Reporting to the CEO , the main functions of the Internal Auditor will entail;
Reviewing the credibility and integrity of financial statements.
Ensuring the financial statements of the Society have been prepared in accordance with the IFRS, IAS and the Sacco Societies Act. This will also ensure that all the disclosure requirements in accordance with the rules and regulations are also met.
Ensure that the loans of the society are all documented and the necessary steps were followed in awarding the loans. The process of loan awarding should be professional.
Ensure that the fixed assets of the Society are safeguarded, their physical condition is proper, they exist and they are correctly valued. This includes checking the physical presence, the depreciation policies and analyzing their effectiveness and whether they are properly insured.
Analyze the investments made by the Society to ensure that the investment policy was followed, the investments are safe, they don’t exceed such a proportion of the prudential standards that have been set and such investments have been made for the good of the Society.
Ensure that the information contained in the financial statements is complete and reliable for effective decision making.
The internal auditor checks that all activities done by the Sacco are in conformity with the existing laws and regulations. This will entail the internal auditor ensuring that the Society does not contravene among others; The Cooperative Societies Act, the Sacco Societies Act, CBK Act, the labor laws, NSSF Act and other relevant Acts and laws.
Review the economic efficiency and effectiveness in the utilization of the Society resources so that its objectives are achieved.
The internal auditor will also review the adequacy, design and effectiveness of the internal control systems. This will monitor the quality of such controls, detect any weakness and provide recommendation for improvement.
Undertaking regular transaction and systems review to confirm that internal control systems are in place and are working.
Vouching and examination of vouchers before payments.
Advising Board on the sufficiency/ adequacy of internal controls and systems.
Undertaking investigate audits on request.
Drawing up annual audit plan based on a risk assessment.
Completing assigned tasks in a timely, accurate and well documented manner ensuring that audit findings and recommendations made during the course of the audit are promptly communicated to the Board.
Performing follow-up work as necessary subsequent to the audit.
Formulating and reviewing internal controls and procedure manual.
External audit report follow up.
Assist the BOD in the governance of the Society by advising on the direction of various issues.
The internal Auditor shall act as a link between the external auditor and the supervisory committee of the Society. In the event the external audit is being performed, the external auditor analyses the work done by the internal auditor mainly focusing on independence and integrity of the internal audit function so that they can place some reliance on its work.
Having fraud detection steps in audit programs; investigating allegations of fraud, and reviewing fraud prevention controls and detection processes put in place by management, making recommendations for improvement and on corrections or enhancements needed to maintain and improve effective and complaint operations.
Maintaining files and supporting documentation for audits and other assignments.
Identifying and qualifying key business risks estimating the probability of occurrences and the impact on the Society and making appropriate recommendations.
Any other lawful duties that may be assigned from time to time.
Qualifications
A Business related/ Bachelor’s degree or its equivalent from a recognized university and CPA (K) or its equivalent or a CPA (K) and has satisfactorily served as an Accountant/ Internal Auditor in the Society or a comparable position with similar responsibilities in a Sacco or in a similar organization for a minimum period of 5 years.
CISA will be an added advantage.
Be registered with ICPAK
5 years of relevant experience.
Job Specification
Judgement and decision making ability.
Accuracy and attention to detail.
Excellent communication and interpersonal skills.
Excellent analytical and audit skills.
Self-driven and work with minimal supervision.
All risk analysis skills.
Advanced report writing and presentation skills.
Good IT skills and Proficient in Microsoft office suite.
Unquestionable integrity
