Financial Audit Manager

FINANCIAL AUDIT MANAGER (GRADE TS1)The Roads Fund Administration (RFA) is a statutory body established to raise, administer and account for funds for the construction, maintenance and rehabilitation of public roads. RFA seeks the services of a Financial Audit Manager. The position is tenable at the RFA head office in Lilongwe.1.0 Job ScopeThe Financial Audit Manager heads and provides strategic direction and leadership in the Financial Internal Audit function of the RFA which exists to provide an independent, objective assurance and consulting activity designed to add value and improve the RFA’s operations.The Manager is responsible for strategic risk-based internal audit plan and managing the internal audit function in accordance internal audit professional standards.The key responsibilities for the incumbent include providing reasonable assurance on the effectiveness of the RFA’s risk management and the strength of internal controls. The incumbent assesses organization-wide compliance with RFA’s internal policies and procedures, contractual terms and conditions, efficiency of operations, and accuracy of projects and financial reporting.The incumbent provides strategic direction and leadership in the RFA’s internal auditing function, organizes and directs the Internal Audit department activities, oversees duties and responsibilities of the Internal Audit department as identified in the Charter for the department and manages Internal Audit department staff development and performance appraisals. The incumbent plays a pivotal role in ensuring value for money for the projects funded by the RFA.The Financial Audit Manager reports directly to the Audit Committee of RFA’s Board with administrative oversight from the CEO.2.0 Duties and Responsibilities2.1 Strategic LeadershipProvides strategic leadership to the Financial Audit team comprising of Financial Auditor and Assistant Financial Audit Manager.Coordinates the activities of the Financial Audit department and provides leadership in the development of the departmental annual work plans.Advises the senior management team on current audit and regulatory oversight trends and develops a risk-based approach incorporated into the annual audit plan.Coordinates and provides leadership in the development of internal auditing systems, strategies, policies, procedures, guidelines and programs.Monitors performance of the employees in the department and mentor, coach and coordinate departmental staff development.2.2 Risk based internal audit and assuranceDevelops, annually, a risk-based internal audit plan for the Finance and Audit Committee of the Board’s review and approval.Oversees the implementation of the approved plan and ensures proper resourcing for implementation of the planAdjusts the plan as needed in response to changes in RFA’s business risks, operations, programs, systems and controls.Keeps senior management and the Audit Committee appraised of any changes needed to the internal audit plan.Provides technical assistance with investigations, special audits, and provides subject-matter expertise as needed.Investigates and reports to the Audit Committee on activities reported through RFA’s Hotline/Whistleblower processes and assists in investigations.Monitors and evaluates RFA’s systems of internal controls; and governance and compliance processes and recommends improvements on noted weaknesses.Reviews and approves management letters and audit reports prepared by financial auditors.Prepares periodic internal audit reports to management in line with agreed timelines for improvements consideration and corrective actions.Institutes follow-up audits to ensure implementation of agreed audit recommendations.2.3 Risk managementFacilitates identification and evaluation of strategic risks.Develops RFA’s risk management framework and risk management strategy for Board approval.Maintains the RFA’s risk management framework and corporate risk register.Monitors implementation of the RFA risk management framework and provides implementation status report to Senior Management and the Finance and Audit Committee of the Board.Participates in the development of RFA’s other governance, risk, internal controls and ethics policies and procedures as required.Provides advice during the development of new information systems to ensure that efficient and effective controls are incorporated.3.0 Qualifications3.1 Education and Professional QualificationsA bachelor’s degree in accounting, finance, management or business administration from a recognized universityA qualified Chartered Accountant and / or Certified Internal Auditor (CIA) with at least 7-10 years progressive internal or external auditing experience.Certification in any of the following is a plus: Certified Fraud Examiner or Certified Information Systems Auditor.3.2 Knowledge, skills and abilitiesGood knowledge of organisational functions, operations, compliance, information systems, good governance, enterprise risk management