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Job Summary

We are seeking a highly skilled and motivated Internal Auditor & Compliance Lead to join our team. The role is key to ensuring robust internal controls, effective risk management, and compliance with statutory regulations. As the Internal Auditor, you will be responsible for leading audits across financial, operational, and IT systems, reporting to both the Audit Committee and the CEO. This is an excellent opportunity to contribute to a dynamic and growing organization.

  • Minimum Qualification : Bachelors
  • Experience Level : Mid level
  • Experience Length : 5 years

Job Description/Requirements

Key Responsibilities

1. Audit Planning and Execution

  •  Develop and implement the annual audit plan and risk register.
  •  Conduct comprehensive audits of financial, operational, and IT systems.
  •  Provide recommendations for improving controls, reducing costs, and optimizing operational efficiency.
  •  Prepare and present detailed audit reports to management and the Board Audit Committee.


2. Risk Management & Compliance

  •  Ensure compliance with relevant laws and regulations, including the Sacco Societies Act, CBK Act, and Data Protection Act.
  •  Assess and evaluate internal control systems, recommending necessary improvements.
  •  Develop, review, and update Standard Operating Procedures (SOPs) for various departments.
  •  Monitor the effectiveness of controls in areas such as HR, procurement, credit, and financial transactions.


3. Financial & Operational Audits

  •  Review financial statements for adherence to IFRS, IAS, and prudential standards.
  •  Conduct regular cash management reviews, including surprise cash counts and reconciliations.
  •  Assess investment activities to ensure compliance with established policies and regulatory frameworks.


4. Systems Audits

  •  Perform control reviews of IT systems, including mobile banking platforms and disaster recovery processes.
  •  Analyze information systems to identify control gaps and recommend corrective actions.


5. Fraud Investigations

  •  Investigate fraud allegations and recommend measures to mitigate future risks.
  •  Work closely with management and the Board to design and implement effective fraud detection and prevention strategies.


6. Reporting

  •  Prepare audit workpapers and monthly audit reports for the Audit Committee.
  •  Highlight key audit findings, control weaknesses, and propose actionable solutions to address identified risks.


Key Qualifications & Experience

  •  Education: Bachelor’s degree in Business, Finance, or Information Technology from a recognized institution.
  •  Certifications: CPA(K) or ACCA; additional certifications such as CISA, CIA, CISM, or CISSP are highly desirable.
  •  Experience: At least 5 years of experience in accounting, with a minimum of 3 years in internal and IT auditing.
  •  Knowledge: Strong understanding of Sacco or banking operations is essential.
  •  Professional Membership: Registered with ICPAK (Institute of Certified Public Accountants of Kenya).


Key Skills & Competencies

  •  In-depth knowledge of risk assessment, internal controls, and auditing methodologies.
  •  Proficiency with audit tools and techniques.
  •  Strong analytical, negotiation, and conflict resolution skills.
  •  Excellent verbal and written communication abilities.
  •  High levels of professionalism, independence, and integrity.


Behavioral Competencies (Aligned to Our Values):

  •  Diligence
  •  Efficiency
  •  Respect
  •  Integrity
  •  Innovation
  • Cooperation


Why Join Us?

We are a regulated financial institution with a long-standing commitment to empowering members through innovative services. Joining our team means becoming part of a trusted and impactful organization while contributing to its continued success and growth. We value professionalism and foster a collaborative work culture that allows for personal and professional development.


How to Apply:

Interested candidates should send their CV and cover letter to careers@magadisacco.co.ke by December 13, 2024. Please include “Internal Auditor & Compliance Lead Application” in the subject line.

Note: We are an equal opportunity employer. Only shortlisted candidates will be contacted.

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