Expression of Interest – Internal Audit Services

Ufulu Finance Limited is a locally registered micro lending financial institution which started its operations in July 2016. The company, a wholly Malawian owned, aims to provide affordable habitat solutions to Malawians of all income groups with special focus on the urban poor and middle income earners.

Ufulu Finance Ltd is seeking expression of interest from reputable Audit Firms specializing in internal audit services. The company is soliciting proposals from qualified firms of chartered accountants to express their interest to conduct quarterly internal audit for the period between July, 2025 and December, 2026, with the option of extending for subsequent financial years.

Your proposal should contain, but not limited to the following considerations:

1. Management profile
2. Eligibility to conduct audits in the country.
3. Experience of your firm in relation to the scope of internal audits for the similar organisations.
4. A list of similar organisations served by your firm.
5. Your staff assignments and availability to carry out internal audit with emphasis on
   1. Participation of senior audit personnel assigned to the purpose.
   2. Frequency of contact with Ufulu Finance Limited personnel.
   3. Availability of staff to respond to questions during the engagement.
6. Audit firm staff stability history – what assurances can you provide the organization regarding the assignment of your permanent personnel to the engagement.
7. Detailed internal audit plan.
8. Your fee proposal.
9. Audit firm to produce Quarterly Internal Audit Report.
10. The expected functions are:
    1. Developing and submitting for approval to the Board Audit Committee an annual internal audit plan that outlines the activities to be undertaken by the Internal Audit Department during the year.
    2. Carrying out the procedures outlined in the internal audit plan.
    3. Ensuring compliance to established risk management framework, inclusive of policies, procedures, and controls, and consequently, ensuring compliance with statutory and regulatory requirements.
    4. Evaluating the reliability of the information produced by accounting and computer systems.
    5. Signing off on all operational, credit and IT system changes prior to rollout.
    6. Providing an independent appraisal function of all aspects of operations.
    7. Evaluating the effectiveness, efficiency, and economy of the institution’s operations.
    8. Providing investigative services to line management.
    9. Requiring the management of the institution to implement and maintain appropriate internal control procedures and management information systems.
    10. Reviewing operations and transactions of the institution that could adversely affect the well-being of the institution.
    11. Performing an audit of the financial statements of the institution to detect irregularities and illegal acts in the conduct of the company business.
    12. Proposing improvements or enhancements and addition to internal control and audit policies and procedures to the Board Audit Committee.
    13. Submitting a written audit report to the Board Audit Committee, preferably before every scheduled Board Meeting.
    14. Maintaining adequate records of reports submitted and monitoring whether actions to rectify the reported findings acknowledged by the Audit Committee are undertaken promptly.
    15. Discussing the results of his audit with the respective unit/ branch/ department managers and advises on appropriate actions to improve conditions, if necessary.
    16. Preparing and assisting in the execution of the external audit as well as in examinations to be conducted by government regulatory agencies.
    17. Ensuring implementation of issues raised by the external auditor’s management letters.
    18. Overseeing and coordinating the implementation of the compliance system to existing regulations which includes the compliance program.
    19. Consulting with regulatory agencies for additional clarification on specific provisions of laws and regulations and/or discuss compliance findings with regulatory authorities.He/she may also initiate dialogues on borderline issues.
    20. Informing all staff or concerned staff on changes in internal control and audit policies and procedures.

The successful applicant shall be selected in accordance with the Quality and Cost.

Further information can be obtained at the address below during office hours from 08:00  to 12:00 and 13:00 to 16:30 hours local time, Monday to Friday. Expression of Interest clearly marked “Internal Auditor” must be delivered in written form to the address below in person, by mail or by e-mail on or before 4:30 P.M. local time on Friday, 21^st May, 2025.

Ufulu Finance Ltd, 1st Floor, Cuckoos Nest, Mandala Street, Near Area 3 NBS Bank,
P.O. Box 3222, Lilongwe, Malawi.

Cell:      +265 (0) 99 448 5444/+265 (0) 88 888 5444

Email:   ufulufinance@ufulufinance.com