Internal Audit Role - IFC

Description:

Role Overview:

The role involves executing Internal Financial Controls (IFC) audits in line with the Companies Act, 2013 and ICAI Guidance Note on IFC, primarily for banks, NBFCs, insurance companies, and other financial institutions.

The incumbent will assess the design and operating effectiveness of controls over financial reporting, identify control gaps, and support statutory audit teams through IFC reliance.

Key Responsibilities:

Internal Financial Controls (IFC) Audits:

- Perform IFC audits in accordance with the Companies Act, 2013 and ICAI Guidance Note on Internal Financial Controls.

- Conduct process walkthroughs to understand end-to-end financial and operational workflows.

- Identify key risks and document Risk Control Matrices (RCMs) for critical financial processes.

- Evaluate the design and operating effectiveness of internal controls over financial reporting (ICFR).

Control Testing & Risk Assessment:

- Test controls across key processes including revenue, lending operations, treasury, investments, procure-to-pay, payroll, and IT General Controls (ITGCs).

- Assist in conducting internal audits for Banks, NBFCs, Insurance Companies, and other regulated financial entities.

- Identify control gaps, deficiencies, and weaknesses, and recommend practical process improvements.

- Ensure compliance with RBI, IRDAI, SEBI, and other applicable regulatory guidelines.

Audit Documentation & Reporting:

- Prepare detailed audit documentation, working papers, and testing evidence in line with audit standards.

- Draft IFC audit observations, findings, and recommendations for management review.

- Coordinate with client management to obtain explanations, supporting documents, and process clarifications.

- Support statutory audit teams by providing IFC testing results and facilitating reliance on internal controls.

Required Skills & Competencies:

- Strong understanding of Internal Financial Controls (IFC) framework, COSO, and risk-based auditing methodologies.

- Good knowledge of banking and NBFC operations, including loan lifecycle, NPA norms, provisioning, treasury, and investment processes.

- Working knowledge of ERP and core systems such as SAP, Oracle, or Core Banking Systems (CBS) is an added advantage.

- Proficiency in MS Excel, audit documentation, and professional report writing.

- Strong analytical, communication, and client-handling skills, with the ability to interact effectively with senior stakeholders.

Experience & Qualifications:

- 4-5 years of relevant experience in IFC audits or Internal Audit within a CA firm, consulting firm, or financial services environment.

- Prior exposure to banking, NBFC, insurance, or other financial sector clients is strongly preferred.

- Educational background in Commerce or Finance (B.Com / M.Com / MBA Finance)