Internal Audit and Risk Compliance Department

The Audit, Risk and compliance department became fully operational in 2005. The office is currently managed by the Internal Auditor and the Risk and Compliance manager. The Audit department fully meets the SASRA regulations under Sec 53 (1-3).

image

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
  • Verify the existence of assets and recommend proper safeguards for their protection;
  • Evaluate the adequacy of the system of internal controls;
  • Recommend improvements in controls;
  • Assess compliance with policies and procedures and sound business practices;
  • Assess compliance with state and federal laws and contractual obligations.
  • Review operations/programs to ascertain whether results are consistent with established objectives and
  • whether the operations/programs are being carried out as planned;
  • Review of various policies of the society and advising the management on the same.

The department has 2 personnel, the internal auditor and the Risk & compliance manager.