% Time

Major Activities

End Results Expected

(5%) Planning

• Develops and submits for approval to the BAC annual audit plan that outlines the activities to be undertaken by the Internal Audit Department (IAD) during the year.
• Prepare amended internal audit plan and present it to the Audit Committee for approval in case of significant shifts in risk profile or significant changes in the operations of VFR.

• Annual plan prepared before beginning of Q1 and approved by the audit committee

(15%) Reporting

• Submits timely reports to management for all the audits conducted during the year;
• Submits written audit reports & internal audit activity reports to the Audit Committee before every scheduled Board meeting;
• Presents the audit activity reports during the BAC meeting every quarter;
• Submits high quality progress reports to RAM monthly and attends regular check in meetings with RAM as required; 
• Tracks the status of implementation of issues/corrective actions arising from audit reports and provides updates to Management, RAM and BAC;
• Presents to Management the results from continuous audit & analytics each month;
• Informs all concerned staff on changes in internal control and audit policies and procedures.

• At least 90% of Audit Reports published within 30 calendar days of fieldwork close.
• Audit Reports to BAC submitted at least 15 days prior to the meeting.
• Monthly progress reports submitted within 7 working days of month end to RAM. Attendance of regular check in meetings organized by RAM.
• Summary of issues / corrective action status sent to RAM and Management monthly.

(40%) 

Audit Work

• Carries out the Internal Audit Plan with the assistance of the Internal Auditors (if any) or on their own;
• Performs testing or ensures testing done by Internal Auditors is as per required standards and latest Audit Program;
• Prepares, reviews and issues all IAD audit reports after approval by the RAM;
• Discusses the results of audits with respective head office /branch department managers and advices on appropriate corrective actions to improve conditions;
• Ensures all audit testing is adequately documented and archived for the period required by VFI policy and local regulatory authorities;
• Ensures data analytics is completed each month by the IAD as part of continuous audit and monitoring;
• Independently appraises all operational functions of the institution;
• Reviews and updates Audit Programs and the Audit Manual when there are changes to products, processes, regulations or systems.

• 100% completion of the approved Internal Audit Plan.
• Number of Critical audit issues raised which result in change in the VFR.
• Excellent quality testing, reports and work paper standards reflected by reduced number of coaching notes and feedback from RAM.
• Monthly data analytics report 
• An up-to-date Audit Program and Audit Manual in place (updated at least annually).

(20%) Supervision and Training

• Supervises, motivates and reviews the work of the Internal Auditors (if any);
• Trains less experienced auditors to meet IAD audit standards;
• Appraises and evaluates all IAD staff development plans;
• Works to develop self and team members continuously;
• Ensures all members of IAD complete the required number of CPE hours every year.

• All staff appraisals conducted within deadlines.
• Positive feedback obtained from staff during 360-degree feedback sessions.
• Staff satisfaction within the internal audit department (if measured) over 90%.
• Hours of CPE training spent in a year to maintain certifications.
• Complete at least eight man-days of training per staff per year.

(5%) Assist in Fraud investigations and external audits.

• Assists in the execution of external audits as well as examination to be conducted by government regulatory agencies and other stakeholder/raters;
• Promptly investigates any fraud incidents escalated by management, staff, RAM, BAC or through Whistle Blowing channel;
• Monitors implementation of issues raised by the external auditor’s management letters and Regulatory reviews.

• Thorough fraud investigations completed and report prepared within 30 days of escalation to Internal Audit.
• Quarterly updates on status of issues raised by external auditors and other regulatory reviews submitted to RAM, BAC and CEO.

(5%) Meeting Budget

• Prepares the IAD budget in line with the Annual Plan.
• Tracks performance against the budget and ensures that the budget is not exceeded.

• Actual expenses do not exceed the budget without compromising on plan execution.
• Variances are tracked at least quarterly.

(5%)

Quality Assurance

• Supervises engagement planning, reviews team members’ work papers and draft reports prepared by team members to ensure consistent quality of work. 
• Facilitates an internal quality assurance review of the department’s work and activities to evaluate conformance with the Global Internal Audit Standards.

• Review and coaching notes to team members from reviews done by IAM
• Quality Assurance Assessment report prepared by the IAM at least annually

(5%) Relationship Building

• Build strong working relationships with the CEO and Senior Management team of VFR;
• Build strong relationship with the RAM and demonstrate leadership skills with IA team;
• Build strong relationships with the BAC, external regulators / auditors.

• Discussions and meetings are cordial and controlled.
• Disagreements are ironed out at the RAM, RAD or RD level.

• Other tasks assigned by Supervisor

• University degree in accountancy or business administration.
• Professional accounting (CPA/ACCA) or MBA qualification required – CISA certification will be an added advantage; Candidates without a professional qualification will be considered exceptionally (requires approval of VFI Audit Director).
• Excellent proficiency in the use of all Microsoft office applications especially Excel
• Capability and willingness to take responsibility
• A high sense of integrity
• Determined personality with initiative, perseverance and the ability to motivate and manage the team.
• Must be a committed Christian and able and willing to participate and lead in daily devotions.

• Minimum of 5 years audit experience in banking supervision and/or microfinance (with a minimum of 2 years demonstrated strong leadership experience in planning, supervision and management of an internal audit department a must
• Experience advising senior management and reporting to audit committees on risk management and monitoring a must

• Understanding of Orbit sun systems, eMerge, TMS or other relevant accounting and loan tracking software would be an advantage.
• Good communication skills in English and Kinyarwanda.

• Experience in systems analysis and audit would be added advantage

CA, CIA, CPA, ACCA or equivalent.