Internal Audit Associate

Job Summary

The Internal Auditor is responsible for conducting independent audits of financial, operational, and compliance processes to assess the effectiveness of internal controls, identify risks, and ensure adherence to company policies, procedures, and applicable statutory requirements. The role involves reviewing documentation, evaluating control effectiveness, identifying audit observations, recommending corrective actions, and monitoring the implementation of agreed action plans.

Key Responsibilities

1. Conduct internal audits of financial, operational, and business processes in accordance with the approved audit plan.
2. Evaluate the adequacy and effectiveness of internal controls, risk management practices, and governance processes.
3. Review financial transactions, accounting records, invoices, payments, reconciliations, and supporting documents.
4. Verify compliance with company policies, standard operating procedures (SOPs), applicable laws, regulations, and statutory requirements.
5. Identify control weaknesses, process gaps, irregularities, potential fraud risks, and non-compliance issues.
6. Prepare audit working papers, maintain supporting evidence, and document audit findings.
7. Draft internal audit reports highlighting observations, risk implications, root causes, and recommendations.
8. Discuss audit findings with process owners and recommend practical corrective and preventive actions.
9. Follow up on previous audit observations and monitor the closure of agreed action plans.
10. Coordinate with finance, operations, procurement, HR, IT, and other departments during audit assignments.
11. Assist in risk assessments and the preparation of annual or periodic risk-based audit plans.
12. Maintain confidentiality, independence, objectivity, and professional ethics throughout the audit process.

Required Qualifications

• Bachelor's degree in Commerce, Accounting, Finance, Business Administration, or a related field.
• Professional qualifications such as CA, CMA, CIA, or other relevant certifications are an advantage.
• Knowledge of accounting principles, internal controls, risk management, and auditing standards.

Required Skills

• Strong analytical and problem-solving skills.
• Good knowledge of internal audit procedures and risk assessment.
• Attention to detail and the ability to identify discrepancies.
• Effective written and verbal communication skills.
• Report writing and documentation skills.
• Proficiency in MS Excel and accounting or ERP systems such as SAP, Oracle, or similar platforms.
• Ability to work independently and interact with different departments professionally.

Experience

Typically, 25 years of relevant experience in internal audit, external audit, accounting, or risk and compliance. Experience requirements may vary depending on the organization's size and the seniority of the position.

Key Performance Indicators (KPIs)

• Completion of the approved audit plan within the stipulated timeline.
• Quality and accuracy of audit reports.
• Timely identification and communication of significant risks.
• Percentage of audit recommendations implemented on time.
• Reduction in recurring audit observations.
• Effectiveness of internal control improvements.
• Timely completion of audit documentation and follow-up activities.