• Providing updates to the HIA on proactive basis on all activities assigned without any follow from the HIA.
• Independently plan, program, execute & report the internal audit assignments as assigned (including special reviews, agreed upon procedures and investigations) within budgeted man-days and thereby ensuring accomplishment of the approved annual audit plan. It will include the below.
• Developing an understanding of the business area under review i.e. objectives, measurements & key transaction types. It involves interviews and a review of documents (MIS, PGP and previous internal audit, ML or SAI reports). Flowcharts and narratives created, as necessary.
• Develop and update the Risk Control Matrix (RCM) linking Objectives –processes-risks – controls – tests – findings / positive assertions for the internal audit assignment.
• Co-ordinate with Director/s of concerned business unit to commence internal audit, conduct kick off meeting, issue memorandum of commencement and have hold subsequent meetings with process owner to understand exiting processes or document exiting practices;
• Develop comprehensive information/ data requests based on the above and previous internal audit working papers and obtain such data from the auditee through timely and documented follows. Data/information from SAP will be self-obtained.
• Execute internal audit based on the initial RCM and by developing and executing a risk-based sampling and testing approach to determine whether the key risks managed adequately and management controls operating as intended. Testing approaches may include visits, observation, reviews, compliance tests, substantive tests, discussions (should be minted), data analytics, check and review of transactions, reports & reconciliations, etc. Internal Audit performed with reference to applicable Laws, regulations, policy and procedures. If not documented or subscribed for, internal audit may refer to industry best practices. Data analytics tool shall be proficiently used for effective internal audit execution.
• Ensure that requirements of the Abraj Internal Audit Department Manual is complied with;
• In the light of the internal audit procedures performed, evaluate, examine and conclude on the adequacy of the system of internal controls (design and compliance), efficiency and effectiveness of performance.
• Maintain clear, relevant, comprehensive, meaningful and detailed workings supporting the internal audit procedures performed and conclusions reached on observations reported. All assurance / affirmations (positive findings) as well as reportable issues shall be supported by complete and factual data and acceptable and relevant evidences.
• Conduct close off meetings with concerned process owners (including the Manager, Director and Managing Director) for validating and confirming the factual accuracies for each internal audit observation. Such close out meetings shall be documented.
• Deliver high quality draft internal audit reports to the HIA for review after obtaining agreement on recommendations/action plans from the process owners (including the Director and the Managing Director). The observation should clearly identify and logically link the criteria, the condition, the root cause, risk impact and recommendation.
• Ensure optimum utilization of the Governance Portal for Audit Management by uploading RCM, working papers (including evidences/supporting’s), other applicable administrative documents, workflows, minutes of meetings, observations, recommendations, etc. on real time basis.
• Provide reports to HIA on actual V/s budgeted man days for the internal audit assignments concluded along with acceptable reasons for variations.