Chief Audit Officer

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Job Description Summary

Job Description

Essential Functions

• Sets the overall strategic direction for internal audit to include a comprehensive risk-based audit plan aligned with the University's strategic objectives and risk profile in an open and transparent environment. Leads and mentors the internal audit team while effectively managing the relationship with the co-sourcing partner. Continuously assess and adapt the audit strategy to address evolving risks and best practices.

• Oversees the selection, engagement, and performance of the co-sourcing partner. Collaborates with the firm to develop detailed audit programs for specialized areas, ensuring alignment with the University's needs and objectives. Monitors the quality and cost-effectiveness of services provided by the co-sourcing partner.

• Oversees and manages the relationship with the co-sourced audit firm, ensuring alignment with the organization's needs and adherence to professional standards. Responsibilities include:

  • Defining the scope of work and ensuring clarity in expectations.

  • Regularly assessing the quality, timeliness, and cost-effectiveness of the firm's services.

  • Ensuring audit findings and management responses are documented and communicated clearly, promptly, and effectively.

  • Providing ongoing feedback and guidance to drive continuous improvement and maintain high audit standards.

• Clearly communicates findings and recommendations to management and the Audit Committee, as appropriate. Collaborates with management in developing and implementing management's corrective actions.

• Collaborates with the Enterprise Risk Management function to identify and assess key risks facing the University, including financial, operational, compliance, and reputational risks. Works with management to develop and implement effective risk mitigation strategies. Maintains a strong understanding of emerging risks, such as cybersecurity threats, research integrity issues, and the impact of social media.

• Ensures important financial, managerial, and operating information is accurate, reliable, and timely; resources are acquired economically, used efficiently, and adequately protected.

• Regularly updates the WFU Audit and Compliance Committee of the Board of Trustees on audit findings, emerging risks, and the overall effectiveness of the internal audit function. Responsibilities include:

  • Clearly communicates audit reports summarizing key findings, improvement recommendations, and follow-up procedures to assess their effectiveness.

  • Providing insights on emerging risks and their potential impact on the organization.

  • Communicating the status of internal audit activities and the implementation of corrective actions.

  • Ensuring transparency and alignment between audit functions and organizational objectives.

• Develops and maintains a comprehensive quality assurance and improvement program for the internal audit function. This program includes:

  • Evaluating conformance with the Definition of Internal Auditing and professional Standards.

  • Assessing adherence to the Code of Ethics by internal auditors.

  • Continuously monitoring and enhancing audit processes to ensure effectiveness, consistency, and alignment with best practices.

  • Implementing periodic internal and external assessments to drive continuous improvement.

• Supports the Vice President & General Counsel, and departmental business administrators in identifying enhanced internal control strategies for the University and participates in creating multi-year plans to ensure effective implementation.

• Builds and maintains strong relationships with key stakeholders, including the Audit and Compliance Committee of the Board of Trustees, University leadership, faculty, and staff. Serves as a trusted advisor and provides objective insights on risk management and internal control matters.

• Ensures the facilitation of Audit and Compliance committee meetings, assists in agenda development, provides meeting materials, and maintains an open line of communication with committee leadership about ongoing and emerging audit issues.

• Promotes a strong ethical culture and ensures compliance with relevant laws, regulations, and University policies.

• Ensures continuous improvement to the audit process by leading the internal staff with the knowledge, skills, and experience to provide a high level of professional audit services. Ensures that the audit function is effective and efficient in using university resources.

• Works closely with Compliance, Enterprise Risk Management, and key stakeholders as a trusted partner across the University to ensure internal audit is effectively involved in identifying and mitigating risks.

• Serves as the Audit, Compliance & Risk Advisory Council (ACRAC) coordinator, associated sub-councils, and senior leaders.

• Leads the administrative and operational activities of the Internal Audit Services office.

• Develops and manages the internal audit departmental budget, including resources for the co-sourcing arrangement.

Other Functions:

• Special projects as required.

• Builds expertise with coaching and developmental initiatives.

• Serves on committees as assigned.

• Budget preparation and expense monitoring.

• Tracking staff continuing education and license requirements.

Additional Job Description

Required Education, Knowledge, Skills, Abilities:

• Bachelor's degree from an accredited college or university in business, accounting, or related field.

• A minimum of 8 years of experience in university, health system, or external auditing or compliance with a focus on internal auditing, compliance, accounting, or similar experience.

• Professional certification as CIA, CPA, MBA, or CFE

• Adheres to and exemplifies standards of conduct and promotes a cooperative work environment by utilizing communication skills, interpersonal relationships, team building, and the ability to interact effectively at all levels.

• Proven track record of building and maintaining strong relationships to navigate difficult situations.

• Absolute and unquestionable integrity.

• Forward-thinking with the ability to see the big picture; focused on continuous improvement.

• Strong leadership ability to train, supervise, evaluate, and motivate staff.

• Excellent verbal, written, and listening communication skills.

• Strong technical, analytical, organizational, and planning abilities.

• Ability to multi-task to manage concurrent audits performed by staff members.

• Proven ability to act as a leader, team player, and facilitator of groups.

Preferred Education, Knowledge, Skills, Abilities:

• Computer software proficiency, including CAATS and MS Office products

• Master's in Business Administration or a Master's in Accounting is preferred.

• Professional certification as CPA

Accountabilities:

• Responsible for own work and the work of Audit Department team members

• Manages the work plans and scope for outsourced audit services

• Budgetary responsibilities

• Team development

• Senior leader relationship development

Disclaimer:

This position profile identifies the key responsibilities and expectations for performance. It cannot encompass all specific job tasks that an employee may be required to perform. Employees are required to follow any other job-related instructions and perform job-related duties as may be reasonably assigned by the employee's supervisor.

To help provide a safe learning and living community, Wake Forest University conducts background investigations and drug screens for all final candidates being considered for employment.

Wake Forest seeks to recruit and retain a diverse workforce and encourages qualified candidates across all group demographics to apply. Wake Forest University is committed to providing access and reasonable accommodation in employment for individuals with disabilities.

Time Type Requirement

This position profile identifies the key responsibilities and expectations for performance. It cannot encompass all specific job tasks that an employee may be required to perform. Employees are required to follow any other job-related instructions and perform job-related duties as may be reasonably assigned by his/her supervisor.

In order to provide a safe and productive learning and living community, Wake Forest University conducts background investigations and drug screens for all final staff candidates being considered for employment.

WakeForestseeks to recruit and retain a diverse workforce while promoting an inclusive work environment committed to excellence in the spirit of Pro Humanitate.In adherence with applicable laws and as provided by University policies, the University prohibits discrimination in its employment practices on thebasis of race, color, religion, national origin, sex, age, sexual orientation, gender identity and expression, genetic information, disability and veteran statusandencourages qualified candidates across all group demographics to apply.