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 |
Internal Financial Controls Testing | 1. Apply IFC framework and prepare / update RACMs. |
Management Assurance Process Reviews to assess control adequacy |
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Adhoc / Special / Routine reviews | 1. Discuss with the process owners for the reviews to be done 6. Release quarterly vendor & customer master score cards |
Whistle Blower | 1. Investigate the complaint received |