Summary
Date Posted: Friday, June 21 2024, Base Salary: Not Disclosed

JOB DETAILS:
The Occidental Insurance Company was incorporated in 1984, and it opened its first office in Mombasa. The company handles several types of risks under general insurance, It has products lines that include Personal insurance, Commercial insurance, Fire domestic and industrial insurances, Marine insurances, Liabilities insurances, Motor vehicle insurances, loss of profits against Fire/IAR/Machinery breakdowns among others.

Overall Responsibility
• Responsible for ensuring that the internal audit function operates effectively and efficiently within the set professional practices framework standards and best practices. The role involves evaluating audit processes, identifying areas for improvement, and implementing strategies to enhance the overall quality and effectiveness of internal audit activities.

Key Performance Areas
• Timely audits of the company’s procedures & processes.
• Legal & Regulatory compliance.
• Number of audits conducted & completed as per the schedule
• Number of audits resulting in findings / opportunities for improvement.
• Number of all corrective actions that are as a result of audits.
• Cycle time for correction of audit findings.
• Effectiveness of corrective actions on audit findings.

Key Tasks, Duties and Responsibilities
• Act as an objective source of independent advice to ensure validity and legality of business processes and practices.
• In consultation with the Supervisor, develop the annual internal audit workplan, and obtain requisite approvals.
• Ensure successful completion of assigned/planned audit engagements and risk assessments, from start to finish, inclusive of preplanning and wrap up activities.
• Obtain, analyze, and evaluate accounting and operations documentation, previous reports, data, flowcharts etc. for accuracy and compliance with internal policies, legal and other regulations.
• Identify internal controls issues for key risk processes in a timely manner to proactively avert losses.
• Discuss audit findings and recommendations with relevant the supervisors, management, departmental heads, external auditors, and other stakeholders.
• Identify and communicate control issues noted, offering practical solutions relevant to business and related risks.
• Ensure that organization’s risk management policies, controls and procedures, management systems are effectively implemented, disseminated, and complied with.
• Monitor and evaluate key processes as appropriately identified in the risk assessment during assignment planning.
• Assess, evaluate, and advise Management on how to achieve statutory/ legal compliance.
• Constantly monitor if the audit recommendations have been implemented and reporting on any gaps observed.
• Coordinate the documentation and revision of standard operating procedures with key emphasis on adequacy of controls and risk management.
• Carry out spot checks on keys areas such as trade debtors, physical stock etc.
• Conduct ad-hoc/ special investigations and reviews as requested by Management/ ARCC.
• Prepare and present risk and audit findings and reports that reflect results from the work conducted and document; engage in meetings with Management, departmental heads and advise on process gaps and needed improvements.
• Undertake any regulatory reporting in a timely manner.
• Ensure complete, accurate and timely audit and risk information is reported to Management.
• Conduct ad hoc investigations into identified or reported risks.
• Develop action plans to remediate non-conformance noted from the periodic assessments of internal audit activities.
• Stay abreast of emerging trends, developments, and regulatory changes in the field of internal auditing and insurance and investments to ensure the quality assurance program remains current and effective.
• Document findings and discrepancies, clearly articulating the impact and significance of identified issues.
• Any other duties to be assigned by the supervisor or the management from time to time.

Qualifications
• Bachelor's degree in accounting, finance, business administration, or related field.
• Certified Public Accountant (CPA K) or its equivalent.
• Certified Internal Auditor (CIA) will be an added advantage.
• Minimum of 3 years of experience in internal audit or external audit.
• Insurance Industry experience will be an added advantage.

Key Competencies & Skills
• Strong understanding of internal control concepts, audit techniques and working knowledge of Global Internal Auditing Standards and Accounting Principles
• Proficiency in conducting data analysis using tools such as Microsoft Excel, ACL, or similar software.
• Excellent analytical skills, attention to detail, and ability to draw meaningful insights from complex information.
• Excellent communication and interpersonal skills, with the ability to interact professionally with individuals at all levels of the organization.
• Ability to work independently with minimal supervision, while also collaborating effectively within a team environment.
• Strong organizational, leadership and time management skills, with the ability to manage multiple priorities and meet deadlines.

Work Hours: 8

Experience in Months: 36

Level of Education: Bachelor Degree

Job application procedure

Method of Application
Application letter, copies of academic certificates and a current CV with the subject heading as “INTERNAL AUDITOR” should be sent by an email to hr@occidental-ins.com  or hand delivery to Occidental Head Office to reach the HR & Administration Manager by COB Friday, June 28, 2024.
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