Internal Auditor at Maxitech Global Investment Limited

Department: Internal Audit
Reports To: Finance Manager

Position Overview:

The Internal Auditor is responsible for evaluating the company\'s financial and operational activities, with a strong focus on inventory management, payments processing, and overall financial controls. This position plays a key role in assessing risk, identifying inefficiencies or fraudulent activities, and ensuring compliance with company policies, regulations, and all accounting standards.

Key Responsibilities:

Audit Planning & Execution:

• Develop and implement risk-based audit plans, especially focusing on areas related to inventory control, procurement, payments, and financial reporting.
• Conduct detailed audits of the company’s inventory systems, including inventory valuation, stock movements, and warehouse management.
• Review and test the adequacy and effectiveness of internal controls surrounding accounts payable, vendor payments, and disbursements.
• Analyze payment processes to ensure compliance with company policies, preventing unauthorized payments, fraud, or mismanagement.
• Perform regular audits of financial records and systems to verify accuracy, completeness, and compliance with internal policies and regulatory standards.

Inventory Audits:

• Examine inventory transactions, including purchase orders, receiving, sales, and transfers, to ensure proper documentation and approval.
• Monitor physical inventory counts and perform cycle counts to detect discrepancies or theft.
• Assess inventory turnover rates and obsolete inventory write-offs to ensure accurate valuation of stock.
• Work with logistics and warehouse teams to verify inventory is stored and handled according to company protocols, reducing risks of shrinkage or loss.

Payment & Financial Controls:

• Evaluate payment processing systems, ensuring that payments are made in accordance with vendor agreements and company procedures.
• Review and test segregation of duties for payment authorizations and approvals to reduce risks of fraud.
• Conduct sampling of transactions and vendor invoices to verify that proper documentation, approvals, and reconciliations are in place.
• Ensure that payments, invoices, and accounting records comply with corporate accounting policies, tax regulations, and any other legal standards.

Risk Management & Compliance:

• Identify potential financial risks, fraud, or inefficiencies within inventory and payment systems, and recommend corrective actions.
• Maintain an in-depth understanding of relevant industry regulations, standards, and compliance requirements and the requirements of the international accounting standards.
• Advise on potential areas for operational improvement, cost-saving measures, and best practices.
• Ensure that corrective actions are taken when audit findings point to non-compliance or weaknesses in internal controls.

Reporting & Documentation:

• Prepare clear and concise audit reports outlining audit findings, recommendations for improvement, and corrective actions taken by management.
• Communicate audit findings to relevant stakeholders, including senior management, department heads, and external auditors.
• Document audit procedures, testing, and conclusions according to the company’s audit methodology and regulatory standards.

Collaboration and Training:

• Work closely with other departments (e.g., finance, accounting, operations) to understand and assess the effectiveness of existing controls.
• Provide training to employees regarding compliance with inventory and payment processes, fostering a culture of accountability and internal control awareness.
• Collaborate with external auditors and regulators to facilitate audits and ensure all necessary financial disclosures are accurate.

Continuous Improvement:

• Stay informed about best practices, technological advancements, and industry trends related to auditing, inventory management, and payments.
• Propose innovative methods for streamlining audit processes and increasing efficiency, leveraging data analytics or automation where applicable.

Required Qualifications:

• Bachelor’s degree in Accounting, Finance, Business Administration, or a related field.
• ACCA Certified would be a plus.
• Strong understanding of financial accounting principles and internal controls, especially as they relate to inventory management, payment systems and financial reporting.
• At least 4-6 years of relevant audit experience in a manufacturing, retail, or distribution company that deals with complex inventory systems and payment processing.
• Proficiency in accounting software and Microsoft Excel would be a plus

Skills and Competencies:

• Analytical thinking and attention to detail, with the ability to identify discrepancies and weaknesses in complex systems.
• Strong written and verbal communication skills, including the ability to present findings and recommendations to senior management.
• Strong organizational skills, with the ability to manage multiple projects and deadlines.
• Ability to work independently and as part of a team, displaying initiative and a proactive attitude.
• High ethical standards and integrity, with a commitment to maintaining confidentiality.