Head, Internal Audit (OQ8)

Job title

 Head of Internal Auditrade

Stream

OQ8

Function

Internal Audit

Location

Muscat, Oman

Budget control

*OPEX and/or CAPEX and/or Revenue amount as relevant*

Reporting to

Board Audit and Risk Committee

Direct reports

TBC

Job Purpose:

To build the Internal Audit Department as an independent organization with the right resources and processes / tools, to provide assurance to key stakeholders (Executive Management / Board of Directors (BOD) / Senior Management / Audit Committee / Shareholders) that OQ8 is managing risk effectively with appropriate governance and internal control processes in line with international standards. Advise the Board of Directors on how to increase the value of the companies’ corporate activities.

The position will act in accordance with OQ8’s mission, vision, values and strategies, as well as policies, guidelines and international standards, supported by an IT Technology platform, HSE local and international standards, Oman government and other applicable regulations and best international practices aligned with National objectives.

Main tasks and responsibilities:

• Establish the short and long-term strategy for the Internal Audit Function to support the achievement of OQ8's vision and strategic objectives in compliance with relevant laws and statutes.
• Define the vision, purpose, authority and responsibility (IA Charter) of the Internal Audit Function and gain the approval of the Audit and Risk Committee and buy-in of the BOD and Senior Management; determine and secure the budget and resources necessary to ensure the effective delivery of the mission and manage this on an ongoing basis.
• Develop and maintain good communication lines with clients, staff, group internal audit teams and management relationships through individual contacts and group meetings.
• Stakeholder Management, which includes Management, State Audit Institution, External Auditors, BOD and Board Audit and Risk Committee and other group Internal Audit teams etc.
• Ability to organise, prioritise, manage multiple assignments and drive analysis to appropriate conclusion in proper communication with relevant parties.
• Ensure robust processes, clear policies and standards are defined and implemented throughout the Internal Audit Department in alignment with the standards of the Institute of Internal Auditors (IIA), relevant ISO standards as well as other relevant laws and regulations for auditing, quality improvement and reporting.
• Keep abreast of regulatory trends and developments, as well as technological advancements, in the Organization, related topics to anticipate risk areas, develop audit techniques, and provide recommendations regarding technology to adopt / leverage for the audit process.
• Develop and maintain annual Internal Audit budget and monitor the audit function’s costs to ensure budgetary targets are met.
• Deliver High Quality Internal Audit Services and Support the Stakeholders:
• Develop a risk-based audit plan that is aligned with company’s Risk Register.
• Recommend where internal skill set needs to be supplemented with outsourced competencies.
• Plan and prepare for each audit including facilitating the outsourced internal audit teams for on-site visits, where required.
• Adjust the risk-based audit plan as needed in response to emerging risks, operations, programs, systems and controls. Keep the Audit and Risk Committee apprised of any changes required to be made to the risk-based audit plan.
• Ensure the methodical performance of the audit, documenting processes and procedures, reviewing and analysing evidence, identifying and defining issues and recommending measures for improvement to ensure compliance with relevant standards and requirements.
• Ensure follow up on findings and corrective actions as relevant, to ensure Internal Audit recommendations are implemented.
• Provide consulting services to management on measures to take for achieving further value (e.g. reducing costs, control improvement and revenue generation) as well as to enhance the efficacy of risk management and internal controls and processes based on insights gained through the audit activity, data analytics, global benchmarking and knowledge-sharing to enhance risk management and value creation.
• Lead the investigation of significant issues in the Organization including fraud and significant control failings.
• Develop and implement a Quality Assurance & Improvement Program to ensure highest quality of results.
• Provide consulting advice to the BOD and the Leadership Team, based on insights gained to add value (remove inefficiencies, reduce costs).
• Lead investigations of significant issues in the Company including fraud and report the results to Senior Management, the Audit and Risk Committee and BOD.
• Take a holistic view of risks that considers internal, external and emerging risk factors. Have a thorough understanding of the company’s risk culture, the risk appetite of the business, and regulatory and legal requirements.
• Liaise with the internal audit teams of the other shareholders and participate in the development of OQ8’s internal audit tools to improve the group’s Internal Audit Function.
• Add value to OQ8’s Internal Audit Department by sharing “best practices” existing in other OQ Internal Audit Functions, including internal control and corporate governance concepts.
• Develops a plan to build up the Internal audit resources within the company.

Key interactions

BOD | Board Audit and Risk Committee | Senior Management | Auditors (state, statutory, ISO, EHS, etc.) | Lawyers | External Consultants | Internal audit teams of other shareholders | Government / Ministries and other stakeholders (where applicable)

Notable Working Conditions. Primarily office-based with occasional domestic and international travel required.

Education requirements

Minimum of bachelor’s degree (Required).

Professional qualifications such as ACCA, CPA, CMA, CIA, CISA, CRMA, CRISC (Preferred).

Language requirements 

English – fluent (required) | Arabic – fluent (required)

Background and experience

Competencies and skills

• Experience in the Oil & Gas industry
• Knowledge of finance and project management
• Knowledge of regulatory environment across national and international jurisdictions, risk management principles
• Knowledge of technology and trends relating to audit, finance and legal functions

• Demonstrated strategic orientation
• Advanced business and financial analytical skills
• Demonstrated ability to influence complex internal and external stakeholders who may have conflicting interests
• Demonstrated ability to conduct complex negotiations
• Ability to present ideas in a succinct and convincing manner, adapting delivery according to audience
• Demonstrated leadership, developing high performing teams
• Ability to inspire and lead complex changes