Internal Auditor (HOD)
Suraj Cotton Mills Limited
Total years of experience :17 years, 0 Months
1. Develop an Internal Audit Charter defining the purpose, authority, scope and responsibilities of the department and update the same to reflect any significant changes.
2. Develop audit universe (list of audit-able areas) based on discussion with and input from management and Audit committee; update audit universe to reflect changes in the activities, functions, programs etc. of the company.
3. Formulate annual audit plan based on the audit universe using risk based approach with input from management and audit committee and present the same for Audit Committee’s approval.
4. Carry out assignments in accordance with the annual audit plan; including as appropriate any special tasks or projects requested by the Audit Committee and the CEO.
5. Preparation of audit reports on the conclusion of audits to be shared with Management and present it to the Audit Committee on quarterly basis.
6. Follow-up on implementation of audit recommendations and corrective actions.
7. Prepare and present to status of the audit plan to Audit committee on quarterly basis.
8. Carry out professional development initiatives for internal audit staff, if any.
9. Assist in the investigation of significant suspected fraudulent activities and notify the result to the Audit Committee and CEO.
10. Maintain requisite professional audit staff strength with sufficient knowledge, skills, experience and professional qualification to meet the requirement of audit charter as the company grows further.
11. Liaise with external auditors to avoid duplication and to ensure that the whole system of internal controls, financial and otherwise, is objective, transparent, adequate and effective in reducing the risk to acceptable levels.
12. Keep the Audit committee informed of emerging trends and developments in internal auditing practices and give recommendations for necessary revision in internal audit charter.
13. Exercise due professional care in carrying out audit assignments.
• Supervising of Monthly Payroll audit (around 3, 000 employees), Preparation of Analytical Review Reports, Preparation of Recommendation on limitation identified during Audit and communicate these recommendations to the department heads after the review of Chief Audit Executive.
• Performance Measurement of Production department (e.g. Production lines efficiency)
• Variance Analysis (e.g. Production Idle Time etc.)
• Analysis of Monetary Incentives paid based on production efficiency (Production Managers, and Supervisors, direct labor etc, )
• Preparation of Analytical Review Reports on monthly production performance.
• Reviewing of Assignments & regular tasks completed by audit staff
• Export Sales, Imports and local purchases (Raw Material)
• Banks ( Bank Payments, Export Sales Invoice Discounting, Import Trust Receipts, Markup)
• Attend Meetings with department heads regarding Audit observations and recommendations etc.
" Conducting External/Internal Audits according to the International Standards of Auditing, & other Special assignments.
" Interpreting Financial Transactions & Financial Statements of the Engaged clients.
" Reviewing the Compliance of International Accounting Standards and Statutory compliance etc.
" Reports to the Audit manager/partner on the audit findings and conclusions and other matters related to the audit reports.
" Preparation of the management letter.
Worked as an Internee in the Consumer Asset Departement
The Institute for Internal Controls is dedicated to promoting an effective internal controls environment in all organizations by providing high quality research and education in all areas of internal controls. As an indicator of expertise in internal controls, The Institute for Internal Controls grants the designation of Certified Internal Controls Auditor (CICA).
Association of Chartered Certified Accountants (ACCA) is world wide recognized chartered accountant based in UK. I have passed 12 Papers out of 14 and InshahAllah in 2013 I will become an ACCA Member.
