Head of Internal Audit and Forensic Practice

Job highlights

• Preferred candidate profile . We are seeking a highly skilled and experienced professional to lead the Internal Audit and Forensic Practice for our esteemed client,a midsize company embarking on a new and exciting journey in this domain

Job description

Role & responsibilities

Develop and implement the Internal Audit and Forensic practice for the client

Lead and manage a team of auditors and forensic accountants.

• Design and execute audit plans and forensic investigations.
• Identify and assess risks, control weaknesses, and areas for improvement.
• Provide strategic insights and recommendations to senior management.
• Ensure compliance with regulatory requirements and industry standards.
• Foster a culture of continuous improvement and ethical practices.
• Liaise with external auditors, regulators, and other stakeholders.

Here are some popular interview questions along with probable answers for the job description:

1. Can you describe your experience with developing and implementing an Internal Audit and Forensic practice?

Answer: "I have over [X years] of experience in internal auditing and forensic accounting. In my previous role at [Company], I successfully developed and implemented an Internal Audit and Forensic practice by establishing robust audit plans, conducting thorough risk assessments, and executing detailed forensic investigations. This involved close collaboration with senior management to identify key risk areas and design strategies to mitigate them."

2. How do you design and execute audit plans and forensic investigations?

Answer: "I start by understanding the business environment and identifying key risk areas. I then develop an audit plan that outlines the scope, objectives, and methodology for the audit. During execution, I gather and analyze data, conduct interviews, and perform tests to gather evidence. For forensic investigations, I follow a systematic approach to identify discrepancies, collect and preserve evidence, and analyze financial records to uncover any fraudulent activities."

3. Can you give an example of a significant risk you identified and how you addressed it?

Answer: "At [Previous Company], we identified a significant risk in the procurement process where there was potential for fraudulent vendor payments. To address this, we conducted a detailed forensic investigation, implemented stronger internal controls, and provided training to staff on fraud detection and prevention. As a result, we reduced the risk of fraudulent payments by [X%]."

4. How do you provide strategic insights and recommendations to senior management?

Answer: "I provide strategic insights by analyzing audit findings and forensic investigation results to identify trends and root causes. I then prepare comprehensive reports highlighting key issues and recommendations. I present these findings to senior management through detailed presentations, ensuring that my recommendations are practical, actionable, and aligned with the organization’s strategic objectives."

5. What measures do you take to ensure compliance with regulatory requirements and industry standards?

Answer: "I stay updated on the latest regulatory requirements and industry standards by attending relevant training sessions, webinars, and conferences. I incorporate this knowledge into our audit and forensic practices by regularly reviewing and updating our policies and procedures. Additionally, I ensure our team undergoes continuous professional development to maintain compliance."

6. How do you foster a culture of continuous improvement and ethical practices within your team?

Answer: "I encourage continuous improvement by promoting a learning culture within the team, where we regularly review our practices and seek feedback. I also emphasize the importance of ethical behavior through regular training and by setting a personal example. I ensure that all team members understand the ethical standards expected of them and provide support when they face ethical dilemmas."

7. Describe a time when you had to liaise with external auditors, regulators, or other stakeholders. How did you handle it?

Answer: "In my previous role, I coordinated with external auditors during our annual financial audit. I facilitated their access to necessary documents, provided them with requested information, and ensured open communication throughout the process. I also liaised with regulators during a compliance review, where I presented our audit findings and demonstrated our compliance efforts. This collaborative approach helped build trust and ensured a smooth audit and review process."

8. How do you identify and assess risks and control weaknesses within an organization?

Answer: "I use a combination of techniques to identify and assess risks and control weaknesses, including risk assessments, internal control reviews, and data analytics. I also conduct interviews with key personnel and review relevant documentation. By analyzing this information, I can identify potential risks and weaknesses and prioritize them based on their potential impact on the organization."

9. What tools and technologies do you use in your audit and forensic investigations?

Answer: "I use various tools and technologies to enhance the efficiency and effectiveness of audits and forensic investigations. These include data analytics software like ACL and IDEA, forensic accounting tools like EnCase and FTK, and audit management software like TeamMate and AuditBoard. These tools help in data analysis, evidence collection, and documentation, ensuring a thorough and accurate investigation."

10. How do you ensure your audit plans and forensic investigations align with the client's strategic objectives?

Answer: "I start by understanding the client's strategic objectives and risk appetite. I then tailor our audit plans and forensic investigations to focus on areas that are critical to achieving these objectives. Regular communication with the client's senior management ensures that our efforts remain aligned with their strategic goals and provide value-added insights."

These questions and answers will help candidates prepare for interviews for the role described. They cover various aspects of the job, from technical skills to strategic thinking and communication abilities.