Job Description
Job Title: Head of Internal Audit and Risk
Status :3 Years Contract (Renewable on performance)
Duty Station: Headquarters
Reporting to : CEO and Board’s Audit Committee
Division/Department :Internal Audit, Risk & Compliance
Supervises :Systems Audit Manager Senior Internal Auditor
Purpose of the Job
Continuously ensure internal control systems, risk management and governance, procedures and policies
with a view to minimize risk exposure for utilization of assets and other resources.
I. Operational Roles and Responsibilities
1. Develop internal control measures and organize regular review of internal control measures.
2. Develop annual audit plans for approval by appropriate authority and ensuring that routine audits are carried out as per agreed plan.
3. Ensure compliance with the laid down internal controls, all Sacco policies and other statutory requirements and regulations
4. Develop risk and compliance framework on the Society’s overall risk management strategies and annual work plans
5. Conduct discussions with line Managers on commencement and completion of all audits
6. Check the soundness of accounting procedures and reliability of financial records and reports
7. Carry out investigations in the Sacco as the need may arise
8. Safeguarding assets and, as appropriate, verify the existence of such assets by independently appraising the Sacco operations to ensure assets are safeguarded.
9. Ensure operations or programs are consistent with established objectives and goals and that the operations are being carried out as planned.
10. Liaise with internal auditors to foster co-operation, reduce duplication of effort and ensure appropriate sharing of information.
11. Advise management on external audit queries
12. Guarantees complete confidentiality of records and information obtained during the course of audit jobs
13. Carry out audits and investigations and recommend remedial actions as per operational procedures requirements
II. Managerial Roles and Responsibilities
i. Develop and maintain a sound audit manual detailing audit practices, procedures and standards
ii. Determine the accuracy and reliability of accounting records by analyzing systems and internal controls
iii. Ensure audit working papers are properly prepared, referenced, reviewed and documented systematically
iv. Prepare management reports as required
v. Supervising, training and appraising staff
vi. Participate in the preparation and implementation of the strategic plan
vii. Review and evaluate the financial controls, systems, procedures, books of account, financial statements and periodic financial reports
viii. Assist in coordinating the activities of the Audit and Supervisory Committees in consultation with the office of the CEO
III. Perform any other duties as may be assigned from time to time.
Key Result Areas
The jobholder’s accountability areas are outlined as follows:
- Effective utilization of resources
- Compliance to policies, procedures, standards and controls
- Costs control
- Risk management and safety of assets
- Compliance to safety regulations and procedures
- Ensure internal checks and balances in the Sacco’s finances
- Security of the existing financial systems
Job Specifications
a. Education
- A master’s in finance or related field
- CPA – K/ACCA qualification
- CISA certification
b. Skills Required
- Membership of a professional body
- A firm understanding of internal auditing standards
- Able to integrate understanding of industry trends and vulnerabilities to identify future
possibilities, opportunities and risks
- Knowledge and application of Internal Audit standards in financial services industry
- Proactively review and recommend security quality improvements in line with technological and product changes
- Ability to understand and document workflows and business processes.
- Knowledge and effective application of all relevant banking policies, processes, procedures and guidelines to consistently achieve required compliance standards or benchmarks
- Organized; able to work both independently and in a team setting
- Ability to identify solutions that effectively address business and control needs
- Interpersonal skills to effectively communicate audit results to functional heads and other stakeholders
- Self-empowerment to enable development of open communication, teamwork and trust that are needed to support true performance.
c. Minimum Experience Required
Five (5) years working experience in a finance function with a minimum 4 years auditing experience in a senior position.
Successful candidates will be required to meet the requirements of Chapter 6 of the constitution of Kenya by obtaining the relevant documentation