Internal Audit Assistant (1/A-02/02/24)

Internal Audit Assistant (1/A-02/02/24)

About Us

SMEP Microfinance Bank Limited is a dynamic Christian-based Bank regulated by the Central Bank of Kenya. Our mission is to empower families in Kenya’s underserved communities with impactful financial solutions as we live and proclaim the gospel of Jesus Christ. With over 38 outlets across the country, we are committed to making a difference in society.

Role Overview

Reporting to the Internal Audit Manager, the Internal Audit Assistant is responsible for conducting specific audit exercises on the bank’s operations in an efficient, economical, and effective manner.

Key Duties and Responsibilities

• Participate in and contribute to the risk assessment process in the Bank.
• Prepare and implement audit plans for specific audit assignments.
• Prepare audit reports detailing findings and recommendations.
• Conduct fraud investigations and institute recovery measures for confirmed frauds.
• Perform continuous monitoring reviews and report results at agreed intervals.
• Review systems to ensure compliance with policies, procedures, and regulations.
• Verify the existence of assets and review means of safeguarding them.
• Assess whether operations are consistent with established objectives and goals.
• Ensure operations are carried out as planned and in accordance with Bank policies and procedures.

Key Qualifications and Experience

• Must be a practicing Christian committed to upholding Christian values.
• Minimum of C+ (plus) in KCSE.
• Undergraduate Bachelor’s degree in Business-related courses, preferably in Commerce, Accountancy, Finance, or Business Administration from a recognized university.
• Professional qualification in CPA; at least a CPA III.
• Proven ability to analyze and interpret financial statements.
• Strong report writing and presentation skills.
• Excellent communication and interpersonal skills.
• Proficient in computers, with a working knowledge of T24 Banking system being an added advantage.
• Must be a team player with excellent interpersonal skills.
• Age between 26 to 35 years.

How to Apply

Qualified and interested candidates who meet the criteria should download the “Job Application Form” at www.mep.co.ke and send their filled applications to recruitment@smen.co.ke. The deadline for applications is Friday, 16th February 2024. Only shortlisted candidates will be contacted.

Expert Tips To Be A Successful Applicant for Internal Audit Assistant:

1. Demonstrate Your Understanding: Showcase your comprehension of audit principles and procedures in your application materials, emphasizing your ability to contribute effectively to risk assessment and audit planning processes.
2. Highlight Relevant Experience: Detail any prior experience in audit, fraud investigation, or financial analysis, demonstrating your capability to fulfill the responsibilities of the role effectively.
3. Emphasize Communication Skills: Stress your proficiency in report writing and presentation, as clear communication is crucial in conveying audit findings and recommendations.
4. Illustrate Analytical Skills: Provide examples of your analytical abilities, particularly in interpreting financial statements and conducting fraud investigations, to underscore your suitability for the position.
5. Showcase Interpersonal Skills: Highlight instances where you’ve collaborated effectively with team members, emphasizing your capacity to work cooperatively and communicate efficiently within a team environment.
6. Demonstrate Technological Proficiency: Illustrate your proficiency in computer skills, including familiarity with banking systems like T24, to showcase your readiness to adapt to the bank’s technological environment.
7. Exhibit Integrity and Ethics: Emphasize your commitment to upholding Christian values and ethical standards, essential for maintaining the bank’s integrity in conducting audits.
8. Tailor Your Application: Customize your application materials to align with the bank’s mission and values, emphasizing your dedication to serving communities and promoting financial empowerment.
9. Prepare for Interview Scenarios: Anticipate potential interview questions related to audit processes, risk assessment, and ethical dilemmas, and prepare well-articulated responses to demonstrate your competence and readiness for the role.
10. Follow Application Instructions: Ensure adherence to application instructions, including the submission of required documents within the specified deadline, to present yourself as a detail-oriented and organized candidate.

Sample Cover Letter for an Internal Audit Assistant:

[Your Name]
[Your Address]
[City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]

Dear Hiring Manager,

I am writing to express my interest in the Internal Audit Assistant position at SMEP Microfinance Bank Limited, as advertised. With a strong background in business administration and professional experience in audit and financial analysis, I am confident in my ability to contribute effectively to your team while upholding the bank’s mission and values.

In my previous roles, I have demonstrated proficiency in conducting risk assessments, developing audit plans, and preparing comprehensive reports detailing findings and recommendations. My experience in fraud investigation and asset verification has equipped me with the skills necessary to identify discrepancies and implement appropriate control measures to safeguard assets effectively.

