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Checklist Internal Audit

Checklist Internal Audit

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11/14/2011

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Checklist
for an
 
Internal Audit
 
Muhota Kimotho andCatholic Relief Services Microfinance
 
 
 
A
BOUT THE
A
UTHOR
 
MuhotawaKimothohasaMastersandPhDinEconomicDevelopmentandBankingfromtheUniversityofCalifornia,LosAngeles,andholdsadditionaldiplomasinEconomicDevelopment, AdvancedCreditAnalysis,andBankingandFinancefromvariousinstitutionsintheU.S.,theU.K.andEurope.HewasalecturerinEconomics,Finance,MoneyandBankingattheUniversityofNairobi,andfor25yearsworkedfortheLondon-basedNationalGrindlaysBank/KenyaCommercialBankGroup,eventuallyservingasDirectoroftheCredit,BusinessAdvisory,andLegalServicesdepartments.InMay2001,Mr.KimothojoinedCatholicReliefServices(CRS)asaSeniorTechnicalAdvisorforMicrofinance,andin2002becometheCRSMicrofinanceRegionalTechnicalAdvisorforSouthEastAsiaandthePacificregion.CurrentlyheworksforUNDPasitsPolicyandTechnicalAdvisorforMicrofinanceandSmallandMediumEnterpriseDevelopment,secondedasanAdvisortotheCentralBankofNigeria.Mr.KimothoisamemberoftheFinancialExecutiveNetworkingGroup(FENG),andanotherwritingofhishasappearedontheCGAPMicrofinanceGateway.
 
A
BOUT THE
P
UBLISHERS
 
Catholic Relief Services
(CRS),foundedin1943,assiststhepooranddisadvantagedoutsidetheUnitedStates.CRSworkstoalleviatehumansuffering,promotesthedevelopmentofpeople,andfosterscharity,justice,andhumandignityintheworld.CRSassiststhepoorsolelyonthebasisofneed,notcreed,raceornationality,andmaintainsstrictstandardsofefficiencyandaccountability.CRScurrentlyoperatesin99countriesandterritories.
CRS Microfinance
focusesitsservicesonthepoorestclientsandonstrengtheningitspartnerorganizationsthatservethem.Itsgoalistoprovidetheself-employedpoor,especiallywomen,withaccesstoreliableandpermanentfinancialservices.AsofDecember2004,CRSreachesover850,000microfinanceclientsin29countriesinAfrica,Asia,Europe,theMiddleEast,Latin AmericaandtheCaribbean.
A
CKNOWLEDGMENTS
 
CatholicReliefServicesMicrofinancegratefullyacknowledgesthesupportoftheUnitedStates AgencyforInternationalDevelopment(USAID)BHR/PVCinthepublicationanddistributionofthisstudyunderCRS/USAIDMatchingGrantFAO-A-00-99-00054-00.TheviewsexpressedinthiscasestudyarethoseoftheauthoranddonotnecessarilyrepresenttheviewsofUSAIDorCRS.Readersmaycopy,translateoradaptthisbookfornon-profituse—providedthatsuchcopies,translationsoradaptationsaredistributedfreeoratcost.Pleasegiveappropriatecitationcredittotheauthor,CatholicReliefServices.CommentsarewelcomedandmaybeaddressedtoCRSortheauthoratpqsdRequests@crs.org.
 
Version1.01Distributedby:CATHOLICRELIEFSERVICES209WestFayetteStreetBaltimore,MD21201,USAwww.crs.org©2005CatholicReliefServices
 
Coverphoto:MaryCourtneyMs.EamChreb,withabicycleshepurchasedwithaCRSmicrofinanceloanfromThaneakeaPhumCambodiatoexpandherbusinessopportunities.
 
FinalEditor:ErickaReagor
 
 
P
REFACE AND
I
NTRODUCTION
 
CatholicReliefServices(CRS)iscommittedtoprovidingdependable,continuousandsustainablefinancialservicestothepoorbyofferingloanandsecuresavingsopportunitiesthroughcommunity-basedmicrofinanceprograms.This
ChecklistforanInternalAudit 
isintendedtoassistmicrofinanceinstitutions(MFIs)indevelopingtheirinternalauditcapacities.ItshouldbeconsideredatemplateforcreatingasimilarchecklistmorespecifictotheoperationsofyourparticularMFI.ItneedstobeadjustedtomatchthetermsandmethodologyusedinyourMFIandyourguidingpoliciesandprocedures. Anunderlyingprinciplehighlightedbythisdocumentistheneedforcomprehensivewritteninstitutionalpoliciesandprocedurestobeinplace.Ifthosedonotalreadyexist,gapsinpoliciesandprocedurescanbeidentifiedthroughcarefuluseofthischecklist.
Duties and Responsibilities of an Internal Auditor
Thedutyofaninternalauditoristoindependently,impartially,andsystematicallyappraisetheoperatingunitsandinternalcontrolsofanorganization.Heorsheshouldhaveasoundunderstandingofthesystemsandproceduresoftheorganizationasawhole,aswellasthespecificrolesandactivitiesofeachunitwithinit,andmustbefreelyabletocommunicatewithanyoneintheorganizationtoobtaininformation. Aninternalauditordetermineswhetheranorganization’sdocumentedoperatingpoliciesandproceduresareeasilyandclearlyunderstood;whethertheyaresufficient;whethertheyareusedeffectivelyandconsistently;whethertheorganization’smanagementeffectivelyidentifiesandminimizesrisks;whetherstaffconsistentlyadheretowrittenexternalregulationsandinternalpoliciesandprocedures;whethergapsininternalcontrolsorpoliciesandproceduresarepresent;andwhetherresourcesareusedefficientlyandtothebenefitoftheorganization.Furthermore,itisaninternalauditor’sfunctionistobedirectlyandactivelyconcernedwithdetectingandpreventingfraudsorforgeries.Internalauditingutimatelyisgearedtowardassistingallmembersofanorganizationtofullyunderstandandeffectivelyperformtheirduties,andtowardtheachievementoftheorganization’soverallobjectives.
 

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