Team Member Internal Audit

Role Description

Role Purpose

To provide an independent assurance service to the board, audit committee and management, focusing on reviewing the effectiveness of the governance, risk management and control processes that management has put into place.

Objectively assess a company's IT and/or business processes. Assess the company's risks and the efficacy of its risk management efforts. Ensure that the organization is complying with relevant laws and statutes. Evaluate internal control and make recommendations on how to improve.

Key Result Areas

1.Objective
Review of processes under audit and providing suggestions for improvement
1.How
Major areas that are covered under audit includes:
Physical verification and inventory analysis.
Review of monthly physical verification of inventory report of all plants
Analysis and physical verification of stores and spares, consumables and packing materials,purchase of stores and spares, consumables, services, etc,surprise cash verifications
Review of scrap sales,consignment agent stock,commission on sales at year end,Insurance claim against accident, damage cases against dispatching trucks.
Analysis of movement of inward transportation.
Reviewing ageing of Debtors.
Audit conducted as per special assignments provided by the management
1.End Results
Number of audit reports released

2.Objective
Review of expenses and providing suggestions for cost savings
2.How
Reviewing, examining and analysing various expenses at plants and HO . 
Processing of Travelling Expenses of employees of all locations (Domestic and International) submitted through success factor portal on day to day basis
2.End Results
Savings in cost

3.Objective
Implementation of agreed action plan for process improvement
3.How
Periodically following up with auditees for implementation of agreed action plan.
3.End Results
Number of follow up reports released            

4.Objective
Assuring adherence to statutory compliances
4.How
Examining hard/soft copy of documents related to Statutory Compliances like licences, approvals, certificates, etc.Reviewing monthly Statutory Compliance reports received from all Plants. 
Reviewing various direct and indirect tax related  compliances at plants. 
4.End Results
Monthly Compliance Report

5.Objective
Complying with Statutory Audit and Internal Financial Controls (IFC) requirements
5.How
Review of implementation of controls as per risk matrix.
Substantiating existence of controls against risks as per risk and control matrix
Getting audit of IFC done by statutory auditors and ensuring clean audit report
5.End Results
Records maintained

6.Objective
Knowledge building on SAP modules
6.How
Training and knowledge sharing with SAP team members
Assisting SAP team for any change/modification in any SAP report recommended by audit/accounts
6.End Results
Number of training sessions done with SAP team

7.Objective
Knowledge building of business, operations and processes
Preparing various process notes and maintaining process related working papers
Segregation of files/records and audit working papers collected during the time of audit
Preparing summary for Audit Committee,follow up reports against our internal audit reports and action taken thereon,group Internal Audit report with summary of all important points covered in our audit report.
7.How
Preparing various process notes/business understanding documents and maintaining various process related working papers obtained during audit
Segregation of files and audit working papers collected
Preparing summary for Audit Committee,reports against our internal audit and action taken thereon,GI Audit report with summary of all important points covered in our audit report
7.End Results
Number of processes reviewed

Organizational Chart

Work Relationship

Experience

Competencies

Skills