Principal Auditor

About the Job

The Principal Auditor position is responsible for performing internal audit work throughout the University of Minnesota. The University encompasses a wide array of diverse activities including academic support functions, sponsored research, large scale business operations, academic health care, intercollegiate athletics, and municipal/utility operations. The complexity and size of audit assignments will vary significantly and will encompass audits of University units and processes, investigations, and other special projects. Incumbents are expected to have 6 or more years of applicable experience and be able to demonstrate proficiency in performing internal audit work that conforms to the Institute of Internal Auditor's professional standards. Work assigned to incumbents will normally be defined, but work direction and scope may be at a high-level and require additional research and refinement by the incumbent. It is expected this work will be carried out with limited supervision. Decisions regarding the scope of work to be performed, the nature of testing to be completed, and the reporting and disposition of results will be delegated to this position with oversight by supervisors or directors.

Essential Responsibilities

1. (25%) Perform engagement management activities associated with audits of University units or processes. This will include:

• Managing work assignments and evaluating work product of staff assigned to the audit. This includes being responsible for ensuring the work product is complete, logical and complies with both the Institute of Internal Auditor's professional standards and department practices.

• Ensuring staff are using appropriate audit judgment when drawing conclusions and evaluating the significance of audit findings.

• Coaching staff regarding completion of audit processes, evaluation of the units and business processes being reviewed, and creation of recommendations.

• Coordinating work effort and communication with line management responsible for assigned areas.

• Performing reviews of others' audit work to ensure it contains relevant facts to support audit scope and conclusions and adhere to internal audit policies and procedures.

• Managing client interaction during course of audit.

2. (25%) Plan audits of all levels of complexity with minimal supervision from audit management. The plans and procedures are to be developed using a risk-based methodology and with recognition of the limited resources available for each engagement. This will include:

• Collecting background material needed through a variety of mechanisms including interviews and data queries

• Summarizing discoveries during the planning process.

• Drafting engagement letters, audit programs, time budgets and work schedules

3. (25%) Communicate the results of the audit work performed, using both verbal and written skills. This will include:

• Developing and documenting findings and recommendations that properly address risks and conclusions.

• Meeting with the audit client(s) to discuss both the preliminary and final audit results.

• Using appropriate audit judgment in evaluating the significance of audit findings and the impact/risk of the issue.

• Drafting the initial report in a clear, concise manner to effectively communicates results to relevant levels of management.

• Ensuring recommendations made are both actionable and cost-effective.

4. (25%) Perform audit testing of both University units and processes to evaluate the efficiency and effectiveness of internal control, risk management and governance processes with minimal supervision from audit management. This includes assessing whether:

• Risks are appropriately identified and managed by the process owners and/or University management.

• Employees' actions are in compliance with policies, standards, procedures, and applicable laws and regulations.

• Resources are acquired economically, used efficiently, and adequately protected.

• Programs, plans, and objectives are achieved.

• Quality and continuous improvement are fostered in the University's control processes.

• Significant legislative or regulatory issues impacting the University are recognized and addressed appropriately.

Other Responsibilities

• Conduct follow-up work to determine the status of prior recommendations made to management.

• Complete training and other activities to maintain and enhance professional skills and abilities.

• Gather, review, and assess audit evidence as part of investigating allegations of misconduct.

• Perform basic audit work related to information technology matters. This will include, but is not limited to: physical security, change control, access controls, disaster recovery and application reviews.

• Providing consultative advice and recommendations to business areas and clients to improve processes and controls as needed.

The above audit work should be carried out by:

• Using accepted audit procedures and techniques during the audit and performing audit steps in the programs established to evaluate the adequacy of controls, risk management and/or governance processes.

• Documenting, reviewing and assessing internal controls and the efficiency and effectiveness of business practices used in the units/processes being audited. This typically is accomplished through questionnaires, interviews and flowcharts, data analytics and also through the testing of transactional activity.

• Obtaining, analyzing and appraising transactions, documents, records, reports and methods that provide the basis for our conclusions on the effectiveness and efficiency of controls over the unit/ process being audited.

• Collecting and analyzing sufficient competent evidence to serve as a basis for our conclusions.

• Preparing detailed workpapers that record and summarize data on the work assigned.

• Exhibiting flexibility and agility in daily tasks and overall schedule.

• Working effectively and efficiently in a team environment or individually as needed.

• Assessing whether data analytics can be utilized in the assessment of risk and controls and properly collecting, interpreting, and concluding on data.

• Developing and maintaining relationships with audit client contacts.

• Participating in development of less experienced staff.

• Displaying effective judgement and decision-making skills.

