VODAFONE IDEA LIMITED

Function : Finance and Accounts 

Experience 2-4 yrs

Sub Function : Corporate Assurance

 Location Mumbai

Business Case :

- Corporate Assurance team's key responsibility is to govern financial controls in the company mainly to comply certain legislative requirements. AS per the announced structure Corporate Assurance team is divided basically into 4 parts viz, Circles, Corporate, SSC and Other legal entities. VIL has 11 subsidiaries which needs to be covered under IFCFR compliance. Entitles such as You Broadband, VIVL, ICSL, VBSL and M-pesa have good number of controls. Business Activity is different for each entity which need to be understood and suitably covered in IFCFR. Dedicated resource would be required to handle the compliance of all subsidiary companies.

Various legislative requirements towards Internal Financial controls are as below:

- Statutory Auditors to state in audit report about adequacy and operating effectiveness internal financial control with respect to financial statements. Section 143(3)(i) of the Companies Act 2013.

- Section 134(5)(e) of the Companies Act 2013 requires Directors of a listed entity to confirm in the Directors- Responsibility Statement about implementation, adequacy and operating effectively internal financial controls.

- Independent Directors of the Company to satisfy themselves on the integrity of financial controls and also to ensure that the systems of risk management are robust and defensible. Schedule IV of the Companies Act 2013.

- CEO / CFO to certify on responsibility for establishing & maintaining and effectiveness of internal control systems pertaining to financial reporting. Clause 49 IX (C) of Equity Listing Agreement.

Segregation of duties :

- SOD review for financials impacting systems like IN, Amdocs, ETOPUP, RECC, and Mediation & Intec. Access to these systems should be restricted to technical and specific business users only. Any extra/unwarranted access to these may lead to fraud or misappropriation of funds.

- SOD validation need to be performed periodically to understand the access gap and guide Technical team for remediation. Report from these systems are being used to perform other financial controls, hence any flaw in SOD may lead to failure of all Business controls dependent on the respective System.

Principal Responsibilities :

1. Process walkthrough with process owners to assess risks and controls to mitigate the risks.

2. Compilation and drafting of Risk Control Matrix (RCM) including Entity Level Controls of subsidiaries.

3. Documentation of process flows and narratives for agreed risk control matrix.

4. Conducting design effective assessment and operating effectiveness assessments of controls.

5. Coordination with process owners for control testing audit by statutory auditors.

6. Governance over Control Self-Assessment (CSA) through online GRC to give assurance to the leadership team on existence and operating effectiveness of controls.

7. Imparting training to users to perform online CSA.

8. Quality Analysis of evidences submitted as part of CSA performance

9. Reporting status of the testing to the management and appropriate stakeholders.

10. Identifying areas for automation of control performance.

11. Create IFCFR compliance awareness among all process owners.

Segregation of duties :

1. Analysis of system dumps/screenshots to ensure completeness.

2. To validate roles available in systems viz a viz the guidance on roles

3. Validation of appropriateness of roles assigned to the users.

4. User query resolution w.r.t exceptions in the role configuration

5. Introduce SOD compliance for new systems.

Span of control: All subsidiaries of Vodafone Idea Limited and SOD for VIL also

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