Team Member - IA

Division

Internal Audit

Department

Internal Audit

Job Purpose

• Conduct in-house audits and supervise outsourced audit firms’ resources for conducting internal audit and IFC assignments to ensure compliance to company policies and procedures and recommend process improvement to the respective stakeholders. Focus on efficiency and effectiveness of business processes.
• Collaborate with Business / Function / Finance team on solutioning/ automation/ process improvement.
• Perform and support external Consultants in Forensic assignments.

Key Accountabilities (1/5)

1.Supervise work of outsourced audit firms for timely completion of internal audit assignments 

• Gather data for audit firms as per the requirement by participating in meetings with auditee along with the auditor.
• Review the work performed by outsourced audit firms and provide update to the management.
• Review the draft audit reports and align the management responses across various management levels in Cipla.
• Coordinate and follow up with the audit partner firm on a periodic basis to ensure timely issuance of final audit report.
• Ensure the Growth with Governance agenda is inculcated in every audit area.
• Business perspective features in audit discussions.
• Perform benchmarking activities to support controls, efficiency and effectiveness discussions.
• Perform investigations where necessary to support IA Lead/ IA Head.

Key Accountabilities (2/5)

2.Conduct in-house audits to ensure compliance to company policies and procedures and suggest process improvements

• Review existing processes, controls for compliance to company policies and procedures, and suggest improvements and cost saving opportunities.
• Draft internal audit report and align the observations and obtain corrections actions from management.
• Prepare audit work program, test plans and risk control matrix for all processes.
• Design and develop systems and processes (operating, detection and controls based) to simplify, automate and monitor controls and business activities.

3.Track status of compliance of audit observations to ensure timely implementation of action plans

• Track the status of compliance to recommendations made on all audit observations on quarterly basis.
• Interact with process owners to validate the action taken on the observations.
• Review the action taken documentations.

Key Accountabilities (3/5)

4.Prepare and review presentation to audit committee in order to highlight key audit observations

• Prepare audit committee presentation for in house audits and review the presentation of external auditors in consultation with the Team Lead.
• Present to Business heads + Global CFO/ CEO on business audits.

5.Co-ordinate specific assignments with outsourced firms or conduct in house assignments as requested by management with an aim to present facts

• Conduct specific assignments as requested by the management and ensure timely closure of the audit.
• Ensure quality deliverable of any outsourced specific assignments.

Key Accountabilities (4/5)

6.Digital & Automation

• Collaborate with BU / Functions in implementing Risk Analytics tool of certain processes.
• Identify Automation opportunities and recommend.

7.Team development

• Train and disseminate audit skills and knowledge within the in-house IA team to build capabilities.

Key Accountabilities (5/5)

8.Practice development

• Present at ICAI / IIA forums or study tables to share industry knowledge and insights.

Major Challenges

Support from auditee w.r.t non-availability of data, appropriate management responses affects the overall timelines of the audit

Overcome by:Escalations to the HODs, discussion with the team and auditee on the requirements and explaining the overall expectation out of the task

Key Interactions (1/2)

Internal

• SPOCs across each audit function to understand the overall process and get management comments (During audits)

Key Interactions (2/2)

External

• External audit team to ensure timely completion of audits (During audits)

Dimensions

• In house audits – 4-6 in a year
• Outsourced Audit assignments: 2 to 3 audits per quarter
• Technology enhancements: Risk Analytics 3-4 in a year
• Advisory support to Business: MCI Compliance, 194R,
• External audit firms managed: 4-5
• Forensic assignments: 4 – 5 per annum
• Being global internal audit function, conduct internal audit of allocated geographies and subsidiaries

Key Decisions (1/2)

Decisions

Audit Observation & Recommendation

Key Decisions (2/2)

Recommendations

• Process improvements & Cost savings opportunities identified during audits – to Lead Internal Audit
• Revenue enhancement + Compliance and Investigation reports to IA Lead/ IA Head
• Draft Internal Audit Report – to Lead Internal Audit
• Internal Audit Annual Budget – to Lead Internal Audit

Education Qualification

Qualified Chartered Accountants / MBA in finance / Cost Accountant. Certified Internal Auditor is additionally desirable.

Relevant Work Experience

2-4 years of specific internal audit experience in manufacturing sector.