Chief Audit Executive Duties and Responsibilities

The Chief Audit Executive (CAE) plays a crucial role in overseeing and managing all audit-related activities within an organization.

They are responsible for ensuring compliance with laws, regulations and company policies, as well as evaluating business processes and operations to reduce risk and improve efficiency.

The duties and responsibilities of a Chief Audit Executive include:

1.      Developing and implementing comprehensive internal audit policies and procedures

2.      Ensuring compliance with all relevant regulations and laws

3.      Overseeing the internal audit department and coordinating audit activities

4.      Identifying and assessing areas of significant business risk

5.      Coordinating with external auditors and managing audits of company financial statements

6.      Advising management on how to improve systems and processes

7.      Maintaining open communication with management and the audit committee

8.      Providing training and guidance to internal audit staff

9.      Verifies, both on a continuous basis and in relation to special needs, in conformity with international professional standards, the adequacy and effective functioning of the internal control and risk management system, through an audit plan, to be approved by the Board of Directors. Such a plan is based on a structured analysis and ranking of the main risks

10.  Has direct access to all useful information for the performance of its duties;

11.  Drafts periodic reports containing adequate information on its own activity, and on the company’s risk management process, as well as about the compliance with the management plans defined for risk mitigation. Such periodic reports contain an evaluation on the adequacy of the internal control and risk management system;

12.  Prepares timely reports on particularly significant events, preparing and presenting audit findings to top management and the board of directors

13.  Submits the reports indicated under items (11) and (12) above to the chairman of the Board of statutory auditors, the control, risk and sustainability committee and the Board of Directors, as well as to the Chief Executive Officer;

14.  Verifies, according to the audit plan, the reliability of information systems, including the accounting one.

15.  Advocating for a culture of risk awareness and security throughout an organization.

16.  Assessing risk and determining frameworks relevant to the business.

17.  Developing auditing strategies for optional and mandatory compliance checks.

18.  Creating independent processes for ethics and compliance violation reporting.

19.  Evaluating internal governance processes and improving said processes.

20.  Understanding relevant frameworks and how they apply to the business.

21.  Identifying and assessing new security controls and their implementation.

22.  Hiring, training, and guiding internal auditing staff and teams.

Minimum Requirements

·       Bachelor's degree in finance, accounting, or a related field is required. Advanced degrees such as an MBA or Master degree is a huge plus.

·       Significant experience in the Internal Audit financial management and leadership roles includes 7-10+ years of progressively responsible experience in internal audit, with at least 3-5 years in a senior management position.

·       Certifications such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or Certified Management Accountant (CMA) can be advantageous.

·       Knowledge of the lubricant and automobile industry is preferred as well as experience with regulatory requirements and compliance.

·       Strong communication skills along with the ability to collaborate effectively with other executives and stakeholders.

·       Familiarity with accounting software and ERP systems (Oracle Fusion).