Internal Auditor Manager / VP
Branch Location: Sewell, NJ
Reporting to: EVP/Chief Operations Officer
The Internal Auditor’s (IA) function has been established within the Bank as a service to management, the Board of Directors and Audit Committee. The Internal Auditor of Parke Bank will ensure an independent, quality assurance function designed to add value and ensure the Bank has an effective system of internal controls.
The Internal Auditor (IA) will act independently from management and primarily assist the Audit Committee by acting in the capacity of an Internal Audit Manager and liaison between the Bank and the outsourced Independent Audit Firm. The Audit Committee will monitor the internal audit function and evaluate its performance.
The Audit Committee assigns responsibility for the internal audit function to the internal auditor, who understands the function and has no responsibility for operating the system of internal control. The internal auditor shall report directly to the Audit Committee regarding internal audit issues.
- The Internal Audit Manager will coordinate with the outsourced Independent Audit Firm all audits scheduled for the year (Audit Schedule Plan) and management to ensure the audit plan is based on the control risk assessments and includes a summary of key internal controls within each significant business activity and the timing and frequency of planned internal audit work.
- The Audit Schedule Plan must be presented and approved by the Audit Committee each year.
- The Internal Audit Manager will review each audit conducted by the outsourced independent auditors and confirm the following:
- Executive Summary: That the audit scope includes the respective department, audit time period, and all steps or processes that occurred in the audit.
- Result of Audit: That report ratings (Strong, Satisfactory, Needs Improvement, and Unsatisfactory) are well supported.
- Objective: Evaluate the compliance objectives or quality of systems and controls and ensure that appropriate testing & sampling was performed.
- Findings and Recommendations: Assigned risk ratings (High, Moderate, or Low) will be verified.
In addition, the Internal Audit Manager will perform a QC on a sampling of the processes performed by the outsourced audit firm and the findings identified in the audit report and ensure that testing was adequate based on the process or controls.
- Audit Tracking- Findings that arise from internal and external audits, and regulator exams, are tracked, monitored, and followed up on with department supervisors and senior management in a timely manner. Findings are reviewed at Compliance and Audit Committee meetings. The Internal Audit Manager has implemented an audit management solution that will track and document Audit Report Findings and Recommendations for each audit and incorporates an Internal Audit Manager verification process to report to management and Audit Committee the resolution, completion and timing of each finding reported by the outsourced internal auditors. (Internal Auditor Worksheet Matrix-Progress Report)
- Internal Audit Manager will conduct and supervise semi-annual cash and compliance Branch audits.
- The Internal Audit Manager will stay up to date with current Regulatory rules & regulations and current Industry standards.
- Performs all other duties as assigned by Management as related to the Bank and its functions.