Job Description
Overview:
The SOX Financial Audit Team Lead will be responsible for independently managing and executing Sarbanes-Oxley Act of 2002 (SOX) compliance test work, ensuring effectiveness of internal controls over financial reporting (ICFR), and providing (indirect) leadership to a team of SOX financial auditors. This individual should have a strong understanding of financial auditing practices and SOX compliance requirements and the ability to identify and mitigate financial risks. The Audit Team Lead will be expected to execute a risk-based testing approach, exhibit strong time management skills, and mentor junior team members while working closely with cross-functional teams including key stakeholders within management, internal audit, and external audit. This individual will work independently to identify control weaknesses, develop and monitor remediation strategies as well as review the work of junior team members.
Functions and Responsibilities:
- Independently perform walkthroughs, test the design, and test of operating effectiveness for internal controls related to financial reporting in compliance with SOX 404.
- Build subject matter expertise in assigned disciplines, including having a detailed understanding of financial reporting impact.
- Contribute to the planning and execution of the SOX test plan, ensuring proper scoping, risk-based testing, and timely completion of annual test work.
- Prepare clear and concise documentation within workpapers for testing results, control deficiencies identified, and recommendations for remediation. Present findings to management with recommended remediation action plans.
- Assist and contribute to the enhancement of SOX testing methodologies and processes to improve efficiency and ensure the robustness of the control environment.
- Independently conduct risk assessments of financial reporting processes and identify areas of improvement in internal controls.
- Indirect supervisor to junior team members, reviewing workpapers for accuracy and completeness. Provide guidance and support to junior team members helping them develop skills in SOX compliance, SOX testing procedures, and overall Bank policies.
- Evaluate the design and effectiveness of internal controls, ensuring they align with Bank policies, industry standards, and regulatory requirements.
- Communicate effectively with cross-functional teams to assess control design and operational effectiveness.
- Work closely with cross-functional teams including within Finance, related businesses, and both internal and external audit teams to facilitate the SOX compliance process and ensure timely resolution of control issues.
- Assist in coordinating with external auditors during the annual audit process, providing documentation and supporting evidence related to SOX compliance and financial reporting controls in a timely manner.
- Understand and adhere to SOX teams timelines and deliverables. Identify risk-related issues needing escalation to management.
- Manage or assist in special projects related to SOX compliance and team process improvements, as needed.
- Participate in training and development opportunities across Finance and the Bank.
- Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite. Identify risk-related issues needing escalation to management.
- Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
- Complete other related duties as assigned.
Supervisory/ Managerial Responsibilities:
Likely to have indirect supervisory responsibilities
May mentor junior team members
Education and Experience Required:
- Bachelor's degree and 5 years of experience OR Associate's degree and 7 years of experience in finance, accounting, auditing, or related field
- Understanding of SOX 404 requirements, financial reporting processes, and internal control frameworks (COSO)
- Experience conducting detailed testing of financial controls, financial reporting processes, and risk assessments
- High attention to detail for testing controls, documenting findings, and preparing reports
- Strong verbal and written communication skills.
- Ability to mentor and coach junior team members, fostering team development
Education and Experience Preferred:
- Bachelor’s degree in Finance, Accounting, Auditing, or related field
- Advanced degree or professional certification (i.e. CPA, CFA, etc.)
- CPA - Certified Public Accountant
- CFA - Certified Financial Analyst