Head of Internal Audit at AAR Insurance

Overall Purpose of the Job

Reporting to the Group CEO (administratively) and to the Chair – Audit Committee (functionally), the Head of Internal Audit will be responsible for conducting internal audits in line with the approved audit plan(s) or as requested by the Audit Committee and or the Board.

KEY PERFORMANCE AREAS

• Develop the internal audit annual work plan for approval by the Board’s Audit Committee.
• Implement, manage, and maintain an effective/comprehensive internal audit assurance plan based on a comprehensive risk assessment process.
• Adhere to the approved annual work plan in a flexible manner to ensure that internal auditing dynamically addresses enterprise risks, ensuring appropriate coverage for critical processes of the company.
• Provide internal audit support to subsidiary companies in all jurisdictions where AAR Insurance has operations.
• Identify and critically evaluate elements of governance and risk management in the service, and design appropriate risk management and mitigation strategies for implementation.
• Plan, implement, and maintain internal audits in accordance with international standards on the professional practice of internal audit, and the company’s audit methodology. Determine standards to evaluate internal control processes, including the suitability of internal control designs.
• Develop detailed audit programs based on the documented procedures and best practices, for each identified audit project, giving special attention to potential risk areas.
• Present the internal audit plan to the Audit Committee committee of the board for approval and provide regular reporting on the progress of executing the plan to the audit committee, as well as the subsidiaries management and Group CEO.
• Carry out detailed audit tests on all the Group’s operations based on standard audit programs in accordance with the approved Annual Audit Plan. This includes a review of operations, highlighting areas of internal control weakness, and making recommendations to improve efficiency.
• Ensure detailed audit tests are performed on all the business operations based on Standard audit programs in accordance with the approved annual audit plan. This includes recommendations to improve efficiency.
• Perform and control the full audit cycle including risk management and control management over operations’ effectiveness, financial reliability, and compliance with all applicable directives and statutory regulations.
• Determine internal audit scope for particular assignments.
• Maintain open communication with management and other stakeholders eg External Auditor.
• Develop new continuous improvement initiatives, and evaluate the adequacy of internal control systems.
• Gather adequate audit evidence to support findings and suggestions for improvement.
• Implement an appropriate method for gathering audit evidence, depending on the actual circumstances encountered in the field in the course of the fieldwork. Constantly discuss the findings of the business for execution and reporting effectiveness.
• Pay visits to Strategic Business Units (SBUs) and Branch offices to ensure operations are in line with the Group objectives.
• Assist in the review and documentation of existing accounting, administrative, and internal control systems for adequacy and effectiveness and make recommendations for improvement. This will cover the Group’s operations and call for a thorough understanding of all of the Group’s operations.
• Work with management and verify compliance with all the relevant legislation and regulatory requirements.
• Deliver performance requirements as outlined in the business and departmental strategy maps, and Personal Scorecard.
• Document and communicate audit results and the opinion of the company’s control environment both orally and in writing in an objective, clear, concise, and timely manner.
• Foster focuses on high-quality assurance to ensure
• Compliance with policies, procedures, and processes based on applicable regulatory and industry guidelines.
• Appropriateness for the size, complexity, and risk profiles of the company, and
• Periodic changes to internal and external risk factors and ensure these are consistently followed.
• Develop clear messaging of risks and controls in audit deliverables to the AAR stakeholders including senior management, regulators, and the Audit Committee.
• Responsible for any other duties that the Group CEO may assign from time to time.

EDUCATION AND EXPERIENCE

• Bachelor’s degree in a relevant field.
• CPA (K) certification.
• Certified Internal Auditor (CIA), Certified Information Systems Analyst (CISA) and Certified Financial Analyst (CFA), are an added advantage.
• 8 -10 years of working experience in an Audit related field.
• Good understanding of the IFRS 17.