WEOKIE FCU Internal Audit Manager

Internal Audit Manager

Internal Auditor Manager Reports To: Supervisory Committee & President/CEO

Basic Functions The Internal Audit Manager, reporting to both the President/CEO and the Supervisory Committee, is responsible for designing and implementing a comprehensive internal audit program for WEOKIE Federal Credit Union (WFCU) that balances strong operating control with efficiency, employee experience and member experience. This includes providing independent reviews and evaluations of WFCU’s operations, information and accounting systems, controls, major business processes, records, and reporting functions and providing recommendations to Management, external auditors, and the Supervisory Committee as appropriate.

Major Activities

1. Preparing three-year risk assessments and developing annual risk-based audit plans for ensuring WFCU remains under sound operating control.
2. Oversees audit reviews of WFCU operations in accordance with the annual audit plan, working collaboratively with credit union personnel to identify material risks and recommend efficient and effective mitigation strategies.
3. Directs preparation of final internal audit reports and communicates key findings to the Supervisory Committee and WFCU management.
4. Oversees special audits and internal investigations as requested by the Supervisory Committee or Management.
5. Coordinates Supervisory Committee Meetings and participates on other committees as assigned.  Attends WEOKIE Management meetings to understand strategies, processes and potential areas for future review and/or audit.
6. Supervises employees in the Internal Audit department through liberating leadership and as a role model for WEOKIE’s values and principles.
7. Ensure assigned business units are operating efficiently and reliably; comply with applicable laws, regulations, and rules; have appropriate operating controls to mitigate risk; and are performing at high level.

Critical Results

1. An internal audit plan that regularly tests the design and operating effectiveness of WFCU’s key controls is in place and actively followed. Individual audit scopes and procedures are relevant and sufficient to identify any material control weaknesses or significant control deficiencies.
2. The internal audit risk assessment should be robust and comprehensive, including consideration of the following: NCUA exam findings, previous external and internal audit findings, Management questionnaires and discussions, analytical procedures, industry trends, and direction from the Supervisory Committee.
3. Individual audits, whether performed by in-house auditors or outside audit firms are performed in a professional and timely manner and in a way that is respectful of the departments and/or individuals being audited.
4. Potential audit findings are discussed with Management and all relevant complementary and compensating controls are identified and considered when assessing the likelihood, severity and extent of the related risk(s) to the credit union, members, and/or employees. Internal Audit’s assessment of these risks should be well documented.
5. Audit reports are documented in writing and are clear, concise, with findings clearly noted. Each finding should identify the associated material risk(s) to the credit union, members, and/or employees and should include a reasonable recommendation for resolution.
6. Regular meetings with Management and Supervisory Committee are held to report and discuss findings in a timely manner.
7. Audit findings should be tracked until either Management has elected to accept the remaining risk or the identified risk has been sufficiently mitigated. Any remaining material risks should be documented in order to inform the audit risk assessment.
8. The Internal Audit department’s knowledge, skills, and abilities are developed through pertinent continuing education.
9. WFCU’s audit staff remain abreast of industry developments including changes in regulations, accounting and audit standards, technology, etc.
10. Employees within the chain of command are provided with a positive working environment that encourages individual growth and success.
11. Assigned business units operate efficiently, under appropriate operating controls and are compliant with applicable state and federal laws/regulations.

Education and Experience

1. Must possess a high degree of demonstrated knowledge in internal auditing.
2. A Bachelor’s Degree in Accounting, Finance, Business or related field.
3. At least five years of internal audit, compliance or risk management experience with at least three years in a management, lead auditing or risk management role.  Depository financial institution experience is preferred.
4. Designation as a Certified Public Accountant or Certified Internal Auditor is required within one year of starting in the position.
5. Excellent writing and presentation skills; and
6. Prior supervisory/leadership experience of an accounting, auditing, compliance or risk management department.