Reem Finance PJSC licensed by the Central Bank of the UAE with headquartered in Abu Dhabi, we are a private joint-stock company that offers financial solutions to facilitate business growth and advance trade capacity for private entities within various sectors. We provide customized financing solutions that allow clients to broaden their portfolios through backed financial scale-up.
Job Position: Internal Auditor
Internal Auditor is responsible for performing the risk-based internal audit reviews as per the approved IA plan; to assess the effectiveness of the Company's internal controls, systems, and process of risk management, governance and compliance; and also to perform ad-hoc advisory engagements -under the supervision of the Internal Audit Manager(IAM) and functional reporting to Head of Internal Audit.
Key Responsibilities:
1.Governance and Framework:
- Comply with the Internal Audit Charter which defines the purpose, authority, and responsibility of the Internal Audit Function. Assist in annual/periodic review and amendments of the Charter.
- Adherence to the IA Policy & Procedures Manual. Assist in annual/periodic review and amendments of the IA Manual - in-line with the IIA Standards, Regulatory requirements, and best practices.
- Formulate audit methodologies, assessments/surveys, and approaches to ensure comprehensive coverage of audit objectives.
- Assist the IAM/HIA to provide an independent and objective assurance to the Board / ACC / EXM as the Third Line of Defence of the Company.
- Coordinate the activities for successful implementation of the IA Software, and automation of the IA function.
2.Internal Audit Planning:
- Develop/amend the Audit Universe, conduct the high-level risk assessment on a periodic basis (once every 12 months) across the Company, risk-rank the Audit Universe and ensure the audit universe stays up to date.
- Draft an IA plan using the results of the high-level risk assessment on the audit universe and submit the draft IA plan to the IAM/HIA for review.
- Identify, assess, and prioritize organizational risks and assess for any amendments to the audit plans on a timely manner.
- Assist IAM/HIA to prepare plans for adhoc projects, as required by the Board/ACC/EXM.
3.Internal Audit Execution:
- Perform the IA activities as per the approved IA plan in a timely basis. And any deviations from the approved IA plan are timely reported to IAM/HIA.
- Perform Engagement Planning including initial research, drafting the project letters, information requirement lists, process understandings memos/minutes, Audit Work-program as per the IA Policy, and submit for review to IAM/HIA.
- Conduct internal audits of operational, financial, and compliance processes to assess the adequacy and effectiveness of internal controls as per the Audit Work-program. Evaluate the reliability and integrity of financial and operational information and the means used to identify, measure, classify, and report such information.
- Utilize data analytics tools to extract insights and patterns from large datasets. Identify anomalies, irregularities, and potential fraud through data analysis.
- Collaborate with risk management team to enhance the overall risk management framework.
- Monitor compliance with legal and regulatory requirements and assess the organization's compliance culture.
- Perform the internal audit processes and activities in-line with the global internal audit standards, CBUAE regulations, and relevant requirements:
- o CB-UAE : Finance Company Regulations
- o CB-UAE : Consumer Protection Regulations and Consumer Protection Standards
- o Policies and Procedures of the Company
- o All applicable laws, regulations, decisions, instructions, directives, circulars, correspondences, and policies
- Identify internal control gaps, note down all observations in the Findings List, along with proposed recommendations / solutions for improvement, and submit for review.
- Validate the findings with respective process owners, and obtain management responses with action plan & timeline.
- Prepare and document/Review the Audit Work-papers and supporting evidences as per the IA policy and IIA standards.
- Assist IAM/HIA to execute adhoc projects including Advisory engagements, as requested by the Board/ACC/EXM.
- Monitor Audit Plan v/s. Actuals. Timely escalate matters to the IAM/HIA which impact the audit progress.
4.Reporting:
- Draft/Review Internal Audit reports with full details as required by the IA policy and submit for IAM/HIA review. Ensure written reports are timely submitted to the respective process owner for each IA engagement.
- Assist IAM/HIA in preparing the Executive Summary of the results of IA activity to the EXM and present to the ACC on a quarterly basis.
- Assist IAM/HIA for additional reporting, if any, as required by the laws/regulations/notices/circulars issued by the CB-UAE or any other regulatory authority which are applicable to RF or adhoc projects reporting.
5.Monitoring and Follow-up:
- Periodic monitoring and follow-up of the implementation progress of the reported IA findings with the process owners. Review & submit the IA follow-up tracker along with supporting evidence of implementation - for review to IAM/HIA on a monthly basis.
- Assist IAM/HIA in validation review of CBUAE's findings closure and ensure precise and comprehensive documentary evidence is retained for subsequent review by CB examination team.
- Conduct follow up on observations identified by External Auditor and monitor closure of any observations / recommendations. Submit the follow up tracker to IAM/HIA for review.
6.People Management:
- Coach, and mentor the junior internal auditors to achieve high levels of performance and expertise. Break-down the engagement tasks and assign to the junior internal auditors.
- Attend the mandatory trainings of the Company and IA function. Documentation to be maintained for all trainings / CPE hours completed.
- Enhance personal skills and competencies to strengthen the IA function (as a whole) to provide value-added deliverables.
- Provide IA trainings and develop training materials.
- Demonstrate team management skills, and Support the IAM/HIA in achieving the IA department's objectives and KPI.
7.Quality Management & Others:
- Maintain the IA documentation and Work papers as per the requirements of the IA policy, and IIA standards. Maintain high-standards of quality deliverables. Ensure there are no major findings on internal & external quality assessment of the IA Function.
- Stay updated on industry trends, emerging risks, best practices, and regulatory changes that impact the organization & IA function.
- Comply to the applicable policy and procedures of the Company.
- Demonstrate integrity, professional skepticism and professional judgement. Ensure confidential & sensitive information obtained as part of IA activities are safeguarded and not disclosed to any third-parties. Provide declaration of independence and no-conflict of interests in a timely manner to IAM/HIA.
- Demonstrate Honesty and Professional courage i.e. To exhibit professional courage by communicating truthfully and taking appropriate action, even when confronted by dilemmas and difficult situation.
- Adhere to the Code of Ethics of the IIA as well as the Company.
- Additional duties and tasks may be assigned as necessary.
Formal Qualifications:
CA / ACCA / CIA / CISA or other equivalent professional qualification
Required Experience:
Should have minimum 5 to 8 years of work experience in Internal Audit & Risk Advisory Services
Technical / Professional Competence:
- Knowledge of international and local standards related to Internal Audit
- Ability to understand different Business models along with its associated risks, and internal controls framework.
- Advise value-add recommendations and process improvement areas for implementation by the respective Departments of the Company.
- Knowledge of organizational risks, controls, compliance and governance processes of the Company, as well as, emerging trends & risks.
- Legal and regulatory knowledge applicable to the Company.
