The Audit Specialist is responsible for conducting internal audits to assess the effectiveness of controls, accuracy of processes, and the efficiency of operational areas. This role involves performing audit planning, fieldwork, and reporting activities in accordance with internal audit standards and practices.

This position plays a crucial role in ensuring the integrity and effectiveness of the organization's operations and financial reporting. The Audit specialist must be detail-oriented, have a strong analytical mindset, and a commitment to upholding high standards of compliance and control.

• Creates comprehensive audit plans and programs by assessing key risks and establishing critical controls within the audit scope.
• Conducts detailed audits including data collection, analysis, and testing of internal controls.
• Evaluates the effectiveness and efficiency of operations and compliance with applicable laws and regulations.
• Documents audit findings, prepares work-papers, and ensures proper evidence is maintained.
• Drafts clear and concise audit reports summarizing findings, conclusions, and recommendations.
• Monitors changes in laws, regulations, and industry standards.
• Performs risk assessments to identify areas of potential vulnerability and risk.
• Assists in the development and implementation of risk management strategies.
• Recommends improvements to policies, procedures, and systems to enhance internal controls.
• Remains up to date on best practices in audit and internal controls.
• Preforms other duties as assigned.

KNOWLEDGE/SKILLS/ABILITIES:

• Knowledge
  • Accounting Principles and Standards:
    • Understanding of Generally Accepted Accounting Principles (GAAP).
    • Familiarity with Sarbanes-Oxley Act (SOX) requirements and other relevant regulatory frameworks.
  • Audit Procedures and Techniques:
    • Comprehensive knowledge of audit methodologies, including risk assessment, sampling methods, and internal control testing.
    • Understanding of both internal and external audit processes.
  • Regulatory Requirements:
    • Knowledge of industry-specific regulations, such as those pertaining to healthcare, finance, or government sectors.
  • Information Technology (IT) Auditing:
    • Understanding of IT systems, databases, and software relevant to financial reporting and auditing.
    • Knowledge of cybersecurity risks and controls, data privacy regulations, and IT governance frameworks.
  • Fraud Detection and Prevention:
    • Knowledge of common fraud schemes and red flags.
    • Understanding of investigative techniques.
• Skills
  • Analytical Skills:
    • Strong ability to analyze complex financial and operational data and identify discrepancies, trends, and risks.
    • Skilled in interpreting audit findings and providing clear, actionable recommendations.
  • Attention to Detail:
    • High level of accuracy and thoroughness in reviewing financial documents, audit reports, and compliance materials.
    • Ability to detect errors, omissions, and inconsistencies.
  • Communication Skills:
    • Excellent written and verbal communication skills to clearly articulate audit findings, recommendations, and reports.
    • Ability to communicate complex information to non-technical stakeholders.
  • Problem-Solving Skills:
    • Ability to identify issues, think critically, and develop effective solutions to mitigate risks.
    • Proficient in conducting root cause analysis and proposing corrective actions.
  • Time Management and Organization:
    • Strong organizational skills to manage multiple audits, deadlines, and priorities simultaneously.
    • Ability to work efficiently under pressure and meet strict deadlines.
  • Teamwork and Collaboration:
    • Ability to work effectively as part of a compliance team, collaborating with other auditors, compliance and risk staff, and management.
    • Strong interpersonal skills to build relationships with colleagues and clients.
• Abilities
  • Ability to Conduct Independent Audits:
    • Capability to plan, execute, and report on audits independently, including determining the scope, objectives, and audit plan.
    • Ability to exercise sound judgment and maintain objectivity and integrity throughout the audit process.
  • Critical Thinking:
    • Ability to think strategically and critically assess the implications of audit findings on the organization’s operations and compliance posture.
    • Ability to foresee potential risks and pro-actively address them.
  • Adaptability:
    • Ability to adapt to changing regulations, industry standards, and organizational environments.
    • Flexibility to handle unexpected challenges and changes in audit scope or priorities.
  • Ethical Judgment:
    • Strong sense of ethics and integrity in handling confidential and sensitive information.
    • Ability to make impartial and fair decisions that adhere to professional standards and regulatory requirements.
  • Technical Proficiency:
    • Ability to effectively use audit software and tools, such as ACL, IDEA, or Excel, to perform data analysis and audit testing.
  • Continuous Learning:
    • Willingness and ability to stay updated on changes in accounting standards, auditing practices, and industry-specific regulations.
    • Commitment to ongoing professional development.

EDUCATION:

• Bachelor's Degree in Accounting, Finance, or related field required.
• Master's Degree in Accounting, Finance, or related field preferred.

WORK EXPERIENCE:

• 3 years of audit experience, preferably in internal audit or public accounting required.
• 7 years of audit experience, preferably in internal audit or public accounting preferred.

LICENSES & CERTIFICATIONS:

• Obtain an Industry recognized professional certification in Internal Audit, Audit, or Risk within 2 years required.
• Professional certifications such as CPA,CIA, or CISA preferred.