Junior Audit Associate

Overview:

The Junior Audit Associate, with 3 to 5 years of experience, is a key contributor to ensuring compliance, risk management, and operational efficiency within the regional office of a subsidiary associated with a public sector bank. This role involves conducting audits, evaluating internal controls, and providing recommendations to enhance business processes and mitigate risks.

Key Responsibilities:

Audit Execution:

- Independently conduct internal audits of the regional office's operational processes, including financial transactions, procurement, and adherence to company policies and regulatory requirements.

- Perform audit procedures such as testing controls, analysing data, and reviewing documentation to assess compliance and identify areas for improvement.

- Document audit findings, deviations from established procedures, and control weaknesses in a clear and comprehensive manner.

Risk Assessment:

- Assist in conducting risk assessments to identify potential risks and vulnerabilities within the regional office's operations.

- Evaluate the effectiveness of existing controls in mitigating identified risks and recommend enhancements or additional controls as necessary.

- Participate in discussions with management to prioritize audit areas based on risk exposure and potential impact on business objectives.

Compliance Monitoring:

- Monitor compliance with company policies, procedures, and regulatory requirements, ensuring adherence to established standards and guidelines.

- Review documentation, contracts, and records to verify compliance with applicable laws and regulations, reporting any instances of non-compliance or deficiencies to management.

- Collaborate with stakeholders to develop and implement corrective actions and control measures to address identified compliance issues and mitigate future risks.

Audit Reporting:

- Prepare detailed and well-organized audit reports documenting findings, observations, and recommendations for management review.

- Communicate audit results and recommendations to regional office management and senior leadership, providing insights into areas requiring attention and improvement.

- Track the status of audit recommendations and follow up on management's response and implementation of corrective actions to ensure resolution of identified issues.

Collaborative Engagement:

- Work collaboratively with cross-functional teams within the regional office to gather information, analyse data, and validate audit findings.

- Foster positive working relationships with regional office staff, providing guidance and support on audit-related matters and promoting a culture of compliance and accountability.

- Participate in meetings, training sessions, and discussions to share knowledge and contribute to the continuous improvement of audit processes and practices.

Continuous Improvement:

- Stay updated on industry trends, regulatory developments, and best practices in auditing and risk management, incorporating relevant insights into audit methodologies and approaches.

- Seek opportunities for professional development and skills enhancement through training, certifications, and networking opportunities.

- Proactively identify areas for process improvement within the audit function and contribute ideas for enhancing efficiency, effectiveness, and quality assurance measures.

Qualifications and Skills:

1. Bachelor's degree in accounting, finance, business administration, or related field.

2. 3 to 5 years of experience in internal auditing, risk management, or compliance, preferably within the banking or financial services industry.

3. Strong understanding of auditing principles, techniques, and methodologies, with the ability to independently plan, execute, and report on audit engagements.

4. Knowledge of relevant laws, regulations, and industry standards governing financial institutions and shared service subsidiaries.

5. Excellent analytical skills with the ability to interpret complex data, identify trends, and draw meaningful conclusions.

6. Effective communication skills, both verbal and written, with the ability to present audit findings and recommendations to diverse stakeholders.

7. Proficiency in audit software, data analysis tools, and Microsoft Office Suite.

8. Professional certifications such as CIA (Certified Internal Auditor) or CISA (Certified Information Systems Auditor) preferred.

9. Detail-oriented, with strong organizational skills and the ability to manage multiple priorities and deadlines effectively.