HEAD, INTERNAL AUDIT & ASSURANCE AT SOVEREIGN FINANCE COMPANY LIMITED

About Company:

Sovereign Finance Limited is a leading financial services provider with a prime disire to promote trailblazing Financial and Investment solution to customers in diffirent sector of the Nigeria Economy. Our priority is to creat opportunities for our clients to save accumulate capital and build sustainable wealth.

Job Description:

• The Head of Audit and Assurance will oversee all audit and assurance activities within the organization. 
• This role is responsible for managing the internal audit department, conducting audits, ensuring regulatory compliance, and providing strategic assurance across financial and operational processes. 
• The Head of Audit and Assurance will also develop the annual audit plan, execute risk-based audits, and advise the Board and senior management on control improvements and governance standards.

Requirements:

• Audit Plan Development: Develop and implement a comprehensive annual audit plan that aligns with the company’s strategic goals and risk management framework.
• Audit Execution: Oversee and conduct internal audits across departments, including finance, operations, credit, admin, compliance, and IT.
• Audit Supervision: Lead and manage the internal audit team, providing guidance and support in the execution of audit engagements.
• Continuous Improvement: Regularly review audit methodologies and ensure best practices are applied across audit activities.

Risk Management & Internal Controls:

• Risk Assessment: Identify key risks facing the business, prioritize audits based on the highest risks, and recommend improvements to the risk management framework.
• Internal Controls Evaluation: Review the effectiveness of internal controls across business functions, including financial reporting, operations, and IT systems.
• Control Recommendations: Provide actionable recommendations to strengthen internal controls, improve governance processes, and reduce risk exposure.

Assurance and Compliance:

• Regulatory Compliance: Ensure adherence to all regulatory requirements (including CBN regulations) and industry best practices by conducting compliance audits and recommending corrective actions.
• Assurance Reviews: Conduct independent assurance reviews on key financial reports, business processes, and governance structures.
• Policy Review: Regularly assess and update the company’s policies and procedures to ensure compliance with regulations and internal governance requirements.

Stakeholder Engagement and Reporting:

• Board and Audit Committee Reporting: Prepare and present comprehensive audit and assurance reports to the Board of Directors and Audit Committee.
• Management Reporting: Collaborate with senior management to ensure that audit findings are communicated effectively and acted upon.
• External Audits Coordination: Work with external auditors to support statutory audits and ensure a smooth and efficient audit process.

Team Leadership and Development:

• Audit Team Development: Lead, mentor, and develop the internal audit team, ensuring continuous professional development and training.
• Performance Management: Ensure the audit team meets its performance targets, providing feedback and conducting performance appraisals.
• Recruitment: Assist in the recruitment and onboarding of new team members as necessary.

Strategic Advisory:

• Strategic Advice: Provide advice to the Board and management on emerging risks, governance trends, and improvements to operational efficiency.
• Business Process Improvement: Identify and recommend improvements to business processes that will enhance operational efficiency, financial performance, and governance standards.

Key Performance Indicators (KPIs)
Completion of Annual Audit Plan:

• Expectation: Ensure 100% completion of the annual audit plan within the designated timeframe, covering all high-risk areas.
• Timeline:
  • Present the annual audit plan within 10 days of the new fiscal year.
  • Achieve 100% completion of scheduled audits by the end of the year.

Timeliness of Audit Reports:

• Expectation: Issue detailed audit reports for each engagement within 5 business days after the completion of the audit.
• Timeline:
  • 100% of audit reports submitted within 5 business days following each audit engagement.

Risk Mitigation and Control Improvements:

• Expectation: Ensure that 80% of audit recommendations, particularly those related to high-risk areas, are implemented within the stipulated time of the audit report.
• Timeline:
  • Monthly follow-up on audit recommendations to ensure implementation within 30 days.

Regulatory Compliance Audits:

• Expectation: Achieve 100% compliance with CBN regulations and other relevant regulatory bodies in all audits.
• Timeline:
  • Conduct quarterly regulatory compliance reviews and report findings to senior management and the Audit Committee within 7 business days after the audit.

Internal Control Effectiveness:

• Expectation: Ensure that internal controls are effective, with no more than 5% of audits identifying significant control weaknesses.
• Timeline:
  • Bi-annual internal control assessments across departments, with a 95% effectiveness target in each audit.

Stakeholder Communication and Reports:

• Expectation: Provide quarterly reports to the Audit Committee and the Board, ensuring clear communication of findings, risks, and recommendations.
• Timeline:
  • Quarterly reports submitted within 7 business days of the quarter-end, summarizing audit findings and actions taken.

Audit Team Performance and Development:

• Expectation: Ensure that 90% of audit team members meet their individual performance targets and participate in professional development programs.
• Timeline:
  • Quarterly performance appraisals for the audit team.
  • Organize at least four internal training sessions per year for the audit team.

Cost Efficiency in Audit Operations:

• Expectation: Keep the audit department’s operating costs within the approved annual budget, with any variances kept below 5%.
• Timeline:
  • Monthly budget reviews to monitor audit department costs.

External Audit Coordination:

• Expectation: Coordinate external audits efficiently, ensuring no delays and achieving at least 95% satisfaction from external auditors.
• Timeline:
  • Ensure all required materials and information are provided to external auditors within 5 business days of request.

Qualifications and Skills:

• Candidates should possess a Bachelor's Degree qualification with 10 - 15 years of work experience.

Salary

Application Closing Date: 30th April, 2025

Company Website

Application Instructions:

Interested and qualified candidates should send their CV to:  racheal.jacob@sovereignfinanceltd.com using the job title as the subject of the email.