Internal Audit Manager and Internal Sharia Reviewer
Summary of Responsibilities:
Responsible for the Internal Audit function and requirements of Medgulf Takaful B.S.C. (c).
- Overall supervision, control and monitoring of the Internal Audit / Sharia review procedures as per the Company’s Internal Audit / Sharia cycle/charter/manual.
- Drafts/reviews/updates internal audit / Sharia review policies, plans and guidelines using an appropriate risk-based methodology.
- Closely work with the Compliance and Risk management department (internal control functions) to regularly develop an audit plan / Sharia review cycle in line with Company’s overall identified risks.
- Develop and execute a comprehensive annual internal audit cycle / Sharia review cycle in accordance to the professional auditing / AAOIFI standards, and regulatory requirements.
- Submit the annual internal audit plan / Sharia review cycle to the Audit Committee / SSB for review and approval.
- Ensure that the Internal Audit / Sharia review cycle and procedures are aligned with Internal Audit charter / Sharia manual, risk management framework, regulatory requirements and the Company’s business cycle.
- Perform the necessary audit / Sharia review procedures based on the risks associated in each area.
- While performing the audit / Sharia review procedures, to identify critical areas, deficiencies and improvement opportunities in the current procedures and controls whilst ensuring suitable exchange of communication to the Audit Committee / SSB and appropriate levels of management.
- Assess the quality and adequacy of financial and operational controls and procedures ensuring compliance with the current procedures or recommend improvements.
- Issue periodic comprehensive internal audit / Sharia review reports to the Audit Committee/SSB/management summarizing the observations of the procedures, level of risk, impact and recommendations.
- Liaise with management team to obtain their responses on the internal audit / Sharia review observations.
- Monitor and report on the progress of management actions taken in response to the internal audit / Sharia review reports.
- Review subsequent management response to the internal audit / Sharia review reports and the corrective action taken by the management and finalize internal audit / Sharia review reports for submission to the Audit Committee / SSB, CEO and the related functional departments.
- Regularly report to the Audit committee/SSB/management the up-to-date procedures completed, on-going, new and open observations.
- Perform an annual review to assess the adequacy of the objectives of the internal audit / Sharia function as defined in the policies, plans and guidelines.
- Liaise with the external auditors / sharia auditors to further enhance the effectiveness of both the audits.
- Regularly update the Audit Committee/SSB/CEO about emerging trends and successful practices in internal auditing / Sharia review.
- Undertake special tasks as required by the Audit Committee/SSB/management.
- Exercise professional care and comply with the professional code of conduct while performing duties and responsibilities.
- Ensure compliance with the international standards for the professional practice of internal auditing / Sharia review.
- Coordinate with the management on the preparation of the department’s budget and long range plan.
- Implement the department’s short and long term strategy which complements the Company’s vision and overall strategy.
- Ensure that contracts, policy conditions, claims and policy servicing guidelines are adhered to.
- Appraise the performance of the department staff and suggest promotions, increments and other incentives
- Oversee the day to day operations of the Internal Audit / Sharia department.
Qualifications & Experience
- A professional qualification in auditing including but not limited to CIA, ACCA, ACA, CPA, CIPA.
- Bachelor’s degree preferably in Finance / Accounting.
- Adequate professional experience in the senior auditing role or in the insurance industry.
- Good conceptual understanding of auditing, finance and insurance aspects.
- Strong audit/control/finance/insurance background.
- High analytical and organizational skills.
- Audit procedures know-how.
- Self-motivated leader and excellent communicator.
- Team player, stress resilient and result oriented.
- Maintain professional independence and objectivity.
If you’re interested in this opportunity and would like to submit your application for this role then click apply or forward an up-to-date copy of your CV to email@example.com
Shortlisted candidates will only be contacted for an interview.