Audit department, we have three staff. Audit manager and two assistant auditors.
The main duties of audit department in Kenya highlands sacco society are:
To verify loans done by making sure that the credit policy is followed i.e. loans are given to bona fide members, loans properly appraised, approved, and to confirm the accuracy of loan posting and recoveries.
Information technology determining the adequacy of controls in the system in respect to information, processing, accessibility, storage and retrieval. Analyzing the systems is current and future customization.
Fosa operations – duties in fosa operations include checking membership registers and overall customer care operations, teller’s workings in terms of control of cash, security, cash verifications, end of day closing and report generation.
Audit department ascertain the performance of the Kenya highland branches e.g. Litein, Kabianga, and Kericho.
ATM, m-banking, mpesa and Sms banking. Audit department determine whether these facilities are operated properly, reconciled as per ATM, SMS and mobile banking operations manuals.
Investments and physical assets – to determine if investments are accurately recorded, reported and complies with investments policy and society’s act.
Kenya highlands sacco ltd through audit department ensure that finance information and financial statements are reliable while complying with corporate ethical standards, policies and regulations.