Internal Auditor - Finance/Accounting

Job Description: Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of policyholders and its policyholder-owners. Velocity Specialty Insurance Company is a new subsidiary of FM that is backed by the financial strength and legacy of FM. Velocity Specialty provides Excess & Surplus Lines coverage in catastrophe exposed market spaces and aligns with FM’s approach in understanding the hazards that can impact property losses and business continuity to provide insurance protection, not generally available in the standard/admitted market, to meet the needs of policyholders.

The Internal Auditor assists in developing the audit program and framework, and independently performs complex audit work including testing, documentation, analysis, and conclusions using defined procedures. The role plans and executes all but the most complex financial and operational audits across designated business areas to ensure soundness and adequacy of controls, alignment with best practices, compliance with audit frameworks, policies, procedures, and applicable regulations.

The position provides findings and recommendations, validates implementation of action plans, identifies innovative solutions, and operates independently except in the most complex scenarios. Additional responsibilities include evaluating the completeness and accuracy of risk assessments supporting the testing of Internal Controls over Financial Reporting (ICFR) and documented processes.

Complex Audit Test Work – 40%

• Plans and conduct complex audit test work requiring the application of judgement, inclusive of financial and operational audits based on industry standard best practices, audit frameworks and applicable business policies and procedures. Auditor is responsible for developing a risk-based audit approach involving: 1. Identifying process objectives and related risks, 2. Evaluating risk likelihood and impact, 3. Assessing the adequacy of controls based on risk, 5. Understanding when exceptions to testing or indications of additional areas of concern should be applied, and 6) Development and maturing of the audit program. Documents requests and exceptions, performs follow-ups on open document requests, and initiates document requests when supplementary documentation is needed based on testing performed. ICFR Testing – 25%
• Evaluates the completeness and accuracy of risk assessments supporting testing of internal controls over financial reporting (ICFR) related to documented processes including 1. evaluating the completeness of identified risk based on financial statement assertions, 3. developing required test attributes for each risk a control is addressing, 5. providing clear written communication related to audits, audit findings, reports, memos and analyses.

Ability to maintain and develop professional competencies related to internal audit activities.

Understand governance structure and culture.
Complete testing procedures related to organizational governance.
Assess effectiveness of organizational performance measures.

Internal Control Auditing
Develop and assess control testing attributes.
Assess segregation of duties, address conflicts, and perform judgment‑based financial analyses.
Validate the reasonableness of responses and clearly document conclusions.

General Auditing Skills
Assess reconciliation processes and population completeness.
Manage audit data in accordance with confidentiality requirements.

IPE (Information Produced by the Entity) Testing
~ Accounting & Finance
Working knowledge of financial and managerial accounting principles.
Understanding of inquiry, observation, analytical procedures, and general business operations.

IT Application Controls
Identify and assess application controls within processes.
Evaluate related manual processes and determine when to rely on application controls.

Consistent compliance with policies and procedures.
Strong ownership of work quality and reliability.
Bachelor’s degree (BS/BA) in Accounting, Finance, Risk Management, Insurance, or another business field with relevant experience.
Professional certifications such as CPA, CA, or CIA are beneficial.
3–5 years of internal or external audit experience; Some travel required, p ay will be aligned to VSIC, and any benefits are based on the FM benefits provided to VSIC.
The position is eligible to participate in FM’s comprehensive Total Rewards program that includes an incentive plan, medical, dental and vision insurance, life and disability insurance, well-being programs, a 401(k) and career development opportunities, tuition reimbursement, flexible work and time off, including vacation and sick time. ​