Tm -Internal Audit-Cma Kolkata

Job Purpose

Execute Management Audit Plan of the assigned Units and assist the Business Audit Head, in achieving CMA's goals/objectives. Conduct audit related to control environment, operations, cost reduction methods, avoidable losses & prevention and detection of frauds and prepare draft report and submit to concerned functional heads.

Job Context & Major Challenges

Job Context: The Corporate Management Audit function is committed towards system perfection across the Group in India and Overseas by continuous evolution, implementation and review of controls, Corporate Governance and mitigation of risks, cost reduction methods, effective MIS and Statutory Compliance across the Group. 

The function regularly shares information, best practices among the Units, helps the Group to keep pace with the fast-changing business scenario, and enables value addition to the stakeholders. 

Corporate Management Audit ensure that organisation is managing its resources economically and efficiently in various areas viz. Commercial, Technical, Sales, Marketing, Purchases, Project Management, Manufacturing, Logistics, Legal, MIS, Civil, costing etc. and adding value to the overall business. 

The Corporate function has been making significant contribution to Units by suggesting cost reduction, avoidable losses, prevention and detection of frauds, and Risk & Control improvements annually. 

Major Challenges: 1. The job demands monitoring, problem solving, learning ability and communication. 2. To obtain acceptance / action plan from management (Functional Head, Department Heads at Units) for implementation of control and system as suggested in Audit reports.

Key Results Area

KRA1 - Execute Management Audit of assigned Businesses/Units:

• Identify Key Findings and prepare Draft Reports and assist to BAH in finalization of report released
• Assurance on adequacy & effectiveness of existing systems.
• Value addition to the business though root cause analysis, identifying scope for process improvement resulting in productivity enhancement, cost savings & risk minimization.
• Identifying scope for strengthening systems w.r.t latest technology/regulatory changes.
• Identify scope for benchmarking within/across business for implementing best processes.
• Partner with businesses in implementation of action plan.

KRA2 - Conduct Special Assignment as and when assigned within timeline & Prepare Draft Reports and submit to BAH:

• Identify instances of intentional process violations, violations of Group values/ Code of conduct.
• Identify root causes of breaches – deficiency in system design, by-passing or non-compliance with system.
• Suggest corrective and preventive controls to address the identified breaches.
• Identify similar exposures across Business / Group and take proactive action to correct the same.
• Evaluate and test effectiveness of existing fraud mitigation framework. Suggest recommendations to improve existing framework to eliminate/mitigate future fraud risk.

KRA3 - Leveraging technology in Internal Audit activities:

• Initiate use of technology in Internal Audit activities (Sample selection, Data Analysis, Continuous control monitoring and End to End Tracking of Audit process).
• Greater use of technology – AI, ML etc. for data mining, predictive analysis to identify instances of non-compliances/breaches & Trends/patterns requiring detailed review.
• Set platform for targeted audits using CCM.

KRA4 - Discuss with the Unit management to implement the agreed action plan of the previous reports and submit the action taken reports (ATR) to BAH:

• Timely submission of the ATR. 
• Follow-up open issues / target dates of action to be taken on audit observations.