Unit Head, Internal Audit at Mutual Benefit Assurance Plc

Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships. Today, MUTUAL is a leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing executives in its employment.

We are recruiting to fill the position below:

Job Title: Unit Head, Internal Audit

Location: Lagos

Job Responsibilities

• Execute financial, operational or compliance audits using a risk-based internal audit program
• 100% execution of approved annual audit plan. Ensure full compliance with regulatory requirement and avoid regulatory penalties
• Perform preliminary planning and establishes direction for audits, coordination of team members, manage audit exercises to quality outcomes, while meeting established time budget.
• Perform audit work, including planning, working papers documentation, finding, and associated reports; verifies the accuracy of financial records as they pertain to clients’ premium and Company’s assets, liabilities, receipts, expenditures, and related transactions.
• Verifications of claims processes to ensure accuracy, adherence to policies, and regulatory compliance. Identify discrepancies, potential fraud, and opportunities for process improvement.
• Conduct audits and verifications of technical bills, including premium calculations, claim settlements, and related financial transactions. Ensure accuracy, adherence to policies, and compliance with regulatory guidelines.
• Identify control weaknesses and provide recommendations for improvement.
• Prepare monthly inflow and outflow reports for the Managing Director/CEO
• Compile financial data, analyze trends, and provide insights on financial performance, ensure accuracy, completeness, and timely submission of the reports.
• Collaborate with the Reinsurance department to ensure proper documentation and adherence to treaty terms and access compliance with contractual agreements and regulatory requirements
• Effectively prepare summaries of findings, audit reports and communicate audit findings and recommendations to appropriate auditee levels.

Requirements

• First Degree (or its equivalent) in disciplines such as Accounting, Banking & Finance, or a related discipline with a minimum of 5 - 7 years of relevant experience in Insurance.
• Familiarity with regulatory bodies such as NIA, SEC, CBN, PenCom, FRCN, and Tax Authorities.
• Possession of a relevant Professional Certification (CIA, ACA, ACCA, CISA) is required.

Application Closing Date
29th March, 2024.