Job Description:

FUNCTIONAL – The Vice President of Internal Audit assists the Supervisory Committee by providing an independent and objective appraisal of the effectiveness of the credit union’s internal control systems. This includes regular review of all relevant internal controls, assessing the adequacy of safeguards to ensure operating efficiency, compliance with policies; procedures, laws, regulations and general accepted accounting principles.  Provides regular reporting to the Supervisory Committee of all relevant audit findings and recommendations; and, also reports findings to the management team.

 

ESSENTIAL JOB FUNCTION                                                      

• AUDIT PLAN – Develop audit plan and annual budget recommendations for the Supervisory Committee’s approval. Conduct timely audits as per approved plan each month.  Audit results should provide assurance to the supervisory committee that business goals and objectives may be met through established systems, policy, and procedure.  Follow-up audits with evaluation.
• SUPERVISOR – Provide guidance, feedback, and make important decisions for the IA department. Handle questions or problems that may arise within the department.
• INTERNAL CONTROL – Investigate fraud and other suspicious activity. Review internal control systems and procedures and recommend improvements when necessary.
• REVIEW / OVERSIGHT – Assure that a review is conducted of overrides, other crosschecking tools, and other general oversight reports. Assure the review of returned mail and closed account confirmations.
• REGULATORS & EXTERNAL AUDITORS – Work closely with external auditors and State/NCUA examiners to facilitate required audits. Help by gathering appropriate material, data, as needed.
• REPORTS & FEEDBACK – Report audit findings with the Supervisory Committee and management team as applicable together with other appropriate recommendation(s), if any. Maintain records of all final audit reports together with clear and concise work papers.
• PROFESSIONAL DEVELOPMENT – Maintain and improve skills through continuing professional education, training, and involvement in professional association(s).
• MEMBERSHIP – Assist members with any questions, concerns, or complaints they have.

 

 

FUNCTIONAL DUTIES – The Director of IA is responsible to perform the following functional duties under the direction and oversight of the Supervisory Committee and reports directly to the SC Chairperson.

 

• COMPREHENSIVE COVERAGE OF AUDITS – Develops audit plans and programs which provide comprehensive coverage of the review area suited to the situation. Attention is given to adequacy of scope, thoroughness, thoughtfulness and insightfulness.
• ATTENTION TO POLICY/PROCEDURES & REGULATORY COMPLIANCE – Findings of audits will reflect not only attention to financial matters and general ledgers, but also compliance with internal policies and procedures as well as external rules (state & federal regulations). Will recommend the redesign of existing systems as needed to assure policy compliance, financial stability and the detection and prevention of fraud.
• ADEQUACY OF WRITTEN FINDINGS – All official audit reports will be reduced to written reports that adequately address the essential findings and recommendations. Attention will be given to appropriateness and readability of written materials, which will include formatting, grammar, spelling, logic and reasonableness.
• CONFIDENTIALITY – Information will be handled appropriately at all levels. Performance will demonstrate professionalism and the knowledge and skill appropriate to the position.
• TIMELY COMPLETION OF PLANNED AUDITS – Audits will be completed in the “month” scheduled, and the full audit plan completed by year-end. Untimely audits will have been approved in advance and/or will be due to other priorities directed and/or approved by the Supervisory Committee.
• EXTERNAL AUDIT/EXAM PREP – Audit recommendations should assist Red Canoe Credit Union prepare for CPA external audits and State Division of Credit Unions (regulatory) audits.
• PLAN DEVELOPMENT & APPROVALS – Develop and administer an annual audit plan, approved by the Supervisory Committee, not later than January 15^th each year.
• AUDIT STANDARDS – Conduct the internal audits in accordance with the Institute of Internal Audit’s Standards for the Professional Practice of Internal Auditing.

AUDIT REPORT MEETINGS – Reviews the final audit reports with the Supervisory Committee, and with senior management monthly and as needed.

• SUPERVISORY MINUTES/REPORTS – Assures the creation and proper maintenance of the Supervisory Committee minutes and other reports, files, and records.
• Responsible for business continuity planning/response/resumption for immediate department/branch.

