IAD Head at Cashpor Micro Credit

The candidate should be a retired bank professional at a senior level. The Location is Varanasi, U.P.

Duties & Responsibilities:

In general, Head, Internal Audit is responsible for implementing Chapter 8 of the Operations Manual to determine whether or not the internal controls of the Company are being followed in practice and to ensure such compliance. In addition you will be responsible for the Quality Control of all the Company operations and for ongoing in-house research on client exists and impact. In this work, you will have direct authority over the staff of the IA department including the RAMs and DAMs and the annual budget for the Department and its assets. The Regional Audit Managers and District Audit Managers will report to you and submit their audit reports through you. You will report on the prescribed formats directly to the Managing Director, with a simultaneous copy to the Chairman of the Board, and take directions from the MD. IAD earns a reputation by having professionalism and impartiality in its work and you are expected to ensure this in all functions of Internal Audit department.

Keeping in view that mere pointing out of irregularities does not fulfill the Company’s aim, the Head IAD will ensure that he and his team will also ensure, as far as possible, that all the irregularities are rectified during the tenure of audit itself. It is also expected from the IAD and his team that the entire spade works for finalization of accounts on half yearly/yearly basis is done well in advance to avoid delay in finalization of accounts by external auditors.

Specific Duties

- Each office of the CASHPOR Group of companies that is, the Head Office, the District Offices and the Branches are to be audited in a surprise visit twice a year. The Internal audit Team (IAT) should carry with them the immediately previous External Audit Reports and IA compliance Reports for verification of compliance.

- The Audit Reports is to be provided to the In-Charge of the Office in a format for the IA Compliance Report, within one-week of the completion of the visit of the internal Audit Team (IAT). The IA audit Compliance Reports must be submitted to IAD when specified in the Audit Report. It is to be verified by the IAT during its next visit.

- When carrying out the internal audit, the IAD is to work in co-operation with the External Audit, and to complete the External audit formats. These are to be exchanged with the EA for its ongoing reports.

- All serious violations of the Operations and Accounting manuals/processes are to be served through a letter of warning to the In-change, signed by the Managing Director. A copy is to be put in the Personal file of the In-Change Of particular importance in the Internal Audit are monthly bank reconciliation’s at all levels.

- The IA team must check to see that the Reconciliation Reports are ready by the 15th of the following month, each and every entry stands reconciled and, if not, reasons for the same be investigated. In case of detection of misappropriation/misuse, the missing funds are to be deposited by concerned In-Change immediately, and a copy the deposit slip attached to the IA Reports.

- Also very important is sampling the Centers, if any, and doing surprise visits of at least two per CM. Among other things, all loan disbursements since the audit of the Center are to be verified. If any fake loans or any other serious lapses are discovered, then all the remaining Centers of the CM concerned are to be audited.

- Also very important are the Financial Procedures relevant to the office being audited, as outlined in the Operations Manual. Violation of Financial Procedures is always a serious offence, which must be rectified and reported immediately.

Please send your resume to ict@cashpor.in

Anjan Kumar Kar
AGM IT
Cashpor Micro Credit
B/4 Dig Colony, Varanasi