1) Background:
The Government of Uganda (GoU) has received financing from the International Development Association (IDA) (the "Bank") and other development partners under the Multi-Donor Trust Fund (MDTF), including the Netherlands, the United Kingdom, and Sweden, toward the cost of the Investment for Industrial Transformation and Employment (INVITE) Project.
The Project comprises four components: Component 1: Mitigating the Impact of COVID-19 with a focus on the Manufacturing and Exporting Sectors Driving Economic Transformation, including Refugee and Hosting Districts; Component 2: Creating New Product and Transformative Assets including in Refugee and Host Districts; Component 3: Enhancing Capabilities in Public Institutions and Private Firms; and Component 4: Implementation Support, Monitoring, and Evaluation. More details on the project can be found at www.invite.go.ug
The Project is being implemented by the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda (BoU) through the INVITE Trust in charge of implementing sub-components 1 and 2.1 and 2.2 and 4 (a) of the list of four components above, and the Private Sector Foundation Uganda (PSFU), in charge of the remaining component and of facilitating the hiring process of the INVITE Trust. The INVITE Trust is a special-purpose vehicle created by GoU to intermediate development finance and address financing related constraints that inhibit manufacturing and exporting value chains.
To govern the Trust, an Investment Committee (IC) has been established and is the highest decision-making body of the Trust, tasked with ensuring transparency and objectivity in its management.
The PSFU now invites suitably qualified individuals, with qualifications and experience as detailed below, to apply for the position of Internal Audit (IA) under the Trust.
2) Job Purpose:
The Internal Auditor, as a key member of the internal control system, provides an independent quality assurance service to ensure that the INVITE Trust’s risk management, governance, and control processes are operating effectively. will be responsible for establishing and operating the internal audit function of the Trust as well as for conducting audits and reviews of the Trust Management operations, risk management, and internal controls. The Auditor will provide assurance on the effectiveness of the internal controls, risk management, and governance processes of the Trust.
3) Main Duties and Responsibilities:
a) Develop and implement an audit manual or charter, audit plans, audit objectives, and scopes.
b) Conduct audits and reviews of the trust’s operations, including transaction testing, control evaluations including but not limited to funds usage.
c) Prepare and present audit reports, including findings, recommendations, and action plans.
d) Formally and informally recommend the Trust Manager and the Investment Committee actions to strengthen the internal control system.
e) Identify, assess, and prioritize risks to the INVITE Trust operations, financial reporting, and compliance.
f) Review all financial and other processes independently to ensure compliance with professional standards; Provide assurance to INVITE Trust on all internal audit, anti-fraud and governance issues and the INVITE Trust risk management and reporting arrangements
g) Verify that procedures and policies of the INVITE Trust and the financing windows are being followed and assess the effectiveness of corrective measures, abstaining from participating in the design of solutions to correct non-compliance events or policy changes that will likely be audited at a later stage.
h) Evaluate the design and operating effectiveness of internal controls, including financial reporting, compliance, and operational controls.
i) Monitor and evaluate compliance with internal policies.
j) Promote an ethical behavior and ethical values and report on possible deviations from those values.
k) Conduct follow-up audits to ensure implementation of audit recommendations and action plans.
l) Liaise with the external auditor, when necessary, and coordinate external audits, when required.
m) Develop and implement robust and efficient programs of procedural, technical and financial audit of the fund`s activities, based on the assessment of risks, to ensure ways in which to improve efficiency, economy, transparency and completeness in the financial and operational processes and the best use of available resources, minimizing wastage and preventing corruption involving the Trust resources to enhance INVITEs objectives are achieved.
n) Lead initiatives to enhance the control culture within INVITE.
o) Liaise with external auditors and act on recommendations to improve management control.
p) Carry out any other related duties as may be assigned by the Audit Committee or the IC from time to time.
4) Key Deliverables:
- Develop/update an internal audit manual and the internal audit committee charter for INVITE Trust.
- Develop the internal audit annual coverage plan and strategy for the Trust, covering risk and adequacy of management controls and procedures in all areas of the Trust.
- Perform checks and internal audits on a systematic and periodic basis. Ie, quarterly internal audit reports and annual consolidated internal audit report
- Communicate the results of the audits and provide the resulting recommendations to key stakeholders
- Assist in the design of internal controls on financial and operational processes
5) Qualifications, Experience, other related skills and Competencies:
5.1 Academic Qualifications: Applicants should possess:
- A Master’s degree in Accounting, Business Administration, and or Finance from a recognised Institution.
- A bachelor’s degree in Accounting and or Finance from a recognized institution
- Full professional qualifications of CPA is a must-have.
- Membership of the ICPAU.
- Certified Internal Audit designation by the Institute of Internal Auditors or any other recognized international certification is considered a strong advantage.
5.2 Experience:
Should have a minimum of ten (10) years of auditing experience, of which three (3) should be at a senior level in a financial institution with lending operations, in the recent past five (5) years. Audit experience in one of the Big Four companies is an advantage. Likewise, international experience will also be considered as an advantage. The auditor should demonstrate strong knowledge of a financial institution's operations, risk management, and internal control systems.
- Computer literate and familiar with various software’s including accounting packages. The candidate will be tested for computer skills and knowledge.
- Working knowledge of the implementation of the International Standards for the Professional Practice of Internal Auditing
- Evaluating/assessing Internal controls
- Value for money auditing
- Conducting risk assessments, including fraud vulnerability;
- Knowledge of GoU laws and regulations for financial management
5.3 Other related skills and competencies:
- Strong analytical and strategic skills
- Excellent planning and organizational skills
- Excellent interpersonal skills
- Excellent communication skills, both oral and written
- Works under minimum supervision
- High level of honesty, integrity, and versatility.
6) Reporting:
The Internal Auditor will report either directly to the IC or via the Audit Sub-committee.
7) Duty Station:
The IA will be deployed on a full-time basis, and the duty station shall be the INVITE-Trust Office in Kampala.
8) Facilities to Be Provided by The Employer:
The Employer shall provide office space, with connectivity to the internet, a printer, and access to other office amenities during the term of his contract.
9) Duration of Services:
The IA will be appointed on a contractual basis for an initial period of one (1) year, with a possibility of renewal based on performance, need, and budget availability.