The Audit department became fully operational in 2009. The office is currently managed by the Internal Auditor. The Audit department fully meets the SASRA regulations under Sec 53 (1-3).
To provide assurance and advice that promotes timely and fair decision making.
To carry out a reliable and fair audit that provides assurance and advice; and risk assessment with view of better management and improvement of corporate governance; for better transparency and accountability, thereby ensuring quality results and achievement of the society vision and mission.
The Internal Audit Office assesses and monitors the Sacco:
• Adequacy and effectiveness of internal controls
• Accuracy of financial records;
• Compliance with applicable laws, regulations;
• Adherence to the Sacco’s policies and procedures and
• Compliance to the SASRA and IFRS
• Review of various policies of the society and advising the management on the same
Internal controls are broadly defined as processes, affected by the board of trustees, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
1. Reliability and integrity of financial and operational information.
2. Effectiveness and efficiency of operations and programs.
3. Safeguarding of assets.
4. Compliance with laws, regulations, policies, procedures, and contracts.
Internal Audit department assists the SACCO in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement as part our internal auditing and consulting activity.
The most successful audit projects are those in which you, the audit client, and Internal Audit have a constructive working relationship. Our objective is to have your continued involvement at every stage, so you understand what we are doing and why, while trying to minimize disruptions of your daily activities.