Are you an experienced audit professional looking to make a meaningful impact within the financial services sector? Do you have a keen eye for detail, strong analytical skills, and a passion for maintaining the highest standards of financial integrity and compliance? If so, County Sacco Society Ltd has an exciting opportunity for you!
We are currently seeking a dedicated Internal Auditor to join our team. This role is pivotal in ensuring that all Sacco operations comply with existing legislation, Sacco rules, regulations, and procedures. The Internal Auditor will be responsible for managing the Sacco’s Internal Audit function, providing an independent and objective appraisal of our financial, operational, and internal control activities.
Join us in our mission to promote financial security and growth for our members by upholding transparency, accountability, and best practices.
Position: Internal Auditor
Location: Runyenjes, Embu
Reports To: Supervisory Committee and Board of Directors
Job Summary
The primary function of the Internal Auditor is to ensure that all Sacco operations are in compliance with existing legislations, Sacco rules, regulations, and procedures. The position holds the overall responsibility for managing the Sacco’s Internal Audit function, providing an independent and objective appraisal of Sacco’s financial, operational, and internal control activities.
This role requires a highly analytical professional who can evaluate financial systems, detect weaknesses in internal controls, ensure compliance with laws and regulations, and promote good governance within the organization.
Key Duties and Responsibilities
1. Credibility and Integrity of Financial Statements
- Compliance with Accounting Standards: Ensure the financial statements of the Sacco are prepared in accordance with the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), and the Sacco Societies Act. Verify that all disclosure requirements are met.
- Loan Documentation and Approval: Confirm that all loans issued by the Sacco are properly documented and that the awarding process is transparent and professional.
- Investment Analysis: Evaluate Sacco investments to ensure they align with the investment policy, comply with prudential standards, and are made for the benefit of the Sacco.
- Financial Statement Reliability: Ensure the information contained in financial statements is accurate, complete, and reliable for effective decision-making.
2. Compliance with Laws and Regulations
- Regulatory Adherence: Ensure that all Sacco activities are in conformity with the relevant laws and regulations, including but not limited to the Sacco Act, CBK Act, Labour Laws, NSSF Act, and other applicable statutes.
- Policy Compliance: Determine compliance with internal policies, procedures, by-laws, and other legal requirements.
3. Internal Control Systems
- Quality Control Monitoring: Monitor the quality of internal controls, identify weaknesses, and provide recommendations for improvement.
- Operational and Financial Evaluation: Evaluate the financial and operational procedures for adequacy and effectiveness of internal controls.
- Organizational Structure Review: Ensure the organizational chart is well-defined, and the flow of authority is well documented to track responsibilities and rights granted in accordance with authority.
- Segregation of Duties: Confirm that the accounting system is structured to prevent a single individual from originating and completing a transaction, ensuring a well-defined segregation of duties.
- Asset Management: Verify that all Sacco assets are documented, safeguarded, properly valued, and insured. This includes assessing their physical presence, depreciation policies, and overall effectiveness.
- Policy Compliance in Departments: Ensure every department has a complete policy guiding its functions, which is adhered to in day-to-day operations.
4. Governance
- Board Advisory: Assist the Board of Directors in governance by advising on audit, risk, and control issues.
- Ethical Culture Promotion: Promote ethics and a professional culture focused on member-centric services such as savings and credit facilities.
- Code of Conduct Enforcement: Ensure the implementation and compliance with the Sacco’s code of conduct.
- Strategic Direction Support: Aid the Board in setting the strategic direction for the Sacco.
- Audit Committee Liaison: Act as a bridge between external auditors and the Sacco’s Supervisory Committee.
5. Fraud Detection and Prevention
- Fraud Detection Systems: Implement fraud detection mechanisms in audit programs.
- Investigation and Prevention: Investigate allegations of fraud and review fraud prevention controls and detection processes put in place by management.
- Risk Management: Make recommendations for improvement and provide corrective measures to maintain and enhance effective, compliant operations.
- Resource Utilization Review: Assess the economic efficiency and effectiveness of Sacco resource utilization to achieve organizational objectives.
6. Reports and Reporting
- Periodic Audit Reports: Prepare comprehensive periodic audit reports for the Board.
- Supervisory Committee Role: Serve as the Secretary to the Supervisory Committee.
- Documentation and Filing: Maintain files and supporting documentation for audits and other assignments.
- Risk Assessment: Identify and qualify key business risks, estimate the probability of occurrences, assess the impact on the Sacco, and make recommendations to the Executive Committee.
Qualifications and Requirements
Education
- Bachelor’s degree in Commerce (Accounting or Finance option).
- Fully qualified accountant under the Accountants Act (CPA (K), ACCA) and registered with ICPAK.
- Membership in a recognized professional body.
Experience
- Minimum of 5 years audit experience in a busy organization, with at least 3 years in a Sacco environment.
- Proven track record in internal audit, compliance, and risk management.
Key Competencies and Skills
- Strong analytical and problem-solving skills.
- Excellent communication and interpersonal abilities.
- High integrity, credibility, and ethical standards.
- Ability to work independently and within a team.
- In-depth knowledge of financial regulations and internal auditing standards.
Why Join County Sacco Society Ltd?
- Opportunity for Career Growth: Grow your career within a reputable Sacco known for its financial stability and integrity.
- Impactful Work: Play a key role in ensuring compliance, transparency, and accountability within the organization.
- Professional Development: Access to continuous professional development and learning opportunities.
- Dynamic Work Environment: Work within a supportive and dynamic team that values ethical conduct and professionalism.
How to Apply
If you are qualified and ready for an exciting challenge, we encourage you to apply through our website at www.countysacco.com/careers by 14th March 2025.
Letters should be addressed to:
THE HUMAN RESOURCE MANAGER
COUNTY SACCO SOCIETY LTD
PO BOX 21-60103
RUNYENJES-EMBU
Please note: All applications should be made through our website. Only shortlisted candidates will be contacted.
Apply Now!
County Sacco Society Ltd is an equal opportunity employer.
Join us today and be part of a team dedicated to excellence and member-focused financial services!
