Chief Internal Auditor or equivalent
Core Competencies
The Chief Internal Auditor /Head of Internal Audit should have:
(a) A clear understanding of the role and responsibilities associated with the position;(b) A good understanding of financial services activity relevant to the licensee and the wider industry and its regulatory environment;(c) Strong understanding of internal or external audit;(d) Ability to design comprehensive audit plans, including risk assessments, internal control evaluations, and identifying areas of potential financial, operational, or compliance risk;(e) Ability to lead audits across various departments such as credit, operations, IT, and finance;(f) Proficiency in evaluating and improving internal controls and risk management frameworks, ensuring alignment with organisational risk appetite and regulatory requirements;(g) Familiarity with regulatory standards (e.g., Basel III for banking, Solvency modeling for insurance) and their impact on risk controls;(h) Expertise in assessing the effectiveness of internal controls, identifying control deficiencies, and recommending remediation strategies;(i) Understanding the control frameworks like COSO (Committee of Sponsoring Organizations) or COBIT (Control Objectives for Information Technologies);(j) Strong knowledge of IFRS (International Financial Reporting Standards) and other regulatory accounting standards;(k) Ability to assess compliance with key regulations;(l) Competence in forensic auditing techniques, identifying fraudulent activities, and implementing fraud prevention frameworks;(m) Use of data analytics and continuous auditing to spot anomalies or risks that indicate potential fraud;(n) Strong analytical skills to evaluate audit evidence, discern root causes of control deficiencies, and develop practical, risk-based solutions; and(o) Ability to think critically when encountering complex or ambiguous issues and to provide clear, well-justified conclusions.Added: March 2025Experience and Qualifications
(i) A minimum experience of 5 to 7 years experience in internal audit function or external audit; and(ii) Hold a relevant academic/professional qualification which include but are not limited to:(iii) Certified Internal Auditor (CIA), IIA;(iv) Certified Information Systems Auditor, ISACA;(v) Association of Chartered Certified Accountants (ACCA);(vi) Certified Public Accountant (CPA), US, Canada, Philippines or equivalent;(vii) Members of the institutes of chartered accountancy (ACA or FCA qualifications) of UK, Australia, New Zealand, India, Pakistan, Sri Lanka etc(viii) Chartered Financial Analyst (CFA), USA.Added: March 2025