Internal Audit Manager at Limited Liability Company

Job Reference: IAM.4/2020

Department: Internal Audit
Reporting to: Head of Internal Audit
Location: Head Office

MAIN PURPOSE OF THE JOB
Reporting to the Head of Internal Audit, the job holder will offer support in matters pertaining to audit, risk and compliance within the Society.

JOB OBJECTIVES

• Develop the scope of scheduled internal audit reviews and documenting internal audit work programs for approval by the Head of Internal Audit.
• Conduct internal audit procedures in accordance with approved internal audit work programs and prepare reports documenting the findings.
• Conduct regular compliance testing on Society’s operations both at the Head office and the Branches to ensure adherence with approved policies, procedures as well as statutory requirements.
• Carry out follow-ups to ensure proper and timely implementation of adopted internal audit recommendations.
• Keep internal control procedures updated.
• Contribute to the conduct of special audits such as forensic and compliance audits to determine compliance to and not compromise to the internal controls.
• Participate in development, implementation and maintenance of policies, objectives, short and long term planning, development and implementation of projects and programs to assist in accomplishment of established goals.
• Manage performance of audit assignments, review work papers and audit reports, edit reports prepared by the Audit assistants.
• Carry out investigations of suspected improprieties in a confidential and professional manner Prepare timely annual departmental Audit work plans and implement them. The audit plan should cover audit activities, for the Head office and at the branches.
• Mentor departmental staff continuously, build team spirit and implement measures
• that ensure optimal performance of the staff.
• In Liaison with the Head of Internal Audit, recommend amendments in the internal control systems and promote compliance with the same
• To continuously audit the use of SACCO resources in regard to expenditure, payroll and imprest and make appropriate recommendations
• Establish credible fraud detection steps in audit programs, investigate allegations of frauds and review fraud prevention controls and detection processes put in place by the Management and make recommendations for improvement and /correction or enhancement needed to maintain and improve effectiveness and compliance.
• To audit all loan application forms and ascertain that they are no delinquent loans and the society’s relevant policies and procedures are followed.
• To ensure no loss occurs from areas already audited and no risk was mentioned in audit reports.
• To audit all erroneous refunds posted so as to ascertain their accuracy and do monthly reports to the Head of Internal Audit.
• To interact with the external auditors and ensure that recommendations given during the external audit are being implemented by the management. Ensure that the society is audited at least twice per year by External Auditors.
• To analyze the budgeting process of the SACCO and carry out regular budget reviews to ascertain that the budgets are adhered to.
• Continuously undertake risk assessment and manage risks related to internal audit
• Check and verify transactions randomly or in full
• Prepare monthly quality audit reports on the findings, suggest corrective and preventive actions and discuss the reports with relevant organs in the SACCO.
• Evaluate performance of the staff supervised and the branches or departments in general by conducting a quarterly and annual appraisal and giving an audit rating to the staff/branch/Department based on the audit finding.
• Analyze investments made by the SACCO to ensure investment policy was followed, investments are safe, and they do not exceed prudential standards of the SACCO
• Co-operate with external auditors on matters regarding internal control and any other matters arising from their work
• Checking monthly and final financial statements to ascertain their accuracy and completeness
• Conducting surprise checks in the treasury and Front Office (teller’s cubicles) to ensure that all operations procedures are complied with.
• Verification of all payments and receipts.
• Reviewing internal controls including the scope of the internal audit program, the internal audit findings and recommend action to be taken by the Board of Directors.
• Reviewing any related party transactions that may arise within the Society.
• Ensuring that policies and control procedures are sufficient to safeguard against error, carelessness, conflict of interest, self-dealing and fraud.
• To have unrestricted access to records, assets and explanation and information from personnel as it is deemed necessary to carry on his/her work in the course of the business.
• To implement, without delay, all recommendations from government regulatory bodies, BOD, external audit reports and consultants based on agreements arrived at with BOD.
• To supervise day to day accounting activities of staff in the Department and provide support and backstopping to the work of staff in the Department.
• To participate in seminars to keep abreast of the changes and their impacts on the SACCO.
• To seek opportunities to enhance skills and value to the SACCO and make suggestions for improvement.
• Any other duties assigned by the Head of Internal Audit and the C.E.O.
• Customer focus
• Maintain and build customer relationships on an ongoing basis with key stakeholders in order to further grow the SACCO business.
• Provide customer service levels within the framework of “Going the Extra Mile”, but not to the detriment of the SACCO.
• Maintain and present a professional image of SACCO and its core business within the market place (grooming, punctuality, confidentiality/non-disclosure, customer communication, customer contact).

BACKGROUND REQUIREMENTS

Education: Formal Qualifications

• Minimum registered CPA (K) or its recognized equivalent. A Bachelor of Commerce, BBA Accounting/Finance, diploma in Co-operative Management and experience in Financial Operations or any other recognized equivalent qualification would be an added advantage.
• Have at least 6 years practical experience in a busy financial institution with a minimum of 2 years in internal/external audit environment.
• Computer literate
• Minimum C+ in KCSE, C (plain) in Mathematics and English.
• Active registered ICPAK Member.
• Professional Level of Education:
• CPA[K]/systems audit

PERSON SPECIFICATIONS

• Be between 32 – 40 years of age
• Flare in Current Financial and Business Trends
• Have unquestionable Integrity
• Excellent People Management Skills
• Possess excellent interpersonal communication skills.
• Well versed with contemporary legal, taxation and business trends
• Must be a good team leader.
• Deadline-Oriented, Attention to Detail, Confidentiality,
• Analytical and problem-solving skills and Knowledge of SASRA regulations.

DISCLAIMER

The above information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job.