General Summary
Responsible for developing, implementing, and overseeing an internal audit plan. Complete audits in accordance with the annual audit plan and reports to the Supervisory Committee at each planned meeting. Performs ongoing reviews of internal control system and consult with Board of Directors in their efforts to improve internal controls and the efficiency of operating procedures to ensure compliance with policies and regulations. Complies and issues reports detailing conclusion of reviews including recommendations for improvements. Assesses the adequacy and extent of programs designed to safeguard assets. Performs such audit functions as balancing, reconciling, verifying, sampling, evaluating, reviewing, and confirming in the areas of loans, shares, cash and overall Branch security. Reports functionally to the President/CEO and administratively to the Vice President of Risk Management and Lending.
Essential Functions
- Develop, implement, and direct credit union audit activities, policies, and procedures.
- Review and appraise policies and procedures for strict compliance with regulations as well as safeguarding all credit union assets. Recommend changes and improvements to audit procedures or policies and/or implement changes as directed.
- Recommend and assist in the development of credit union processes and controls to continuously audit credit union operations and financials.
- Perform risk and control assessments for all credit union departments.
- Oversee and manage any external auditors or auditing firms partnering with the credit union. Evaluate for efficiency, depth of knowledge, and cost-effectiveness.
- Perform periodic reviews of auditing processes, procedures, and both internal auditors and outsourced auditors. Communicate internal control weaknesses to management/board based on audits.
- Interact with regulatory examiners on special request by the CEO for unusual issues. Serve as credit union liaison with outside auditors and regulatory examiners.
- Prepare written and verbal reports of audit activities for the CEO, and/or Board.
- Ensure that financial accounts will stand up to outside scrutiny through stringent adherence to generally accepted accounting principles (GAAP).
- Develop, perform, and oversee various "spot check" internal audit procedures, i.e., cash counts, teller drawer audits, review of employee accounts, loan documentation, wire transfers, etc. Review random sampling of all new loans for exceptions to policies and procedures.
- Identify whether operating policies and procedures are adequate to measure and control the economical and efficient use of resources. Develop and implement new procedures to enhance the audit process.
- Keep abreast of all trends and developments in regulatory requirements, general accounting principles, or audit techniques. React quickly to any changes to protect the credit union's interests.
- Coordinate and conduct investigations of suspected and/or actual internal fraud.
Additional Functions
- Attend meetings, training courses, conferences and seminars.
- Review examination reports stating findings of the audit and report them to upper management.
- Co-ordinates regular Supervisory Committee meetings including the preparation of meeting minutes.
Job Specifications
- Requires completion of high school education, plus additional college level accounting coursework
- Two to four years of financial institution and accounting experience required.
- Excellent verbal, written and interpersonal communications skills with the ability to instruct others, train personnel, write reports, correspondence and procedures, and speak clearly to board and employees
- Strong analytical, research and problem-solving skills
- Good organizational and time management skills
- Basic keyboarding and data entry skills including knowledge of Outlook, Word and Excel
- Excellent mathematical skills (compute discount, interest, profit and loss ratio and proportion and percentage)
- A positive, professional image and a high degree of confidentiality within the workplace
Supervisory Responsibilities:
This position does not have a supervisory role.
Physical Demands:
While performing duties of this job, the employee will communicate and converse with employees, maintain a stationary position (standing and sitting), move/traverse, kneel, bend, and reach with hands and arms for extended periods. This position must be able to access and navigate each department at the organization's facilities.
Equal Employment Opportunity (EEO) Statement
Signet Federal Credit Union is an Equal Opportunity Employer and is committed to maintaining a professional, inclusive, and respectful environment for all individuals. We celebrate diversity and do not discriminate on the basis of race, color, national origin, gender, sex, sexual orientation, pregnancy, gender identity, age, disability, religion, national origin, genetic information, veteran status, or any other characteristic protected by federal, state, or local laws. Furthermore, Signet Federal Credit Union is committed to providing reasonable accommodation to individuals with disabilities to ensure equal employment opportunities. If you require accommodation during the application or interview process, please contact the Human Resources Department to make arrangements.
Disclaimer
The statements contained in this job description are not intended to represent an exhaustive list of all responsibilities, duties, and skills required of the position. Candidates hired for this position may be assigned to work at any of our branch locations. The job description is subject to change at any time and nothing in this job description restricts management. Signet Federal Credit Union reserves the right to modify or change the duties or essential functions of this job at any time, with or without notice, based on the needs of the business. This job description does not constitute a contract of employment, and employment at Signet Federal Credit Union is at will.
