Reports to: Managing Director/Board of Directors
Direct Reports: Internal Auditors
Main Function
The Head of Internal Audit is responsible for developing, implementing, and overseeing the company’s internal audit and control systems to ensure financial integrity, operational efficiency, regulatory compliance, and risk management. The role ensures that all departments including production, retail outlets, inventory, finance, and procurement operate in accordance with company policies, approved procedures, and industry standards.
Role Responsibilities
Internal Audit Planning & Strategy
Develop and implement the annual internal audit plan based on risk assessment.
Establish internal control policies and audit procedures across all departments.
Ensure effective audit coverage of production, retail stores, warehouse, finance, and administration.
Review business processes and recommend improvements to strengthen controls.
Financial Audit & Control
- Conduct periodic and randomised audits on cash, sales, expenses, and financial records.
- Verify daily sales reports from outlets and reconcile with POS and bank records.
- Review payroll, vendor payments, and procurement transactions.
- Ensure proper authorization and documentation of all financial activities.
- Identify and investigate financial irregularities or fraud.
Inventory & Production Audit
- Audit raw materials, fabrics, accessories, and finished goods inventory.
- Verify stock movement between production, warehouse, and retail outlets.
- Conduct periodic physical stock counts and reconcile with system records.
- Monitor wastage, damages, and losses in production.
- Ensure adherence to approved costing and usage standards.
Operational & Compliance Audit
- Ensure compliance with company SOPs across all departments.
- Audit retail outlets for adherence to sales, customer service, and cash handling procedures.
- Verify compliance with company policies in procurement, HR, and administration.
- Ensure all operations comply with applicable laws and regulations
Risk Management & Fraud Prevention
- Identify operational, financial, and compliance risks.
- Develop and implement controls to minimize risk exposure.
- Investigate cases of theft, fraud, misconduct, or policy violations.
- Maintain confidentiality and professionalism in all investigations.
Reporting & Management Advisory
- Prepare detailed audit reports with findings, risk levels, and recommendations.
- Present audit reports to management and the Board where required.
- Follow up on implementation of audit recommendations.
- Provide advisory support to management on control and risk issues.
Policy Development & Internal Controls
- Develop and update internal control policies and audit guidelines.
- Ensure proper segregation of duties in all departments.
- Strengthen approval and authorization processes.
- Promote accountability and transparency across the company.
Team Leadership & Supervision
- Supervise internal audit staff and assign audit tasks.
- Review audit work for accuracy and completeness.
- Train staff on audit procedures and internal controls.
- Ensure high professional standards within the audit unit.
Qualifications and Requirements
- Bachelor’s Degree in Accounting, Finance, Business Administration, or related field.
- Professional certification such as ICAN, ACCA, ACA, CIA, or equivalent is required.
- Minimum of 7–10 years experience in audit, finance, or internal control, preferably in retail, fashion, manufacturing, or FMCG.
- Experience auditing inventory, retail outlets, and production processes is an advantage.
Core Competencies
- Strong knowledge of internal audit principles and financial controls
- Excellent analytical and investigative skills
- High attention to detail
- Strong leadership and supervisory ability
- Knowledge of inventory and retail audit systems
- Good report writing and presentation skills
- Strong understanding of risk management
Gmail
Yahoomail