American Financial Group, Inc. (AFG) has hired Anthony W. Dunn as vice president, overseeing the internal audit function for the insurance holding company and its subsidiaries.
Dunn has 20 years of experience in the insurance and financial services industry. Prior to joining American Financial Group, he served as senior vice president and chief financial officer for Ohio National Financial Services, and prior to that, was Ohio National’s Chief Audit Executive. Before joining Ohio National, Dunn was a vice president for The Cincinnati Insurance Company, performing financial planning and analysis and internal audit management. He began his career in public accounting.
Dunn is a graduate of Miami University and holds the following credentials and designations: Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Chartered Property Casualty Underwriter (CPCU). 
I think to give overseeing responsibility of internal audit to CFO falls under the concept of “Conflict of Interest”. How he’ll keep the transparency when the audit of finance will be conducted? In many industries, especially the financial sector, Internal audit is totally being kept independent.
I can see your concern, but in this case, he was CFO of a different company and therefore should be able to provide assurance over the financial function without any conflict of interest and, in fact, with a lot of experience and knowledge. It’s common for CFOs of smaller companies to become chief audit executives of larger companies.