Audit Associate – BSA/AML coverage

Summary of the position

The Senior Auditor performs, under the supervision of a Lead Auditor, preliminary assessments of the audited activity and its internal control framework. He/she performs independent testing and analysis on specific controls in order to meet the audit’s objectives. He/she also contributes to drafting the debriefing presentation and the final report sent to Management.

Depending on the assignment, Senior Auditors may directly supervise one or more junior auditors and may act as deputy to the Lead Auditor.

Key Responsibilities:

The Audit Associate is expected to work independently under minimum supervision, provide appropriate effective challenge of the control environment, and manage his/her time to meet all deliverable dates to keep the audit plan on schedule.

I – Conduct of assignment

• Independently carry out audit planning and fieldwork of audit coverage, including:
• A preliminary assessment of the audited activity highlighting the related risks and controls
• Interviews, testing and analysis of the results of the controls planned in the audit program
• Documented awareness of the regulatory requirements, impacts, and/or expectations pertaining to coverage area(s).
• Provide comprehensive documentation in test sheets the controls performed, and conclusions reached
• Identify and report on strengths and weaknesses of the audited areas, analyse the root causes and risk impact of the identified weaknesses, develop remediation and recommendations to address the audit findings and conclude on the effectiveness of the control set-up and business practices
• Maintain open communication with auditees during coverage to prevent confusion or surprises, including documenting issues and identifying owners during the audit
• Present audit conclusions to IGE management and to the management of the audited unit (debriefing presentation, final audit report, etc.)
• Keep the Lead Auditor in charge of the assignment/ Local Head of Audit informed of the progress on the audit work assigned, and escalate any issues that may impact or delay the audit’s execution, or raise any other relevant information on the assigned audit and the risk and control environment
• Conduct recommendations follow-ups through the monitoring of remediation status and corrective actions taken by Management prior to closing any recommendations
• Properly archive of any supporting documentation, audit evidence and deliverables in the designated IGE tools.