Purpose of the Job

The primary role of the Internal Audit Officer is to provide internal audit services to the Insurance Sector Education and Authority (INSETA) in accordance with the Global Internal Audit Standards (GIAS) and mandatory elements of the International Professional Practises Framework (IPPF).

Key Performance Areas:

Outputs

1. Planning and Risk Analysis (20%)

• Assist with the business risk analysis
• Maintain personal time records
• Manage tasks and time budget
• Prepare analytical review of financial and non-financial data in collaboration with the internal audit manager
• Collate relevant data, including previous audit reports and working papers, AG reports/management letters, and control environment reviews
• Conduct a preliminary survey

2. Documentation and Information Flow (20%)

• Understand all aspects of the audit area, including financial and management information flows, policies and procedures, and compliance with relevant statutes
• Identify auditable processes within a business process/activity under review
• Follow information flows from initiation to reporting in the business process
• Record information on flow-charting software

3. Systems Risk and Control Identification (20%)

• Analyse risks associated with each applicable process
• Identify critical control points in a system
• Quantify consequences of a breakdown in a control
• Provide inputs for the development of audit procedures for adequate controls

4. Audit Testing (20%)

• Conduct a preliminary evaluation of controls
• Perform compliance tests (tests of control effectiveness)
• Adopt appropriate statistical samples as designed by the internal audit manager
• Perform audit tests as per programme prepared by the internal audit manager
• Document test results on working papers

5. Evaluation and Reporting (20%)

• Conclude on working papers as to the impact of audit tests performed
• Prepare recommendations for the improvement of procedures and controls
• Extrapolate the impact of errors on the sampled population
• Assist the internal audit manager in performing follow-up audits
• Conclude on all working papers and prepare working papers in accordance with GIAS and Audit Methodology
• Draught report recommendations identified during field work
• Ensure smooth communication within the function and with auditees

Required Qualifications and Experience

Qualifications:

Minimum Requirements:

• Grade 12 (or equivalent qualification)
• NQF 6 National Diploma with Internal Auditing/Auditing and Accounting as majors
• Member of the Institute of Internal Auditors (IIA)

Added Advantage:

• NQF level 7 qualification in Internal Auditing/Auditing and Accounting & IAT/GIA/PIA
• Obtained or studying towards CIA/CISA/CA

Experience:

Minimum Requirements:

• Minimum of 3 years' experience in Internal or External Auditing
• Experience in a SETA/Public Sector environment is an advantage

Required Knowledge and Skills

Knowledge:

• Legislations governing SETAs
• Generally Recognised Accounting Practise (GRAP), Generally Accepted Accounting Principles (GAAP)
• GIAS/IPPF
• Internal auditing, risk management, the Public Finance Management Act (PFMA), and Treasury Regulations
• Understanding of internal a