This is a continuous job opening, allowing the search committee to review and interview applicants. The position will remain open until filled.
Come join the University of Minnesota’s widely respected Office of Internal Audit (OIA) as a Principal Auditor! In this role, you’ll perform internal audit work throughout the University system.
1. (~25%) Perform engagement management activities associated with audits of University units or processes. This will include:
• Managing work assignments and evaluating work product of staff assigned to the audit. This includes being responsible for ensuring the work product is complete, logical and complies with both the Institute of Internal Auditor’s professional standards and department practices. • Ensuring staff are using appropriate audit judgment when drawing conclusions and evaluating the significance of audit findings. • Coaching staff regarding completion of audit processes, evaluation of the units and business processes being reviewed, and creation of recommendations. • Coordinating work effort and communication with line management responsible for assigned areas. • Performing reviews of others’ audit work to ensure it contains relevant facts to support audit scope and conclusions and adhere to internal audit policies and procedures. • Managing client interaction during course of audit.
2. (~25%) Plan audits of all levels of complexity with minimal supervision from audit management. The plans and procedures are to be developed using a risk-based methodology and with recognition of the limited resources available for each engagement. This will include:
• Collecting background material needed through a variety of mechanisms including interviews and data queries. • Summarizing discoveries during the planning process. • Drafting engagement letters, audit programs, time budgets, and work schedules.
3. (~25%) Communicate the results of the audit work performed, using both verbal and written skills. This will include:
• Developing and documenting findings and recommendations that properly address risks and conclusions. • Meeting with the audit client(s) to discuss both the preliminary and final results. • Using appropriate audit judgment in evaluating the significance of findings and the impact/risk of the issue. • Drafting the initial report in a clear, concise manner to effectively communicate results to relevant levels of management. • Ensuring recommendations made are both actionable and cost-effective.
4. (~25%) Perform audit testing of both University units and processes to evaluate the efficiency and effectiveness of internal control, risk management and governance processes with minimal supervision from audit management. This includes assessing whether:
• Risks are appropriately identified and managed by the process owners and/or University management. • Employees’ actions follow policies, standards, procedures, and applicable laws and regulations. • Resources are acquired economically, used efficiently, and adequately protected. • Programs, plans, and objectives are achieved. • Quality and continuous improvement are fostered in the University’s control processes. • Significant legislative or regulatory issues impacting the University are recognized and addressed appropriately.
The above audit work should be carried out by:
• Using accepted procedures and techniques during the audit and performing audit steps in the programs established to evaluate the adequacy of controls, risk management, and/or governance processes. • Documenting, reviewing, and assessing internal controls and the efficiency and effectiveness of business practices used in the units/processes being audited. This typically is accomplished through questionnaires, interviews and flowcharts, data analytics and testing of transactional activity. • Obtaining, analyzing, and appraising transactions, documents, records, reports, and methods that provide the basis for our conclusions on the effectiveness and efficiency of controls over the unit/process being audited. • Collecting and analyzing sufficient competent evidence to serve as a basis for our conclusions. • Preparing detailed workpapers that record and summarize data on the work assigned. • Exhibiting flexibility and agility in daily tasks and overall schedule. • Working effectively and efficiently in a team environment or individually as needed. • Assessing whether data analytics can be utilized in the assessment of risk and controls and properly collecting, interpreting, and drawing conclusions on data. • Developing and maintaining relationships with audit client contacts. • Helping less experienced staff advance their skills. • Displaying effective judgement and decision-making skills. • Demonstrating depth and breadth of knowledge that includes operational, financial, technology, and regulatory understanding across multiple businesses and developing knowledge in critical subject areas. • Executing managerial duties under direction and oversight of audit managers. • Working with client management to develop appropriate corrective actions for areas of concern.
• Conduct follow-up work to determine the status of prior recommendations made to management. • Complete training and other activities to maintain and enhance professional skills. • Gather, review, and assess audit evidence as part of investigating allegations of misconduct. • Perform basic audit work related to information technology matters. This will include but is not limited to physical security, change control, access controls, disaster recovery, and application reviews. • Providing consultative advice and recommendations to business areas and clients.
The results of the audit work performed by this position is ultimately reported to the highest levels within the University, including the President and the Board of Regents Audit and Compliance Committee.
The audit work product produced by this position is considered public data, exists in the public domain, and is subject to review and scrutiny by external parties, including the news media and state and federal regulatory agencies.
This position regularly works with both sensitive and confidential information and operates in settings involving confidential interactions.
This position, while based in the Twin Cities or Duluth, has systemwide responsibilities for all University locations and activities.
Working at the University At the University of Minnesota, you’ll find a flexible work environment and supportive colleagues who are interested in lifelong learning. We prioritize work-life balance, allowing you to invest not only in the future of your career but also in your life outside of work.
The University also offers a comprehensive benefits package that includes: • Competitive wages, paid holidays, vacation and sick leave • Continuous learning opportunities through professional training and degree-seeking programs supported by the Regents Scholarship • Low-cost medical, dental, and pharmacy plans • Healthcare and dependent daycare flexible spending accounts • University HSA contributions • Excellent retirement plans with employer match • Disability and employer-paid life insurance • Wellbeing program for reduced insurance premiums • Student loan forgiveness opportunity • Financial counseling services • Employee Assistance Program with eight sessions of counseling at no cost
Required Qualifications • A bachelor’s degree is required, with a major in accounting, finance, management, or similar business emphasis preferred and six or more years of audit experience to include project management experience.
Preferred Qualifications • Professional certification (e.g., CPA, CIA, CFE) and/or an advanced degree • 8 or more years of applicable experience • Demonstrated proficiency in performing internal audit work that conforms to the Institute of Internal Auditor’s professional standards
• Basic computer skills (Microsoft Word, Excel, etc.) • Effective interpersonal and communication skills • Good analytical skills with high attention to detail and accuracy • A working knowledge of the University of Minnesota: its business processes, policies and procedures, governance practices, and regulatory obligations • Experience with PeopleSoft financial, human resource, and student systems • Advanced data analytic skills and use of visual tools and techniques such as SQL and Tableau
The University of Minnesota, founded in the belief that all people are enriched by understanding, is dedicated to the advancement of learning and the search for truth; to the sharing of this knowledge through education for a diverse community; and to the application of this knowledge to benefit the people of the state, the nation, and the world.