DGM/ GM - Internal Audit Function Internal Audit Grade/ Band M3/M4
Develop Internal Audit Strategy & Guidelines:
a) Formulate scope of the Internal audits including implementation reviews and testing of controls, in-line with the prevalent practices, internal / external requirements and advise of the local management and approval of Audit committee.
b) Get the Internal auditing firm appointed following the approved selection process and approval from Audit committee and Board of directors.
c) Prepare & circulate the annual internal audit schedule based upon the approved scope of audit.
d) Deploy the appointed internal auditing agency and ensure the conduct of audits as per annual schedule.
2) Performance and conduct of audits:
a) Ensure all audits covered in the annual schedule are taken up as per planned dates.
b) Organise opening meetings for each of the audits between the Auditor and Auditee functions acting as a facilitator providing all needful support.
c) Oversee, coordinate and facilitate the ongoing audit activity to ensure that all audits are completed as per plan.
d) Ensure timely availability of inputs requested by the auditors from the respective process owners.
e) Ensure issue of timely Audit reports by the Internal auditing firm, their basic quality and adequacy and action plans from the relevant process owners for implementing the recommendations.
f) In case of any significant conflicts / disagreements undertake needful Intervention, mediation and direction to ensure completion of audit(s).
g) Review audit reports before putting up to management and the audit committee.
h) Organise presentations of the Audit reports to the Local management and ensure that comments / advice, if any, from the management are incorporated.
i) Put-up agenda for submitting the audit reports to the Audit committee meeting ensure that the findings are presented to the audit committee by the internal auditing firm.
j) Taking – up any other special audits as desired by the Management.
3) Internal Financial controls (IFC) :
a) Ensure that testing of controls is conducted by the appointed external expert agency as per approved scope of work.
b) Ensure action plans from the relevant process owners for addressing control deficiencies, if any.
c) Ensure updation and issue of Risk Assessment Control Matrices (RACMs) by the agency.
d) Review the IFC update reports before putting up to management and the audit committee.
e) Organise presentations of the IFC update reports to the Local management and ensure that comments / advice, if any, from the management are incorporated.
f) Submit IFC update to Audit committee via appropriate agenda and ensure that the findings are presented at the audit committee meeting by the agency.
4) Action taken reports (ATR) :
a) To function as a nodal point for the ATR (Action Taken reports) pertinent to Audit committee meetings of MGL board.
b) Prepare the ATR capturing the actions advised by the Audit committee as per the minutes of the Audit committee meetings.
c) Circulate the ATR amongst all process owners and obtain their action plans along with timelines for undertaking the actions.
d) Present the ATR to local management and incorporate their comments / advice, if any.
e) Put-up the ATR agenda to the Audit committee and present the ATR during the meeting explaining all actions, as necessary.
5) People :
a) Coordinate with HR department to ensure Internal audit department is adequately staffed as per the approved manpower requirements
b) Own and develop high potential talent and create a talent pipeline for the department.
c) Ensure high level of employee engagement and retention of critical employees.