Deputy Chief Audit Executive [Cebu]

Executive recruitment firm Monroe Consulting Group Philippines is recruiting on behalf of a well-established organization that works towards elevating lives through a comprehensive approach that champions best practices in community development. They are looking for an experienced Internal Audit Professional who will lead the and oversee the operations of the company Internal Audit Group (examination and evaluation of the adequacy and effectiveness of the company's governance, risk management, and internal controls, as well as the quality of performance in carrying out assigned responsibilities to achieve the Foundation's stated goals and objectives.). The job is based in Cebu City, Philippines. Job summary: The Chief Audit Executive ("the CAE") oversees the strategic and tactical operations of the Internal Audit Group, which is comprised of the Audit of Branch Operations, Audit of Program Enterprises, Fraud and Special Investigations, Audit of Finance and Support Services and Audit of Information Systems. The CAE also plays executive enterprise-wide roles as a member of the Foundation's Management Committee, and as the primary professional liaison to the Audit Committee and the Board Risk Committee. As the top audit executive, the CAE oversees internal audit activities, ensuring that internal audit activities fulfill and comply with the Internal Audit Charter, and ensures that the Internal Audit upholds its objective and disciplined methodology. The CAE employs a wide array of technical expertise in overseeing the work of Internal Audit and reviewing the results thereof, especially in the areas of governance, internal control, risk management, financial accounting and reporting, financial management, regulatory and legal compliance, etc. Overall, the CAE will be accountable for the delivery of the approved pipeline of audit engagements that cover the different business units, processes and risks of the Foundation. Other advisory services may be required of the Internal Audit Group, in accordance with the policies of the company, and as agreed to by the CAE and Senior Management. The CAE works closely with the team leaders of the Internal Audit Group in fulfilling the Charter of the Internal Audit, especially in the areas of strategic and annual audit planning, performance management, periodic reporting to Senior Management, and the Audit Committee, conducting enterprise-wide and management-level audits, and performing special engagements as requested by Management and the Board. Key job responsibilities include:

• Enterprise-level functions: Corporate Governance, Enterprise Management, Policies and Procedures Review, Cluster Administration Leadership and Management, Combined Corporate Assurance, Organizational Culture and Systems Drive, Governance, Internal Control Assessment, Financial Accounting, Reporting and Management.
• Group Level functions: Annual Audit Planning, Engagement Planning & Execution, Fraud Investigation, Follow and Monitoring of Audit Findings, Audit Methodology Enforcement, Management and Executive Reporting, Audit Ambassador and Liaison

Audit Planning

• Performs high-level review of the Audit Work Program, upon presentation by the team leaders, and provides technical inputs to enhance the audit work program, as needed.
• In case of special and executive level engagements, reviews the Engagement Letter, and affixes signature, as necessary.
• In case of high risk and complex engagements, provides guidance on sampling methodology, whenever necessary.
• In case of high risk and complex engagements, provides insights about the results of data analytics, and uses such information to tailor the specific risks involved in the engagement.
• Reviews the ARDA and affixes signature upon approval, where such requests require that level of approval; Encourages officers and employees to respond to the ARDA as timely as possible through follow-ups and other communications, as appropriate.
• Participates in the Wrap Up Meeting and conducts an overall review of the plan for the engagement for appropriateness and sufficiency. Ensures the propriety of methodology and attention given to key audit areas of the engagement.
• Provides input to the team on administrative considerations (budget, manpower schedule, time allocation, etc.), and reviews and approves required documentations for financial advances.
• Reviews and supplements the analysis of the team on the objectives, risks, and controls and policies of the auditee, and leads in the conduct of environmental scanning to identify the risks of the Auditee. Ensures that results of analyses are reflected in the audit methodology and scorecards, and the actual execution of the audit.
• Performs high-level reviews of the documentation of the understanding of the auditee and ensures completeness and accuracy by cross-referencing with documented policies and procedures available, and through further inquiry, where necessary (e.g., on critical control attributes).
• Continuously gathers information through meetings, discussions, policy manuals, monthly update requests from Management, etc., and ensures that such changes are properly incorporated to the audit methodology and scorecards.
• Performs high-level reviews of audit procedures initially developed by the team and ensures the appropriateness and completeness of audit procedures. Introduces best practices, innovations and new approaches to existing methodology to improve the overall effectiveness and efficiency of the engagements.
• Supplements and reviews scorecards and checklists prepared by the auditors and has consultative role for the appropriateness and completeness of the scorecards and checklists.

