|Makazi Bora Finance Ltd (MBFL)|
Job in Tanzania 2021: New Job Opportunities at Makazi
Bora Finance Ltd (MBFL), 2021
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TERMS OF REFERENCE FOR INTERNAL AUDIT (OUTSOURCED SERVICE)
Bora Finance Ltd (MBFL) was registered on 19th August 2019 as a company
limited by shares under Companies Act, Cap. 212 of 2002, with
Registration No. 139725735. MBFL evolved from Habitat for Humanity
Tanzania (HFHT), a registered Non-Governmental Organization under the
Societies Ordinance with Registration Number SO 8677. Therefore, in
August 2019 a new company known as Makazi Bora Finance Ltd (MBFL), was
formed to take over microfinance services that were being provided by
HFHT. The company started its operations in October 2019.
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BACKGROUND TO PROJECT
Act, 2018 (Article 41) requires a Microfinance Service Provider to
appoint an Internal Auditor with qualifications and experience as
prescribed in the relevant regulations. Article 27 of the Microfinance
(Non-Deposit Taking Microfinance Service Providers) Regulations, 2019
has outlined qualifications of an Internal Auditor and the subsequent
article (28) has allowed an Internal Auditor to be outsourced.
THE OVERALL OBJECTIVE
objective of this bid is to appoint a suitable independent internal
audit service provider (who could be a firm or an individual) in order
to support the Board and management in ensuring operations of the
company are run in compliance with the laws and regulations.
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THE SPECIFIC OBJECTIVES
The specific objectives of this assignment shall be:
- To express an independent professional opinion regarding to efficiency, effectiveness and economy of the company operations.
- To ascertain the compliance of Microfinance Act and its regulations.
- To ascertain and evaluate the adequacy and effectiveness of the financial management and internal control framework.
- To ascertain compliance of the laid down policies, procedures, various guidelines, manuals, etc. of the company
- To identifying areas for improvement and critical weaknesses, if any.
provide Project management with timely information and recommendations
on financial management aspects of the company to enable timely
corrective actions, as necessary.
The duration of the contract is twelve months
SCOPE OF INTERNAL AUDIT
internal audit shall be carried out in accordance with the
International Standards on Auditing (ISA) published by the International
Federation of Accounts and shall include such tests and controls, as
necessary for performance of the audit. The scope of the assignment will
be comprehensive and will cover the company operations and transactions
of all departments. The responsibilities of the internal auditor shall
include reporting on the adequacy of internal controls, the accuracy and
propriety of transactions, the extent to which assets are accounted for
and safeguarded, and the level of compliance with laws, regulations and
Specific areas of audit shall include the following:
An assessment of the adequacy of the company’s financial management
system, including internal controls. This would include aspects such as
adequacy and effectiveness of accounting, financial and operational
(b) Funds have been used in accordance with the relevant
financial norms and financial regulations with due attention to economy
and efficiency, and only for the purpose for which the financing has
(c) Generally accepted Accounting Principles are followed by all units/departments that are authorized to incur expenditure
(d) An assessment of efficiency and timeliness of financial reporting to various authority levels.
(e) An assessment of the adequacy of financial and administrative delegation and segregation of duties and controls.
An assessment of expenditures incurred/ advances provided, whether they
are duly authorized as per approved financial and administrative
(g) An assessment whether goods, works and services
financed have been procured in accordance with relevant provisions of
the Procurement Function.
(h) The scope of work will additionally
include detailed review of the issue of advances, staff advances and
cash payments for items purchased.
EXPECTED OUTCOMES AND DELIVERABLES
In performing an audit assignment, each assignment shall at least consist of the following:
- Pre-audit survey
- Audit planning memorandum (Annual Audit Charter)
- Minutes of entrance meeting
- Risk assessment document
- System description(s)
- Sampling methodology
- Mechanisms for follow-up on matters previously reported and feedback to the Audit Committee
- Record of work performed
- Audit findings and recommendations
- Reporting (draft internal audit report and final internal audit report)
- Follow up of previous findings on internal and external audits.
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The structure of Internal Audit Report shall consist of but not limited to the following:
- Audit objective and scope
- Executive summary, highlighting significant findings
- Findings, recommendations and management responses (including implementation dates)
MONITORING PROGRESS OF ASSIGNMENTS
internal audit function must deliver one electronic and signed copy of
the final report to the Chairperson of the Audit Committee and two
electronic and signed copies to the General Manager on quarterly basis.
Moreover, the auditor shall make regular follow-ups on implementation of
audit findings and recommendations with the General Manager on monthly
basis in order to ensure prompt implementation of recommendations that
will be provided.
INDEPENDENCE AND OBJECTIVITY OF AUDIT STAFF
carrying out the work, the internal audit shall ensure that its
personnel maintain their objectivity by remaining independent of the
activities they audit. In this view, the internal audit team(s) shall:
have no executive or managerial powers, functions or duties except those relating to internal audit
not be involved in the day-to-day operation of the MBFL
not be responsible for the detailed development or implementation of new systems and procedures
COMPETENCY AND EXPERTISE REQUIREMENTS
- To be considered for this assignment, applicants are expected to have at least the following:
- Be registered with the National Board of Accountants and Auditors (NBAA)
- A Bachelor’s degree in Accountancy or its equivalent
- A Certified Accountant (with either a CPA or ACCA)
- 5 years’ experience in auditing banks/financial institutions or related companies
knowledge of Financial services/Micro finance industry policies and
regulatory requirements as relates to MFI institutions will be an added
Method of Application
Interested applicants should send their applications with their respective CVs with both Technical and Financial Proposals to:
- The Board Chairperson,
- Makazi Bora Finance Limited,
- P O. Box 31451,
- Dar es Salaam
- Email: email@example.com
So as to reach him not later than 6th August 2021. Please be informed that only shortlisted candidates will be contacted.