Head of Internal Audit Job in London

Head of Internal Audit Job in London. Apply for the latest London jobs in Accounting/Financial/Insurance.

Head of Internal Audit Job in London

Job Description
PURPOSE

To conduct professional, independent, risk based, cost effective, quality audits throughout the Bank; to work with management to identify and quantify risk and the controls necessary to manage such risks and to provide assurance on the adequacy of controls within the Bank’s products and services, procedures and systems; to identify control deficiencies and weaknesses and to bring them to the attention of line management and ultimately, if unresolved within given timescales, to the Audit Committee.

MAIN RESPONSIBILITIES

The Head of Internal Audit:

* Must manage the Internal Audit Department in line with the Bank’s Internal Audit procedures.

* Must abide by the principles set out in the Audit Charter, as approved by the Audit Committee and endorsed by the Board.

* Must maintain Internal Audit’s independence and at no time become involved in operational line management functions. Involvement in non-operational management matters only after consultation with the Chairman of the Audit Committee.

Internal Audit has right of access at all times to the Chairman of the Audit Committee and to the CEO & Managing Director/Deputy Managing Director. Additionally, Internal Audit has the right of access to all books and records of the Bank.

Main Purpose of Job:

* To conduct a professional, independent, risk-based, cost effective quality audit throughout the Bank.

* To work with management to identify and quantify risk and the controls necessary to manage such risks to provide assurance on the adequacy of controls within the Bank’s products and services, procedures and systems.

* To identify control deficiencies and weaknesses and to bring them to the attention of line management and ultimately, if unresolved within given timescales, to the Audit Committee.

* To develop the risk-based audit methodology and produce the Internal Audit Manual in line with that methodology and in compliance with the Institute of Internal Audit’s guidelines.

Responsibilities:

* Undertake the role of Head of Internal Audit using the audit methodology reviewed by the Audit Committee, ensuring that Internal Audit reports all findings objectively and impartially.

* Operate under a formal Statement of Purpose and Responsibility (Charter) based on guidance issued by the regulatory authorities and the Chartered Institute of Internal Auditors and will follow the Chartered Institute of Internal Auditors’ Code of Ethics. Will review the Charter periodically to ensure its continued applicability in the light of any fresh guidance and/or changes to institutional requirements.

* Promote Internal Audit best practice, being professional in all its activities by ensuring audit practice adheres to Basel standards and guidelines and meets the expectation of the PRA and FCA.

* Produce an Annual Audit Plan for review and approval by the Audit Committee and endorsement by the CEO & Managing Director/Deputy Managing Director.

Audit Staff

* Manage the Internal Audit Department, ensuring appropriate training and career development of staff.

Key Audit Tasks

* Assess the effectiveness of systems of internal control and operational compliance with UK legislation and regulatory requirements and the Bank’s Policy and Procedures Manual.

* Assess and review account opening and remittance procedures to ensure that the Bank has adequate procedures to avoid becoming party to any money laundering transactions.

* Check the adequacy of the accounting systems for recording and protecting the Bank’s assets and liabilities and contingent commitments.

* To provide challenge to the Bank’s management on the effectiveness of the Bank’s controls.

* Assess and quantify the key risks of the bank to prepare a suitable audit plan to be followed.

* Make recommendations to strengthen the business effectiveness and efficiency by promoting best practice to management to optimise controls following Internal Audit procedures.

* Identify control weaknesses that could make the Bank vulnerable to internal and external fraud or put the Bank’s financial assets at risk or the Bank’s staff at physical risk.

* Risk assesses all new products, procedures and processes prior to implementation into the Bank and comment accordingly.

* Stand ready to act in an advisory role to the Audit Committee and the Bank’s management.

* Liaise, as appropriate, with the External Auditors, the Reporting Accountants, the PRA, FCA and other external bodies.

Experience & Skills required:

Ideally ACCA or ACA qualified or an equivalent accounting qualification

Extensive, minimum 10 years’ experience

Needs to have a sound practical understanding of how to manage an internal audit function within a smaller banking environment with limited resources.

Be able to understand the regulatory requirement to be independent and objective in this role

Needs to have strong communication and leadership skills – ability to discuss and reach agreements with personnel at all levels and with diverse backgrounds.

Needs to have the ability to influence at all levels, good judgement and decision making.

Be commercially aware and able to apply a risk-based approach.

Coaching and training skills.

Good negotiating skills when addressing issues

Job Type: Permanent, Full Time
Location: London
Category: Accounting/Financial/Insurance
City: London
County: London
Country: United Kingdom
Salary: £110000 – £120000/annum Bonus and Banking benefits
Benefits: Bonus and Banking benefits