Audit Execution

• Whenever practicable, attends the Entrance Conference for an audit and ensures the setting of a favorable overall mood for the engagement team with the auditee, and discussion of key engagement matters during the meeting.
• Monitors the overall progress of the execution of the audit and provides technical guidance on the proper execution of audit procedures, where needed. Reviews the execution of testing procedures by the Internal Auditors and provides guidance on procedures that are inherently challenging and complex, or where the circumstances of the engagement make them difficult to execute.
• Conducts a high-level review of significant, high-risk and complex working papers, and imposes to all auditors diligence in the documentation of the audit. Ensures that significant audit findings are supported by sufficient and appropriate evidence, which are properly documented.
• Administers a high-level monitoring of the progress of all ongoing audit engagements and ensures that the Internal Auditors are properly monitored and motivated on the completion of audit activities and submission of deliverables as planned.
• Coordinates with the Managers in monitoring the progress of all ongoing audit engagements and provides guidance on how engagement targets can be achieved.
• Whenever required by the severity of the circumstances, mediates with Team Leaders and the auditees in cases of conflicts, uncooperative auditees, scope limitations and misbehavior by the auditees, and ensures that these are discussed and reported to Senior Management and the Audit Committee where deemed necessary under the circumstances.
• Reviews reports of the engagement team on indications of fraud and assesses whether the information provided merits further investigation prior to a full audit, or where a separate full audit will be conducted.
• Exercises consultative role in the conduct of an audit of fraud and other irregularities and provides technical and administrative guidance to the team conducting the audit.
• Imposes to the Internal Auditors compliance and responsibility on matters of safety, security, health, orderliness, proper behavior, etc. during fieldwork activities or in their interactions with auditees at the office.
• Monitors the timeliness of the consolidation and the review and provides guidance on critical audit ratings and reportable findings, where guidance are sought by the Internal Auditors. Has overall accountability for the completeness, accuracy and validity of the audit ratings and reportable findings.
• Participates in the Exit Conferences with the Auditee-Team, and works closely with the team, and ensures that the purposes and objectives of an exit conference are achieved (e.g., consultation with client, balanced reporting, communication of recommendations, etc.)
• On a consolidated level (or for amounts requiring his level of approval), monitors, controls, approves and reviews the documentation of expenses incurred by the Internal Auditors in individual audit engagements, as well as the totality of the expenses for internal audit activities of the sections. Periodically compares and analyzes actual expenses incurred with budgets, and reports the results of such analysis to the Chief Audit Executive.

Reporting and Conclusion

• During the Team Briefing on Audit Conclusion, thoroughly discusses with the audit team important matters pertaining to a recently concluded engagement and provides meaningful insights about the audit ratings and key observations. Ensures that all matters that need further actions are agreed upon, and other matters discussed with finality.
• Conducts a review of the sufficiency and appropriateness of audit evidences supporting significant audit ratings and reportable findings.
• Provides technical guidance and inputs to the team in analyzing the root causes underlying audit ratings and reportable findings. Ensures that the root-cause analysis of the team are accurate and complete, and these are documented and communicated during discussions with Management.
• Checks the initial determination of the team on areas for improvement, and reviews and supplements the appropriateness of the recommendations of the team. Accountable for the formulation of appropriate, practical and best-practices recommendations that will sufficiently address internal control deficiencies, process inefficiencies, employee behavior, etc.
• Performs a high-level review of the Draft Audit Report for accuracy, completeness, reasonableness, appropriateness, and consistency with audit documentations. Ensures that Audit Reports are developed using proper business language.
• Presides and/or participates in the Exit Conference, ensuring an open, objective and engaged discussion that will enable the verification and acceptance of audit ratings and reportable findings in the audit report. Upholds professionalism and integrity and controls the discussion to ensure that all audit issues are sufficiently discussed and management actions are agreed upon. Provides meaningful and objective insights on the responses and actions of Management and provides an assessment on whether or not the audit issues are satisfactorily addressed.
• Conducts a review of the revised Audit Report, ensuring that the agreed changes to the draft audit report are completely and accurately effected. Where necessary, follows up with the auditee for their responses and actions on the audit report.
• Organizes, coordinates and presents during the Exit Conferences with the Senior Management, and the Audit Committee. Upholds professionalism and integrity and controls the discussion to ensure that all audit issues are sufficiently discussed and management actions are agreed upon. Provides meaningful and objective insights on the responses and actions of Management and provides an assessment on whether or not the audit issues are satisfactorily addressed. Where decisions to accept risks due to inaction on audit issues arise, ensures that Management and the Audit Committee understand such risks, and later on documents such acceptance of risks.

