Deputy General Manager (GM), Internal Audit – ICOFR at Dangote Group

The Dangote Group, founded by Aliko Dangote in 1981, is a diversified multinational corporation headquartered in Lagos, Nigeria. It operates in various sectors, including cement, sugar, salt, and flour, and has established itself as one of Africa’s largest companies. The Deputy General Manager (GM) of Internal Audit – ICOFR (Internal Controls over Financial Reporting) plays a crucial role in ensuring the integrity of the company’s financial reporting processes.

Key Responsibilities

The Deputy General Manager (GM) of Internal Audit – ICOFR at Dangote Group has a wide range of responsibilities, including:

1. Risk Assessment: Identifying and evaluating the risks associated with financial reporting and internal controls across various departments and subsidiaries.
2. Compliance Monitoring: Ensuring that the organization adheres to internal policies, legal requirements, and regulatory standards to maintain compliance in financial reporting.
3. Audit Planning and Execution: Developing audit plans based on identified risks, conducting audits, and preparing detailed reports on findings and recommendations.
4. Internal Control Evaluation: Assessing the effectiveness of internal controls over financial reporting and suggesting improvements to mitigate risks and enhance accuracy.
5. Collaboration with Management: Working closely with senior management to communicate audit findings and recommendations, and support the implementation of corrective actions.
6. Training and Development: Mentoring and training internal audit staff to build a competent team capable of effectively assessing financial controls.

Required Qualifications

To be considered for the Deputy General Manager (GM) role in Internal Audit – ICOFR, candidates typically need:

• Educational Background: A bachelor’s degree in Accounting, Finance, Business Administration, or a related field. A master’s degree or professional certification such as CPA, CIA, or CISA is often preferred.
• Experience: A minimum of 10-15 years of experience in internal audit, financial controls, or compliance, with significant experience in a managerial role.
• Skills: Strong analytical and problem-solving skills, excellent communication and interpersonal abilities, and proficiency in audit methodologies and tools.

Importance of ICOFR

ICOFR is a critical framework that ensures the accuracy and reliability of financial statements. For a company like Dangote Group, maintaining robust internal controls over financial reporting is essential to uphold its reputation, ensure regulatory compliance, and instill stakeholder confidence. The Deputy GM’s role is pivotal in monitoring and enhancing these controls.

Career Development

Working as a Deputy General Manager in Internal Audit at Dangote Group offers a significant opportunity for career advancement. The role provides exposure to various aspects of the organization, facilitating professional growth and enhancing skills in financial management and corporate governance.

Company Culture and Values

The Dangote Group emphasizes a strong corporate culture characterized by integrity, excellence, and innovation. Employees are encouraged to uphold these values in their daily operations and contribute to the company’s vision of being the most respected and sustainable company in Africa.

FAQs

1. What is the primary responsibility of the Deputy GM of Internal Audit – ICOFR?

   • The primary responsibility is to oversee the internal audit process related to financial reporting and ensure the effectiveness of internal controls within the organization.

2. What qualifications are required for this position?

   • Candidates typically need a bachelor’s degree in Accounting or Finance, relevant certifications (CPA, CIA, CISA), and extensive experience in internal audit or financial controls.

3. How does the Dangote Group ensure compliance with financial regulations?

   • The company has established internal controls and compliance monitoring processes, which are regularly reviewed and audited to ensure adherence to legal and regulatory standards.

4. What career advancement opportunities are available in this role?

   • The Deputy GM role can lead to higher managerial positions within the organization, including the Chief Audit Executive or other senior management roles.

5. What is the importance of Internal Controls over Financial Reporting (ICOFR)?

   • ICOFR is crucial for ensuring the accuracy and reliability of financial statements, which helps maintain stakeholder confidence and complies with regulatory requirements.

Related Article: Deputy General Manager (GM), Internal Audit – ICOFR at Dangote Group

Conclusion

The role of Deputy General Manager (GM) of Internal Audit – ICOFR at Dangote Group is vital in ensuring the company’s financial integrity and compliance. It offers a challenging yet rewarding career path for professionals seeking to make a significant impact in the corporate world.

For more information about the Dangote Group, you can visit their official website here. For career opportunities, check their careers page here.