1. Develop, maintain and implement internal audit policy, annual internal audit plan and internal audit procedures as per applicable standards.
2. Develop operational framework and procedures for an effective internal auditing system.
3. Manage, lead, mentor and motivate a team of professionals at different levels of hierarchy in the Internal Audit Department to ensure optimal utilization of their maximum potential.
4. Analyse and ensure effectiveness and efficiency of operational processes and internal controls in the Company and propose recommendations.
5. Ensure strict compliance with statutory obligations, applicable financial rules and regulations and report any issues to the Management.
6. Identify key risk areas and advise the Management on appropriate controls to minimize risks.
7. Check accuracy and timeliness of financial statements, information and other disclosures.
8. Discuss audit observations with the Management and make recommendations for improvement.
9. Coordinate with Government Auditors for settlement of Audit Paras, prepare working papers and represent Company in DAC and PAC meetings.
10. Prepare necessary reviews, recommendations and conclusions of auditing activities for the Board and Management, considering documentary evidence.
11. Participate with concerned officials/teams to ensure timely completion and submission of relevant documents to SECP.
12. Coordinate with external auditing bodies.
13. Review of funds flow.
14. Assess financial reporting mechanisms and review financial reports.
15. Preparation of annual audit plan and getting it approved from the Audit Committee.
16. Execution of audit plan and reporting findings of the audit to Audit Committee.
17. Prepare an internal control mechanism to evaluate the adequacy and effectiveness of internal controls over the activities of the company and prepare and update Internal Audit reference manuals.
18. Ensure compliance with the requirements of Code of Corporate Governance and other applicable rules and regulations approved by the BoD.
19. Stamp and verify any document required to be verified by Internal Audit.
20. Design and arrange any special audit/ investigation exercise if so required by the Chief Executive Officer or the Audit Committee.
21. Ensure that internal audit resources are appropriate, sufficient and effectively deployed to implement the internal audit plan approved by the Audit Committee or the Board.
22. Establish risk-based audit plans to set out priorities of the internal audit function, consistent with the organizational objectives.
23. To perform functions as entrusted under the Public Sector Companies (Corporate Governance) Rules, 2013.
24. Carry out any other responsibilities assigned by the Board.
Qualification and Experience:
No person shall be appointed to the position of the Chief Internal Auditor unless he is considered and approved as “fit and proper” for the position by the Audit Committee. No person shall be appointed as the Chief Internal Auditor of a Public Sector Company unless he has five years of relevant audit experience and is a:-
1. Member of a recognized body of professional accountants or
2. Certified internal auditor or
3. Certified fraud examiner or
4. Certified internal control auditor or
5. Person holding a Master's Degree in Finance from a university recognized by the Higher Education Commission.
6. Have strong communication, presentation and interpersonal skills.
7. Ability to communicate both financial and managerial issues clearly both inside and outside the company.
8. Good understanding of contractual matters.
9. Ability to work under pressure, within agreed targets and timescales and deliver quality outcomes.
10. Ability to present Internal Audit to new and existing stakeholders.
11. Ability to give clear advice, at an operational and strategic level, to members and senior management and other relevant external parties/organizations e.g. external audit.
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