1. DEFINITION AND PURPOSE OF POSITION
The Chief Internal Auditor (CIA) occupies a critical position in the organization. He/she directs the planning and conduction of Financial, Operational and Compliance audits at PSPC. The CIA is a senior manager who is responsible for reviewing and reporting on the adequacy of the company’s internal control environment, objective assessment of the risks faced by the company and plays a key role in promoting good corporate governance. Successful performance of the role requires excellent leadership, communication and negotiation skills with a strong analytical and evaluation ability.
2. NATURE AND SCOPE
2.1 Reports to:
- Audit Committee (functionally) and CEO (administratively)
2.3 Dimensions of Position:
- The incumbent provides internal audit, control and risk assessment services to the company.
2.4 Membership in Committees:
2.5 Key Performance Indicators:
- Number of recommendations accepted by the Audit Committee
- Timeliness and cost of internal audits
- Number of audits completed against approved work plan
- (Specific performance indicators are mutually agreed by incumbents and their supervisors on annual basis)
3. KEY INTERACTIONS
- External Auditor
- Government inspectors
- All functional heads
- Board of Directors
- Chief Executive Officer
4. FUNCTIONS OF THE POSITION
- Lead the development and implementation of a risk based internal audit strategy.
- Plan and conduct audits to assess controls, operational and technical efficiencies and compliance with company policies and government regulations.
- Assess the adequacy of governance systems and the risk management strategy.
- Design, implement, test and modify controls in organization’s systems, to assess operational and technical efficiency at the corporate level.
- Be well-informed on legislative issues, new audit regulations and methodologies and discuss updates of new regulations with CEO, Directors and relevant stakeholders.
- Conduct workshops and trainings to promote awareness of internal controls.
- Provide an objective and evidence based report annually on the adequacy and effectiveness of all aspects of PSPC’s governance, risk management and internal controls.
- Putting in place adequate procedures for ongoing monitoring and periodic review of internal audit work, supervision and review of files to ensure that audit plans, execution and reports are evidence based and of good quality.
- Review the arrangements and services provided by third parties (e.g., consultants and contractors) and the controls in place to promote and protect PSPC’s interests. Assess if the lines of responsibility are clear.
- Prepare and present accurate internal audit reports for the Audit Committee and the Board.
- Report the control issues and implementation status of the internal audit plan to senior management, Audit Committee and Board of Directors.
- Review and report on the entire range of controls including those relating to the prevention and detection of fraud and corruption.
- Establish systematic methods of identifying, analyzing, evaluating, monitoring and communicating the risks associated with PSPC’s activities and functions in a way that will enable the company to operate effectively and efficiently.
- Leading and directing the internal audit service so that it meets the needs of the company, external stakeholders and the relevant laws and regulations.
- Ensure that the importance of good governance is stressed to all employees in the company, through policies, procedures and training.
- Coordinating with and facilitating the external auditor to share company’s knowledge and to use audit resources most effectively and efficiently.
- Liaising and dealing with external inspectors and review agencies as and when required.
- To confirm that the professional and personal training needs for internal audit staff are assessed and met.
- Determine the resources, expertise, qualifications and systems for the internal audit service that are required to meet internal audit’s objectives, using a full range resourcing options including consultancy and working with others where appropriate.
- Plan, supervise, manage and review the performance of audit staff.