Internal Audit Manager

Grade                              : PTF2

Division                             : Internal Audit

Location                           : Secretariat

Reporting to                     : The Board of Trustees

Direct Supervisees          : Internal Audit Officer

PURPOSE OF THE JOB

Responsible for leading the internal audit function of the Fund, providing independent and objective assurance on the adequacy and effectiveness of internal controls and governance processes. This role involves developing and executing a comprehensive audit plan, conducting internal audits across all areas of the Fund’s operations, and ensuring compliance with regulatory requirements and internal policies. The Internal Audit Manager will provide critical insights and recommendations to the Board’s Audit Committee and Management to strengthen internal controls and improve organisational efficiency.

KEY DUTIES AND RESPONSIBILITIES 

1. Audit Planning and Risk Assessment

• Develop and implement a risk-based annual audit plan covering all areas of the Fund’s operations and activities.
• Identify activities subject to audit coverage and evaluate their significance in terms of risk, cost, schedule, quality, and regulatory impact.
• Formulate and coordinate the implementation of internal audit and risk assessment policies, strategies, frameworks, and plans.
• Identify, assess, and evaluate risks across the Fund and recommend appropriate risk mitigation strategies.
• Provide independent assurance on the effectiveness of risk management, governance, and internal control processes.

2. Audit Execution and Assurance

• Conduct financial, operational, compliance, and risk-based audits in accordance with approved audit plans and professional standards.
• Assess the adequacy and effectiveness of internal controls, governance processes, and risk management systems.
• Evaluate whether resources are acquired economically, utilised efficiently, and adequately safeguarded.
• Review business processes and recommend improvements to enhance operational efficiency, effectiveness, and control.
• Leverage audit technology, data analytics, and other audit tools to improve audit coverage, efficiency, and effectiveness.

3. Fraud Risk Management and Investigations

• Investigate suspected fraud, misconduct, irregularities, and misuse of resources using appropriate auditand data analytics techniques.
• Report fraud investigation findings and recommendations to Management, the Audit Committee, and the Board, as appropriate.
• Recommend and implement measures aimed at strengthening controls and preventing future fraud occurrences.

4. Audit Reporting and Follow-Up

• Prepare clear, comprehensive, and timely audit reports outlining findings, conclusions, risk implications, and practical recommendations.
• Present audit findings and recommendations to Senior Management, the Audit Committee, and the Board.
• Monitor and track the implementation of agreed audit recommendations and management action plans.
• Conduct follow-up and post-audit reviews to verify implementation and effectiveness of corrective actions.
• Maintain complete and accurate audit documentation and working papers to support audit conclusions.

5. Audit Quality and Methodology

• Ensure all audits are conducted in compliance with applicable professional standards, internal audit policies, and best practices.
• Continuously review, update, and improve audit methodologies, procedures, and audit programmes to enhance audit quality and performance.
• Promote a culture of continuous improvement within the Internal Audit function.

6. Audit Function Management

• Manage the activities, performance, and development of Internal Audit staff in line with approved budgets and timelines.
• Prepare, administer, monitor, and control the budget of the Internal Audit Division.
• Ensure effective allocation and utilisation of audit resources to achieve departmental objectives.

7. Regulatory Compliance and Pension Fund Assurance

• Audit compliance with the Pension Act, Pension Rules, Fund Rules, and directives issued by the Registrar of Financial Institutions and other regulatory authorities.
• Report identified regulatory breaches and non-compliance issues to Management, the Audit Committee, and the Board.
• Review compliance with prescribed investment limits, asset allocation requirements, and custodial arrangements.
• Audit member benefit administration processes, including contributions, transfers, withdrawals, and benefit payments, to ensure accuracy and compliance.
• Independently assess the effectiveness of Anti-money Laundering (AML)/ Countering the Financing of Terrorism (CFT) controls and report identified deficiencies to the Audit Committee and the Risk and Compliance function.
• Review governance practices, including Board and Trustee conflict-of-interest declarations and fit-and-proper compliance requirements.
• Assess controls surrounding actuarial valuation processes in collaboration with the Fund’s actuary to provide assurance on funding-level reporting.
• Ensure the Fund remains compliant with applicable laws, regulations, policies, and industry standards, and advise Management on necessary changes to maintain

8. Stakeholder Management and Coordination

• Liaise and collaborate with external auditors, regulators, actuaries, and other assurance providers to ensure coordinated assurance coverage.
• Build and maintain productive relationships with Management, the Board, the Audit Committee, regulatory authorities, and other key stakeholders.
• Provide independent advice and assurance to Management and the Board on governance, risk management, and internal control matters.

9. Other Duties

• Perform any other related duties and responsibilities as may be assigned from time to time by the Audit Committee, Board, or Principal Officer, consistent with the role of Internal Audit Manager.

PERSON SPECIFICATIONS

Qualifications and Experience

• Bachelor’s and master’s degree in either accounting, Internal Audit, Finance, Business Administration from a recognized University or Institution.
• Full professional qualification such as ACCA, CIA, CPA, or CIMA is required.
• Membership with a recognized professional body (e.g., Institute of Internal Auditors, Society of Accountants) is must.
• A minimum of six (6) years’ working experience in internal audit, risk management, or a related field, at least three (3) years of which should be in a managerial or supervisory position in a reputable organization.
• Experience in the pension, financial services, or insurance sector will be an added advantage.

Knowledge, Skills and Abilities

• Ability to gather, analyse and evaluate facts and to reports Professionalism and positive attitude.
• Effective communication skills.
• Prescribes and believes in the Code of Ethics for Internal Auditors.
• An ability to work under minimum supervision.
• Must be available for extensive travel.
• Knowledge of current professional auditing standards, procedures and reporting requirement.
• Knowledge of operating systems and related risks and controls.
• Knowledge of audit techniques for computer applications

METHOD OF APPLICATION

candidates who are interested and meet the requirements should send their application packages in PDF format to vacancies@psptf.mw  addressed to: 

The Statutory Manager

Public Service Pension Trust Fund

P.o Box 30146, Lilongwe

Application package should include the following documents:

1. Cover Letter confirming interest and availability
2. Curriculum vitae containing application detailed work experience and three traceable referees
3. Soft copies of higher education and professional certificates

The closing date for receiving applications is on 24th September 2026. Please note that Only applications received through vacancies@psptf.mw will be reviewed and all applications sent through any other channel will not be considered.