Internal Audit Director📣 Job Ad

About the Internal Audit Director Role

Tuwaiq Casting & Forging is seeking an experienced Internal Audit Director to lead its Internal Audit function. This senior position reports functionally to the Audit Committee/Board and administratively to the CEO. The role is responsible for providing independent assurance and consulting services to enhance the effectiveness of internal controls, risk management, and governance processes across the organization. The Director will develop and implement a comprehensive internal audit strategy aligned with organizational objectives and regulatory requirements.

Audit Strategy and Planning

The Internal Audit Director will be responsible for developing and maintaining the Internal Audit Charter. This includes creating and updating a risk-based internal audit strategy and an annual audit plan, subject to Audit Committee approval, that aligns with the overall organizational strategy. The role also involves developing and maintaining the risk and audit universes, and conducting enterprise-wide risk assessments.

Audit Execution and Reporting

Key responsibilities include conducting independent and objective audits across all business units, departments, and functions to assess the adequacy and effectiveness of internal controls, policy compliance, and risk management practices. The Director will evaluate governance processes and organizational ethics, assess fraud risks, and support investigations as needed. Monitoring the implementation of management action plans and preparing comprehensive audit reports with actionable recommendations are also critical. Audit results will be presented to the Audit Committee, with immediate reporting of significant control weaknesses.

Advisory, Risk Monitoring, and Operational Oversight

The role involves providing consulting and advisory services without compromising independence. This includes monitoring emerging risks, evaluating cybersecurity and IT controls, and assessing ESG and sustainability risks where applicable. The Director will review compliance with corporate governance requirements and coordinate the External Quality Assessment (EQA) on a five-year cycle. Additionally, the role requires evaluating manufacturing processes, operational controls, maintenance, production, inventory, procurement, and quality management controls, as well as assessing HSE compliance and operational risks.

Quality Assurance and Function Management

Establishing and maintaining quality assurance procedures and metrics to ensure audit work meets professional standards is essential. The Director will coordinate with external auditors, regulatory bodies, and other assurance providers to ensure comprehensive audit coverage and avoid duplication. Management of the Internal Audit function's budget and resources, including recruitment and development of audit staff, is also a key responsibility. Ensuring compliance with the International Standards for the Professional Practice of Internal Auditing (IIA Standards) and relevant local regulations is mandatory.

Qualifications and Experience

Candidates should possess a Bachelor's degree in Accounting, Finance, Business Administration, or a related field, with a Master's degree being preferred. A Certified Internal Auditor (CIA) or equivalent professional certification is required. A CPA or ACCA qualification is advantageous. The role requires a minimum of 10 years of internal audit experience, with at least 5 years in a senior audit management or directorate role. Proven experience in developing and executing risk-based audit strategies within complex organizations is necessary. Experience in manufacturing, industrial, or heavy equipment sectors is preferred. This full-time position is located in Dammam, Eastern Province.