Job Description
In keeping with our current business needs, the Operations Department has a vacancy for the position of Head of Internal Audit reporting to the Board Audit Committee and operationally to the Chief Executive Officer.
Applications are hereby required from suitably qualified candidates to fill the vacant position
Job Purpose
The role holder will be responsible for planning and conducting operational, financial and compliance audits to evaluate the effectiveness of internal controls, determine compliance with selected policies, procedures and regulations and make appropriate recommendations to management and the board. The position will also evaluate and increase efficiency and/or effectiveness of the internal audit control systems to promote good corporate governance towards achieving USL’s mission and vision. The role holder will also be the liaison person with external Auditors.
Key Responsibilities
Leadership and Strategic Management
Lead the development and implementation of an internal risk based audit strategy and annual plan for the group.
Plan and conduct audits to assess controls, operational and technical efficiencies and compliance with selected policies, procedures and regulations.
Champion best practice in governance, objectively assess the adequacy of governance systems and management of existing risks, comment on responses to emerging risks and propose new developments.
Develop USL’s risk management framework and monitor the risk maturity (including USL’s own assessment) and ensure this is reflected in the strategy.
Internal Audit and Continuous Improvement
Design, implement, test and modify controls in specific organisation systems, to provide assurance of operational and technical efficiency at the corporate level.
Participate in development and periodic review of procedures for use in Internal Audit department.
Undertaking continuous evaluation of adequacy and effectiveness of controls and methodology established by Management to ensure that the identified risks are appropriately mitigated at both strategic and operational levels within the Company.
Identify instances of over and under control and provide management with a clear articulation of residual risks where existing controls are inadequate.
Keep abreast of legislative issues, new audit regulations/trends and appropriate audit direction/methodology. Discuss updates of new regulations with CEO and relevant departmental heads.
Conduct periodic training workshops to promote awareness of internal controls and discuss changes in policies that will impact the organisation.
Participate in various committees or task forces geared to policy/procedure development and operational improvements.
Co-ordinate with external auditors as liaison department on audit issues and follow up on control gaps.
Risk Management and Compliance
Provide an objective and evidence based annual opinion on the adequacy and effectiveness of all aspects of USL’s governance, risk management and internal control to facilitate the drafting the annual governance report.
Promote the highest standards of ethics and standards across the organisation based on the principles of integrity, objectivity, competence and confidentiality.
Review the adequacy of key corporate arrangements including such as risk strategy, risk register, antifraud and corruption strategy, corporate plan.
Ensuring that responsible risk owners within the Company provide written management action plans in response to the audit reports on Risk Management in their areas of responsibilities.
Review significant partnership arrangements and major services provided by third parties and the controls in place to promote and protect USL’s interests. Assess whether lines of responsibility and assurance are clear.
Reporting
Follow up on outstanding issues as per management actions plans provided in responses to Audit Reports to ensure that management is addressing significant risks and deficiencies within an acceptable time frame.
Preparing periodic and mandatory reports on implementation of USL Risk Management Framework as per the approved Risk Management Policy.
Ensure work papers are adequately documented and audit evidence is sufficient and audit reports are accurate.
Prepare and present accurate internal audit reports for consideration of the audit committee and the board.
Report on internal control issues and the implementation of the internal audit plan to senior management and the Board.
Systems and Policy Development
Review and make a judgment on the whole range of controls including those relating to achieving value for money and the prevention and detection of fraud and corruption.
Provide advice on proposed developments such as major new systems and proposed initiatives to help ensure risks are properly identified and evaluated and appropriate controls built in.
Establish logical and systematic methods of identifying, analysing, evaluating, treating, monitoring and communicating the risks associated with USL activities, functions or processes in a way that will enable the organisation to minimise losses and maximise opportunities.
Budgeting and Reporting
Manage budgets and costs of all the activities which he/she is accountable.
Report periodically monthly, quarterly and annually) on the performance of the audit function to the Board Audit Committee. (budgets Vs actual targets)
People Leadership
Provide leadership to the department staff, supervise and manage their performance and development in line with the organization’s goals, objectives, policies and regulations.
Develop a departmental annual work plan and financial budget and monitor their implementation in line with the Business plan.
Person Specification
MBA will be an added advantage.
Bachelor’s degree in Finance, Accounting, Business Administration, Social Sciences, any other relevant field or equivalent qualifications from a recognized institution.
Professional qualifications: Certified Internal Auditor (CIA), Certified Information System Auditor (CISA), Certified Public Accountant of Kenya (CPA-K), Certified Fraud Examiner (CFE), etc.
Be registered member of Institute of Certified Public Accountants of Kenya (ICPAK), Institute of Internal Auditors (IIA), ISACA with) or any other recognized Professional body.
Minimum of six (6) years relevant work experience, three (3) of which should have been in Senior Management overseeing Internal Audit and Compliance.
Knowledge of computer aided Audit programs
Proven integrity, transparency and accountability and shown merit and ability as reflected in work performance and results;
Possess good interpersonal and communication Skills
Strong leadership and managerial skills
Superior writing and reporting skills
High integrity and ethical values
Strong negotiation skills
