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United Kingdom VFI Director of Audit

PURPOSE OF POSITION:

To lead the internal audit function of all microfinance institutions (MFI) within VFI’s global network; to oversee the development and capacity building of internal audit teams in all MFIs; and to establish a clear governance and management framework for VFI internal audit.


KEY RESPONSIBILITIES:

      Strategic:
    • Develop a clear governance and management framework for VFI internal audit and for individual MFI internal audit teams
    • Taking into account local regulations, establish clear matrix reporting structure for RAMs and MFI internal audit teams
    • Develop and maintain a RACI framework to assist in communicating governance and management framework to all stakeholders. These stakeholders include but are not limited to World Vision CAO; World Vision Global Internal Audit; VFI Senior Executive Team; VFI Board Audit Committee; MFI CEOs; MFI
    • Board Audit Committees
    • Maintain communication with senior management to co-ordinate strategic initiatives
    • Coordinate as necessary with all stakeholders to ensure the development and maintenance of a proficient internal audit function throughout the network of MFIs.
    • Develop appropriate global audit programmes based on the VFI operating model and standards and the underlying risks including: Lending/portfolio reviews, operational controls, banking systems security, financial reporting, fraud prevention, etc.
    • Governance effectiveness within the MFIs
    • Local regulatory requirements are incorporated in all audit work and reporting
    • Working collaboratively with VFI, identify potential risks in the MFIs, taking into account operational and other changes being implemented in the MFI network
    • Develop audit programmes for VFI corporate centre
    • Oversee effectiveness of MFI audit programmes and keep both CAO and COO apprised of trends and issues.
    • Ensure appropriate implementation/resolution of audit recommendations
    • Participate in professional audit associations and keep abreast of relevant industry standards

      Operational:
    • Assist VFI senior management to identify implications of audit results and determine best resolutions
    • Lead, manage, and organize all aspects of VFI internal audit to ensure the organisation reduces auditable risk to an acceptable level. Direct the effective and efficient use of departmental resources to complete audits, projects, and investigations.
    • Advise VFI management concerning risks, internal controls, fraud prevention and detection, and the efficient and effective use of resources.
    • Develop annual risk-based financial and operations audit plan for VFI, with input from VFI Board Audit Committee, VFI senior executive team and WV CAO.
    • Lead the development of an annual risk-based financial and operations audit plan for each MFI with input from MFI Board Audit Committee, MFI management, VFI Operations, and RAMs
    • Establish and maintain appropriate internal audit resources, expertise and audit schedule, co-operating as necessary with all stakeholders
    • Direct the preparation, monitoring and control of budgets in accordance with expectations set by senior executives
    • Work with WV GIA to enhance audit methodologies and frameworks appropriate to microfinance
    • Work with VFI Operations to input to the development of global standardized operations processes and procedures to embed best-practice internal controls.
    • With WV GIA, develop and maintain policies and procedures to improve the VFI specialist microfinance audit function
    • Stay abreast of current changes in VFI organizational policies and procedures, IT and regulatory issues
    • Provide timely verbal and written reports to VFI senior management to keep them informed of audit results and recommendations. With RAMs, ensure that audit issues are well defined, root causes are identified, and recommendations for improved internal controls and processes are communicated appropriately.
    • Ensure the MFI internal audit teams are conducting activities in accordance with International Internal Audit Standards as well as other standards as required by departmental membership licensure and certification.
    • Responsible for periodic analysis of patterns and trends in audit results.
    • Perform critical and complex audits. Conduct special reviews as required by senior executives.
    • Assist WV CAO and VFI COO with preparation for Board Audit Committee meetings.
    • Staff Management
    • Hire and supervise all RAMs. Provide senior leadership to all VFI internal audit teams.
    • Apply World Vision Core Values to nurture the professional development of RAMs.
    • Manage continuing education requirements of staff to ensure that all staff maintains technical proficiency.
    • Oversee the revision and/or development of training materials for VFI internal auditors. Facilitate audit training activities as needed.
    • Supervise audit staff to ensure audits are properly planned and completed in a professional manner; establish audit priorities and monitor staff progress toward priorities.

      Spiritual:
    • Attend and participate in weekly chapel and daily devotional meetings.
    • Through personal example encourage all Department staff to include spiritual development in their professional development activities.

      External
    • Foster a cooperative relationship with the external auditors to coordinate and maximize audit coverage and contain audit fees and provide direct support to reduce external fees.
    • As necessary, serve as a liaison during transition between audit firms; including audits, projects, and investigations.

KNOWLEDGE, SKILLS & ABILITIES:
      REQUIRED:
    • University degree and at least seven years’ experience of internal audit in a financial environment (e.g. bank or microfinance). Experience with a “Big 4” public accounting firm preferred.
    • Must have Certified Public Accountant (CPA), Chartered Accountant (CA), or Certified Internal Auditor (CIA) qualification.
    • Requires cross-cultural experience and an understanding of Third World Development. Must be able to interact respectfully and effectively with persons from a variety of cultures.
    • Excellent speaking and writing skills required.
    • Must have managerial courage and must be able to communicate effectively at all levels of the organization and across all functions.
    • Willing and able to travel up to 50 of the time.
    • The ability to organize and manage multiple tasks at different levels of priority is important.
    • Possess a high energy level with a commitment to continuous improvement in a dynamic organizational environment.
    • Able to work comfortably with ambiguity and minimal direction in a matrix reporting environment where staff are operating remotely
    • Have good computer skills in using audit-related software efficiently; experience of controls in banking software desirable

      PREFERRED:
    • Language skills in Spanish

United KingdomVFI Director of Audit