Chief Audit Executive (Level 9) – Executive Division/Audit Committee of the Standards Council

Chief Audit Executive (Level 9) – Executive Division/Audit
Committee of the Standards Council
Pay Scale: $6,333,301, – $8,517,586
Summary of Position:
To provide an independent, objective assurance and consulting activity designed to add
value and improve the BSJ’s operations. He/she will assist the BSJ in meeting its objectives
by reviewing and evaluating the effectiveness of risk management, control, and
governance processes in the BSJ.
The incumbent is responsible for effectively directing and managing the Internal Audit
Unit’s activities and Chief Audit Executive will ensure impartiality, independence and
objectivity, and continuous improvement of the internal audit unit as well as adherence to
the relevant policies and procedures within the organization, as well as, ensuring
conformity and compliance to legislative requirements and standards. The Chief Audit
Executive reports functionally to the Audit Committee/Board, with administrative reporting
to the Executive Director (ED).
Major Duties and Responsibilities:
Within the delegated authority and under appropriate supervision, the chief audit
executive will be responsible for performing the following audit and administrative
duties:
▪ Developing the risk-based audit plan and reporting requirements.
▪ Conducting risk assessments annually.
▪ Overseeing the audit process from start to finish.
▪ Submit, at least annually, to senior management and the Audit Committee/Board a
risk-based internal audit plan for review and approval.
▪ Communicate to senior management and the Audit Committee/Board issues that
may arise in the internal audit unit as well as significant interim changes to the
internal audit plan.
▪ Review and adjust the internal audit plan, as necessary, in response to changes in
BSJ’s business, risks, operations, programs, systems and controls.
▪ Ensure that each engagement of the internal audit plan is executed, including the
establishment of objectives and scope, the assignment of appropriate and
adequately supervised resources, the documentation of work programs and
testing results, and the communication of engagement results with applicable
conclusions and recommendations to appropriate parties.
▪ Follow up on engagement findings and corrective actions, and report periodically
to senior management and the Audit Committee/Board any corrective actions not
effectively implemented.
▪ Review and issue reports to Audit Committee/Board and management
summarizing results of audit activities.
▪ Ensures the principles of integrity, objectivity, confidentiality, and competency are
applied and upheld as well as cultivate an ethical culture.
▪ Review the internal audit charter and audit committee charter periodically and
present it to senior management and the audit committee/board for review and
approval.
▪ Leads and manages the internal audit unit function, which includes the internal
audit team.
▪ Conducting performance appraisal of internal audit personnel and evaluation of
internal audit performance.
▪ Provides support to team members by monitoring the operational function of area
of responsibility to ensure that audit teams operate in keeping with established
policy.
▪ Overseeing the hiring of new auditors and ensuring that they are trained and
certified for their positions.
▪ Manage the activities of the Unit to ensure efficiency, training and effectiveness of
the auditing activities.
▪ Ensure the internal audit unit collectively possesses or obtains the knowledge,
skills, and other competencies needed to meet the requirements of the internal
audit charter.
▪ Ensure trends and emerging issues that could impact BSJ are considered and
communicated to senior management and the Audit Committee/Board as
appropriate.
▪ Ensure emerging trends and successful practices in internal auditing are
considered.
▪ Establish and ensure adherence to policies and procedures designed to guide the
internal audit unit.
▪ Review internal audit policies and procedures.
▪ Recommending changes to policies or procedures, as needed, to prevent future
issues.
▪ Ensure adherence to BSJ’s relevant policies and procedures, unless such policies
and procedures conflict with the internal audit charter. Any such conflicts will be
resolved or otherwise communicated to senior management and the Audit
Committee/Board.
▪ Ensure conformance of the internal audit unit with the International Professional
Practices Framework (IPPF) Standards.
▪ Evaluating the effectiveness of internal controls and risk management processes to
ensure that risks are mitigated.
▪ Reporting to the audit committee/board of directors on any breaches in ethics or
legal violations identified in an audit.
▪ Reviewing financial statements and other reports to identify potential problems or
errors.
