BANKIGA DHEXE EE SOOMAALIYA

CENTRAL BANK OF SOMALIA

Post Title: Audit Officer (Compliance)

Duty Station: CBS Headquarter

Expected starting date: 07-October- 2022

Status: Permanent

Appointment Type: Full-time

Reports to: Head of Audit operations, finance, and compliance

Supervises: None

1-  Role

Senior Internal Audit Compliance Officer is responsible for conducting audits and inspections to ensure that the bank adheres to set internal policies. Procedures, rules and regulations and applicable external laws, regulations, and standards. Protects assets by completing audits; ensuring compliance with regulations and internal controls; recommending improvements in internal control structure; guiding the work of auditors.

2-  General Description

The Central Bank of Somali’s (CBS) main objective is to promote and maintain a safe, stable, sound, efficient and competitive financial sector. Within the Central Bank of Somalia, the Internal Audit Department’s (IAD) primary objective is to provide independent and objective assurance to the management and the board (audit committee) on risk management, controls, and governance by measuring and evaluating their effectiveness in achieving the CBS’s agreed objectives.

3-  Duties and Responsibilities

• Develop a risk-based compliance test plan by selecting appropriate audit approach, test procedures and sampling criteria based on professional judgment and departmentally defined internal audit methodology
• Perform Compliance audits and prepare working papers and audit reports in accordance with professional IIA standards evaluate the adequacy of process design and the effectiveness of controls in meeting business and control objectives. Identify and document control and process weaknesses and provide evidential support for findings
• Liaise with audit managers to ensure proper implementation of established compliance policies
• Review internal bank policies to ensure they align with external banking regulations
• Conduct research to identify new regulations passed by the bank BOD and the parliament as well.
• Collaborate with other units such as the risk management, Operational and financial audit and the IT audit unit to forward compliance issues for investigation
• Initiate or recommend an investigative process in response to complaints of policy or procedural violation
• Conduct internal audits prior to an external audit to ensure bank policies and operations are up to standard
• Carry out and document periodic and annual risk assessments to identify areas of potential compliance risks
• Provide reports on a regular basis to audit management to keep them updated on progress of compliance Matters across bank
• Ensures compliance with regulations and controls by examining and analyzing records, reports, operating practices, and documentation; recommending opportunities to strengthen the internal control structure
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances compliance functions and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Any other duties that may be assigned from time to time.