ROLE PURPOSE

The Head of Internal Audit will lead the Internal Audit Function and align departmental and organizational strategy. This position develops and updates auditing procedures as instructed by Chief Audit Officer, the Board and regulatory agencies and assist to Chief Audit Officer in the reporting to Board and Audit Committee functionally and the Chief Executive Officer administratively.

As principle responsibilities, this position is required to a) objectively review the bank’s business processes, b) evaluate the efficiency of risk management procedures that are currently in place, c) protect against fraud and theft of the organization's assets, d) ensure that the organization is complying with relevant laws and statutes, e) make recommendations on how to improve risk management, internal controls and governance processes, and f) follow up and monitor the proper implementation of improvements and other audit recommendations..

JOB RESPONSIBILITIES

Essential functions

The key functions of the Head of Internal Audit are to:

• Review, monitor and contribute to the updating of the Internal Audit Charter of the Bank as necessary and on an ongoing basis.
• Gain a thorough understanding of Bank’s governance and regulatory set-up, organizational structures, policy framework, and operational procedures.
• Compile a comprehensive Audit Universe and use it to develop an annual or multi-annual risk-based internal audit program for the Bank, and periodically review this program to ensure its continued validity in the light of developments which may have occurred.
• Develop and deploy an agile and flexible internal audit function able to quickly re-orient itself to continue providing assurance in the Bank’s risk-critical areas.
• Perform financial, operational, compliance and other types of audits in accordance with relevant laws, regulations, and Bank’s internal audit program while considering the development of lean audit techniques to enhance efficiency.
• Coordinate the Department’s activities with the independent external auditor and all applicable regulatory agencies and examiners to best utilize available resources and achieve established objectives.
• Assist the Chief Audit Officer in the fulfilment of the Audit Committee’s duties and responsibilities. In that context, the Internal Auditor shall meet with the Audit Committee on a regular basis to review and discuss audit findings and other relevant matters as necessary.
• Review the Bank practices and records for compliance with established internal policies and procedures, and where applicable ensure that these are benchmarked in reference to international best practice.
• Develop recommendations for improving governance, risk management, internal controls, operating efficiency, and the adequacy of Bank records and record-keeping.
• Assist the Chief Audit Officer in reporting of audit findings and recommendations to the Audit Committee and to the Board based on the results of regularly scheduled audits, non-scheduled audits, and at any time when issues need to be addressed by management.
• Conduct and record follow-up reviews of financial, operational, or regulatory compliance deficiencies noted during audits.
• Conduct investigations of irregularities discovered by or brought to the Auditor’s attention.
• Investigate, as requested by senior management or the Bank’s security officer, fraud, embezzlements, and defalcations within the Bank. Work in cooperation with law enforcement agencies in any such cases as deemed necessary.
• Evaluate internal audit suitability, efficiency, cost-effectiveness, and internal controls’ effectiveness and implement an ongoing quality development and improvement program.
• Evaluate comprehensive business processes and transactions to analyze productiveness of controls and risk alleviation.
• Examine validity and reliability of financial, accounting, and other data and report any deviations.
• Provide internal consultancy by either undertaking specific engagements including the review of documents, or actively participating in committees, working groups, task forces, and new projects as required. This needs to be done within the parameters set by the IIA Standards and Code of Ethics, giving particular attention to preserving audit independence.
• Perform other duties as required, consistent with the goals, objectives, and responsibilities of the Internal Audit Department and with the approval of the Chief Audit Officer.

Governance and Reporting

• Implement and manage a comprehensive, granular, and iterative review process of all audit engagements to ensure consistent quality and sensible output, adherence with the provisions of the Internal Audit Charter, the Audit Manual, and promote improvement in the conduct of engagements.
• Provide assurance to executive management, the Audit Committee, and the Board of Directors on the adequacy and effectiveness of the Bank’s operational and control framework including revenue assurance and asset stewardship.
• Provide strategic direction in the operations of Internal Audit to ensure that the Bank employs the latest internationally acceptable standards and methodologies in internal auditing.
• Provide timely advice to Chief Audit Officer, executive management, the Audit Committee and ultimately the Board of Directors on internal processes and operations and for ensuring that the annual statutory audit is undertaken to the required auditing standards.

• First degree or equivalent relating to Accountancy and Auditing or Institute of Accountants - ACCA, and/or Institute of Internal Auditors (IIA) - CIA and preferably holds the Certified Public Accountant (CPA) warrant.
• Thorough understanding of the International Accounting and Auditing Standards (IFRSs, IASs & IIASs) and the requirements of legislation related to accountancy and auditing affecting the Bank’s corporate governance.
• Proven ability to oversee, plan, coordinate, direct and review all aspects of the Internal Audit Function.
• Thorough understanding of the IIA’s International Professional Practice Framework including related recommended guidance, augmented by strong IT auditing capabilities.
• At least 7 years experience in an auditing environment, preferably in a managerial capacity.
• Working proficiency in Myanmar and English.