Micro Finance (MF) Senior Internal Control Officer
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Email subject: MFU - Your Name - Position
Micro Finance Program – World Vision Vietnam (MFU) is an independently managed program that promotes transformational development through the provision of micro financial services. MFU was established in 2006.
The mission of the Micro Finance program is to foster improvement in the quality of life among the clients in Vietnam by assisting the economically active poor and graduating the moderate and poorest of the poor entrepreneurial skills. This will be accomplished through a sustainable Micro Finance program that provides access to loans, insurance and savings within program areas. All aspects of the services that the Micro Finance program delivers are built to lead the development of appropriate models, capacities and systems for micro enterprise development in Vietnam, resulting in sustainable economic development as part of WVI transformational development ministry throughout Area Program (AP) communities.
MF Program is structured in two management levels: central office in Hanoi and branch office at the provincial and/ or regional level. All direct transactions with clients including clients screening, loan processing and loan repayment collection are carried out at the communities’ level through a network of local staff.
At present, MF Program is operating in 11 districts mainly in the north and central of Vietnam.
The Senior Internal Control Officer leads the Internal Control Unit, which assists the WV Vietnam Micro Finance Program accomplish its objectives and strategies by bringing a systematic, disciplined and risk-based approach to objectively evaluate and improve the risk management, internal control, and governance processes of the entity. The Senior Internal Control Officer provides recommendations on addressing control weaknesses and managing risks raised in audit engagements, and communicates and collaborates with the appropriate stakeholders, including branch personnel and managers, members of MFU’s management, and the Risk and Audit Committee and VFI Regional Management. The Senior Internal Control Officer’s engagements will cover regular branch audits, special investigations on fraud and other irregularities, thematic reviews of key processes and business units at the head office, and evaluation of grants-funded projects. The Senior Internal Control Officer liaises and coordinates with the VFI Regional Audit Manager for Asia (RAM Asia) to align the audit engagements, methodology, practices, and policies of the Internal Control Unit with the VFI network’s global center of internal audit. Given this, the Senior Internal Control Officer supports WV Vietnam Microfinance Program in maintaining high standards of financial and operational stewardship at the level of the branch, head office and support services units, and the national office.
Strategic and Annual Internal Audit Planning
- The SICO spearheads the preparation of the annual audit plan and budget. This includes gathering relevant information The SICO spearheads the preparation of the annual audit plan and budget. This includes gathering relevant information and performing analysis and risk assessment necessary for the prioritization of the auditable branches and units/processes, as well as allocating resources. The SICO consults with the audit clients about the planned pipeline of engagements, consults the Regional Audit Manager for Asia and seeks the approval of the Risk and Audit Committee.
Audit Engagement Planning
- The activities in the Audit Engagement Planning Phase may vary with respect to the Regular Branch Audit (RBA), Global Thematic Reviews (GTR), Local Thematic Reviews (LTR) and Special Investigation (SI) of fraud and other irregularities.
- The SICO spearheads the planning phase of every engagement, including the performance of walkthrough procedures and analysis of objectives, risks, and controls of the business unit under audit. The SICO ensures the development of applicable audit criteria and appropriate nature, timing and extent of audit procedures, and the preparation of the audit planning memo and the audit work program.
Audit Execution and Supervision
- The SICO leads the execution of audit engagements and reviews and supervises the work of the Internal Control Officers. The SICO employs the appropriate audit approach and procedures and ensures adequate documentation of the tests and results. The engagements may include thematic reviews, regular branch audits, special investigations, financial controls audit, information systems audit, process audit, support services audit, compliance audit, program evaluations, etc. The SICO ensures that adequate, sufficient and competent evidence is obtained in the course of the engagement. The SICO manages the progress of the engagement, as well as the relationship and interactions with audit clients.
Reporting and Communication Phase
- The SICO conducts detailed review of the sufficiency and appropriateness of audit procedures and evidences supporting the audit ratings, risk opinions, and reportable findings. The SICO is responsible for conducting adequate and methodical analysis of root causes and control weaknesses underlying the opportunities for improvement noted; and provides appropriate, practical, and best-practice recommendations. The SICO leads the preparation and communication of the audit report to various stakeholders, including the conduct of exit conferences.
