TERMS OF REFERENCE FOR THE POST OF INTERNAL AUDIT MANAGER

Background

INKUNGA Finance Plc is a Deposit-Taking Microfinance Institution silenced by National Bank of Rwanda (BNR) since 2015 Registered as legal entity by Rwanda Development Board (RDB) on code # 101533016 and working in 7 districts of western Province, North-western zone of Rwanda and in City of Kigali with Headquarters in Karongi District, Rubenera Sector, Kibirizi Cell.

Our mission is: The mission of INKUNGA FINANCE PLC is to promote quality financial services to small and medium-sized entrepreneurs in order to contribute to the improvement of their socio-economic living conditions and to remain a sustainable and self-sufficient institution.

The objective of the internal auditis to enable the Auditor to: express a professional and independent recommendations on the Institution's financial management, advice on the compliance and respect of laws/ internal rules in force and risk mitigation measures or advices.

Auditing Standards

The Audit should be carried out in accordance with International Standards of Auditing (ISA) in all material respects and should include such tests and auditing procedures as the auditor considers necessary under circumstances.

Internal audit functions should include but not limited to:

The Internal Audit Function’s services will focus on five general areas of INKUNGA FINANCE Plc operations:

• Effectiveness of operations and controls: Activities are performed adequately to produce the desired or intended results, and controls to mitigate risk are adequate and operating as intended.
• Efficiency of operations: Activities are performed economically with minimum wasted effortor expense.
• Safeguarding of resources and information: Prevention of loss of assets or resources,
  whether through theft, waste, or inefficiency, and protection of confidential information.
• Reliability of reporting and data: Reports provide management with accurate and complete information appropriate for its intended purpose. It supports management’s decision making and monitoring of the entity’s activities and performance.
• Compliance with applicable policies, procedures, laws, and regulations: Activities are
  conducted in accordance with relevant policies, procedures, laws and regulations.

The Internal Audit Function will conduct financial audits and operational audits.

Financial audits include financial statement and financial related audits and their purpose is to determine:

• Whether the financial statements present fairly the financial position, results of
  operations, and cash flows or changes in financial position in accordance with
  International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); and
• Whether the entity has complied with laws and regulations for those transactions and events that may have a material effect on the financial statements.
• Whether financial reports and related items, such as elements, accounts, or funds are fairlypresented;
• Whether financial information is presented in accordance with established or stated
  criteria; and
• Whether specific financial compliance requirements have been adhered to

Operational audits encompass the examination and evaluation of the adequacy and
effectiveness of the system of internal control and the quality of performance in carrying out assigned Operational audits include:

Review of the reliability and integrity of operating information and the means used to
identify, measure, classify, and report such information;

• Review of compliance with policies, plans, procedures, standards, laws, and
  regulations;
• Review of the means of safeguarding and accounting for assets;
• Appraisal of the economical and efficient use of resources;
• Review of operations or programs to ascertain whether results are consistent with
  established objectives and goals; and
• Review of the adequacy of existing and proposed data processing systems.

Specific Areas of Attention

Internal Controls Systems

The auditor will conduct an in-depth and exhaustive review of the internal control systems to have sufficient knowledge of the procedures underpinning the systems, as contained in the various procedures manuals. In the process of reviewing the internal control system, the Auditor needs also to examine areas like: Governance, Asset management, procurement of goods and services.

Institutional Financial Statements

The Institutional Financial Statements shall include;

• A statement of financial position (Balance Sheet)
• Income statement/ Profit and Loss account
• Cash flow statements
• Statement of Changes in Equity if any.

Expected output. /Audit Report

The Audit is expected to present main three types of reports: Quarterly report, annual report and report on the pending recommendation and advise.

Qualifications and experience of Internal audit Manager

Education

• At least bachelor's degree in Accounting, Finance, Business management or relevant fields.
• Must have CPA/ACCA or any other equivalent professional certificate.

Experience

• At least 2 years of experience as an Auditor or 4 years of experience as accountant in a reputable institution;
• Being experienced in International Standards of Auditing (ISA) and/or International Financial Reporting Standards (IFRS)
• Being Rwandan by nationality;
• Proven sound character, integrity and good performance in his historical background.

Remuneration

The salary of Head of Internal audit shall be attractive depending on the experience and qualification other benefits: As per the Internal rules and regulations.

Age Limit:

The candidate for the post of Audit Manager should not be more than 45 years at the time of submission of the application/Proposal/recommendation.

Terms of Appointment

The appointment shall be an open-end contract under the evaluation or appraisal of the Board of Directors through the Managing Director.

Method of Application and notification

Interested and qualified candidates should submit Job application and all requirements including CV via e-mail: recruitment@inkungafinance.com (You will get a reply to confirm the reception of your application)

The deadline for submitting applications is November 6, 2024 at 17h30 local time.

Only shortlisted candidates who fulfil the requirements will pass through oral interview.

Done at Karongi on 29^th October 2024

MUHAWENIMANA Abed Cherif

Managing Director

INKUNGA FINANCE Plc