordinate employees in the Internal Audit Department.
- Ensure that the charter of BAC is aligned with the Capital Market Authority Rulebook, including the requirements of the Corporate Governance Code.
- Ensure that the members of BAC are made aware of the various requirements of its Charter.
- Assist the Chairman of BAC, and ensure Committee compliance to the Charter in terms of Minimum required number of its meetings, obtaining the quorum, its performance appraisal.
- Ensure that the minutes of the meetings of BAC are completely and sincerely recorded, including actions to be completed by the Management, and to be circulated for approval to the members within 5 working days of the meeting conclusion.
Competencies Required To Perform The Job
- Problem-solving and analytical skills
- Excellent knowledge on the International Auditing Standards.
- Knowledge of Basel III
- Excellent Report Writing skills
- Risk Assessment skills
- Communication skills
- Bachelors and/or Masters in Commerce/ Finance or equivalent.
- Certified Internal Auditor (CIA).
- Post Graduate Degree in Finance or equivalent (ACCA, ACA, CPA etc.)
- Over 10 years of relevant experience.
- Saudi National, CMA Certified
- Feedback from Board Audit Committee (BAC), Executive Management, Capital Market Authority and other regulatory and statutory authorities.
- Compliance with the audit plan.
- Compliance with the International Auditing Standards and Regulatory requirements.
- Internal Audit progress reports to the BAC.
- Formulation of the Annual Audit Plan based on the aforesaid Risk Assessment and guidelines determined in the Arbah’s Audit Manual.
- A number of audit reviews completed vis-à-vis Annual Plan, Number of unplanned/ad-hoc reviews completed.
- Key improvements in the Arbah’s Risk Management, control and governance structure and practices.
- Feedback from Management and BAC regarding the effectiveness of audit in enhancing their oversight over these processes.
- Enhancement in awareness of Bank’s whistle-blowing policy.
- Enhancements in follow-up processes on the previous audit findings and related reporting to the Executive Management and BAC.
- A number of consultancy/advisory assignments completed vis-à-vis references from Department Heads/Executive management.
- Perceived professionalism of Internal Audit function, as per the feedback obtained from Executive Management.
- Effectiveness in assisting the members of BAC, as per their feedback received.
- Number and type of training sessions conducted to enhance staff competencies, as emerging from staff and client feedback.
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