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% Time
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Major Activities
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End Results Expected
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(5%) Planning
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- Develops and submits for approval to the BAC annual audit plan that outlines the activities to be undertaken by the Internal Audit Department (IAD) during the year.
- Prepare amended internal audit plan and present it to the Audit Committee for approval in case of significant shifts in risk profile or significant changes in the operations of VFR.
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- Annual plan prepared before beginning of Q1 and approved by the audit committee
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(15%) Reporting
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- Submits timely reports to management for all the audits conducted during the year;
- Submits written audit reports & internal audit activity reports to the Audit Committee before every scheduled Board meeting;
- Presents the audit activity reports during the BAC meeting every quarter;
- Submits high quality progress reports to RAM monthly and attends regular check in meetings with RAM as required;
- Tracks the status of implementation of issues/corrective actions arising from audit reports and provides updates to Management, RAM and BAC;
- Presents to Management the results from continuous audit & analytics each month;
- Informs all concerned staff on changes in internal control and audit policies and procedures.
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- At least 90% of Audit Reports published within 30 calendar days of fieldwork close.
- Audit Reports to BAC submitted at least 15 days prior to the meeting.
- Monthly progress reports submitted within 7 working days of month end to RAM. Attendance of regular check in meetings organized by RAM.
- Summary of issues / corrective action status sent to RAM and Management monthly.
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(40%)
Audit Work
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- Carries out the Internal Audit Plan with the assistance of the Internal Auditors (if any) or on their own;
- Performs testing or ensures testing done by Internal Auditors is as per required standards and latest Audit Program;
- Prepares, reviews and issues all IAD audit reports after approval by the RAM;
- Discusses the results of audits with respective head office /branch department managers and advices on appropriate corrective actions to improve conditions;
- Ensures all audit testing is adequately documented and archived for the period required by VFI policy and local regulatory authorities;
- Ensures data analytics is completed each month by the IAD as part of continuous audit and monitoring;
- Independently appraises all operational functions of the institution;
- Reviews and updates Audit Programs and the Audit Manual when there are changes to products, processes, regulations or systems.
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- 100% completion of the approved Internal Audit Plan.
- Number of Critical audit issues raised which result in change in the VFR.
- Excellent quality testing, reports and work paper standards reflected by reduced number of coaching notes and feedback from RAM.
- Monthly data analytics report
- An up-to-date Audit Program and Audit Manual in place (updated at least annually).
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(20%) Supervision and Training
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- Supervises, motivates and reviews the work of the Internal Auditors (if any);
- Trains less experienced auditors to meet IAD audit standards;
- Appraises and evaluates all IAD staff development plans;
- Works to develop self and team members continuously;
- Ensures all members of IAD complete the required number of CPE hours every year.
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- All staff appraisals conducted within deadlines.
- Positive feedback obtained from staff during 360-degree feedback sessions.
- Staff satisfaction within the internal audit department (if measured) over 90%.
- Hours of CPE training spent in a year to maintain certifications.
- Complete at least eight man-days of training per staff per year.
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(5%) Assist in Fraud investigations and external audits.
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- Assists in the execution of external audits as well as examination to be conducted by government regulatory agencies and other stakeholder/raters;
- Promptly investigates any fraud incidents escalated by management, staff, RAM, BAC or through Whistle Blowing channel;
- Monitors implementation of issues raised by the external auditor’s management letters and Regulatory reviews.
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- Thorough fraud investigations completed and report prepared within 30 days of escalation to Internal Audit.
- Quarterly updates on status of issues raised by external auditors and other regulatory reviews submitted to RAM, BAC and CEO.
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(5%) Meeting Budget
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- Prepares the IAD budget in line with the Annual Plan.
- Tracks performance against the budget and ensures that the budget is not exceeded.
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- Actual expenses do not exceed the budget without compromising on plan execution.
- Variances are tracked at least quarterly.
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(5%)
Quality Assurance
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- Supervises engagement planning, reviews team members’ work papers and draft reports prepared by team members to ensure consistent quality of work.
- Facilitates an internal quality assurance review of the department’s work and activities to evaluate conformance with the Global Internal Audit Standards.
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- Review and coaching notes to team members from reviews done by IAM
- Quality Assurance Assessment report prepared by the IAM at least annually
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(5%) Relationship Building
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- Build strong working relationships with the CEO and Senior Management team of VFR;
- Build strong relationship with the RAM and demonstrate leadership skills with IA team;
- Build strong relationships with the BAC, external regulators / auditors.
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- Discussions and meetings are cordial and controlled.
- Disagreements are ironed out at the RAM, RAD or RD level.
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- Other tasks assigned by Supervisor
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