The document is a field attachment report submitted by Jason Muinde Mwasya to Mount Kenya University in partial fulfillment of a diploma in Banking and Finance. It details his 3-month attachment at the County Ministry of Trade, Co-operatives and Investment in Kitui County, where he was placed in the Co-operatives Audit Section. The report outlines the ministry's structure and departments, the audit section's role in inspecting co-ops to ensure accountability, and skills learned like internal controls, vouching, punctuality, and preparing financial statements.
The document is a field attachment report submitted by Jason Muinde Mwasya to Mount Kenya University in partial fulfillment of a diploma in Banking and Finance. It details his 3-month attachment at the County Ministry of Trade, Co-operatives and Investment in Kitui County, where he was placed in the Co-operatives Audit Section. The report outlines the ministry's structure and departments, the audit section's role in inspecting co-ops to ensure accountability, and skills learned like internal controls, vouching, punctuality, and preparing financial statements.
The document is a field attachment report submitted by Jason Muinde Mwasya to Mount Kenya University in partial fulfillment of a diploma in Banking and Finance. It details his 3-month attachment at the County Ministry of Trade, Co-operatives and Investment in Kitui County, where he was placed in the Co-operatives Audit Section. The report outlines the ministry's structure and departments, the audit section's role in inspecting co-ops to ensure accountability, and skills learned like internal controls, vouching, punctuality, and preparing financial statements.
The document is a field attachment report submitted by Jason Muinde Mwasya to Mount Kenya University in partial fulfillment of a diploma in Banking and Finance. It details his 3-month attachment at the County Ministry of Trade, Co-operatives and Investment in Kitui County, where he was placed in the Co-operatives Audit Section. The report outlines the ministry's structure and departments, the audit section's role in inspecting co-ops to ensure accountability, and skills learned like internal controls, vouching, punctuality, and preparing financial statements.
A Report on Field Attachment to be Submitted to the School of Business And Economics
in partial fulfillment for the requirements of the Diploma in Banking and finance.
August 2019
DECLARATION
I declare that the details contained in this report are sorely out of my own experience gained during my industrial attachment at the County Ministry of Trade, Co-operatives and investment in addition to the knowledge gained during class sessions and research.
SIGNATURE…………………………..DATE……………………………….
Jason muinde mwasya
DEDICATION
This is dedicated to the Almighty God for enabling me to complete this report, my family and my supervisor MR VICTOR MUTOO for their encouragement and support, and the entire staff of County Ministry of Trade, Co-operative and investment development. God bless you all.
ACKNOWLEDGEMENT
I would like to express my heartfelt gratitude to the Almighty God for giving me life and abundance of grace that enabled me to get through the whole attachment period. The entire fraternity of Mount Kenya University through the department of Business Management in the School of Business and Economics for the trust and confidence they had in me that enabled them to send me out on industrial attachment to be their ambassador.
I sincerely thank the entire fraternity of County Ministry of Trade, Industry, ICT, and Co-operative development for entrusting me with their unlimited resources and working space for practice and for their cordial accommodation, my family and friends for their moral, emotional support during the attachment period. I do appreciate the role they all played in the success of my industrial attachment. (iii)
-County ministry of Trade, Industry, ICT and Co-operatives
-Society that was audited
-Log book CHAPTER ONE
1.0 EXECUTIVE SUMMARY
1.0.1 Full Name and address of the Organization
During my field attachment, I had the privilege of undertaking my field attachment program at county ministry of Trade, Industry, ICT, and co-operatives whose address is P.o Box 58, www.kitui.go.ke in Kitui County. I was specifically attached to the department of co-operative development audit section.
1.0.2 Type of organization and nature of its activities
The ministry has four departments as listed below and is mandated to perform the following broad functions under schedule four of 2010 Kenya constitution.
i)Department of Trade
iii)Department of ICT
iv)Department of co-operatives
V. Investment
-The department of Trade deals with all aspects of Trade/business enterprise both internal and external. It organizes all trade fairs, business and entrepreneur forums among others.
-The department of ICT is mandated to link the whole county with internet accessibility and information communication technology.
-The department of co-operatives deals with co-operatives promotion, registration, training, audit and enforcement of compliance to legislation.
. 1.0.4 ORGANIZATION STRUCTURE OF THE MINISTRY
CEC (County executive member)
C.O (Chief Officer)
D.D (Deputy to Chief Officer)
Assistant Assistant Assistant
Director (Investment) Director (Trade) Director (co-operatives)
Sub-County County Trade County co-op.
ICT Officers Officer officer/auditor/officers Support staff Support staff Support staff
1.0.5 Department of Co-operatives – Strategic Goals
-Promotion and development of co-operative societies in the county.
-To increase sensitization and awareness campaigns in co-operative movement
-To increase outreach activities and training to educate co-operators
-To advocate for increased public participation and good governance
-To increase inspections and audit exercises to improve on management of all saccos in all sectors in the county. -Organize management trainings to capacity build management committees of the societies
-To create awareness and encourage additional savings from members
-Hold investments forums to promote increase in investment in the sector
-Encourage use of ICT in management and business development
-To hold meetings aimed at revitalizing and re stock dormant ranches.
1.0.6 Department/ Section in the organization where I was attached
The County Ministry of Trade, Co-operatives and investment has a number of departments which are mandated with different tasks to meet the department’s goals and objectives. During the time of my attachment, I was placed under the cooperative, finance and ict department.
