Lead Internal Auditor
Website Bethune-Cookman University
Bethune-Cookman University
Position Title: Lead Internal Auditor
Department: Board Relations
Reports To: The Board of Trustees
B-CU’s Internal Auditing Job Summary:
A highly skilled Internal Auditor will add value and optimize the University’s fiscal operations through a systematic and disciplined approach to maximizing the effectiveness of risk management, control, and governance processes. The internal auditor will possess a thorough knowledge of accounting procedures, a commitment to excellence, and a sound, data-driven sense of judgment; have the skills and sensibilities vital to the successful performance of all duties regarding the full audit cycle, including risk management and control management of operational effectiveness and financial reliability; have a deep commitment to compliance with all applicable directives and regulations. The internal auditor will objectively review the university’s business processes; evaluate the efficacy of risk management procedures that are currently in place; protect against fraud and theft of the University’s assets; ensure that the university is complying with relevant laws and statutes; and make recommendations on how to improve internal controls and governance processes.
The goal of the internal auditing function will be to gather fiscal information that can be analyzed and converted into valuable insights into how the university can be run more efficiently using the following generally accepted practice of internal auditing:
- Observing the target business environment
- Inspecting the specific risk management, financial reporting and productivity strategies that are currently in place
- Inquiring or asking questions of management personnel related to the effectiveness of the current internal controls
- Confirming whether the goals and objectives of the business are being met
Collectively, the internal auditing process will allow the auditor to collect information and evidence, analyze the collected data and report back to the Board of Trustees with suggestions for improvement if necessary. The university’s business activities will be measured by the following standards:
- Conducting special studies
- Analyzing business policies, processes and procedures
- Defining audit objectives
- Deciding the nature and extent of the audit procedure
- Stating final opinions and conclusions
- Reporting and distributing findings to the board and management
General Function (Description):
Reporting to the Board of Trustees, the Internal Auditor will perform an objective evaluation of the university’s financial activities in support of increased efficiency and productivity, decreased waste, financial savings and legal compliance; will serve in an advisory capacity to ensure the university is using generally accepted accounting procedures (GAAP) to create, manage, and improve financial information through the review of financial statements, auditing ledgers and balance sheets with respect to legal and regulatory compliance, operational and performance security; will work closely with management and the owners of the business processes to refine controls and develop internal auditing procedures; and will be responsible for the timely execution of risk-based internal audits in accordance with the annual audit plan, as well as assisting with other audit matters and projects.
The Internal Auditor will be mainly responsible for the following independent audits:
- Operational Audits to assess the overall efficiency and reliability of the university’s control mechanisms. An essential component of operational auditing is the objective review of the way the university allocates and uses resources efficiently, and will report these findings along with recommendations on how to reduce wasteful or inefficient resource allocation.
- Compliance Audits to evaluate the university’s compliance with applicable laws, regulations, policies and procedures. Legal and policy requirements may be created by federal or state statute including internally created compliance requirements by the university’s management or board of trustees.
- IT Audits to evaluate information management systems and computer databases to ensure that confidential customer information and proprietary intellectual property is secure; ensure that only authorized users are able to gain access to privileged information and that the information itself is accurate.
- Performance Audits to assess the achievement of the university’s financial goals set forth by the board of trustees, identify process shortfalls, and make suggestions for improvements to the Board of Trustees.
The Internal Auditor will perform other duties as assigned by the Board of Trustees.
Scope of Role and Responsibilities:
- 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 regulations
- Assess and determine internal audit scope and develop annual action plans
- Obtain, analyze and evaluate accounting documentation, previous reports, data, flowcharts etc.
- Prepare and present reports that reflect audit’s results and document process
- Act as an objective source of independent advice to ensure validity, legality and goal achievement
- Identify loopholes and recommend risk aversion measures and cost savings
- Maintain open communication with management and audit committee
- Document process and prepare audit findings memorandum
- Conduct follow up audits to monitor management’s interventions
- Engage in continuous knowledge development regarding sector’s rules, regulations, best practices, tools, techniques and performance standards
- Conduct audit testing of specified area and identify reportable issues and dimension of risk
- Determine compliance with policies and procedures
- Communicate comprehensive findings and complete report of audit area for the Board of Trustees
Knowledge, Skills and Abilities:
- Proven working Internal Auditing experience (5+ years)
- Strong organizational and project management skills
- Advanced computer skills on MS Office, accounting software and databases
- Ability to manipulate large amounts of data and to compile detailed reports
- Knowledge of accounting best practices
- Proven knowledge of auditing standards and procedures, laws, rules and regulations
- Ability to learn industry standards
- High attention to detail and excellent analytical skills
- Excellent critical thinking and problem solving skills
- Sound independent judgment
- Ability to collaborate and collectively work with the university management team, the president and the Board of Trustees
- Ability to adapt to change quickly and multi-task
Minimum Hiring Standards:
Education | Bachelor’s degree in Accounting or Finance and CPA or CFA certification |
Years of Experience Required | Two years of experience in higher education administrative responsibility and internal auditing experience |
Preferred Hiring Standards:
Education | MBA or MSA and CPA or CFA certification |
Years of Experience Required | Five years of experience in higher education administrative responsibility and internal auditing experience |
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