• Demonstrating depth and breadth of knowledge that includes operational, financial, technology, and regulatory understanding across multiple businesses and developing knowledge in critical subject areas as needed.

• Executing managerial duties under direction and oversight of audit managers.

• Working with client management to develop appropriate corrective actions for areas of concern.

The results of the audit work performed by this position is ultimately reported to the highest levels within the University, including the President and the Board of Regents Audit and Compliance Committee.

The audit work product produced by this position is considered public data, exists in the public domain and is subject to review and scrutiny by external parties, including the news media and state and federal regulatory agencies.

This position regularly works with both sensitive and confidential information and operates in settings involving confidential interactions.

This position, while based in the Twin Cities or Duluth, has system-wide responsibilities for all University locations and activities.

This is a hybrid position, working in office on Tuesdays and as needed.

The salary range for this position is $86,000-$114,000 annually.

Qualifications

Required Qualifications:

• A bachelor's degree with a major in accounting, finance, business administration, IT management, or similar business emphasis preferred

• Six or more years of audit experience to include project management experience

• Demonstrated proficiency in auditing and organizational accounting principles and processes

Preferred Qualifications/Knowledge/Skills/Abilities:

• Professional certification (e.g., CPA, CIA, CFE) and/or an advanced degree

• Demonstrated proficiency in performing internal audit work that conforms to the Institute of Internal Auditor's professional standards

• Basic computer skills (Microsoft Word, Excel, etc.)

• Effective interpersonal and communication skills

• Good analytical skills with high attention to detail and accuracy

• Experience working in higher education or other large, diversified, decentralized, highly regulated, and multi-unit organization

• Experience with enterprise resource planning (ERP) systems' (e.g., PeopleSoft) financial, human resource, and student components

• Data analytic skills and use of visual tools and techniques such as SQL and Tableau

Benefits

Working at the University

At the University of Minnesota, you'll find a flexible work environment and supportive colleagues who are interested in lifelong learning. We prioritize work-life balance, allowing you to invest in the future of your career and in your life outside of work.

The University also offers a comprehensive benefits package that includes:

• Competitive wages, paid holidays, and generous time off

• Continuous learning opportunities through professional training and degree-seeking programs supported by the Regents Tuition Benefit Program

• Low-cost medical, dental, and pharmacy plans

• Healthcare and dependent care flexible spending accounts

• University HSA contributions

• Disability and employer-paid life insurance

• Employee wellbeing program

• Excellent retirement plans with employer contribution

• Public Service Loan Forgiveness (PSLF) opportunity

• Financial counseling services

• Employee Assistance Program with eight sessions of counseling at no cost

• Employee Transit Pass with free or reduced rates in the Twin Cities metro area

Please visit the Office of Human Resources website for more information regarding benefits.

How To Apply

Applications must be submitted online. To be considered for this position, please click the Apply button and follow the instructions. You will be given the opportunity to complete an online application for the position and attach a cover letter and resume.

Additional documents may be attached after application by accessing your "My Job Applications" page and uploading documents in the "My Cover Letters and Attachments" section.

To request an accommodation during the application process, please e-mail employ@umn.edu or call (612) 624-8647.

Diversity

The University recognizes and values the importance of diversity and inclusion in enriching the employment experience of its employees and in supporting the academic mission. The University is committed to attracting and retaining employees with varying identities and backgrounds.

The University of Minnesota provides equal access to and opportunity in its programs, facilities, and employment without regard to race, color, creed, religion, national origin, gender, age, marital status, disability, public assistance status, veteran status, sexual orientation, gender identity, or gender expression. To learn more about diversity at the U: http://diversity.umn.edu

Employment Requirements

Any offer of employment is contingent upon the successful completion of a background check. Our presumption is that prospective employees are eligible to work here. Criminal convictions do not automatically disqualify finalists from employment.

About the U of M

The University of Minnesota, Twin Cities (UMTC)

The University of Minnesota, Twin Cities (UMTC), is among the largest public research universities in the country, offering undergraduate, graduate, and professional students a multitude of opportunities for study and research. Located at the heart of one of the nation's most vibrant, diverse metropolitan communities, students on the campuses in Minneapolis and St. Paul benefit from extensive partnerships with world-renowned health centers, international corporations, government agencies, and arts, nonprofit, and public service organizations.

At the University of Minnesota, we are proud to be recognized by the Star Tribune as a Top Workplace for 2021, as well as by Forbes as Best Employers for Women and one of America's Best Employers (2015, 2018, 2019, 2023), Best Employer for Diversity (2019, 2020), Best Employer for New Grads (2018, 2019), and Best Employer by State (2019, 2022).