The Cooperative University of Kenya
The Cooperative University of Kenya
DBFC01/0048/2018
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……………………………….
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)
TABLE OF CONTENTS
Declaration…………………………………………………………………………………………………i
Dedication…………………………………………………………………………………………………ii
Acknowledgement………………………………………………………………………………………..iii
Table of Contents…………………………………………………………………………………………iv
CHAPTER ONE
1.0.6 Department of attachment, training dates, supervisor, organization profile and audit section……..4
CHAPTER TWO
3.5 Vouching………………………………………………………………………………………………21
3.6 Punctuality…………………………………………………………………………………………….21
3.7 Confidentiality………………………………………………………………………………………...21
3.8 Teamwork……………………………………………………………………………………………..21
CHAPTER THREE
4.0 Challenges……………………………………………………………………………………………..29
CHAPTER FOUR
5.2 Conclusion…………………………………………………………………………………………....30
References….............................................................................................................................................31
-Log book
CHAPTER ONE
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.
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
-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
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.
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.
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
Core Values
-Diligence to duty
-Impartiality in service
-Integrity
-Courtesy to all
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.
i)internal audit
iii)bank reconciliation
iv)asset registration
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.
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.
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.
3.9trouble shooting
CHAPTER FOUR
4.0 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.
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
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
- Log book