Director of Internal Audit

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Job description

Director of Internal Audit

US-MI-Lansing

Job ID:
Type: Regular Full-Time
# of Openings: 1
Category: Management
Farm Bureau Center

Overview

Director of Internal Audit Objective

To direct and manage the Internal Audit Department to ensure that audit work fulfills the general purposes and responsibilities established in the Internal Audit Charter as approved by the Audit Committee of the Board of Directors and addresses audit, risk and compliance issues to help guide the direction of the organization. To perform and administer a comprehensive program of internal audit examinations on auditable activities of the Michigan Farm Bureau and its Affiliated Companies.

Responsibilities

Director of Internal Audit Responsibilities

Provide overall management and supervision of the internal audit function to ensure that audit resources are efficiently and effectively employed.

Develop an annual audit plan. This plan will include a schedule of audit examinations to be performed utilizing a risk assessment process to prioritize auditable activities, and as appropriate will incorporate audits that will cover the companies' top risk as identified in the Farm Bureau Insurance Enterprise Risk Management Process. Present the annual internal audit plan to the Audit Committee of the Board of Directors.

Conduct an audit of the Enterprise Risk Management Process and present the results to the Governance and Risk Committee.

Evaluate the adequacy and effectiveness of the companies' internal financial, administrative, information systems, and operational policies and controls. Ascertain the extent to which company assets are accounted for and safeguarded from losses of all kinds. Review the extent of compliance with company procedures and policies.

Review and approve the final internal audit report before issuance on each audit examination. Set periodic meetings with the General Counsel and Secretary, Treasurer, Farm Bureau Insurance Executive Vice President and other executive levels of management to discuss the results of completed audits.

Provide the Audit Committee with a summary report of internal audits completed noting audit findings categorized as significant, major or minor. Report management's response to significant audit findings and whether the audit findings have been satisfactorily resolved.

Perform the annual year-end financial statement audits or reviews of Michigan Farm Bureau Financial Corporation, Community Service Acceptance Company (CSAC), MFB, Inc., Michigan Agricultural Cooperative Marketing Association (MACMA), Gravity Works, FBL Real Estate LLC, and Great Lakes Ag Labor Services, LLC (GLALS) as approved by the Audit Committee of the Board of Directors. Present the results of the audits and reviews of financial statements and any report of internal control weaknesses to the Audit Committee of the Board of Directors. Provide the Audit Committee chairman with a summary of Audit Committee activities to report at appropriate company board of director meetings.

Coordinate external audit efforts to ensure adequate audit coverage and to minimize duplication of efforts for the Michigan Farm Bureau and its Affiliated Companies. This coordination includes involvement in the external audit plan, setting external audit timetables, arranging work flow assistance from appropriate management personnel and providing the external auditors with internal audit work papers and reports on those core activities audited.

Coordinate the periodic examinations of the State Department of Financial and Insurance Services for Farm Bureau Insurance.

At the request of the Audit Committee of the Board of Directors, complete request for proposals (RFP) in obtaining external audit services. For external audit engagement cycles that are renewing, negotiate and finalize audit fees. Periodically report on the outcome of services being provided.

Conduct periodic Audit Procedure and Practice orientations to new members of the Audit Committee of the Board of Directors.

Evaluate and assess significant changes in operations and underlying processes specifically as it relates to control issues coincident with their development, implementation and/or expansions.

Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of the Internal Audit Charter.

With the Director of Human Resources and Assistant General Counsel, respond to callers or web submissions generated by the Farm Bureau Ethics Line. Based on the call allegation determine if any investigation needs to be completed to bring the complaint to a conclusion. Maintain the online reporting system provided by the vendor including all complaint follow-up.

Coordinate the annual conflict of interest reporting of all Level I through IV managers and supervisors. Report any violation of policy to appropriate Level I managers.

Conduct special fraud investigations as requested by management. Develop and provide factual evidence to support case for trial.

Communicate to the Retirement Committee the results of internal audits on the Farm Bureau Employees Defined Benefit Pension and 401(k) Plans. Perform annual expense reconciliation reviews of the expenses incurred under the Defined Benefit Plan and communicate the same to the Retirement Committee.

Provide other audit services and consultation on special requested projects by management as time permits within the annual audit plan.

Assist in the design and implementation of Internal Audit's Control testing as part of compliance with the NAIC's Model Audit Rule. Provide a report to the Farm Bureau Insurance Chief Executive Officer as to the attestation of whether key controls are functioning as established.

Qualifications

Director of Internal Audit Qualifications

Required

Bachelor's degree with a major in accounting required; a minor in business administration or other related field preferred.

Ten or more years' experience in auditing required.

Three to five years in internal audit at a management level required.

Must possess a valid driver license with an acceptable driving record.

Designations of Certified Public Accountant (CPA) or Certified Internal Auditor (CIA) required.

Preferred

Professional designations and work experience in information systems auditing, property/casualty insurance, life insurance, and nonprofit and cooperative accounting practices preferred.

Note: Farm Bureau offers a full benefit package including medical, dental, vision, and 401K.

PM19

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Compensation details: 69 Yearly Salary

PI41f353ace1c3-3519

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