Internal Audit- Trade- Mumbai

Job Description:

• Trade compliance: This is especially critical for companies involved in international trade. The audit should check for adherence to customs regulations, trade agreements, and export control laws to avoid costly penalties and reputational damage.
• Documentation: Verifying the accuracy and consistency of all trade-related paperwork is essential. This includes commercial invoices, bills of lading, packing lists, letters of credit, purchase orders, and receiving reports.
• Inventory management: Auditors must ensure that inventory records accurately reflect physical stock levels. This involves reconciling purchase and sales records, performing physical stock counts, and investigating discrepancies to prevent mismanagement and theft.
• Trade finance: An audit of trade finance activities ensures compliance with international banking and financial regulations.
  • Import audits: Focus on verifying documentation, confirming transportation costs, and ensuring accurate valuation and commodity codes for customs declarations.
  • Export audits: Review compliance with export obligations, monitor shipping times, and confirm that all payments are received as per the contract terms.
• Trade payables and receivables: For accounts payable, the audit verifies the accuracy of invoices and payments to suppliers. For accounts receivable, the audit confirms outstanding balances with customers and evaluates the timeliness of collections.
• Financial reporting: Auditors must assess whether all trade transactions are correctly recorded in the financial statements according to the applicable accounting standards, such as IFRS or GAAP.
• Technology and systems: The audit should review the IT infrastructure used for trade activities, such as enterprise resource planning (ERP) systems. This includes checking user access controls, data security, and the reliability of backups.