Internal Audit Executive

Internal Audit ExecutiveReporting to: Managing DirectorWork Location: Sri Lanka

Employment Type: Full-time1.

Job PurposeTo independently evaluate the effectiveness of internal controls, risk management practices, financial and operational processes, and compliance across the company's business operations. The role is responsible for identifying control weaknesses, potential financial irregularities, operational inefficiencies, and compliance risks while recommending practical measures to strengthen governance and safeguard company assets.2. Key ResponsibilitiesA. Internal Auditing and Risk AssessmentConduct scheduled and ad hoc internal audits across the company's business units and subsidiaries.Assess the effectiveness of internal controls, operational procedures, and risk management practices.Identify control gaps, financial irregularities, fraud indicators, and non-compliance with company policies.Prepare audit workpapers, document findings, and maintain appropriate audit evidence.Recommend corrective and preventive actions to address identified weaknesses.B. Financial and Transaction AuditsReview payment vouchers, invoices, receipts, journal entries, expense claims, and supporting documentation.Verify sales transactions, purchases, credit notes, petty cash, bank reconciliations, and cash handling procedures.Review inventory records, stock movements, physical stock balances, and inventory adjustments.Examine fixed assets, asset registers, vehicle usage, fuel expenses, and maintenance records.Assess the accuracy and completeness of financial records and supporting documentation.C. Operational AuditsEvaluate operational processes across trading, distribution, manufacturing, food processing, and hospitality operations.Review procurement procedures, supplier selection, purchase orders, goods received notes, and vendor payments.Conduct physical verification of inventory, company assets, and other operational resources.Review warehouse operations, delivery documentation, stock transfers, and dispatch procedures.Identify opportunities to improve productivity, cost control, resource utilisation, and process efficiency.D. Compliance and GovernanceVerify compliance with approved company policies, procedures, delegated authority limits, and internal controls.Review adherence to applicable statutory, regulatory, tax, and other compliance requirements.Ensure transactions are properly authorised and supported by appropriate documentation.Identify policy violations, unauthorised transactions, and deviations from established procedures.Maintain confidentiality and professional integrity when handling sensitive financial and business information.E. Audit Reporting and Follow-upPrepare clear and concise audit reports highlighting findings, risks, root causes, and recommendations.Discuss audit observations with relevant department heads and management.Monitor the implementation of agreed corrective actions within established timelines.Maintain an audit issue tracker and provide periodic updates on outstanding findings.Escalate significant control weaknesses, suspected fraud, and material irregularities to the appropriate authority.3. Key Performance Indicators (KPIs)Completion of the approved internal audit plan within agreed timelines.Quality, accuracy, and timeliness of audit reports.Number and significance of control weaknesses identified and addressed.Timely follow-up and closure of audit findings.Effectiveness of recommendations in reducing operational and financial risks.Accuracy and completeness of audit documentation.Compliance with established audit procedures and professional standards.4. Qualifications and ExperienceBachelor's degree in Accounting, Finance, Business Administration, or a related field.Part qualification or full qualification in CA Sri Lanka, ACCA, CIMA, AAT, or an equivalent professional qualification will be an advantage.Approximately 2–4 years of experience in internal audit, external audit, risk assurance, or a related finance and compliance function.Experience in a diversified business group, trading and distribution, manufacturing, FMCG, or hospitality environment will be an advantage.Familiarity with accounting systems, audit procedures, internal controls, and financial documentation.5. Required Skills and CompetenciesStrong analytical, numerical, and problem-solving skills.High level of integrity, objectivity, confidentiality, and professional ethics.Good understanding of accounting principles, internal controls, and risk assessment.Strong attention to detail and the ability to identify discrepancies and irregularities.Proficiency in Microsoft Excel and other relevant office applications.Good report-writing, communication, and interpersonal skills.Ability to work independently, meet deadlines, and manage multiple audit assignments.Willingness to travel to company premises, warehouses, factories, and hospitality locations when required.6. Working RelationshipsInternal: Management, Finance and Accounts, Procurement, Sales, Warehouse and Inventory, Operations, Manufacturing, and relevant subsidiary management teams.External: External auditors, professional advisers, and relevant regulatory representatives when authorized.7. Confidentiality and Professional IndependenceThe Internal Audit Executive is expected to maintain strict confidentiality, exercise professional judgement, and conduct audits objectively. Audit findings must be supported by appropriate evidence and reported through the designated reporting structure. The role should remain sufficiently independent of the activities being audited to avoid conflicts of interest.