1.0.7 Dates of training
I started my attachment program on May 20th to 9th august, a period of 12 weeks. This is as per requirements in partial fulfillment of the diploma in Banking and finance.
1.1 Organization profile
The audit section is a section in the department of co-operative development mandated to conduct inspections and audit in order to improve on management of all co-operative societies in the county.
The section ensures the co-operative societies keep all the books of accounts and records as required by co-operative societies Act. The purpose of this section is to ensure that co-operative society management conduct transactions in a transparent and accountable manner
Mission
To offer quality professional accounting and audit services to co-operative societies.
Core Values
-Diligence to duty
-Impartiality in service -Integrity
-Courtesy to all
-Respect for the law
-Pursuit in excellence in service
2.0 CHAPTER TWO
2.1 GENERAL ACTIVITIES
i) Checking records of income received inform of interest on loans and other charges like penalties, dividends.
ii) Checking the procurement process and whether procedures have been followed.
iii) Accounting policies used by the Sacco society.
iv) pre cooperative education
v) Assessing the internal controls and its adequacy to the Sacco.
vi)filling of general ledgers
vii)calculation of maximum borrowing power
viii) documents and filling system of financial transactions documents
2.2 SPECIAL ACTIVITIES
i)internal audit
ii)vouching of pay rolls
iii)bank reconciliation
iv)asset registration
v)registration of new societies
vi)writing auditors report
vii)Implementing Procurement procedures
viii)writing Letter of engagement.
CHAPTER THREE
3. SKILLS AND COMPETENCE
3.1 Purpose of the Audit
I learned that the purpose of the audit is to ensure that there was transparency and accountability by the management and that the financial statements agree with the books of accounts, the business has been conducted in accordance with the provisions of the co-operative Act, objectives, bylaws, and members resolutions in an annual general meeting.
3.2 Internal control systems
I also learned the importance of evaluating the internal control system. It shows the strengths and weaknesses of the society. I learned how to evaluate the organization chart, how recording is done, description, authorization of transactions, segregation of duties, and supervision of staff by manager and supervisors and internal audit existence.
3.3 Vouching
I learned how to vouch records and transactions which included receipts, payment vouchers, cash book, bank reconciliation/statements, cash collection sheets and paybill account of m-pesa, ledger postings and how they were balanced monthly, adjustments in the financial statements, preparation of trial balance and financial statements.
3.4 Punctuality
I also learned the importance of being punctual at the work place as each activity had been allocated its own implementation time and some activities had to be completed before starting others. This was to ensure smooth flow of activities.
3.5 Confidentiality
During the attachment period, I learned about client confidentiality in regard to client information which should not be released to unauthorized persons.
3.6 Teamwork
This refers to co-operating and working together with other persons in the Sacco harmoniously. I learned that through team work, best results are achieved, time is saved and becomes more interesting, there is increased efficiency.
3.7 Accounts presentation
I learned how to present financial statements to the members during the annual general meeting and how to respond to any questions regarding the accounts.
3.8 management letter
I learned how to prepare and present management letter to the management board and handle questions raised.
3.9trouble shooting
Management of pc and installing of anti virus software for protection.
CHAPTER FOUR
4.0 Challenges
4.1 Organizational challenges
- Lack of co-operation by some society officers thus delaying the completion time of the audit.
- Delay in responding to audit queries thus leading more time taken to complete the audit.
- Technical failures of office infrastructure, this was caused by power interruptions and internet failure which resulted in delayed communication and submission of responses and reports.
- Experience gained during the attachment was very resourceful especially in the practical work which involved application of classroom knowledge and skills.
- Mobility to areas of work proved to be a challenge. Vehicles were not readily available when required.
- Office space was not adequate, officers were squeezed in one office.
- The road network is poor thus making it difficult to reach clients on a timely basis.
4.2 Suggested solutions
- The employer should provide transport means like vehicles
- Proper office space should be provided to enable effective performance.
-Management should ensure prompt responses to audit queries.
CHAPTER FIVE
5.0 Conclusion and recommendations
This entails recommendations for both the university and the institution I took part in auditing and a summary of the report that I came with after the attachment exercise. This should be implemented in order to allow the students learn practically and ensure the environment at the institution is conducive for students. This will enhance the already acquired skills and knowledge which will expose them to the job environment. The university to improve on the course content especially for those students who have had no work experience before they release them for attachment
5.1 Recommendations to the Sacco
The department should ensure that the employees are ready and willing to assist students on attachment in regard to job training. This will ensure that students are able to acquire the necessary skills and experience in their fields.
5.2 Conclusion
This report contains lessons learned, skills and experiences like maintaining confidentiality, teamwork, internal controls systems, drafting of various financial reports and letters,. Further it contains challenges faced during the period, conclusions and recommendations for the stakeholders concerned. This may help improve the attachment program in order to make it more beneficial to the students. It also contains the reference used during the attachment
ACTIVITIES IN WHICH I APPLIED MY SKILLS FOR THE BENEFIT OF THE MINISTRY
Used my knowledge of cooperative philosophy to conduct pre cooperative education
Used my calculation expertise to calculate maximum borrowing power, calculating investment
returns, tax on income.
Used my marketing my strategies to help on sale of organization product .
References:
-County ministry of Trade, Industry, ICT and Co-operatives