Follow-Up, Monitoring and Clearance
- The SICO is responsible for maintaining and updating the database for audit findings, audit recommendations and management action plans, including goal owners and target completion dates. The SICO coordinates with members of the Management in monitoring the progress of management actions, and regularly prepares reports on this matter for the Management, Risk and Audit Committee, and the VFI network.
Liaison with the Risk and Audit Committee and RAM
- The SICO reports functionally to the Risk and Audit Committee, and as such liaises with the committee on a regular basis, and complies with all requirements for the Internal Control Unit’s organizational independence and individual objectivity. The SICO prepares the reports and materials, and presents during the regular quarter meeting of the Risk and Audit Committee.
People and Performance Management
- The SICO is responsible for managing the Internal Control Officers and their performance, and supervising their day-to-day activities. This includes the formulation of performance and development plans and targets, monitoring the progress throughout the year, and providing feedback and support, as needed. The SICO is responsible for maintaining a high performing and highly engaged and motivated team.
Regional Internal Audit Activities
- The SICO regularly coordinates with the Regional Audit Manager for Asia, and participates in the activities and projects of the Internal Auditors in the Region and the VFI network. The SICO builds professional relationships with colleagues in the network, and collaborates with the Internal Auditors in the region and network for global thematic reviews and for knowledge and practices sharing, among others.
Other Administrative and Organizational Roles
- The SICO leads the periodic reviews of policies, procedures, methodologies, and templates of the Internal Control Unit. The SICO also participates in Management meetings, upon invitation, and participates in institutional activities, projects, and initiatives of WV Vietnam and the MFU to the extent allowed by the Internal Audit Charter and by the RAM Asia. This may include developing and delivering workshops or orientations to employees of WVV or MFU, especially on matters related to internal audit activities and areas of expertise of the SICO.
Professional Training and Development
- The SICO participates in trainings (internal and external) and other development interventions under the guidance of RAM Asia, as well as completed institution-wide trainings. The SICO participates, and ensures participation of the Internal Control Officers, in the regular training courses of the Internal Auditors in the VFI network and in the region. The SICO undertakes long-term technical proficiency certification programs (e.g., CIA, CISA, CFE) as part of the development plan, and provides support to Internal Control Officers who undertake similar programs.
(Please see more details of Role dimension in Job Description)
- University degree in any of the following courses: accountancy, management accounting, finance, internal auditing, or business administration.
- Preferred to be a holder of related technical proficiency and professional certifications, such as Chartered Accountant, Certified Internal Auditor, Certified Information Systems Auditor, or Certified Fraud Examiner.
- Has adequate understanding and experience in applying the professional practices standards and framework for Internal Auditors, and has commitment to upholding the profession’s code of ethics and can consistently demonstrate integrity, objectivity, confidentiality and competency.
- Possesses technical competencies in carrying out and leading end-to-end audit engagement process, including the engagement planning, execution, reporting and communication, and follow-up phase; has reasonable degree of familiarity with frameworks for internal control, risk management, and governance. Has understanding of business processes and systems, management functions and the operating environment, especially in the context of financial institutions and social development non-profit organizations.
- Able to effectively apply concepts and practices related to risk-based internal auditing (RBIA) in various aspects of the internal audit function, especially in the areas of strategic and annual planning, engagement planning and execution, reporting audit results, and developing recommendations.
- Experienced in managing relationships and interacting and communicating with audit clients, members of the organization’s management, as well as liaising with the members and chair of the Risk and Audit Committee.
- Proficient in written and oral communication in the Vietnamese and English language, and able to prepare internal audit reports and other documents and communications for different stakeholders.
- Able to use information and communication technology relevant to the performance of office and audit tasks. Preferably, has extensive experience in using spreadsheets, and has background in the use of audit management software, as well as continuous analytics and CAATs.
- Able to supervise the day-to-day work and activities of staff internal auditors, as well as support the professional and personal development of staff internal auditors.
- Willing to support in articulating and demonstrating World Vision’s core in meaningful ways to children and communities.
- At least six (6) years of professional experience (of which, at least two years in a supervisory role) in external auditing or internal auditing, preferably in financial institutions (Banks, MFIs, Fintech companies, etc.)