▪ Providing information and support to other divisions/branches within the
organization regarding audit procedures and findings.
▪ The chief audit executive must develop, implement and maintain the quality
assurance and improvement program (QAIP) and ensure periodic evaluation and
updates of same.
▪ Communicate to senior management and the Audit Committee/Board on the
internal audit’s quality assurance and improvement program, including results of
internal assessments (both ongoing and periodic) and external assessments
conducted at least once every five years by a qualified, independent assessor or
assessment team from outside BSJ.
▪ Review and monitor the unit’s budget.
▪ Conducting exit interviews with departing employees to identify potential risks
and issues related to job function or company culture.
▪ Provide consulting services to management by giving informal or formal advice, analysis
or assessments.
▪ Undertake special assignments/investigations/audits as requested by the Standards
Council and management and internal and external parties.
▪ Revision and approval of all internal audit documentations.
The chief audit executive will report periodically to the senior management and the Audit
Committee/Board regarding:
▪ The internal audit unit’s purpose, authority and responsibility.
▪ The internal audit’s plan and performance relative to its plan.
▪ The internal audit unit’s conformance with The IIA’s Code of Ethics and Standards
and action plans to address any significant conformance issues.
▪ Significant risk exposures and control issues, including fraud risks, governance
issues, and other matters requiring the attention of, or requested by, the Audit
Committee/Board.
▪ Results of audit engagements or other activities.
▪ Resource requirements.
▪ Any response to risk that might be unacceptable to BSJ.
The chief audit executive also is responsible for coordinating activities, where possible,
and considers relying upon the work of other internal and external assurance and
consulting service providers as needed.
Unusual requirements/working conditions:
▪ •May be required to work overtime from time to time.
▪ Travel is an essential part of the job.
Minimum Educational Requirements:
▪ Professional qualification(s), particularly as: Certified Internal Auditor (CIA),
Certified Public Accountant (CPA), Certified Global Professional Accountant
(CGPA).
▪ A Post Graduate Degree in Business Administration or Accounting
▪ Any other internal audit certification and/or certificate.
▪ Membership in the Institute of Internal Auditors (Local Chapter) or any
Professional Audit Association would be an asset.
▪ ISO Certification & Accreditation 9001/14001/17025
Experience:
▪ At least eight years of experience in financial, operational and/or compliance
auditing (three at a supervisory/management level).
▪ Prior experience in internal/external auditing, operations, accounting or
business analysis would be an asset.
Knowledge, Skills and abilities:
▪ Comprehensive knowledge of and skill in applying internal auditing and accounting
principles, practices, systems and techniques.
▪ Comprehensive knowledge of the international Accounting Standards IAS,
International Financial Reporting Standards (IFRS) and International Auditing
Standards (IAS)
▪ Knowledge of the FAA, Public Bodies Management and Accountability Acts (PBMA).
▪ Sound knowledge of Government Procurement Policy and other regulations.
▪ Computer skills, including word processing, spreadsheet, systems documentation,
audit packages.
▪ Knowledge of International Professional Practices Framework (IPPF) and Quality
Management System
▪ Sound knowledge of Government Procurement Guidelines and Public Bodies
Management and Accountability Act (PBMA)
▪ Strong analytical, planning, organizing, negotiating, decision-making and problemsolving skills, and drawing logical conclusions.
▪ Excellent time management, team building, leadership and motivational skills
▪ Ability to pay attention to detail.
▪ Skill in effective verbal and written communications, including skill in presenting
findings and recommendations for improvement.
▪ Ability to prepare audit reports.
▪ Ability to establish and maintain harmonious team-oriented working relationships
with co-workers and external personnel and work effectively in a professional team
environment whilst maintaining independence and objectivity.
▪ Leadership Skills and People Management.
▪ Interpersonal skills.
▪ Strategic Vision
▪ Microsoft suite (Excel, PowerPoint, Microsoft Word)
▪ Sound knowledge of computerized accounting and auditing record keeping systems
▪ Work with minimal supervision from the Audit Sub-Committee of the Board