Assistant Manager - Management Assurance

Assistant Manager - Management Assurance

Designation: Assistant Manager
Updated: April 10, 2024
Location: Maharashtra, India
Organization: Apparels

Job Description:

Job Purpose: Plan and conduct Process reviews to assess Internal Controls, Compliance with policies / procedures and regulations, perform Internal Financial Control Testing for ABFRL and all its associated subsidiaries

Serve as a liaison between the internal process owners and external audit firms and review scope coverage and findings of external firms, facilitate remediation of control gaps, and present possible Key issue to the senior management that needs to be addressed.

Job Context :

The market size of the domestic apparel retail industry is currently estimated to be at 2 Lac Crore Rupees per annum and is estimated to grow at a CAGR of 10% per annum. The depth and width of the business can be estimated by the share of the urban ready to wear market which is a meagre 28%. The industry is witnessing heightened levels of activity with existing players consolidating themselves through partnerships, inorganic growth and new foreign players entering the Indian market. Superior process controls become most important with the growing organisation needs. Process reviews and IFC testing will enable management to put in required control to strengthen the processes on continuous basis.

The role drives and ensures effective reporting and analysis of various processes and compliances thereof. The role is also important in conducting and facilitating various audits as per the requirement of the business. The major challenges faced by the position are:

1) Quick coordination with the various stake holders at ABFRL and all its subsidiaries (Stores, Zonal Offices and all HO teams) to ensure operating effectiveness of Process controls and Internal Financial Controls designed

2) Being aware of the best industry practices as well as regulatory norms to keep the organization at maximum compliance and ensure timely closure of past highlighted issues.

Accountability

Supporting Actions

Follow up status update of past audit issues

1. Timely follow up for closure of open points
2. Efforts should be made to ensure points are closed within target date provided by process Owners
 3. Validation for closure of gaps post confirmation by the process owners.

Internal Financial Controls Testing

1. Apply IFC framework and prepare / update RACMs.
2. Timely completion of IFC testing / remediation testing as per schedule including maintenance of working papers for the testing conducted in prescribed format
3. Prepare gap tracker and discuss with concerned process owners / HODs for remediation plan and timelines
 4. Maintain tracker for all internal control gaps identified and action plan implemented.

Management Assurance Process Reviews to assess control adequacy

  1. Develop / update audit checklist for each process before start of the review
  2. Coordinate for opening meeting during start of the review and meetings with process owners for process understanding
  3. Work with agencies in execution of the assignments and conduct review of work progress for the work performed by external agencies at least twice a week
  4. Ensure timely data availability & follow up with the process owner in case of escalation by external firm
  5. Review draft report to ensure comprehensiveness of coverage per scope
  6. Participate in closure discussion and ensure timely receipt of comprehensive replies with action plan and timelines for closure.
  7. Perform end to end audit reviews and IFC testing for the assigned processes and ensure closure of finding with process owners with comprehensive implementation plan and timelines.

Adhoc / Special / Routine reviews

1. Discuss with the process owners for the reviews to be done
2. Prepare review scope based on discussions and coverage required
3. Conduct comprehensive review of the scope on a timely manner
4. Conduct data analytics to find control gaps and system gaps
 5. Discuss the finding and get action plan with defined timelines for closure

6. Release quarterly vendor & customer master score cards

Whistle Blower

1. Investigate the complaint received
2. Perform data analytics to establish the facts
3. Present facts with supporting and data analytics for decision making
 4. Maintain tracker for cases investigated and findings thereto.


Qualifications:
Chartered Accountant

Minimum Experience Level:
4-5 Years

Report to:
General Manager

 
Please ensure the completeness of application. Incomplete Application will not be accepted.