Director of Internal Audit - Family Dollar

Purpose of Position
Working as a member of the management team, this position primarily plans, leads, and performs day-to-day work activities for the Internal Audit function, designed to execute internal audit work in line with the audit plan and the company’s risk management strategies.

Position Reporting
This position will report directly to the Chief Financial Officer and indirectly to the Audit Committee. This position will have unlimited access to the Audit Committee.

Primary Duties and Responsibilities

Service Delivery for Internal Audit Function
Five Key Activities in this Section:

1. Co-develop expectation for Internal Audit
2. Develop Risk Assessment
3. Develop Annual Audit Plan
4. Execute Annual Audit Plan
5. Communicate Results

A. Co-develop expectations

1. On at least an annual basis, meets with Senior Management to co-develop expectations for the Internal Audit function’s activities.
2. Develops a mutual understanding of the scope of our internal audit work to be performed.
3. Determines the process for communicating audit results and analyzes the success of this process on an annual basis.

B. Develop Risk Assessment

1. Assists management in developing a risk assessment for the more important processes and organizational components.
2. Conducts the risk assessment as a means to develop the internal audit work plan.
3. Works with management to identify where the company might be subject to significant risks and assists in determining the best methods to monitor and mitigate those risks.
4. Prioritizes the risks in terms of their potential impact on the goals, objectives, and financial viability of company (e.g. achievement of one or more goals or objectives, higher or lower, immediate or long-term risk).

C. Develop Annual Audit Plan

1. Based upon the risk assessment, aligns internal audit activities (audit plan) with the risk priorities of the company and obtain guidance from Senior Management and the Audit Committee as to the appropriate audit areas to review.
2. Develops an estimated time and expense budget for each audit project to ensure that the audits planned can be covered during the year. Tracks the budget to actual results.

D. Execute Annual Audit Plan

1. Addresses the elements of planning that should be performed and documented for an individual internal audit project. Establishes the objectives, scope, and timing of the procedures for an individual internal audit project or assignment.
2. Understands and evaluates processes and related controls, seeking ways to suggest improvements and add-value. Works with management to develop solutions to the issues identified during the audit.
3. Develops the audit report, discusses it with the appropriate management, issues the final report to Senior Management and the Audit Committee as outlined in the reporting protocols.

E. Communicate Results

1. Periodically communicates the results of the Internal Audit’s activities to Senior Management and the Audit Committee. The results should focus on the status of the audit plan, significant audit observations, management’s implementation status, departmental budget, special projects and results, etc.

F. Departmental Budget
14. Develops an annual budget for the department that includes salaries, fringes and related travel costs that are anticipates to complete the audit plan and any special projects. Monitors budget results and explains any significant variances in accordance with the Company’s requirements.

Education and Experience

• Bachelor’s degree in business related field - accounting or auditing.
• 8-12 years related, applicable experience, with at least 2 years in public accounting preferred and prior internal auditing.
• Knowledgeable on the best practices for Internal Audit function and how to deploy those to meet the needs of the company.
• Proven record of ability to provide measurable value to the organization through audit or related work.
• Familiarity with COSO guidelines on internal controls and their implementation in the organization.
• Experience with development of annual audit plan using a risk based approach.
• Certification in at least one area (e.g., CIA, CPA, CISA, CMA, etc.) is desired.
• Well-developed analytical, interpersonal, and communication (both written and verbal) skills.
• Stays abreast of general business/economic developments and new pronouncements/standards, to gain an understanding of their links and impact to the client’s business. Understands and applies technical standards.
• Involvement with professional organization such as the Institute of Internal Auditing (IIA).
• Ability to travel as needed.
• Ability to work in excess of standards hours, as needed.

Further Guidelines
The information provided above is intended to describe the general nature and level of work being performed by personnel assigned to this job. It is not intended to contain or be interpreted as an exhaustive inventory of all the duties, responsibilities, and qualifications required of personnel so assigned.

Dollar Tree and Family Dollar are Equal Opportunity employers.