Internal Audit

Roles & Responsibilities

• Have a thorough understanding of the processes and systems in place for the entities being audited
• Interacts with various levels of management and staff in conducting interviews and testing internal processes
• Review and evaluate policies and procedures applicable to the audit client
• Anticipate and Identify the various risks and controls associated with the processes / systems in place
• Identify process improvements that lead to cost savings or revenue enhancement opportunities
• Categorize the controls in place as to preventive, corrective, detective and evaluate its adequacy, efficiency and effectiveness
• Apply accounting, auditing, technological and sampling tools and techniques in the course of assignment.
• Ensure that the relevant regulatory requirements (pertaining to IRDAIs regulations / circulars/ notices, Companies Act, Income Tax Act, CGST Act and other allied statutory compliances) concerned with the audit client is adhered to
• Prepares reports based on the results of stated audits / tests / reviews to be presented and shared with the audit client
• Suggests appropriate recommendations and suitable system validations to fix the control weaknesses and regulatory lapses identified on the reports circulated to the senior management
• Evaluates the responses obtained from the audit client for its adequacy completeness and compliance
• Categorizes the audit findings along with the responses as Major / Minor in line with the organization’s internal audit manual
• Ensure that all audit records / documentations and working papers are maintained in detail and in compliance with the applicable regulations
• Ensure that all information of confidential in nature is held in a confidential and secure mode
• Performs other incidental activities like fraud review and consulting assignments as required by the senior management.

Key skills

• Adequate knowledge of the various insurance products, channels, process and market practices
  • Adequate knowledge of the regulatory framework applicable to the General Insurance industry
  • Adequate knowledge of the information systems and control environment
  • Adequate knowledge of the internal auditing standards and risk assessment practices
  • Adequate knowledge of the accounting policies, procedures and practices
  • Ability to work effectively under strict timelines and multiple assignments
  • Excellent analytical skills
  • Excellent communication skills both written and oral
  • Accountability for the work performed