 

ADMINISTRATIVE – Supervises Internal Audit (IA) Department staff. Is responsible for planning, organizing, implementing, and controlling the activities of the IA department in conjunction with and as directed by the CFO. Is responsible for meeting the staffing needs within the IA department and for maintaining open communication with all personnel.  As a member of the management team, will actively participate at monthly management team meetings and special training.  Will have member contact, some vendor contact and networking with other credit union professionals.  Will maintain regular timely communications with CFO concerning progress of IA department activities, etc.  Participates as part of the Management team.

 

Supervisory

• Performance Management/Evaluations – Make daily observations within IA department, takes note of staff attitude, tardiness, and team effort.
• Training/Cross-Training – Evaluate IA departmental needs and responsibilities to ensure adequately trained staff.
• Staff Relations – Assures an atmosphere of cooperation and teamwork is maintained in the IA department.
• Quality – Accountable for the quality of work within the IA department.
• Scheduling – Assigns, directs, coordinates and reviews work within IA department.
• General Oversight – Ensures that proper maintenance, cleanliness, and security of the work area is maintained.
• Quantity – Maintains highest level of staff work production possible with the resources available.
• Workflow Management – Effectively manage workflow daily developing reporting systems for monitoring completion of all duties.
• Positive/Professional Image – Provide consistent quality service and project a positive and professional image of the credit union to internal and external members/clients.
• Training/Education – Personal participation in continuing professional training and education as approved by supervisor.
• Office Hours – Keep consistent and usual office hours, in keeping with Red Canoe Credit Union practices. May work additional hours, including Saturdays, holidays, etc. as may be required or needed.
• Service & Team Orientation – Seek to create a working environment that is both service and team oriented. Assures that audit processes and results provide value to organization and value to the audited department, its leadership, and employees.
• Responsible for business continuity planning/response/resumption for immediate department/branch.

 

Management

Senior Management Reports – Will meet with Senior Management (President/CEO, CFO etc.) on an as needed basis to keep management informed of problems and progress on planned audits.

• Keeps Administrative Supervisor Informed – Maintain ongoing communication with CFO concerning activities of the IA department as well as needs or problems.
• Records/Reports. Assure IA departmental reports, records, and statistics are consistently and carefully maintained.
• Oversee IA department’s involvement with new employee orientation.
• CU Goals. Help achieve credit union goals.

 

Membership

• Service – Ensure members are served in a timely fashion and phones answered quickly.

Compliance

• Policy/Procedures – Observe procedures as outlined in departmental procedure manuals, employee reference guide, and security manual.
• Compliance Assurance – Assure employee adherence to internal controls to ensure compliance with credit union goals, objectives, policies, procedures and applicable laws and regulations.
• Cooperate with Examiners – Work with credit union examiners/auditors preparing/gathering necessary information and providing them with assistance as requested.

 

BASIC REQUIREMENTS OF POSITION

Must be bondable, personable, and highly motivated.

Able to work with independence and to thrive in a collaborative team oriented environment.

Must work cooperatively with both Senior Management and Supervisory Committee.

Maintain high degree of confidentiality regarding work performed and other sensitive information.

Possess strong ability to conduct job related research.

Possess excellent oral and written communication skills.

Able to prioritize work assignments and organize work schedules to meet deadlines.

Possess ability to make sound decisions and to follow up with appropriate action.

Able to communicate and work with individuals at all levels, inside and outside the credit union.

• Able to research laws, rules, regulations, and keep informed of current trends in industry.

 

MINIMUM QUALIFICATIONS

Bachelor’s Degree in Business, Finance or Accounting.

Five years professional auditing (and/or accounting) experience in related field required; credit union experience a plus.

CIA, CPA, or other industry certification beneficial.

• Thorough knowledge of audit procedures, regulations and credit union operations helpful.
• Management, supervisory, and organizational abilities; strong analytical, research and problem solving skills; creative and able to develop innovative solutions.

Working knowledge of software and other solutions for internal audit.

Demonstrable keyboard proficiency with strong word processing and spreadsheet skills.

Ability to hear by telephone and in person; ability to speak, write and read English by sight.