I am particularly drawn to SMEP Microfinance Bank’s commitment to empowering underserved communities with impactful financial solutions while living and proclaiming the gospel of Jesus Christ. As a practicing Christian, I am deeply aligned with the bank’s mission and am eager to leverage my skills and expertise to contribute to this noble cause.

My strong analytical skills, coupled with excellent communication and interpersonal abilities, enable me to collaborate effectively with team members and stakeholders to achieve organizational objectives. I am also proficient in utilizing banking systems like T24 and am dedicated to continuous learning and professional development to stay abreast of industry best practices.

I am enthusiastic about the opportunity to join SMEP Microfinance Bank and make a meaningful difference in the lives of individuals and families across Kenya. I am confident that my background and skills make me a strong fit for this role, and I am eager to further discuss how I can contribute to your team.

Thank you for considering my application. I look forward to the possibility of discussing my qualifications in more detail.

Sincerely,

[Your Name]

Frequently Asked Questions:

1. What is the role of an Internal Audit Assistant at SMEP Microfinance Bank Limited?

As an Internal Audit Assistant, your primary responsibility is to conduct specific audit exercises on the bank’s operations in an efficient, economical, and effective manner. This includes participating in the risk assessment process, preparing audit plans, conducting fraud investigations, and ensuring compliance with policies, procedures, and regulations.

2. What qualifications are required for the Internal Audit Assistant position?

Applicants must be practicing Christians committed to upholding Christian values, possess a minimum of C+ (plus) in KCSE, hold an undergraduate Bachelor’s degree in Business-related courses, preferably in Commerce, Accountancy, Finance, or Business Administration, and have at least a CPA III qualification. Additionally, candidates should demonstrate proficiency in analyzing and interpreting financial statements, strong report writing and presentation skills, excellent communication and interpersonal abilities, and proficiency in computers.

3. How can I apply for the Internal Audit Assistant position?

Qualified and interested candidates meeting the criteria should download the “Job Application Form” at www.smep.co.ke and send their filled applications to recruitment@smep.co.ke. The deadline for applications is Friday, 16th February 2024. Only shortlisted candidates will be contacted.

4. What is the application deadline for the Internal Audit Assistant position?

The deadline for applications is Friday, 16th February 2024.

5. What is the selection process for the Internal Audit Assistant position?

Shortlisted candidates will be contacted for further assessment, which may include interviews, assessments, and reference checks.

6. Is there an age limit for applicants for the Internal Audit Assistant position?

Yes, applicants should be between 26 to 35 years of age.

7. What does the recruitment process entail for the Internal Audit Assistant position?

The recruitment process involves reviewing applications, shortlisting candidates, conducting interviews and assessments, and selecting the most suitable candidate for the role.

8. Are there opportunities for career advancement within SMEP Microfinance Bank Limited?

Yes, SMEP Microfinance Bank Limited is committed to employee development and offers opportunities for career advancement and growth within the organization.

9. Does SMEP Microfinance Bank Limited charge any application or recruitment fee?

No, SMEP Microfinance Bank Limited is an equal employer and does not charge any application or recruitment fee from candidates.

10. How does SMEP Microfinance Bank Limited contribute to the community?

SMEP Microfinance Bank Limited empowers families in Kenya’s underserved communities with impactful financial solutions while living and proclaiming the gospel of Jesus Christ. We are committed to making a difference in society and are dedicated to attracting and retaining the best employees from all races and backgrounds in our continued effort to become a better development partner. We wish you the best in your application process.

Possible Internal Audit Assistant Interview Questions With Answers

1. Question: Can you walk us through your experience in conducting audit exercises and your approach to risk assessment?

Answer: Certainly. In my previous role as [Your Previous Position], I was responsible for conducting audit exercises to evaluate the effectiveness of internal controls and identify areas of risk. My approach begins with understanding the organization’s objectives and processes, followed by conducting a thorough risk assessment to prioritize audit areas. I then develop an audit plan outlining the scope, objectives, and methodology for the audit.

2. Question: How do you ensure compliance with policies, procedures, and regulations during an audit?

Answer: Ensuring compliance is essential in maintaining the integrity of the audit process. I start by familiarizing myself with relevant policies, procedures, and regulations applicable to the organization. During the audit, I systematically review processes and documentation to assess adherence to these standards. If any discrepancies are identified, I document them in the audit report and recommend corrective actions to address non-compliance.

