Associate Vice President Internal Audit

Conduct Audits based on annual audit plan, approved by Audit Committee. Provide an independent, objective assurance on financial, operational & strategic activities of the company. Develop, lead and direct implementation of the organization’s audit processes and policies in line with relevant internal auditing standards and requirements to ensure achievement of business interests in the short and long term and facilitate management decisions of the organization and its Indian and International subsidiary companies from a compliance & risk perspective.

Critical Success Factors –

• Identifying and recommend mitigating strategy to organization-wide risks
• Review of compliance of all regulatory requirements and internal SOP’s and control framework

Key Accountabilities

Develop annual internal audit calendar and plan by ensuring all auditable entities, functions, businesses and areas are identified and that identified risks are covered

• Identify auditable entities to be audited
• Define periodicity of review depending upon the inherent risks
• Review the annual internal audit plan, and get the same approved from the audit committee
• Divide the annual plan into quarterly plan
• Direct the internal audit and risk management processes
• Lead the conceptualization of risk management framework for the organization
• Review the Risk And Control Matrix (RACM) checklist
• Review all significant changes recommended by the manager in financial and accounting systems
• Review internal audit reports and program of audits conducted by outsourced firms and in-house team to ensure adequate audit scope coverage within defined timeliness
• Review audit program, audit status, Risk control matrix and internal audit report as prepared by the external audit firms and in-house teams periodically
• Ensure that audit assignments are completed within timelines by periodically reviewing the status with the SPOCs from the respective departments and the audit partner firm and de-bottleneck
• Discuss the results of the audit checks with the team
• Identify and appoint outsourced audit firms in order to perform internal audit assignments for international subsidiaries
• Invite quotations from various audit firms
• Allocate the audit areas amongst various firms depending upon experience and the firm’s expertise
• Appoint the outsourced audit firms for specific audit areas
• Liaising closely with the external auditor to share knowledge and to use audit resources most effectively
• Advise the leadership and the board
• Advise leadership and Board on their obligations / responsibilities as per the statutory norms by utilizing in-depth understanding of business as well as relevant statutes in order to protect the interests of the leadership, Board and the organization
• Advice leadership team and management on the control arrangements and risks relating to proposed policies, programmes and projects
• Promote the highest standards of ethics and standards across the organisation based on the principles of integrity, objectivity, competence and confidentiality

Key Interactions

• Board
• Functional Department teams in Globally
• Partners / managers of third-party consulting firms review audit progress, outcomes, etc. (need based)

Dimensions

• Plan and handle 23-25 IA projects annually
• Central Review (Dashboard for monitoring receivables and inventory)
• Standard Operating Procedure and Internal Financial Control Framework
• Ensure that Governance Risk and Compliance IT-enabled tools are rolled out

Educational qualifications :

Chartered Accountant

Relevant experience :

• 15+ years of relevant work experience. (Prior work experience preferred in pharmaceutical / manufacturing organization or Financial Services)
• CIA is preferred