- Develop an annual Audit Plan and ensure the execution of the same in a flexible manner.
- Prepare audit budget covering salary, training and travel expenses, etc. and get it approved by the Board Audit Committee (BAC).
- In addition to carrying out the traditional audits, must be familiar with the aspects of Sharia Audit and Information Technology Audit and be able to guide staff in carrying out audit of Islamic Products & IT assets/network etc.
- Take all steps necessary to maintain the independence and objectivity of the Internal Audit according to the Strategy, Policy, and Code of Ethics and report only to the BAC.
- Ensure functional segregation of Internal Audit resources from any other function of the Company by avoiding management responsibilities to avoid any conflict of interest.
- Finalize a plan for hiring and retention of professional audit staff to ensure adequate audit coverage.
- Identify the training needs and ensure that Audit staff are well aware of the latest Audit techniques and Mortgage/Financial industry-related developments through local and international training.
- Establish and maintain a quality assurance and improvement plans for audit staff.
- Must be a team leader and believe in achieving the goal of the audit function and organization through collaboration.
- Able to maintain an excellent relationship with the senior management through constant communications and participation in meetings.
- Establish a channel for fair and transparent communication with the Regulators.
- Meet the external auditors at the commencement of a review of the financial statements and before and after the finalization of Annual Audit to exchange ideas and identify emerging risks.
- Update on a timely basis the Risk Profile of the Audit Universe of the Company.
- Suggest changes in the Policies of the various department to bring them in line with best practices and to fill up any regulatory gap exists, if any.
- Carry out Audit as per Audit Plan and report the issues to various stakeholders as per criteria mentioned in the Audit Policy.
- Monitor the speed and Follow-up Issue Owners for the resolution of the issues as per target date.
- Carry out special investigation and other confidential assignments as per BAC direction according to Audit Policy.
- Assist the management in specific non-audit services with the prior permission of the BAC as laid down in Audit Policy.
- The issuance of periodic reports to the Board via the Board Audit Committee.
- Reporting the Board of Directors through BAC quarterly and annually – as per Audit Policy.
Preferred Skills and Experience
- Minimum 10 years of relevant experience in a bank, DFI or other financial institutions.
- Associate member of a recognized professional accounting body i.e., CA. CMA etc.
- In-depth knowledge of SBP and other regulators’ requirements.
- Comprehensive knowledge of International Accounting Standards, International Financial Reporting Standards, International Standards on Auditing and global best practices.
- Knowledge of Sharia Audit and Information System audit is a must.
- Excellent analytical skills, management, interpersonal and problem-solving skills.
- Strong presentation and communication skills.