Duties and Responsibilities

Lead the development, enhancement, approval, and implementation of a risk-based Internal Audit Plan aligned with Muscat Stock Exchange's strategic objectives, risk profile, regulatory requirements, and Audit and Risk Committee priorities. Develop an annual training plan for Internal Audit Department personnel, ensuring alignment with the organization-wide learning and development initiatives and focusing on competencies, knowledge, and skills required for the department to effectively discharge its responsibilities. Ensure effective coordination between External Auditors and the Internal Audit Department to maximize reliance on audit work, enhance assurance coverage, and minimize duplication of effort. Keep the Audit and Risk Committee continuously informed of changes in the internal control environment, governance practices, emerging risks, and developments in internal auditing standards and leading practices. Provide written confirmation to the Chairperson of the Audit and Risk Committee, at least annually, regarding the organizational independence of the Internal Audit function. Provide independent and objective advice to the Audit and Risk Committee and Executive Management to strengthen governance, risk management, internal controls, and decision-making processes. Oversee the execution of independent audits and objective reviews of Muscat Stock Exchange activities, operations, systems, financial processes, assets, and workforce-related activities to assess the adequacy and effectiveness of governance, risk management, and internal controls. Review unaudited quarterly financial statements and assess the reliability, accuracy, completeness, and integrity of financial and operational reporting processes. Evaluate the design, implementation, and operational effectiveness of internal controls, policies, procedures, and operating systems to ensure compliance with applicable laws, regulations, internal frameworks, and professional standards. Identify control weaknesses, governance gaps, operational inefficiencies, and emerging risks, and recommend practical corrective actions to strengthen controls, improve efficiency, and reduce risk exposure. Oversee reviews of business processes, operational procedures, and regulatory compliance practices to ensure adherence to legal requirements, internal regulations, approved procedures, and corporate governance obligations. Monitor the implementation of agreed corrective actions, audit recommendations, and management action plans to ensure timely and effective resolution of identified issues. Coordinate and share relevant risk and control information with the Risk and Compliance Department and other assurance providers, as appropriate, while maintaining Internal Audit's independent reporting and escalation responsibilities. Escalate significant issues, material risks, interference with audit activities, resource limitations, or any matters affecting the independence, effectiveness, or objectivity of the Internal Audit function to the Audit and Risk Committee, where necessary. Safeguard the organizational independence and professional objectivity of the Internal Audit function and ensure that audit activities remain free from management interference, conflicts of interest, or operational responsibilities that may impair professional judgment. Confirm annually to the Audit and Risk Committee the organizational independence of the Internal Audit function and disclose any actual, potential, or perceived impairments. Ensure unrestricted access to records, systems, data, personnel, assets, premises, and information necessary to perform internal audit activities while maintaining confidentiality and safeguarding sensitive information. Coordinate with External Auditors, regulatory authorities, the State Audit Institution, and other assurance providers to enhance assurance coverage, minimize duplication of effort, and improve oversight effectiveness. Prepare and submit audit reports, regulatory information, and required disclosures to Oman Investment Authority, regulatory authorities, and authorized stakeholders while complying with governance and confidentiality requirements. Monitor emerging risks, market developments, regulatory changes, professional trends, and best practices in internal auditing and provide relevant insights and recommendations to Management and the Audit and Risk Committee. Oversee the development and periodic update of the Internal Audit Charter, audit strategy, methodologies, policies, procedures, manuals, quality assurance frameworks, templates, and working practices in accordance with Global Internal Audit Standards and continuous improvement principles. Establish, implement, and maintain a Quality Assurance and Improvement Program (QAIP), including ongoing monitoring, internal assessments, external assessments, performance evaluations, and continuous improvement initiatives. Ensure compliance with professional standards and guidance issued by The Institute of Internal Auditors (IIA), applicable Codes of Ethics, Global Internal Audit Standards, and other relevant professional requirements while promoting integrity, competence, confidentiality, professionalism, and due professional care. Provide independent consulting services related to governance frameworks, policies, procedures, internal controls, system implementations, authority matrices, performance indicators, and operational improvements without assuming management responsibilities or compromising audit independence. Review the design and implementation of manual and automated systems and provide recommendations to ensure the inclusion of appropriate internal controls and effective governance and risk management practices.

Desired Candidate Profile

Job Specifications

Bachelor's Degree in Accounting, Finance, Auditing, Business Administration, Economics, Risk Management, Information Systems, Law, or other related disciplines. Master's Degree in a relevant field is preferred. Professional Experience Master's Degree + Minimum 8 years of relevant experience. Bachelor's Degree + Minimum 10 years of relevant experience. Required Knowledge Comprehensive knowledge of Muscat Stock Exchange's approved strategic and operational plans, and the roles, responsibilities, authorities, and objectives of the Internal Audit Department. In-depth knowledge of laws, regulations, regulatory requirements, corporate governance frameworks, professional standards, and procedural manuals relevant to Muscat Stock Exchange, the capital market sector, and the Internal Audit profession. Strong understanding of the Internal Audit Charter, departmental policies, procedures, methodologies, manuals, and quality requirements governing Internal Audit activities. Sound knowledge of the core and support functions operated by Muscat Stock Exchange, including commercial, financial, regulatory, operational, and technology-related activities within the audit scope. Comprehensive understanding of Muscat Stock Exchange systems, trading platforms, financial systems, operational applications, information technology environments, and other specialized systems relevant to Internal Audit activities. Strong knowledge of financial, operational, regulatory, technology, cybersecurity, fraud, governance, reputation, business continuity, and emerging risks associated with Muscat Stock Exchange operations. Required Competencies Capabilities Thorough understanding of the Global Internal Audit Standards, International Professional Practices Framework (IPPF), and relevant guidance issued by The Institute of Internal Auditors (IIA). Strategic and independent audit leadership, including the ability to align audit plans with Muscat Stock Exchange strategy, risk profile, and Audit and Risk Committee priorities while exercising independent professional judgment. Strong risk analysis and professional judgment capabilities to assess financial, operational, regulatory, technological, cybersecurity, and emerging risks and prioritize audit activities accordingly. Stakeholder management skills with the ability to build professional relationships and communicate effectively with the Audit and Risk Committee, Board of Directors, Senior Management, regulators, external auditors, and other assurance providers while maintaining independence. Leadership and change management capabilities to manage, develop, and motivate audit professionals while driving continuous improvement initiatives and audit transformation projects. Integrity and discretion in handling sensitive matters, confidential information, fraud investigations, whistleblowing cases, and professional conflicts. Resource and organizational management capabilities, including prioritization, budgeting, service provider management, and ensuring sufficient resources for the Internal Audit function. Skills Risk-Based Internal Auditing, including audit planning, audit program development, execution of financial, operational, regulatory, IT, and integrated audits, evidence gathering, and reporting. Financial Analysis and Data Analytics, including review of quarterly financial statements, analysis of operational and financial data, and use of continuous auditing and technology-enabled audit tools. Audit Reporting and Presentation skills, including preparation of concise, accurate, risk-focused, evidence-based audit reports and presentation of findings to senior stakeholders. Planning and Management skills covering budgeting, resource allocation, team leadership, project management, contract management, service level management, performance monitoring, and staff evaluations. Governance, Risk, and Control Assessment skills, including evaluation of governance frameworks, risk management systems, internal controls, delegated authority matrices, policies, procedures, IT controls, business continuity arrangements, and disaster recovery capabilities. Communication and Influencing skills, including written and verbal communication, interviewing, negotiation, facilitation, presentation, persuasion, and the ability to explain complex audit and risk matters to diverse stakeholders.