Internal Auditor

Farmer Mac has an opportunity in the Internal Audit team that can be filled by a junior Internal Auditor or more experienced Internal. The Internal Auditor, under the direction/supervision of the audit director, audit manager, and/or audit senior, is responsible for supporting the execution of risk-based internal audits and Sarbanes-Oxley (SOX) testing to evaluate the adequacy and effectiveness of internal controls, effectiveness of risk management and governance processes, compliance with applicable laws and regulations, and efficiency and effectiveness of operations. This role performs, with direct supervision, audit planning, fieldwork, and reporting, executes control testing and documents results, and identifies potential control gaps, and provides practical, value-added recommendations to improve operations. The Internal Auditor operates with direction and support from the audit project supervisor (i.e., audit manager/audit director) and/or audit senior to perform internal control testing and documentation of testing results.

For more experienced Internal Auditor:

Additionally, performs some tasks autonomously based on skill level, demonstrates maturing analytical and written/verbal communication skills, and may lead certain key activities on assigned audit areas (e.g., walkthrough discussions).

Who You Will Work With

The Internal Auditor will report directly to Audit Leadership (e.g., the Director or Manager of Internal Audit).

Where and When You Will Work

Farmer Mac has a Presence with a Purpose work environment, which allows for flexibility of work location while providing the opportunity for teams to come together in the office with purpose. Work outside of core hours may be required for planned and unplanned activities to complete time sensitive projects or to attend off-site meetings or events.

Primary Responsibilities and Duties

• Demonstrate a basic understanding of the company's operational processes and supporting technology in the performance of risk-based audits of business operations, IT, and corporate governance processes.
• Participate in audit walkthrough discussions to facilitate evaluation of operations, processes, and key risks and controls. Document results of walkthroughs with accuracy and completeness.
• Execute audit test steps in a timely manner to include identifying needed documentation from business owners and requesting such information including following-up on outstanding items, performing detailed testing of key controls in accordance with agreed upon testing approach and sampling methodology.
• Document audit testing performed to support results and conclusions, while ensuring compliance with established audit workpaper standards and internal procedures.
• Assist in identifying control gaps and opportunities for improvement based on audit testing performed.
• Prepare the agenda for entrance and exit conferences as well as discussion items for key audit meetings including audit status reports.
• For assigned, previously identified audit findings, engage with management to determine remediations tatus. Obtain audit evidence and perform testing procedures to validate remediation of findings, ensuring management corrective actions have been fully implemented on a timely basis.
• Obtain required control evidence and perform SOX control testing for assigned key controls following prescribed methodology and sample sizes. Document testing and results consistent with required SOX workpaper standards to facilitate external auditor reliance, where applicable.
• Apply lessons learned from prior audits and identify opportunities to improve audit processes and documentation.
• Remain current and compliant with Farmer Mac policies and procedures inclusive of Internal Audit policies and procedures, which are based on the Global IIA Standards.
• Assist in building and developing Internal Audit's brand within the company through meaningful relationship building.
• Assist in coordinating audit activities with management, co-source providers, and external auditors.

For more experienced Internal Auditor:

• Demonstrate a basic understanding of the company's operational processes and supporting technology in the performance of risk-based audits of business operations, IT, and governance processes.
• Participate and in some cases lead audit walkthrough discussions to facilitate evaluation of operations, processes, and key risks and controls. Document results of walkthroughs with a high degree of accuracy and completeness.
• Assist in the planning of assigned audits to include developing the audit scope, objectives, and test plans.
• Execute audit test steps in a timely manner to include identifying needed documentation from business owners and requesting such information including following-up on outstanding items, performing detailed testing of key controls in accordance with agreed upon testing approach and sampling methodology.
• Document audit testing performed to support results and conclusions, while ensuring compliance with established audit workpaper standards and internal procedures.
• Assist in identifying control gaps and opportunities for improvement based on audit testing performed.
• Assist in communicating audit findings, supported by testing results and working collaboratively with management to develop effective and cost-efficient recommendations.
• Prepare the agenda for entrance and exit conferences as well as discussion items for key audit meetings.
• Assist in developing the discussion draft of the audit report, including draft audit findings.
• For assigned, previously identified audit findings, engage with management to determine remediation status. Obtain audit evidence and perform validation testing procedures for remediated findings, ensuring that management corrective actions have been fully implemented on a timely basis.
• Obtain required control evidence and perform SOX control testing for assigned key controls following prescribed methodology and sample sizes. Document testing and results consistent with required SOX workpaper standards to facilitate external auditor reliance, where applicable.
• Apply lessons learned from prior audits and identify opportunities to improve audit processes and documentation.
• Remain current and compliant with Farmer Mac policies and procedures inclusive of Internal Audit policies and procedures, which are based on the Global IIA Standards.
• Assist in building and developing Internal Audit's brand within the company through meaningful relationship building.
• Assist in coordinating audit activities with management, co-source providers, and external auditors.

Required Skills & Qualifications

• Bachelor's degree in Accounting, Finance, Business Administration, Information Systems, or related field.

• One to two (1-2) years of experience in internal audit, external audit, risk management, compliance, and/or accounting.

• Basic knowledge of Sarbanes-Oxley, COSO, and risk assessment practices in the performance of job responsibilities.

• Basic knowledge of the Global Internal Audit Standards and demonstrate appropriate use and interpretation in the course of their work.

• Ability to work well in a team-oriented environment as well as individually on multiple projects while meeting project budgets and timelines.

• Ability to work creatively and analytically in a problem-solving environment.

• Strong analytical and critical thinking skills.

• Strong verbal and written communication skills

• Experience in the following is a plus: financial services and/or agriculture industry, information technology general computing control fundamentals, Optro/AuditBoard audit software, data analysis and data visualization software and tools (e.g., MS Excel, SAS, R, Python, Alteryx, MS Power BI, Tableau).

• Interest in pursuing or candidate for CPA/CIA/CISA designation.

For more experienced Internal Auditor:

• Bachelor's degree in accounting, finance, business administration, or related field.
• Three to five (3-5) years of experience in internal audit, external audit, risk management, compliance, and/or accounting.
• CPA\CIA\CISA designation is preferred, supported by a minimum of two years of audit experience in internal audit, public accounting, or a related field (e.g., risk and compliance); alternatively, candidates may qualify with more than three years of relevant audit experience.
• Basic knowledge of the Global Internal Audit Standards and demonstrate appropriate use and interpretation in the course of their work.
• Understanding and application of accounting principles, Sarbanes-Oxley Act requirements, COSO, and risk assessment practices in the performance of job responsibilities.
• Ability to work well in a team-oriented environment as well as individually on multiple projects while meeting established project timelines.
• Ability to work creatively and analytically in a problem-solving environment.
• Strong analytical and critical thinking skills.
• Ability to distinguish systemic control issues from isolated exceptions and appropriately assess risk impact.
• Must have strong verbal and written communication skills with the ability to communicate and negotiate effectively with all levels of management.
• Experience in the financial services industry is preferred but not required.
• Working knowledge of AuditBoard audit software is a plus.
• Experience with data analysis software is a plus.

Our compensation philosophy is targeted pay positioning relative to peers, our industry, and external markets. Farmer Mac is committed to a compensation program that will enable the organization to attract, motivate, reward, and retain highly skilled and creative talent to maintain sustained long-term performance and achieve the organization's strategic business objectives. This is an opportunity for a junior-level Internal Auditor or a more experienced Internal Auditor. For junior, typical salary is between $92,000- $103,000 and for more experienced, $100,000-120,000, although wages can vary based on experience and geography.