3. Question: Can you provide an example of a challenging audit finding you encountered and how you addressed it?

Answer: Certainly. In a previous audit, I discovered instances of fraudulent activity involving misappropriation of funds by an employee. To address this issue, I conducted a thorough investigation, gathering evidence and interviewing relevant parties. I collaborated with management and legal counsel to implement appropriate disciplinary measures and recovery procedures. Additionally, I recommended enhancements to internal controls to prevent similar incidents in the future.

4. Question: How do you approach communicating audit findings and recommendations to stakeholders?

Answer: Effective communication is crucial in conveying audit results and facilitating actionable outcomes. I prepare clear and concise audit reports outlining findings, root causes, and recommended actions. I tailor the communication to the audience, ensuring technical details are explained in a comprehensible manner. Additionally, I engage stakeholders throughout the process, soliciting feedback and addressing any concerns to foster transparency and collaboration.

5. Question: How do you stay updated on changes in auditing standards and best practices?

Answer: Continuous learning is essential in the field of auditing. I actively participate in professional development activities such as seminars, webinars, and industry conferences to stay abreast of changes in auditing standards and best practices. I also engage in networking opportunities with peers and mentors to exchange insights and experiences, ensuring that my knowledge remains current and relevant.

6. Question: Can you describe a time when you had to manage conflicting priorities during an audit assignment?

Answer: Certainly. In a previous audit assignment, I encountered conflicting priorities when unexpected issues arose that required immediate attention while adhering to the audit timeline. To manage this challenge, I reassessed the audit plan, prioritizing tasks based on urgency and impact on audit objectives. I effectively communicated with stakeholders, providing regular updates on progress and any adjustments to the timeline. Through proactive problem-solving and effective time management, I successfully addressed the conflicting priorities without compromising the quality of the audit.

7. Question: How do you handle situations where you encounter resistance from auditees during the audit process?

Answer: When encountering resistance from auditees, I approach the situation with empathy and professionalism. I strive to understand the underlying reasons for the resistance, addressing any concerns or misconceptions they may have about the audit process. I emphasize the importance of collaboration and transparency, highlighting that the audit aims to identify opportunities for improvement rather than assign blame. By fostering open communication and building trust, I seek to overcome resistance and facilitate constructive dialogue throughout the audit.

8. Question: How do you ensure confidentiality and integrity in handling sensitive audit information?

Answer: Confidentiality and integrity are paramount in handling sensitive audit information. I adhere to strict confidentiality protocols, ensuring that access to audit documentation is restricted to authorized personnel only. I also maintain meticulous documentation and employ secure storage and transmission methods to safeguard audit data from unauthorized disclosure or tampering. Additionally, I uphold ethical standards and professional integrity, maintaining objectivity and impartiality in all aspects of the audit process.

9. Question: Can you discuss a time when you identified opportunities for process improvement during an audit?

Answer: Certainly. In a recent audit, I identified inefficiencies in the procurement process that resulted in delays and increased costs for the organization. Through process mapping and analysis, I proposed streamlining procedures and implementing automated controls to enhance efficiency and mitigate risks. I collaborated with stakeholders to implement these recommendations, resulting in significant cost savings and improved operational performance.

10. Question: How do you handle high-pressure situations or tight deadlines in the context of audit assignments?

Answer: High-pressure situations and tight deadlines are common in the audit profession. To effectively manage these challenges, I prioritize tasks based on urgency and importance, allocating resources accordingly to meet deadlines. I maintain open communication with stakeholders, providing regular updates on progress and any potential obstacles. Additionally, I remain adaptable and flexible, adjusting plans as needed to address unforeseen circumstances while ensuring the quality and integrity of the audit process.

11. Question: How do you handle situations where you discover potential fraud or unethical behavior during an audit?

Answer: Discovering potential fraud or unethical behavior requires a delicate yet decisive approach. First, I gather evidence and thoroughly investigate the situation, ensuring confidentiality and maintaining chain of custody. I then escalate the matter to appropriate authorities, such as management or legal counsel, while adhering to internal reporting protocols. Throughout the process, I prioritize transparency and integrity, facilitating swift and appropriate action to address the issue and prevent recurrence.

