ROLE PURPOSE
The Manager / Senior Manager – Internal Audit will be responsible for managing and strengthening the Internal Audit function across the organization, with primary focus on retail store audits, inventory and stock controls, cash and financial processes, SOP compliance, risk identification, and loss prevention.
The role will lead the audit team, plan and execute audits across stores and business locations.
KEY RESPONSIBILITIES
1. Internal Audit Planning & Execution
• Develop and execute quarterly audit plans.
• Plan and conduct audits across retail stores, warehouses, and other business locations.
• Conduct surprise audits
• Maintain an effective audit calendar and ensure timely completion.
2. Retail Store Audits
• Audit key store processes including billing, cash handling, discounts, returns/refunds, void transactions, manual bills, payments, and approvals.
• Identify operational leakages, control weaknesses, policy violations, and potential revenue loss.
• Ensure adherence to approved store processes and internal controls.
3. Stock & Inventory Audit
• Lead physical stock audits across stores, warehouses, and inventory locations.
• Reconcile physical stock with system inventory and investigate variances.
• Review stock shortages /excesses, damages, negative inventory, transfers, and missing stock.
• Analyze stock loss trends and identify high-risk stores, categories, or processes.
• Recommend corrective and preventive measures to strengthen inventory controls.
4. SOP Compliance & Process Controls
• Review adherence to company SOPs, policies, approval matrices, and internal controls, Identify process gaps and recommend improvements.
• Support development and revision of SOPs for critical business processes.
• Conduct SOP compliance audits and track corrective actions.
5. Team Leadership
• Lead, manage, train, and mentor the Internal Audit team.
• Allocate audits and ensure optimum utilization of team resources.
• Set KRAs, monitor performance, and build audit capabilities within the team.
6. Audit Reporting & MIS
• Prepare concise and actionable audit reports highlighting risks, financial impact, root causes, and corrective actions.
• Prepare periodic dashboards covering audit completion, stock variances, SOP compliance, repeat observations, and pending closures.
7. Audit Follow-up & Closure
• Track audit observations until closure.
• Coordinate with Operations, Finance, Stores, Warehouse, IT, and other stakeholders for corrective action.
8. Fraud Prevention & Investigation
• Identify potential fraud and control risks relating to stock, cash, billing, discounts, refunds, and employee transactions.
• Conduct investigations into suspected financial or inventory irregularities.
9. Risk & Process Improvement
• Identify operational and financial risks and recommend stronger controls and Drive process improvements to reduce leakages and improve compliance.
KEY STAKEHOLDERS
Finance | Retail Operations | Store Managers | Regional/Area Managers | Warehouse & Supply Chain | Loss Prevention/Security | IT | HR | Commercial & Buying | Senior Management
EDUCATIONAL QUALIFICATION
Preferred: CA / CIA / MBA – Finance / M. Com / B. Com with strong relevant experience.
Additional certification in Internal Audit, Risk Management, Fraud Investigation, or Retail Operations will be an advantage.
EXPERIENCE & REQUIREMENTS
• 8–15 years of relevant experience in Internal Audit, preferably in Retail, Fashion, FMCG etc
• 3–5 years of experience in leading an audit team.
• Strong hands-on experience in retail store audits and physical stock/inventory audits – mandatory.
• capable of independently managing multi-location audits and leading an audit team
• Strong understanding of retail operations, POS, billing, cash, inventory, returns, discounts, and loss prevention.
• Willingness to travel extensively across retail locations