The mission of the internal audit is to ensure that the society’s operations are conducted according to standards by providing an independent and objective assurance function and by advising on best practice.

The department takes care of planning, implementation, and examination of internal auditing matters, and participates in the formulation and revision of operating and management regulations.

Duties and responsibilities of this department include:

  • Designing the internal control systems and procedures of the Sacco.
  • Reviewing and reporting on the adequacy of internal audit system and the financial matters of the Sacco society.
  • Advising the Board on the weaknesses of the existing internal control systems and procedures.
  • Ensuring that all the policies of the Sacco are properly implemented and adhered to.
  • Preparing periodical internal audit reports revealing whether the internal control systems and procedures are being followed.
  • Evaluating the performances of all departments and making recommendations whether their performance is up to required standards.
  • Liaising with the external auditor when need arises.
  • Examining all cheques, cash payments and their authorization to ensure that no irregularity is made.
  • Ensure completeness and accuracy of all financial, statistical and accounting records.
  • Making surprise checks on physical cash in hand.
  • Liaising with the audit committee in the course of operations of the Sacco as required by law.
  • Vouching and verifying all purchases.
  • Checking the accuracy of Reconciliations between the employer cheques and the by-product monthly.
  • Examining whether the loans are properly attached for principal amount and interest.
  • Auditing the bank reconciliation statements.
  • Checking whether shares, deposits, loans repayments and interest are properly posted in the MPA.
  • Receiving cheques from accounts office and examining them to determine whether they are properly drawn before endorsing.
  • Examining whether the assets of the society are safely kept.
  • Carrying out periodic stock taking and making reports to management.
  • Verifying the accuracy of accounting data.
  • Vouching and verifying all defaulted loans to ensure that they are properly recovered.
  • Reconciling ATM transactions.
  • Ensuring that all loan clearances are properly computed and posted.
  • Examining the members’ files to ensure they contain the relevant documents.
  • Vouching of customers’ cash and cheque payment and receipts in the FOSA section.