12. Question: Can you discuss a time when you had to adapt your audit approach to accommodate changes in organizational processes or regulations?

Answer: Certainly. In a previous audit, the organization underwent significant restructuring, resulting in changes to processes and reporting requirements. To adapt, I revisited the audit plan, reassessing objectives and adjusting procedures to align with the new organizational structure and regulatory framework. I collaborated closely with stakeholders to ensure a smooth transition, providing guidance and support as needed to facilitate compliance and mitigate risks effectively.

13. Question: How do you ensure objectivity and independence in your role as an internal auditor?

Answer: Objectivity and independence are fundamental principles in the auditing profession. To maintain objectivity, I approach each audit assignment with impartiality and skepticism, challenging assumptions and remaining open-minded throughout the process. I adhere to professional standards and ethical guidelines, avoiding conflicts of interest and maintaining autonomy in decision-making. Additionally, I seek feedback from peers and supervisors to ensure accountability and continuous improvement in upholding these principles.

14. Question: Can you provide an example of a time when you had to communicate complex audit findings to non-technical stakeholders?

Answer: Certainly. In a recent audit, I uncovered deficiencies in the organization’s cybersecurity controls that posed significant risks to data integrity and confidentiality. To communicate these findings to non-technical stakeholders, I prepared a concise and visually engaging presentation, using layman’s terms to explain the implications of the findings and recommended actions. I facilitated interactive discussions and provided real-world examples to enhance understanding and emphasize the importance of addressing the identified risks.

15. Question: How do you approach building relationships and collaborating with auditees and other stakeholders during an audit?

Answer: Building positive relationships and fostering collaboration are essential in conducting effective audits. I begin by establishing open lines of communication and demonstrating respect for auditees’ expertise and perspectives. I seek to understand their concerns and priorities, actively listening to their input and addressing any questions or concerns they may have. By fostering a collaborative environment based on trust and mutual respect, I facilitate productive dialogue and cooperation throughout the audit process.

16. Question: How do you prioritize recommendations and action items identified during an audit?

Answer: Prioritizing recommendations and action items requires careful consideration of their impact on organizational objectives and risk mitigation efforts. I prioritize items based on their significance to the organization’s goals, potential for harm or benefit, and feasibility of implementation. I consult with stakeholders to gain consensus on prioritization and develop a roadmap for addressing recommendations in a timely and effective manner, ensuring that critical issues are addressed promptly while balancing resource constraints.

17. Question: Can you discuss your experience in conducting follow-up audits to assess the implementation of audit recommendations?

Answer: Certainly. Follow-up audits play a crucial role in evaluating the effectiveness of corrective actions taken in response to audit findings. In my previous role, I conducted follow-up audits to assess the status of implementation, verify compliance with recommendations, and identify any residual risks or emerging issues. I communicated findings to management and stakeholders, providing actionable insights to drive continuous improvement and ensure sustained adherence to best practices.

18. Question: How do you stay organized and manage multiple audit assignments simultaneously?

Answer: Effective organization and time management are essential in managing multiple audit assignments simultaneously. I utilize project management tools and techniques to prioritize tasks, set realistic deadlines, and track progress across assignments. I maintain clear communication with stakeholders, providing regular updates on project status and any potential conflicts or resource constraints. By staying proactive and adaptable, I ensure that all audit assignments are completed on time and meet quality standards.

19. Question: How do you approach providing constructive feedback to auditees and collaborating on remediation efforts?

Answer: Providing constructive feedback requires empathy, tact, and a focus on continuous improvement. I begin by framing feedback in a positive and non-judgmental manner, highlighting areas of strength and opportunities for growth. I collaborate with auditees to develop actionable remediation plans, offering support and guidance as needed to address identified issues effectively. Throughout the process, I emphasize the importance of teamwork and mutual accountability in achieving shared goals.

20. Question: How do you handle situations where audit findings are met with resistance or pushback from management?

Answer: When faced with resistance or pushback from management, I approach the situation with professionalism and diplomacy. I seek to understand the underlying concerns or perspectives driving the resistance, addressing any misconceptions or misunderstandings about the audit findings. I present evidence-based rationale for the recommendations, emphasizing the benefits of implementing corrective actions in terms of risk mitigation and organizational improvement. By fostering open dialogue and collaboration, I work towards resolving conflicts and achieving consensus on the path forward.

We wish you the best in your interview process and look forward to welcoming the successful candidate to our team.