Chief Internal Auditor

About the role

The Illinois Finance Authority (IFA) is a state financing authority that provides access to capital for economic development, infrastructure, and environmental initiatives across Illinois. IFA is a nationally recognized issuer in the municipal bond market, facilitating innovative debt financing transactions with banks and investors on behalf of conduit borrowers, including 501(c)(3) organizations and the Illinois Environmental Protection Agency’s State Revolving Fund Programs. Through its climate bank functions, IFA expands its role in deploying capital to accelerate clean energy, resilience, and equitable climate investments. The Authority generates its own operating revenue and is not supported by State taxpayer appropriations, and it meets publicly each month.

The Chief Internal Auditor position is a full‑time, five‑year appointment reporting directly to the Executive Director, with direct communication access to the governing board as applicable. The role is responsible for establishing, expanding (as necessary), and sustaining a full‑time internal auditing program in accordance with the Illinois Fiscal Control and Internal Auditing Act and applicable professional standards and ethical requirements. The internal audit function must remain independent of Authority operations and have no operational or managerial responsibilities that could impair audit independence.

Responsibilities

• Develop, grow, and manage an independent, objective, and effective full‑time internal audit function founded on professional integrity, ethical standards, sound judgment, confidentiality, transparency, accuracy, compliance, and accountability.
• Develop and maintain a risk‑based two‑year internal audit plan identifying audits scheduled for the pending fiscal year and obtain required approval from the Executive Director before the beginning of the fiscal year.
• Conduct periodic audits of the Authority’s major systems of internal accounting and administrative control to ensure that major systems are reviewed at least once every two years.
• Evaluate compliance with applicable laws, regulations, policies, procedures, and other requirements governing the obligation, expenditure, receipt, use, accounting, and safeguarding of public and trust funds.
• Audit and assess grants received or made by the Authority to determine whether they are appropriately monitored, maintained, and accounted for in accordance with applicable laws and regulations.
• Review the design of major new electronic data processing systems and significant system modifications before implementation to help ensure adequate audit trails, accountability, and internal controls.
• Conduct special audits of Authority operations, procedures, programs, information systems, and other activities as directed by the Executive Director or governing board, as applicable.
• Prepare and submit the annual written report required by the Act, including the extent to which the annual audit plan was carried out, significant findings, and the status of implementation of recommended changes.
• Report significant audit findings, risks, control weaknesses, and recommendations clearly and objectively to Authority leadership and the governing board, as applicable, and monitor corrective action and implementation.
• Provide independent consultation and advice regarding matters affecting the duties and responsibilities of the internal audit function, consistent with applicable law, professional standards, and ethical requirements.
• Maintain appropriate professional relationships and, when necessary, consult with the Auditor General, Department of Central Management Services Bureau of Internal Audit, Internal Audit Advisory Board, and other authorized governmental entities on matters affecting the internal audit function.
• Establish and maintain audit policies, procedures, work papers, documentation, quality assurance practices, and reporting protocols consistent with applicable Authority policies.
• Handle other ad hoc requests as requested by members of the executive management team.

Qualifications

Required:

• Bachelor's degree from an accredited college or university.
• Certification as a Certified Internal Auditor (CIA) by examination or licensure as a Certified Public Accountant (CPA), plus at least four (4) years of progressively responsible professional auditing experience; or at least five (5) years of progressively responsible professional auditing experience.
• Demonstrated knowledge of internal auditing principles and practices, internal controls, risk assessment, financial and operational auditing, and applicable professional standards and ethics.
• Demonstrated ability to plan, conduct, supervise, and report on complex audits; evaluate internal control systems; identify material risks and control deficiencies; and develop practical, well‑supported recommendations.
• Strong written and verbal communication skills, including the ability to communicate effectively and independently with executive leadership, governing boards, external auditors, regulators, and other stakeholders.
• Valid driver’s license and ability to travel to perform duties at offsite locations, if necessary.

Preferred:

• Experience auditing or overseeing public authorities, state agencies, financial institutions, climate finance programs, or grant‑funded programs.
• Active Illinois CPA or advanced degree in a relevant field.

Benefits

• 401(a) defined contribution retirement savings plan with matching contributions.
• Comprehensive and competitive health, life, and disability insurance.
• Paid time off.

Pay

Annual compensation: salary range of $130,000 – $140,000.