Audit Manager - Retail

Reliance Industries Limited


Date: 8 hours ago
City: Navi Mumbai, Maharashtra
Contract type: Full time
Job Description

Job Role: Audit Manager

Job Role ID: 81197238

SECTION I: BASIC INFORMATION ABOUT THE JOB ROLE

Job Role Variant: Sr. Team Lead - Audit

Manager Job Position: Head - Audit

Job Position ID: 84011072

Value Stream: Money, Materials & Compliance

Job Family: Finance, Compliance & Audit

Sub-Job Family: Central

Grade/Level

Location:

SECTION II: PURPOSE OF THE ROLE

To plan, manage and supervise the delivery of audits led by self or team within a specific segment/ function and ensure the segment fulfils international and government obligations on compliance, internal SOPs/processes while adhering to RIL auditing standards/methodology

SECTION III: KEY RESPONSIBILITIES AND ACCOUNTABILITIES OF THE ROLE

Responsibilities

Policies, Processes and Procedures

  • Develop and implement audit policies and procedures that align with the organization's overall audit obligations
  • Assist in formulation of overall plans and ensure day-to-day execution in line with function standards & regulations
  • Implement new initiatives / projects as per established policies to meet future requirements
  • Provide inputs for improvements in business processes, specifications and best practices in the area of audit

Audit Delivery

  • Support the relevant Head of Audit in development of Annual Audit Plan; Support the Head of Audit in identifying audit areas and developing audit programs that test the adequacy and effectiveness of internal controls, compliance with policies, and accuracy of financial reporting
  • Manage the planning and scheduling of internal audit engagements within the segment, including the allocation of audit resources, coordination with business units, and communication with senior management
  • Ensure that audit engagements are completed in accordance with audit standards, internal policies and procedures, and within budget and timeline
  • Provide subject matter expertise to other segments basis requirement, by working on audits outside specific segment for development purposes
  • Review draft Terms of Reference documents and test plans prior to the relevant Head of Audit's review
  • Plan site visit for self and team members to various retail sites for audit
  • Propose areas in retail audit operations to increases the usage of analytics and leverage the available data for risk mitigation

Audit Review & Recommendations

  • Review audit findings and recommendations for accuracy, completeness, and relevance
  • Review audit reports and presentations that summarize audit findings and recommendations, and communicate the results to senior management
  • Ensure that audit reports are consistent with audit standards, internal policies and procedures, and regulatory requirements and effectively communicate audit results
  • Ensure that appropriate follow-up actions are taken on audit findings and recommendations within the segment; Monitor the implementation of audit recommendations and assess the effectiveness of corrective actions taken

Risk Management

  • Drive the implementation of effective risk management practices throughout the segment, including risk assessments, risk mitigation strategies, and risk monitoring; Ensure that risk management practices are consistent with best practices, internal policies and procedures, and regulatory requirements
  • Collaborate with other departments to promote risk awareness and implement effective risk management practices; Facilitate risk management training and education to increase the respective segment's understanding of risk management
  • Identify emerging risks and trends that may impact the work of the respective segment and provide recommendations to senior management; Monitor changes in the business environment, technology, and regulatory landscape that may pose new risks
  • Identify and propose risks to business for their assessment, and conduct audit as per plan for the approved risks by business teams

Audit Supervision

  • Provide guidance and support to the internal audit team Lead working for the respective segment on audit methodologies, procedures, and techniques; Ensure that the team adheres to audit standards, internal policies and procedures, and professional ethics
  • Share relevant context and provide coaching to the team lead to aid them in their development of the Terms of Reference and Test plans
  • Support the team lead during audit fieldwork, including, receiving status updates; providing direction; providing coaching and context; reviewing interim findings; supporting escalation processes
  • Review draft reports and working paper and maintain overall accountability for effective and efficient delivery of the audit through delegation to the audit team lead, support for execution where required

Compliance

  • Ensure that the internal audit function operates in compliance with all regulatory requirements
  • Monitor regulatory changes and assess their impact on the organization's internal audit program
  • Demonstrate leadership in HSSE and ethics within the Audit Function (specifically: Office HSSE and OSF, Driver Safety Standard, Travel, IT and data security, PRP and V&B)

Governance

  • Support the Audit head and act as an advisor on various mandates given by senior management/board members
  • Review, prepare and conduct business reporting meetings and handle audit committee, business risk and assurance committee meeting, weekly meetings

People Management

  • Participate in recruitment activities & ensure retention / engagement of own team
  • Set performance objectives of own team, evaluate / appraise team members and provide regular feedback & guidance
  • Guide, mentor and develop own team to take larger and complex responsibilities
  • Evaluate training and development requirements for own team and make recommendations for learning interventions

SECTION IV: SUCCESS METRICS

  • Audit delivery - plan vs actual
  • Quality of audit findings (measured through financial savings/cost optimization etc.)
  • 100% regulatory compliant
  • Audit recommendations for system and process enhancements
  • Closure of audit findings
  • Self upgradation/development initiatives taken

SECTION V: OPERATING NETWORK

Internal

  • Senior Management, Risk Management and Operations Team, Corporate Finance Team, Accounting Team, Tax Team, Legal Team, Master data management team, Business level CFOs, CEOs, CXOs, Segment level functional head

External

  • Statutory auditors, CA/Consulting firms

SECTION VI: KNOWLEDGE AND COMPETENCIES

Education Qualifications

  • A bachelor's degree with CA/CMA or MBA is mandatory; CIA/CISA (an added advantage)

Experience

  • 12 to 15 years of experience with a Big-4 audit firm in conducting audit for multiple clients or an exposure of internal audit function with a large multinational corporation

Functional / Behavioural Competencies Required To Execute The Role

Functional Competencies

  • Analytical skills
  • Communication and Presentation skills
  • Working understanding of concepts and amendments in Taxation/Financial management/Financial modelling
  • Working knowledge of SAP- FICO/MM module
  • Business acumen

Behavioral Competencies

  • N/A

SECTION VII: CAREER MOVEMENTS

Feeder Roles

  • Team Lead - Audit

Possible Next Role Movement

  • Head - Audit

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