Purpose : An internal audit function plays an important role in monitoring and evaluating the effectiveness of control systems and contributing to ongoing effectiveness. This function assesses the adequacy of internal controls in any given location / environment; tests the consistent and correct application of those controls and reports findings to management. The organizational structure under which this function reports is key to the effectiveness of the function (i.e. internal audit is set up as and reports as a separate function apart from day-to-day operational responsibilities, thus maintaining a high degree of independence and objectivity).

Overview: My client is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The parent oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Internal Audit Department reports directly to the Audit Com...