HEAD OF AUDIT & CONTROL

HEAD OF AUDIT & CONTROL

Industry: Microfinance Banking | Financial Services
Location: Obanikoro, Lagos
Employment Type: Full-Time
Reports To: Managing Director / Board Audit Committee
Monthly Salary: ₦450,000 Gross
Experience: 4–6 Years

ABOUT THE ROLE

Our client, a reputable Microfinance Bank , is seeking an experienced and highly analytical Head of Audit & Control to lead the Bank's internal audit, control, risk, and compliance assurance functions.

The successful candidate will provide independent assurance on the effectiveness of the Bank's governance, risk management, financial controls, operational processes, and regulatory compliance framework.

The role requires a strong understanding of Microfinance Bank operations, internal audit, financial controls, risk management, fraud prevention, and CBN/NDIC regulatory requirements .

The ideal candidate must be ACA/ICAN qualified and must have relevant Microfinance Bank (MFB) experience .

KEY RESPONSIBILITIES

1. Internal Audit & Assurance

• Lead and coordinate the Bank's internal audit and control activities across Head Office, branches, and operational functions.
• Develop and implement a comprehensive risk-based annual internal audit plan .
• Conduct financial, operational, compliance, systems, branch, and investigative audits.
• Review business processes, financial records, systems, transactions, and internal controls to identify risks, weaknesses, and control gaps.
• Evaluate the adequacy and effectiveness of internal controls and recommend appropriate improvements.
• Conduct follow-up reviews to ensure agreed audit recommendations are implemented within approved timelines.
• Maintain appropriate audit working papers, documentation, evidence, and audit trails.

2. Internal Control & Risk Management

• Develop, review, and strengthen the Bank's internal control framework.
• Identify and assess financial, operational, compliance, fraud, technology, and other business risks.
• Recommend practical measures to mitigate identified risks and control weaknesses.
• Monitor adherence to approved policies, procedures, delegated authorities, and control requirements.
• Support the development and continuous improvement of the Bank's enterprise risk management framework.
• Promote a strong control culture and accountability across the organisation.

3. Regulatory Compliance & Governance

• Ensure the Bank's operations remain compliant with applicable CBN guidelines, NDIC requirements, statutory obligations, and internal policies .
• Monitor compliance with applicable Microfinance Bank regulatory and prudential requirements.
• Support regulatory examinations, inspections, audits, and compliance reviews.
• Track regulatory findings and ensure timely implementation of corrective actions.
• Provide assurance to Management and the Board regarding the effectiveness of governance, risk, and control processes.
• Maintain appropriate records and documentation required for regulatory and audit purposes.

4. Financial & Operational Controls

• Review financial transactions, reconciliations, expenditure, revenue, assets, liabilities, and supporting documentation.
• Assess the effectiveness of controls around cash management, lending, collections, procurement, payroll, expenses, and other key financial processes.
• Review branch operations and ensure compliance with approved operational and financial procedures.
• Identify unusual transactions, control breaches, process irregularities, and potential financial exposures.
• Recommend corrective and preventive measures to minimise financial and operational losses.

5. Fraud Risk & Investigation

• Support the prevention, detection, investigation, and reporting of suspected fraud and financial irregularities.
• Conduct or coordinate investigations into reported control breaches, suspicious transactions, misconduct, and policy violations.
• Recommend appropriate corrective and preventive controls based on investigation findings.
• Maintain strict confidentiality and appropriate documentation throughout investigations.
• Escalate material fraud and control issues to Management and the appropriate Board Committee.

6. Audit Reporting & Board Engagement

• Prepare clear, accurate, and comprehensive internal audit reports highlighting findings, risk ratings, root causes, and recommendations.
• Present significant audit findings and control issues to Executive Management and the Board Audit Committee .
• Provide periodic reports on audit activities, control weaknesses, risk exposures, outstanding findings, and remediation status.
• Escalate critical issues promptly where they present material financial, operational, regulatory, or reputational risk.
• Provide independent and objective assurance to the Board on the adequacy of the Bank's control environment.

7. External Auditor & Regulatory Coordination

• Coordinate effectively with external auditors, regulatory examiners, consultants, and other assurance providers.
• Facilitate access to required records, documents, schedules, and audit evidence.
• Track external audit and regulatory findings and monitor management's implementation of agreed corrective actions.
• Maintain professional relationships with relevant regulatory and assurance stakeholders.

8. Leadership & Continuous Improvement

• Lead and develop the audit and control function to ensure professional and effective service delivery.
• Promote continuous improvement in audit methodologies, control processes, risk management, and governance practices.
• Provide advisory support to Management on process improvement, risk mitigation, and control enhancement.
• Ensure the audit function operates with appropriate independence, objectivity, confidentiality, and professional standards.

KEY PERFORMANCE INDICATORS (KPIs)

Performance will be measured by:

• Effective execution of the approved risk-based internal audit plan.
• Timely identification and escalation of material control weaknesses and risks.
• Improved effectiveness of internal controls across the Bank.
• Timely closure and implementation of internal audit, external audit, and regulatory findings.
• Effective identification and mitigation of fraud and operational risks.
• Compliance with applicable CBN, NDIC, statutory, and internal requirements.
• Quality, accuracy, and timeliness of audit reports.
• Effective support during regulatory examinations and external audits.
• Improved governance, accountability, and control culture across the Bank.
• Effective leadership and development of the audit and control function.

QUALIFICATIONS & REQUIREMENTS

Education & Professional Qualification

• Bachelor's Degree or HND in Accounting, Finance, Economics, Banking & Finance , or a related discipline.
• Must be a Chartered Accountant (ACA/ICAN).
• Additional professional certification in Internal Audit, Risk Management, Compliance, or Fraud Management will be an advantage.

Professional Experience

• 4–6 years of relevant professional experience in Internal Audit, Risk Management, Compliance, or Financial Control.
• Previous experience in a Microfinance Bank (MFB) is mandatory.
• Demonstrated experience conducting internal, operational, financial, branch, and compliance audits within an MFB environment.
• Experience working with CBN and NDIC regulatory requirements applicable to Microfinance Banks.
• Experience in audit planning, risk assessment, internal controls, fraud investigation, and audit reporting.
• Previous experience supervising or leading an audit/control function will be an advantage.
• Strong understanding of financial reporting, banking operations, lending processes, reconciliations, and control systems.

REQUIRED TECHNICAL & PROFESSIONAL SKILLS

• Internal Audit & Assurance
• Risk-Based Audit
• Microfinance Bank Operations
• Internal Control & Control Testing
• Risk Management
• CBN & NDIC Regulatory Compliance
• Financial & Operational Audit
• Fraud Risk Management & Investigation
• Corporate Governance
• Audit Planning & Execution
• Financial Analysis & Reconciliation
• Regulatory Reporting
• Audit Report Writing
• Risk Assessment & Mitigation
• External Audit Coordination
• Strong Analytical & Investigative Skills
• Leadership & Team Management
• High Integrity, Confidentiality & Professional Ethics

COMPENSATION & BENEFITS

• ₦450,000 Gross Monthly Salary
• Performance-based incentives where applicable.
• Professional development and continuous learning opportunities.
• Career growth and leadership development opportunities.
• Opportunity to work within a structured and professionally managed financial institution.

HOW TO APPLY

Interested and qualified candidates should send their updated CV and detailed Application Letter to:

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Subject: Head of Audit & Control – Obanikoro, Lagos

Only candidates who meet the mandatory ACA/ICAN qualification and Microfinance Bank (MFB) experience requirements will be considered.

Only shortlisted candidates will be contacted.