An internal audit assistant is an important role within an organization’s internal audit department. They work closely with senior officers to support the monitoring and evaluation of compliance with organizational procedures and regulations.
Their responsibilities include various tasks related to financial controls, record verification, audit investigations, and assessing the effectiveness of existing systems and processes.
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Duties and Responsibilities of Internal Audit Assistant
- Monitoring and Evaluation: The internal audit assistant actively participates in monitoring and evaluating compliance with organizational procedures and regulations. They ensure that all departments and individuals adhere to the established protocols and standards.
- Budget Control: The assistant keeps track of actual expenditure against budget allocations. By closely monitoring financial transactions, they help identify any deviations and report them to senior officers for further analysis and action.
- Record Verification: One of the essential duties of an internal audit assistant is to assist in verifying the accuracy of records by conducting physical stock-taking or other relevant methods. This helps ensure that the recorded information aligns with the actual assets or inventory.
- Audit Investigations: The assistant actively participates in audit investigations. They assist in gathering relevant evidence, conducting interviews, and analyzing data to identify any irregularities or potential areas of improvement.
- Assessing Efficacy of Controls: Internal audit assistants contribute to assessing the effectiveness of existing controls, systems, processes, and procedures. They subject these systems to weakness tests and provide insights and recommendations for improvement.
- Safeguards and Standards: Working alongside senior officers, the assistant helps re-examine and amend existing safeguards and standards to enhance their effectiveness and make them more foolproof.
- Reporting and Evaluation: The assistant assists seniors in compiling and submitting reports on reconciliation and evaluation aspects of organizational assets. They provide valuable input to ensure accurate and comprehensive reports.
- Documentation and Filing: Internal audit assistants maintain internal audit working paper files, file documents within the department, and keep registers used for record-keeping purposes. They ensure that all relevant documentation is organized and easily accessible when needed.
- Administrative Support: The assistant coordinates dispatches from the department and provides general administrative support as required. They may assist with scheduling, correspondence, and other departmental activities.
Qualifications of an Internal Audit Assistant
To qualify for a position as an internal audit assistant in Kenya, candidates typically need to meet the following requirements:
- Completed CPA Part 2 and possess a business-related degree.
- Should be 25 years and above.
- Have at least 2 years of experience in an internal audit department of a financial institution, preferably in the microfinance sector.
- Have a minimum grade B at KCSE (Kenya Certificate of Secondary Education).
- Should be a person of high integrity, bold and decisive, and possess good interpersonal skills. They should be able to work effectively as part of a team.
- Hold a valid certificate of good conduct (mandatory requirement).
- Proficiency in computer packages is essential.
- Excellent verbal and written communication skills are necessary to effectively communicate findings and recommendations.
In summary, an internal audit assistant plays a vital role in supporting internal audit functions within an organization. They contribute to ensuring compliance, evaluating financial controls, conducting investigations, and maintaining accurate records.
Their qualifications, including relevant certifications and experience, help them fulfill their responsibilities effectively while upholding high ethical standards.