Internal Audit Executive

2 weeks ago

Mumbai, India Aarti Industries Full time

Structure
- Internal Audit_Team 1
- Job posted on
- Apr 3, 2023
- Employee Type
- Full Time
- Experience range (Years)
- 0 - 4 years

KRA
Completing audits as per Audit plan (quarterly).
Identification of cost saving areas/opportunities.
Preparation and implementation of SOP.
To carry out testing of IFC and IAFC.
Carry out any special assignment as per management request.

CRITICAL TASK:
To prepare a risk based audit plan and get approval from the Audit committee.
To complete the audit as per approved audit plan.
To suggest measures to reduce cost / wastage and to get them implemented.
To review and manage pre-audit functions and outsourced audits.
Participate in physical verification activity (quarterly).

Commercial Responsibility:
Maintain & cultivate a master inventory of all operational policies, practices & processes.
Improve financial control and operational auditing processes.
Test effectiveness of existing financial controls & develop audit programs to ensure adequate financial control
Conduct internal audit of factories, marketing & administrative offices across the group.
Document processes and prepare audit findings memorandum.
Make recommendations to management about software, policies & audit observations.
Drive risk management & cost reductions (including forex risks).
Drive special assignments (Fixed assets, stock audits, system audits etc).
Drive credit management.
Prepare Internal audit report, highlight to management.
Plan for open issues towards closer post internal audit.
Responsible for Performing and control the full audit cycle including risk management and control management over operations effectiveness, financial reliability and compliance with all applicable directives and regulations
Determining internal audit scope and develop annual plans
Obtain, analyse and evaluate accounting documentation, previous reports, data, flowcharts etc
Preparing and present reports that reflect audit’s results and document process
Act as an objective source of independent advice to ensure validity, legality and goal achievement
Identify loopholes and recommend risk aversion measures and cost savings
Maintain open communication with management and audit committee
Document process and prepare audit findings memorandum
Conduct follow up audits to monitor management’s interventions
Engage to continuous knowledge development regarding sector’s rules, regulations, best practices, tools, techniques and performance standards
Regulatory compliance
Fraud detection and analysis.
Team Management.
Verification of procure to pay process
Verification of Order to cash process, Inventory management
Capital Expenditure Analysis, Quotations, Vendor selection process.
Suggested a formal process of execution of legal Service level agreements / AMC across AIL with all vendors and its centralization at HO.
GST non Compliance issues such as Non display of GST credentials outside premises / wrong GST reg. Numbers /PAN numbers.
Audit of Double and Excess payments
General Ledger Scrutiny
Monthly physical verification of stock of all Pharma & Chemical divisions of AIL.
Monthly Expenses analysis in SAMA_IDEA Audit software.
Verification of business Contracts, Standard Operating Rates/Annual Rate Contracts w.r.t. Purchases with invoice & sap ( system) at Pharma & Chemical division
Quarterly Rate analysis for Potential savings for purchase of raw material, engineering items and for availing various services.
Preparation & Implementation of SOP for various services across AIL
Monthly verification of discrepancies related to employee Loans
Auditing in SAP environment.
All other audit areas as decided by management.
Quarterly submission and presentation of Internal audit report in the Audit Committee Meeting (ACM), Audit Report Preparations /Discussions/following compliances/attending meetings etc."

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