REPORTS TO: Board Audit Committee
The incumbent is charged with the responsibility of ensuring compliance with company policies and procedures and giving recommendations to the Board Audit Committee.
NATURE AND SCOPE OF THE POSITION
The Job incumbent will review the various operations of the departments both in life and general business to ensure compliance with the set controls, report any short falls and give recommendations to the Board Audit Committee.
Internal Controls- 50%
- Develop risk–based annual audit plan detailing the scope, nature and timing of audit activities.
- Conduct internal audits as per the audit plan to assess the adequacy, effectiveness and efficiency of the established internal controls and procedures.
- Discuss audit findings and recommendations with line managers and report significant issues to members of the Board Audit Committee
- Provide top management and the Board Audit Committee with an opinion on the adequacy, effectiveness and efficiency of the internal controls.
- Analyse the issues identified during audits so as to point out the risks they pose on the company.
- Understand the company’s strategy and business objectives so as to focus Audit’s work on the highest risks.
Reporting Responsibilities- 20%
- Quarterly report to the Board Audit Committee on activities, issues and related recommendations.
- Periodic reports to the M.D on areas audited for action.
- Carry out any other special and or investigative assignments from the Board Audit Committee or the Management.
Follow up on implementation of agreed recommendations- 30%
- Ensuring that HOD’s respond to audit queries within the required specified timeline.
- Ensure timely implementation of recommendations by the management.
- Preparing recommendations which are practical and agreeable by Managers and follow through.
Reports produced in this role are:
- Follow ups on recommendations.
- Periodically and quarterly highlighting weak areas.
CROSS-FUNCTIONAL TEAMS, YOUR PURPOSE AND ROLE
The internal auditor will work closely with;
- All senior managers in all the departments
- Work with the risk manager to identify weak links in the system
- Audit committee
- All staff to query various procedures and control measures
This position will liaise with;
External auditors for objective audit of the organization
Insurance Regulatory Authority (IRA)
EDUCATION, EXPERIENCE & KNOWLEDGE
For acceptable performance the position requires;
- B.COM or any other business related degree.
- CPA (K) or equivalent
- At least 5 years experience in a similar function.
- Membership to a professional body such as ICPAK or IIA
- Good knowledge of industry practices, procedures, regulations, and laws
- Good knowledge of and skill in applying internal auditing principles and practices.
- Good knowledge of the standards for the professional practice of internal auditing and the code of ethics developed by the Institute of Internal Auditors (IIA).
SKILLS AND COMPETENCIES
- Good written and verbal communication skills
- Ability to facilitate decision making process
- Analytical and problem solving skills
- Objective and independent minded
- Ability to display a high degree of professionalism and integrity
- Time management skills.
- Good interpersonal and public relation skills.
- Be able to work under minimal or no supervision.