Follow up and Monitoring

• Coordinates with the Internal Auditors in inputting to RAMONs the audit findings, as well as monitoring the timely and accurate completion of the input and review phase of all items of Agreed Management Actions.
• Coordinates with the Internal Auditors in monitoring the timely preparation of summaries and sending of follow up notifications to the auditees. Provides high-level review and guidance on the summarization and communication of follow up notification on Agreed Management Actions. Where required by the level of Management involved, responds to queries and clarifications by the auditees regarding the status of Agreed Management Actions.
• Responds to highly sensitive clearance requests, or those involving and emanating from Senior Management.
• Provides inputs to the development of verification methodologies, or whenever delegated, reviews and supplements the testing procedures on requests for clearance of Agreed Management Actions. Where formulation of policies, or revision of procedures, or other significant management actions are involved, discusses with the auditee and/or Management such changes. To the extent practicable, reviews the appropriateness and sufficiency of the completion of Agreed Management Action, and approves or denies the clearance of an Agreed Management Action.
• Assesses and decides on whether or not a separate follow-up audit is warranted and practicable, and where applicable, ensures that the testing methodology is appropriate. Oversees, with the help of the Section Managers, the performance of follow-up audits designed as a separate engagement and provides technical and administrative guidance on the performance of the audit.

Department Policies and Procedures (Admin Activities)

• Formalization, implementation and periodic review of Department policies
• Design and implement procedures of the Department
• Communication and monitoring of policies and procedures

People Management

• Staffing policies and structure
• Competency framework
• Training and development
• Employee profiling
• Capacity and workload planning
• Conflict Management
• Employee Behavior and ethics
• Compliance to Code of Conduct and policies and procedures
• Onboarding or promotional Integration process
• Employee Absences
• Employee Hiring
• Talent Management Initiatives for Employee Retention
• Employee Termination and resignation

Other Administrative Activities

• Performance Management
• Shot-interval controls
• Development and implementation of formal strategic and annual audit plan
• Representation of Internal Audit in Organizational Meetings
• Upholds safeguards on the organizational independence and authority of the Department

Key job requirements include:

• Bachelor's Degree : BS in Management, Human Resources, or Other Management Courses; BS in Accountancy, Management Accounting, Internal Auditing and other Finance Courses; BS in Industrial Engineering, BS in Management Engineering
• Cebu-based
• Certified Public Accountant
• Preferably with the following certifications: Certified Risk Manager (CRM), Lean Six Sigma Practitioner, Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), Certified Security Sentinel (CSS) Certified Fraud Examiner (CFE), Certified ISO Auditor
• Industry Experience: Preferred but not required to have obtained professional experience in medium-large non-profit organizations, locally or internationally, and/or relevant government and nongovernment agencies (NGAs). Other preferred but not required professional experience include the following: entities in the capital, banking and financial services industry: banks, microfinance institutions, cooperatives and other lending institutions, remittance companies, construction companies, and auditing, accounting and consultancy firms, etc.
• Prior Professional Experience: Ideally, the candidate obtained a professional experience in managing several department of an internal audit group.; Managerial role conducting operational, compliance, and financial audits to different branches or divisions of the company.; Accounting Managers or Senior Managers involved in the processing of different business transactions, internal controls, and accounting reports.; Audit Managers, Heads, or Directors conducting risk based
• At least 5 years of experience in Managerial capacity, or more preferably at least 2 years of experience in Senior Manager, Director, Head of Audit role