Responsibilities of Garments Internal Audit Manager
The job description of the Audit Manager must contain the following responsibilities if you want to recruit and assign responsibilities of garments internal audit manager. The audit manager and his team play a vital role in ensuring a good internal control system. An effective internal control system brings efficiency in terms of operation and cost minimization.
Routine Responsibilities of Audit Manager
- Review the effectiveness and efficiency of the Internal Control System and implement corrective action
- Plan and monitor regular factory visit schedule of an audit team and report to Head of Audit/top management.
- Prepare audit plan weekly, monthly, the quarterly and yearly basis for the company.
- Report to Head of Audit/top Management and follow up audit findings and recommendations (if required).
- Invoice checking any verifying the figures
- Insurance and sales commission bill checking
- Pro-forma invoice (PI) checking
- Proceed all kind of credit, cash and adjustment bill
- Purchase rate analysis with the procurement department
- Approval of material purchase requisition through database and Construction material requisition approval from top Management
- Any other task assigned by the head of internal audit
Periodic Responsibilities of Audit Manager
- Weekly factory visit
- Factory bill and voucher checking and follow up.
- Checking subcontract receive challan & other receiving challan and follow the status up a time to time.
- Follow up LC (letter of credit) & TT (telegraphic Transfer) and any other short receive reports
- Follow up MRS (return challan) checking for whether the item bill paid or not paid.
- Quarterly or Yearly inventory valuation of the company
- Monitoring bill in hand to Audit, an advance bill in hand to Purchase, old challan in hand to Store Department
- Auditing Over Time, Tiffin bill & unpaid wage of the company
- Follow up yarn balance checking to subcontract party
- C&F and Transport rate following up and keep records of rates.
- Check and prepare Financial Statement as per BAS (Bangladesh Accounting Standard), IAS (International Accounting Standard)
- Coordinate the external audit
- Manage team and coordinate with the client for report findings
- Any other task assigned by the head of audit/management.
Skills Required for Audit Manager
- Person Should have Knowledge of IFRS, BAS, IAS, GAAP, GAAS
- Proper Knowledge of Chartered Accountancy is Mandatory for this position
- Knowledge on Income Tax Ordinance 1984, Companies Act 1994 and Business Laws (Bangladesh)
- Ability to conduct an analytical review of financial statements
- Familiar with internal control requirements at different environments and record-keeping
- A committed auditor with an ability to generate and implement effective auditing procedures and also to evaluate accounting systems for efficiency.
- Having a successful track record of checking and implementing different internal control procedure