Vice President, Internal Audit

Posted 19 March 2024

Vice President, Internal Audit at HomeEquity Bank

Finance Full-time Toronto

Experience: Senior-Level
Education Required: Chartered Accountant Designation Required
Internal Audit designations such as CISA, or CIA
Salary Range: Not Specified

Close date: 17 May 2024

Apply now

Position Description

This individual contributor role has primary responsibility for directing and overseeing the Bank’s Internal Audit Function, including developing and executing audit plans to ensure that the Bank follows all applicable legislation, regulatory requirements, policies, and procedures.

As the functional leader and subject matter expert, this is a key leadership role and provides insight to emerging issues while overseeing the operational, regulatory, strategic, and/or financial audits. This role has unrestricted access to people, books and records in order to perform effective audits. The role reports functionally and provides regular updates to the Audit Committee of the Board of Directors on the Bank’s audit outcomes, and has unfettered access to the Audit Committee through the chair. The role will regularly interact with senior management and be part of the Bank’s value creation mandate.

Key accountabilities of this position include:

  • Develop an audit methodology to ensure adequate audit coverage over a cycle in accordance with policy
  • Develop audit plans (financial, operational, and control processes) and oversee the execution of these plans across the organization, conducting them in conjunction with the Bank’s Internal Audit vendor partners using the Bank’s adopted hybrid model for the Internal Audit function. Ensure plans have committed timelines and quality measures through strong vendor governance
  • Act as the primary point of contact for the Bank’s Internal Audit vendor partners, and support them in conducting their internal audit engagements
  • Provide the Board and Senior Management with assurance of the effectiveness of the risk-based audit plan, internal controls, risk management and governance processes used by the 1st and 2nd lines of defense and corporate governance functions based on the highest level of independence and objectivity within the institution
  • Prepare and present regular Audit report findings and recommended remediation measures and the state of controls with a focus on matters of importance, as applicable to senior management and the Audit Committee of the Board; incorporate all feedback and decisions of the Audit Committee in ongoing Audit practices
  • Continuously develop and promote operational audit capabilities; identify and recommend improvements to business processes which will enhance organizational effectiveness and company performance
  • Recommend corporate and organizational policies, processes and systems, and enlist appropriate stakeholders to implement
  • Analyze Internal Audit vendor partner’s audit report findings, and recommend interventions where needed, proposing solutions to prevent issues
  • Provide leadership and coaching for others in carrying out their functions
  • Provide constructive challenges, ensuring recommendations are appropriate and value-added for the business. Effectively manage conflict and demonstrate ability to negotiate solutions with stakeholders
  • Recommend vendors to conduct the outsource function and initiate periodic internal audit vendor assessments in accordance with policy
  • Prepare an internal audit budget, ensuring adequate resources are in place, to be approved by the audit committee

Required Skill / Experience


  • Chartered Accountant Designation Required
  • Internal Audit designations such as CISA, or CIA
  • Significant progressive experience in Internal Audit leadership roles, preferably within the regulated Financial Services industry
  • Considerable experience developing and implementing business or entity wide internal audit programs, policies and procedures
  • Experience managing an outsourced internal audit function would be desirable
  • Complete understanding of current internal auditing standards, COSO and other risk assessment practices
  • Demonstrated understanding of OSFI requirements and sound internal control concepts, as well as experience assessing them within diverse business processes/ areas/functions

What is your reaction to the fact that the 61st session of the Commission on the Status of Women will be chaired by a man?