Chief Internal Auditor job at Busitema University

About the Organization

The University was established as a multicampus model with its main campus located at Busitema.

Job Description

The Chief Internal Auditor (CIA) is a senior executive responsible for overseeing the internal audit function within an organization. This role is crucial in ensuring the effectiveness of internal controls, risk management, and governance processes. Here are the detailed duties and requirements of a Chief Internal Auditor:

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Duties and Responsibilities

Audit Leadership

Audit Planning: Developing and implementing a comprehensive internal audit plan that addresses key risks and compliance requirements.
Audit Execution: Leading and managing the execution of internal audits, including financial, operational, compliance, and IT audits.

Risk Management

Risk Assessment: Identifying and assessing key risks facing the organization and ensuring that audit activities address these risks.
Risk Mitigation: Recommending actions to mitigate identified risks and improve internal controls.

Internal Controls

Evaluation of Controls: Assessing the adequacy and effectiveness of internal controls in safeguarding assets, ensuring the accuracy of financial reporting, and compliance with laws and regulations.
Control Improvements: Providing recommendations for improving internal control systems and processes.

Compliance and Governance

Regulatory Compliance: Ensuring the organization complies with relevant laws, regulations, and internal policies.
Governance Processes: Evaluating and enhancing corporate governance practices within the organization.
Reporting and Communication
Audit Reports: Preparing and presenting audit reports to senior management and the audit committee, highlighting key findings, risks, and recommendations.
Stakeholder Communication: Communicating effectively with various stakeholders, including the board of directors, audit committee, senior management, and external auditors.

Team Management

Leadership and Mentorship: Leading, mentoring, and developing the internal audit team to ensure high performance and professional growth.
Resource Allocation: Managing resources and budgets for the internal audit department.

Continuous Improvement

Audit Methodologies: Continuously improving audit methodologies, tools, and techniques to enhance audit efficiency and effectiveness.
Professional Development: Staying updated with industry trends, best practices, and emerging risks to ensure the internal audit function remains relevant and effective.

Qualification, Experiences and Competencies

Education

Bachelor’s Degree: Typically required in Accounting, Finance, Business Administration, or a related field.
Advanced Degree: A master’s degree in Business Administration (MBA) or a related field can be advantageous.

Professional Certifications

Certified Internal Auditor (CIA): This is the most recognized certification for internal auditors and is often required or preferred.
Certified Public Accountant (CPA): Useful for internal auditors, especially in financial auditing.
Other Certifications: Certifications such as Certified Information Systems Auditor (CISA) or Certified Fraud Examiner (CFE) can be beneficial depending on the organization’s needs.

Professional Experience

Audit Experience: Extensive experience in internal auditing, with a proven track record of progressively responsible roles.

Leadership Experience: Demonstrated experience in leading and managing audit teams and projects.

Skills and Competencies

Analytical Skills: Strong analytical and problem-solving skills to assess complex processes and identify control weaknesses.
Attention to Detail: High attention to detail to ensure thorough and accurate audits.
Communication Skills: Excellent verbal and written communication skills to effectively report findings and recommendations.
Ethics and Integrity: High ethical standards and integrity to ensure unbiased and accurate reporting.
Technical Skills: Proficiency in audit software and tools, and familiarity with data analytics techniques.

Knowledge

Internal Audit Standards: In-depth knowledge of internal audit standards and practices, such as those outlined by the Institute of Internal Auditors (IIA).
Risk Management Frameworks: Understanding of risk management frameworks and practices.
Regulatory Knowledge: Awareness of relevant laws, regulations, and industry standards that affect the organization.