Job Title: Internal Audit Director

Location:  Sarasota, Florida   

Summary:

The Internal Audit Director will assist in directing all activities required to implement and/or sustain the internal audit program at Universal North America. The program provides for: (1) the review and appraisal of reliable financial information and integrity of operations, (2) determination of the extend of proper design of the control system and compliance with established policies, plans and procedures, (3) determination to the extent to which company assets are accounted for and safeguarded from losses and (5) the issuance of report stating the conclusions and recommendations for improvement.  The Internal Audit Director will work closely with the Internal Audit function at Universal Insurance Group, Inc. and participates in the development of new or improved audit programs. The Internal Audit Director will assist in maintaining and improving a practice of quality controls and audit manuals.  The Internal Audit Director will oversee the professional development and training of the personnel under direct supervision and or evaluates compliance with professional standards of outsourced parties, as applicable. The Internal Audit Director has unrestricted access to the audit committee and senior management. The Internal Audit Director coordinates and assists in managing the execution of external financial and regulatory audits.

Essential Duties and Responsibilities:

• Prepare a comprehensive risk-based annual audit plan for allocating resources and evaluating business objectives in accordance with the internal audit program and internal audit charter. Responsible for evaluating the Universal North America’s risk assessment and developing an audit approach for the identified business risks. Support management with requirements of the Model Audit Rule, including evaluating the process for documenting the control design and operating effectiveness of identified controls. 
• Provide leadership and direct the audit work in accordance with professional standards and adopted procedures of the internal audit activity.  Maintain up to date practice quality control document and audit manuals. Support the preparation of the department annual’s budgets to be presented to the audit committee and senior management for approval.  
• Maintain constant professional contact with management in connection with the audits and other administrative responsibilities. Liaison with the external auditors on issues of planning and audit work to ensure that reliance can be placed on the work of the department, thereby maximizing the efficiency of their annual audit. Coordinate the department’s activities with the external auditor to best utilize available resources and achieve established objectives.
• Direct the internal audit planning phase of the engagement by ascertaining that the procedures are properly scoped, formal entrance meeting is conducted,  relevant data is gathered, key personnel are interviewed and related analyses are performed to obtain adequate coverage and proper further audit work is performed.
• Review and evaluate evidence gathered to support audit objectives and assure that the specific audit areas are addressed and audit is of the highest quality.
• Ascertains that result of work is summarized in audit findings, conclusions and recommendations and schedule meeting with management to conduct formal exist meeting and reach agreements on audit findings.
• Ascertain audit reports are drafted based on result of testing and conclusion reached. Communicate deficiencies in controls, duplication of efforts, efficiency, or lack of compliance with laws and government regulation and provide suggestions for improvements. Ascertain reports are issued on a timely basis and comply with reporting standards.
• Meet quarterly with the Audit Committee and provide a written report on reviews and findings.
• Agree on corrective action plan with management.  Initiates follow-up of corrective action plan and schedule reviews to ascertain proper compliance with elements agreed with management.
• Evaluates the preparation and presentation of all non-audit or special study reports. Perform other duties as required, consistent with the goals, objectives, and responsibilities of the Internal Audit Department and its charter. Assist with external managing general agents, TPA and quarterly agency audits. Obtain, review and sign-off on Type II SAS 70 Reports from third party vendors.
• Responsible for keeping abreast of state legislature and DOI regulations and in conjunction with the Compliance Department ensure that forms, policies and systems have been updated to reflect changes in state and DOI regulations.
• Ascertain personnel under supervision are evaluated for job performance and provides suggestion and recommendations for improving performance.
• Supervise and participate in the coding and filing of audit and special study workpapers and reports.
• Consults with and advises with the Chief Audit Officer or equivalent function in matters concerning department policies, procedures, workload and other administrative matters.
• Develop and improve operations practices and procedures to improve the efficiency of work performed and report preparation and issuance.
• Participates in the development of audit staff and provide periodical training to improve audit practices and skills. 

Education and/or Experience:

• A Bachelors degree in accounting, finance, or equivalent degree in business disciplines is required
• MBA or Macc required
• CPA required, CIA preferred
• 8+ years of experience in internal audit or pubic accounting, with at least two years in a supervisory position.
• Insurance Statutory Accounting Principles and GAAP Model Audit Rule or Sarbanes-Oxley section 404 experience required 
• Insurance and Big 4 audit experience a plus
• Travels as required; minimum 15%-20%
• Excellent analytical skills required
• Must demonstrate exemplary oral and written communication skills