Vice President, Internal Audit
Location: Primary work location is our head office in Peterborough, Ontario. A hybrid working model is supported. This role includes regular travel to our branch locations (Muskoka to the Kawarthas, and from Cobourg to Cornwall)
Reporting functionally to the Board of Directors Audit & Risk Committee and administratively to the CEO. The Vice President (VP), Internal Audit will lead a small team of auditors. Overseeing the internal audit activities to provide an evaluation of management’s design and implementation of internal controls, governance framework and assess the effectiveness of the credit union’s activities, processes, policies and procedures across all business, operations and activities including other oversight functions.
The VP, Internal Audit develops strategic and tactical audit plans and goals, manages, and directs audit engagements performed by the Internal Audit department; oversees and conducts audits to evaluate internal controls, make recommendations regarding control deficiencies, and identify areas of risks and opportunity for profit improvement and/or cost control. This position prepares and presents audit reports to the Board Audit & Risk Committee and Executive Leadership Team.
Primary Functions:
- Develop risk-based audit plan in written form; in line with the size, complexity, operations, and risk profile of the credit union, and prioritize audits based on the risk assessment.
- Review, amend and update the risk-based audit plan in response to any material changes in the credit union’s activities, risk profile, operations, systems, and internal controls.
- Evaluate the systems of internal controls established to ensure compliance with policies, procedures, laws, and regulations, which could have a significant impact on the credit union’s operations.
- Maintain a small team of audit staff to collectively possess, and maintain sufficient knowledge, skills, professional designation, and other competencies needed to effectively perform the internal audit activities.
- Evaluate business operations, governance processes and activities to ascertain whether results are consistent with established objectives and goals and whether the operations, governance processes and activities are being conducted as planned and in line with the organization’s polices, procedure and applicable laws and regulations.
- Evaluate the effectiveness of the organization’s risk management processes and effectiveness of other oversight functions.
- Direct the activities of the internal audit staff to ensure assigned duties are completed, proper records are maintained, and disputes are resolved.
- Evaluate the quality of performance of external auditors and the degree of coordination with internal audit.
- Perform consulting and advisory services related to governance, risk management and control as appropriate.
- Report, on a periodic basis, to the Board Audit & Risk Committee and the Executive Leadership Team on the internal audit function’s mandate, authority, roles and responsibility and performance relative to its internal audit plan.
- Assist in the investigation of significant suspected fraudulent activities within Credit Union’s operation as requested by the Chair Board Audit & Risk Committee, or CEO.
- Develop relevant internal audit policies and internal audit manual to monitor internal audit activities and audit reports.
- Develop department budget, including resources requirement and submit to the CEO and the Board Audit & Risk Committee for approval.
- Report significant risk exposures and control issues, including fraud risks, governance issues and other matters needed or requested by the Board Audit & Risk Committee or CEO.
- Confirm to the Board Audit & Risk Committee, at least annually, the organizational independence of the internal audit activity.
- Develop a follow-up process for monitoring and reporting on open management action plans to Executive Leadership Team and Board Audit & Risk Committee on quarterly basis.
- Develop internal audit quality assurance program in line with the size, and operation of the internal audit department.
- Prepare and provide Executive Leadership Team and the Audit & Risk Committee with internal audit reports on findings and provide recommendations on areas for improvement in business processes and internal controls to prevent/minimize future risk.
Qualifications Required:
- Professional designation CPA or CIA is required.
- A minimum of ten years of progressive internal audit experience with at least five years at the senior executive level managing high performance internal audit team.
- Proven ability to lead and manage a comprehensive, dynamic, and proactive program of independent internal auditing, consulting, and training in risk identification, assessment, and control.
- Proven ability to design a comprehensive risk-based audit plan that identifies and assesses key processes and procedures across a complex enterprise with multiple missions and many internal and external stakeholders.
- Demonstrate a strong understanding of internal control with a thorough working knowledge of the concepts embodied in the Institute of Internal Auditors (IIA) International Professional Practices Framework.
- Have outstanding written and oral communication skills coupled with the ability to assess the practicality and applicability of recommended solutions to problems encountered.
- Be able to identify and hire skilled professional staff and to develop skills and expertise in staff such that they can assume expanded responsibilities.
Other:
- Travel within the province and to branches will be required.
At Kawartha Credit Union diversity and inclusion are reflected in our core values and highlighted in our care for others. We take pride in providing a workplace that appreciates difference and encourages respect. We are committed to providing a culture that is accessible and inclusive for both our members and employees. If you require accommodation during the recruitment and selection process, please let a member of our Human Resources team know.
If you are interested in pursuing a career in the financial services industry with a dedicated, enthusiastic team of professionals in a growing organization that supports an inclusive barrier-free recruitment and selection process apply now!
