Job
Description
Audit plan - Submit annually a risk based internal audit plan for review approval to the Audit Committee. Communicate to senior management Audit Committee impact of resource limitation on the audit Plan. Review and adjust the internal audit plan, as necessary, in response to changes in Business Risks, Operations, Strategy, Systems and controls. Communicate to management Audit Committee any significant interim changes to the audit plan. Prioritize audit assignments as per the directions of the Audit Committee/ Board. Ensure adherence to (a) regulatory requirements (b) Companies internal policies and processes. Audit execution Ensure 100% coverage of all functional areas, Business channels- sub channels, and lines of businesses as per Audit Committee mandate. Ensure each engagement of the internal audit plan is executed - Including the establishment of objectives scopes Assignment of appropriate and adequately supervised resources, Documentation of work programs and testing results and Communication of engagement results with applicable conclusions and recommendations to appropriate stakeholders. Interact with Companies internal and external stakeholders (such as customers, channel partners, dealers, lawyers, investigation agencies and competition) - To identify systematic issues and identify innovation/improvement opportunities To achieve cost savings by increasing effectiveness of internal systems and procedures and To minimize the risk landscape Provide informed and independent feedback to the audited parties, Audit Committee, and other stakeholders on design of controls, compliance posture w.r.t. internal policies, procedures, and regulatory requirements, to enable them to take appropriate informed decisions/actions. Follow-up on engagement findings and corrective actions and report periodically to senior management and audit committee if any actions are not implemented effectively and within due date along with reasons for delay. Ensure emerging trends and successful practices in internal audit are considered. Ensure conformance with Internal Audit Standards issued by ICAI IIA. Establish and ensure adherence to policies and procedures designed to guide internal audit department. Prioritize audit engagements based on the results of a risk assessment. Ensure usage of latest tools and technologies viz. Audit workpaper workflow documentation tool, Analytics tool while performing the assignments Functional review Assess trends and emerging issues that could impact are considered and communicated to senior management and audit committee as appropriate before during the engagement. Benchmarking internal areas with comparable areas of similar organizations to identify best practices. Define timelines for quarterly audit completion and evaluate the progress against timelines to ensure completion of audit in accordance with the approved audit plan. Provide assurance on 100% population/data for scoped in period. Ensure coverage of all dimensions - Fraud, Risk, Compliance, productivity, information security, operating efficiency etc. Identify emerging technology practices its impact on security and define goals of information security and explain the purpose of various controls. Recognize data privacy laws potential impact on data security policies and procedures. Recognize the application of data analytics methods in internal auditing (anomaly detection, diagnostic analysis, predictive analysis, network analysis, text analysis, etc.). Provide the overview of completed and ongoing audit processes, identified audit observations and insights on functional/ operational efficiency to the Audit committee Carry out following types of assignments on the request of Management/ Audit Committee/ Board - Advisory consulting engagements Operational/ Performance engagements Financial Financial Reporting engagements Compliance engagements Security engagements Privacy engagements Quality engagements Due Diligence engagements Relationship management Engage in regular interaction with various functional/ department Heads in the company to review procedures and adherence to control mechanisms to provide advisory services on risk control matters. Developing both formal and informal communication channels and strong relationships to enable discussion of sensitive matters, such as management s failure to manage strategic and/or operational risk or an executive s ethically questionable behaviors and actions (including fraud) with MD CEO. Provide timely and valuable insights on various matters to Group Risk Assurance Heads, benchmark align with Group policies, take lead to ensure implementation of best practices across group companies. Present Executive Summary in one on one discussion with Chairman on quarterly frequency. Independently jointly with Compliance Head, deal with Regulators on various Governance related matters to identify provide solutions. Represent company on various industry forums - GI Council, Chief Audit Executive CRO forums. Appraise Board to understand changes in the regulatory and business environment related to governance, risk management, and control. Ensure to have frequent informal discussions with the Audit Committee Chairman or other board members, in part to establish trust and rapport. Team development Identify of training needs of team members and create development plans to build expertise, enhance domain knowledge. Participate in selection process to identify the right talent for positions within the function. Training other departments on Governance, Risk Management, Compliance, and internal controls. Educating the board and senior management on the importance or methods of Enterprise Risk Management by facilitating risk management training sessions
