DIRECTOR OF INTERNAL AUDIT

Job Summary

The Director of Internal Audit is accountable for the development, implementation, and maintenance of an annual internal audit plan to assure compliance with all applicable statutory requirements, rules and internal policy.  This position supervises the Internal Auditors and serves as an advisor to the Executive Director on matters involving compliance, business procedures, and effectiveness of internal operations.  This position also provides consultation and technical assistance to TRS management and staff regarding risk-based decision making and serves as the System’s staff liaison to the Board of Trustees Audit Committee.

The Director of Internal Audit is responsible for the development, implementation and maintenance of a comprehensive internal audit program, which includes evaluation of operations and controls on all major TRS activities.  This position provides independent, objective assurance and consulting services designed to add value and improve the organization’s operations.  Audit work is completed in accordance with the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics promulgated by the Institute of Internal Auditors. The incumbent presents oral and written reports to the Executive Director and executive management regarding the results of audits including recommendations for improvement. The position is also expected to provide proactive consultative recommendations related to System operations such that all activities, policies and procedures are administered and implemented in the most effective means possible.   

Essential Functions

• Lead and manage internal audit activities, including planning, execution, and reporting
• Proactively offer counsel and advice on best practices for business processes throughout TRS.
• Oversee a comprehensive internal audit program that satisfies the requirements set forth in the Fiscal Control and Internal Auditing Act (FCIAA) including the annual development of a two-year audit plan based on a risk assessment
• Effectively perform audits across the entire organization, especially in areas that require technical expertise including Investments, Information Technology and Member Services.
• Assist and oversee the work of external (contracted) auditors hired to assist Internal Audit in specialized areas.
• Monitor the planning activities for audits which includes defining the objectives and scope of the audit, documenting business processes and procedures, and developing the audit program.          
• Ensure audits are performed in accordance with the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics promulgated by the Institute of Internal Auditors.  This includes collecting and analyzing data; testing compliance with internal and external rules, laws and regulations; evaluating internal controls; identifying and developing potential issues and recommendations; and documenting the work performed in the audit work papers.
• Develop and maintain a system for the follow-up of findings and observations for both internal and external audits. 

Essential Functions Continued

• Promote a risk-aware culture throughout the organization by providing guidance, direction and assistance to TRS management and staff
• Present audit reports including any findings and/or observations to the Executive Director, Executive Management, and the Audit Committee of the Board of Trustees.
• Monitor the planning and implementation of system implementation projects and operational enhancements to identify and mitigate potential risks, offer counsel on best practices and anticipate and develop appropriate audit procedures.
• Ensure the integrity of safe storage of all audit documents according to the agency record retention policy as prescribed by the State of Illinois Records Commission.
• Work with management to proactively review and analyze business processes pertaining to risk and controls.
• Assist the Chair of the Enterprise Risk Management Committee (ERMC) as necessary to ensure proper oversight and disciplined thought about existing and emergent risks facing TRS.
• Plan and budget for the immediate and long-term needs of the Audit Department including resource needs, new technology and organizational structure.
• Perform other duties as required or assigned.

Knowledge, Skills and Abilities

• Excellent collaboration and team building skills                                                                              
• Ability to drive multiple projects to successful completion
• Effectively coaches and delivers constructive feedback                                                                
• Excellent analytical, problem-solving, and decision-making skills
• Proficiency in audit software and risk management tools      
• Strong knowledge of internal audit standards, risk assessment methodologies, and regulatory requirements                                            
• Demonstrates excellent judgement and decision-making skills
• Assumes personal responsibility for actions                        

Minimum Requirements

• A Bachelor’s degree in Accounting, Auditing, Finance, Business Administration, or a related field is required.  A Master’s degree is preferred.  Minimum of five years of experience in internal audit, assurance, risk management, or compliance, with at least three years in a leadership role.
• Certified Public Accountant (CPA), Certified Internal Auditor (CIA) or five years progressively responsible professional auditing experience required

Benefits

• State health, dental, life, and vision insurance
• 12 vacation, 12 sick, and 3 personal time days of compensated time
• Teachers’ Retirement System Pension
• Deferred compensation plan