Internal Audit Manager

Internal Audit Manager

Location: Corozal Town, Belize

Reports to: Supervisory Committee and Administration and Management

Department: Governance, Risk & Compliance

About the Organization

St. Francis Xavier Credit Union is a member-owned financial cooperative providing savings, lending and financial services to its members in Northern Belize. The Credit  Union operates under cooperative governance and is subject to national financial regulations and supervisory oversight in Belize. St. Francis Xavier Credit Union is committed to safeguarding members’ assets, ensuring operational transparency, maintaining regulatory compliance, and strengthening internal governance and risk management practices.

Regulatory & Governance Environment

The Internal Audit Manager supports compliance with all applicable requirements, including those issued by the Central Bank of Belize, relevant credit union legislation, internal policies, and best-practice internal control standards applicable to financial cooperatives in Belize.

Position Purpose

The Internal Audit Manager is responsible for providing independent, objective assurance and advisory services designed to add value and improve the Credit Union’s operations.

The role evaluates and improves the effectiveness of:

1. Internal Controls,
2. Risk Management Processes,
3. Governance practices, and
4. Compliance with Regulatory and Internal Policy requirements.

The audit manager assists the Supervisory Committee and management in protecting members’ funds, strengthening accountability, and ensuring the sustainable operation of the Credit Union.

Core Duties and Responsibilities

Annual Audit Planning & Risk Assessment

• Participate in the preparation of a risk-based annual internal audit plan departments, branches and operational functions.
• Perform preliminary risk assessments to determine audit priorities, scope, frequency and resource requirements.
• Execution of Internal Audits
• Plan, conduct and document internal audits in accordance with approved audit programs, including:
• Operational Audits
• Review branch operations and service delivery processes.
• Evaluate efficiency, workflow controls and segregation of duties.
• Assess adherence to operational procedures and manuals.
• Review general ledger postings, reconciliations and financial reporting accuracy.
• Test controls over cash, vault operations and teller functions.
• Verify proper recording of income, expenses, provisions and write-offs.
• Review loan approval processes, underwriting standards and committee approvals.
• Test loan documentation, collateral management and compliance with lending policies.
• Review delinquency management, collections and loan recovery processes.
• Assess compliance with applicable laws, regulatory guidelines and internal policies.
• Review adherence to consumer protection, data protection and member confidentiality requirements.
• Evaluate system integrity for core banking and accounting platforms.
• Evaluate the design and operating effectiveness of internal controls.
• Identify control weaknesses, process gaps and inefficiencies.
• Propose practical, cost-effective and risk-appropriate control improvements.
• Support management in strengthening control culture across the organization.
• Identify high-risk areas susceptible to fraud, misappropriation, manipulation or abuse.
• Participate in investigations of suspected fraud, misconduct or breaches of policy.
• Preserve audit evidence and maintain strict confidentiality during investigations.
• Provide recommendations to strengthen fraud prevention and detection mechanisms.
• Prepare detailed audit working papers and testing documentation.

Governance & Committee Support

• Provide technical support to the Supervisory Committee on internal control and risk matters. Assist with governance reviews of Board and committee operations.
• Support coordination with external auditors and regulators during reviews and examinations..

Key Performance Areas

1. Quality and timeliness of audit execution.
2. Risk relevance and practicality of audit recommendations.
3. Reduction in repeat audit findings.
4. Responsiveness to emerging risks and operational changes.
5. Professional quality of reports and stakeholder communication.

Minimum Qualifications

• Education Bachelor’s Degree in Accounting, Finance, Business Administration, Auditing, or a closely related discipline.
• Master Degree preferred
• Professional Certification – CIA and AMLCA

Experience

Minimum 3 to 5 years of relevant experience in: internal audit, external audit, or compliance / risk functions, preferably within: credit unions, banks, financial  institutions, or regulated financial service organizations.

Professional Skills

• High-level analytical and critical-thinking ability.
• Strong interviewing and evidence-gathering skills.
• Excellent written and verbal communication skills.
• Ability to prepare professional audit reports and executive summaries.
• Strong organizational and time-management capabilities.