Internal Auditor

Job Description

Job Description

Internal Auditor Job Description

Reporting structure

The Internal Auditor reports functionally to the Board of Directors through its Audit Committee, which approves the audit plan and budget, receives audit reports, and evaluates performance and independence. For routine administrative and human resources matters (e.g., timekeeping, benefits, expense approvals, and other employment-related items), the Internal Auditor reports to the Chief Financial Officer or another management designee. This administrative reporting is limited to HR/operational support and does not direct audit work or impair independence.

Job Summary

The Internal Auditor is responsible for providing independent and objective assurance on the effectiveness of the bank's internal controls, risk management processes, and governance practices. This role helps ensure the accuracy of financial records, compliance with regulations, and the overall efficiency of operations within the community bank environment.

Principal and Key Responsibilities

• Effectively plan and function as Auditor-in-Charge for audits of all areas subject to audit within the company. Conducts an enterprise‑wide risk assessment annually (Q4) to inform a risk‑based audit plan for the next year.
• Conducting financial, operational, compliance, and special audits in accordance with the annual audit plan.
• Evaluating internal controls over key systems, business processes, and financial reporting.
• Develop, review, and analyze the ongoing effectiveness of all audit programs.
• Assessing compliance with applicable laws, regulations, and bank policies and procedures.
• Identifying and evaluating risks to the business and recommending controls to mitigate those risks.
• Develop and implement effective audit techniques and procedures and utilize documentation skills which adequately support audit findings and their materiality within a timely manner.
• Provides written and verbal updates to the Audit Committee at bi-monthly meetings (plan status, key findings, issue aging, emerging risks).
• Provide advisory/consulting support on special projects at the request of the Audit Committee or senior management (e.g., control design input, process improvement, pre-implementation reviews), limited to activities that do not involve making management decisions, owning processes or controls, or otherwise impairing Internal Audit’s independence.
• Manages co‑sourced engagements (e.g., IT/cyber audits, FHLB Audits, Annual External Audits of Financials, BSA Audits, Safety and Soundness Exams, Compliance Exams, etc.): scope, scheduling, fieldwork coordination, and integration of results into reporting when appropriate. Present those findings and internal responses to the audit committee, if applicable.
• Preparing detailed reports on audit findings, conclusions, and recommendations for improvements and in a timely manner to management and the Audit Committee.
• Tracking and monitoring the implementation of management's action plans and audit recommendations. This would refer to internal audits and third-party audits required by the bank.
• Assisting with investigations of alleged internal fraud or misconduct.
• Staying abreast of industry and market trends, best practices in internal audit, and relevant regulatory changes.
• Manage bank’s record retention program. This would include paper and digital documents. Oversee the annual destruction of paper documents at all locations. Schedule shredding services when needed. Oversee bank’s shred bin relationship at each location which includes contacting vendors, acquiring contracts, insuring dump schedule is followed, monitoring needed bin sizes. Monitor digital record retention in CenterDoc, email, server drives, etc.
• Perform other duties as assigned.

Required Skills and Preferred Qualifications

• Bachelor's degree in accounting or a business-related field preferred.
• Designation as a Certified Internal Auditor, Certified Bank Auditor, Certified Information Systems Auditor or Certified Public Accountant is preferred
• Strong analytical, critical thinking, and problem-solving skills to be used to solve complex issues quickly with logic and reasoning.
• Ability to handle confidential and proprietary information.
• Excellent written and verbal communication and interpersonal skills.
• Familiarity with or ability to quickly learn financial reporting, data analysis, and relevant software applications.
• Knowledge of or ability to quickly learn banking regulations, Bank Secrecy Act (BSA), and other applicable laws and procedures.
• Ability to work with little or no supervision and manage multiple priorities and deadlines and also determining when to refer situations to superiors or the Audit Committee.
• Ability to work with and relate to the Audit Committee, superiors, subordinates, associates, independent auditors, Bank regulators, and customers in a professional manner and to motivate and lead associates to willingly achieve desired results.
• High level of integrity, ethical standards, and attention to detail.
• Demonstrates a growth mindset and proactively adapts to evolving regulations, risks, and technologies to improve audit effectiveness.
• Pursues ongoing learning and feedback, updating skills and methods as the bank and industry change.

Working Conditions

• Primarily office-based work with a significant amount of time working at the main office of Farmers Bank & Trust Company at 201 South Main Street, Marion, KY 42064.

• This position requires regular non-overnight travel to Bank offices for audit activities and attendance at professional meetings. Limited overnight travel may be required for continuing education purposes.

• To prepare paper documentation for shredding, must be able to lift at least 25 pounds.

Compensation

• Salary Range: To be determined based upon previous auditing and/or banking experience.

Benefits

Eligible employees are offered a comprehensive benefits package that currently includes:

• Medical, dental, and vision insurance
• Health Savings Account (HSA) and Flexible Spending Account (FSA) options
• 100% employer-paid life insurance
• Short-term and long-term disability insurance
• 401(k) and ESOP retirement plans with employer matching contributions
• Paid vacation, sick leave, and holidays
• Professional development and continuing education opportunities
• Tuition reimbursement (when applicable)
• Employee banking benefits and service discounts
• Mileage reimbursement when a bank-owned vehicle is not available

The Bank is committed to providing a competitive and meaningful benefits program. Plan offerings and terms may be modified from time to time in response to business needs, regulatory requirements, or market conditions.

Disclaimer

• This job description is intended to describe the general nature and level of work performed by individuals assigned to this position. It is not intended to be an exhaustive list of all duties, responsibilities, and qualifications required. Management reserves the right to modify, add, or remove duties and responsibilities as business needs dictate. Employees may be required to perform other job-related duties as assigned. This job description does not constitute a contract of employment and does not alter the at-will employment relationship.