Summary
Date Posted: Thursday, September 01, 2022 , Base Salary: Not Disclosed

JOB DETAILS:
Job Title: Head of Internal Audit
Job Reference TSCCS: H.O.I.A.4/2022
Department: INTERNAL AUDIT
Reporting to: C.E.O., AUDIT COMMITTEE & SUPERVISORY BOARD
Location -HEAD OFFICE

Job Purpose
Reporting to the CEO, Audit committee and Supervisory committee, you will be expected to ensure that the SACCO’s operational and accounting policies and procedures are followed by the management and staff. Head the internal audit function; Executing audit engagements within specified time budgets to accomplish the internal audit plan ensuring reliability and integrity of information and compliance with policies. In charge of an independent appraisal of all SACCO functional and non-financial areas established by management of the SACCO and review of the internal control system as a service to the SACCO.
Plans, execute and report to the Board on operational, financial, regulatory compliance related audits/reviews of the SACCO, in line with the SACCO strategy objectives, relevant policies, agreements/contracts and overall SACCO mandate. You will oversee the proper use and safety of the SACCO resources, continuously assessing and ensuring adequacy of and adherence to internal controls. The responsibility is to objectively examine, evaluate, verify Financial & nonfinancial data and determine the accuracy and reliability of accounting statements and report on the adequacy of internal control as a contribution to proper economic, efficient and effective use of resources. Internal auditing activity is the eye of the CEO and the Board of Directors in the SACCO. Responsible for the Internal Audit Function to provide assurance that the policies and procedures are being adhered to as stated and that the SACCO is generally run in an efficient and effective manner.

Job Objectives
• Evaluate all task systems and controls to determine their adequacy and effectiveness to the SACCO to ensure: effective, efficient and economic use of the SACCO resources, reliability and integrity of information, and Compliance with policies.
• Identify business risks, systems and control weaknesses, and deficiencies in policies and procedures.
• Develop and discuss audit findings and recommendations with CEO and Heads of departments and agree on a timeframe for corrective action for Audit committee sanctions.
• Advise Board and management on non-compliance operations.
• Carry out special and routine audit assignment and investigations.
• Keep internal control procedures updated.
• Oversee implementation of controls of operational and accounting policies and procedures.
• To review the SACCO’s short term business plan and strategy and come up with suggestions in terms of audit strategies that will better enable the SACCO to achieve its goals.
• 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.
• Facilitate development, implementation and continuous review of sound Internal Control
• Systems, policies and procedures through recommendations to the board
• To come up with a comprehensive plan which guides the audit department.
• Enforce compliance with Internal Control policies, systems and procedures in the SACCO
• Plan, direct and control the Internal Control function of the SACCO on a day to day basis
• Recommend amendments in the internal control systems and promote compliance with the same
• To continuously verify and enforce compliance with policies, practices, rules, regulations and any other legally binding agreements in the SACCO.
• To verify and advise the board on the SACCO’s conformity with the regulator’s requirements(SASRA) and to ensure Society’s financials are prepared in accordance with international auditing standards(IAS) , international financial reporting standards(IFRS) and SACCO Society’s Act.
• To carry out quarterly special audits such as forensic and compliance audits to determine compliance to and not compromise to the internal controls and give recommendations on how such controls can be beefed up.
• 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 pre-audit all payment vouchers and payments to ensure they are adequately supported.
• To audit all erroneous refunds posted so as to ascertain their accuracy and do monthly reports to the board
• 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
• In consultation with the audit committee, undertake stock and FOSA cash spot checks to ensure SACCO assets are safeguarded and make appropriate reports to the board
• 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 Act.
• Prepare an overall comprehensive audit plan for the Society as regards the nature, extent and timing of the audit activities.
• Update and communicate audit programmes changes in consultation with CEO and Chair of Audit committee and the Supervisory Committee to ensure adherence with internal audit standards.
• Prepare internal audit reports and present to the CEO, Audit committee and the Supervisory Committee and as well ensure that Audit quarterly reports are tabled in the Board meeting.
• 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.
• Procedure reports to the CEO on day-to-day operations of the society.
• Taking minutes of the Audit Committee.
• Considering any matter of significance raised at the Annual General Meeting.
• 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 section and provide support and backstopping to the work of staff in the section.
• 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.
• 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).
• Any other duties assigned by the C.E.O, Audit Committee, Supervisory Committee and Board of Directors from time to time.

Preferred Qualifications
1) 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.
2) Have at least 6 years’ practical experience in a busy financial institution with a minimum of 4 years in internal/external audit environment.
3) Computer literate
4) Minimum C+ in KCSE, C (plain) in Mathematics and English.
5) Active registered ICPAK Member. 6) Age 32-40 years of age
7) Be proactive and initiative.
8) Have excellent communication and interpersonal skills.
9) Must be self- motivated and be ready to work with minimum supervision.
10) Be a team player.

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.
Only shortlisted candidates will be contacted and they will be required to provide the following upon being successful;
1) Clearance certificate from the Ethics & anti-corruption commission (EACC)
2) Tax compliance certificate from the Kenya Revenue Authority (KRA)
3) A valid certificate of good conduct
4) Clearance certificate from the Higher Education Loans board (HELB) 5) Clearance certificate from the Credit Reference Bureau (CRB) .

Background Requirements
• 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.

Education Requirement: No Requirements

Work Hours: 8

Experience in Months: 72

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