Director, Financial Controls and Compliance

CarMax•Richmond, VA

3d•Hybrid

About The Position

The Director, Financial Controls and Compliance will lead a function responsible for the effectiveness of Internal Controls over Financial Reporting (ICFR), including all business-related process controls and advanced IT control environments spanning ERP platforms cloud infrastructure, cybersecurity frameworks, and automated financial processes. The position will oversee all aspects of governance around the company's implementation, maintenance, and remediation of Sarbanes-Oxley Act (SOX) compliance initiatives. The Director, Financial Controls and Compliance develops company-wide control standards, manages/participates in control-related projects, partners with the business to identify solutions and process improvements, and provides training on control-related initiatives. This includes obtaining a broad understanding of the company's functions and business segments, as well as having a deep knowledge of SOX best practices. The ideal candidate will have an in-depth knowledge and experience in the areas of SOX, COSO framework, and US GAAP related to the retail industry. The Director, Financial Controls & Compliance will be a key member of the accounting organization at CarMax, responsible for ensuring ongoing compliance with Sarbanes-Oxley (SOX) requirements across the company.

Requirements

Bachelor’s degree in Accounting and active Certified Public Accounting (CPA) certificate required.
Ten or more years of progressive accounting experience; Big 4 public accounting preferred.
Extensive knowledge of US GAAP, SOX regulations, PCAOB standards, and COSO framework.
Strategic thinker who demonstrates a willingness and desire to obtain a deep understanding of business processes, technologies and risks to provide valuable insights.
Ability to make well informed, effective and timely decisions.
Working knowledge of ITGC preferred.
Experience leading projects and teams.
Exceptional written and verbal communication skills with the ability to motivate and provide clarity on objectives.

Responsibilities

Lead the company’s SOX program, including, but not limited to, the following: Conduct the annual SOX risk assessment, determine materiality, scope, testing approach, and timing. This includes a comprehensive assessment of risks and key controls and a controls rationalization exercise.
Consult with, and provide direction to, business partner teams related to SOX compliance activities, ensuring controls are properly designed and documented, and issues are identified, tracked, and resolved.
Provide strategic oversight for new transformation, strategic and system implementations and major projects, ensuring integration of the design of internal controls, SOX compliance, segregation of duties, and risk mitigation.
Partner with CIO, CISO and enterprise architecture teams to align IT risk management and SOX requirements and ensure that controls are embedded into system upgrades and implementations.
Advise on and design IT General Controls.
Monitor the evaluation/testing of internal controls and ensure any identified deficiencies are remediated in a timely manner.
Provide consultative support for business partners in their development of remediation plans.
Assess the severity of control deficiencies, both individually and in the aggregate.
Identify root causes of control deficiencies and reporting errors and investigate, analyze and test possible solutions or measures for improvement.
Prepare memos and agree issues with responsible management.
Oversee and challenge impact and exposure assessments for control deficiencies and financial reporting risks, including evaluation of severity, financial statement impact, and ensure timely escalation to senior management and governance bodies.
Maintain a current understanding of SOX legislation, PCAOB Standards, and other relevant guidance, using that knowledge to improve processes.
Assess all training needs, develop training materials, and ensure all stakeholders are sufficiently trained on internal control requirements, design, and ownership.
Work with key business process owners to identify, document, review, implement and certify internal controls. This includes the development and review of control templates and flowcharts.
Provide updates and analysis to executive leadership and the Audit Committee on the status of our internal control environment and SOX compliance.
Lead the certification process to support the CEO and CFO quarterly 302/906 representations.
Serve as the primary contact with internal and external auditors on all control-related matters and look for ways to increase audit efficiency and effectiveness.
Serve as the primary SOX subject matter expert by providing technical accounting leadership and oversight on complex accounting matters impacting controls, ensuring appropriate interpretation and application of accounting guidance, SOX 404, and internal control requirements in partnership with Finance, Accounting, Tax, IT, Legal and external auditors.