Internal Audit Manager (FMCG / Retail Experience)

Job Title: Internal Audit Manager – FMCG & Retail

Department: Internal Audit

Reports To: Head of Internal Audit / Chief Audit Executive (CAE)

Location: As per business requirements

Job Summary

The Internal Audit Manager is responsible for leading the planning, execution, and reporting of risk-based internal audits across FMCG manufacturing, distribution, warehousing, and retail operations. The role provides independent assurance on the effectiveness of governance, risk management, internal controls, financial reporting, operational efficiency, and regulatory compliance.

The successful candidate will partner with business leaders to identify risks, strengthen internal controls, improve operational performance, safeguard company assets, and ensure compliance with corporate policies and applicable regulations.

Key Responsibilities

Audit Planning & Risk Management

• Develop and execute the annual risk-based internal audit plan.
• Conduct enterprise-wide risk assessments to identify key operational, financial, compliance, and strategic risks.
• Evaluate the adequacy and effectiveness of internal controls across business functions.
• Update audit plans based on changes in business priorities and emerging risks.
• Present audit plans, findings, and risk assessments to senior management and the Audit Committee.

Operational Audits

Lead and perform operational audits covering:

• Manufacturing operations
• Retail stores and branches
• Warehousing and inventory management
• Distribution centers
• Procurement and sourcing
• Supply chain and logistics
• Sales and commercial operations
• Customer service functions

Assess:

• Operational efficiency
• Process effectiveness
• Cost optimization opportunities
• Productivity improvements
• Compliance with Standard Operating Procedures (SOPs)

Financial Audits

Review and evaluate controls over:

• Revenue recognition
• Cash management
• Accounts receivable and payable
• General ledger and financial reporting
• Fixed assets
• Inventory valuation
• Budgetary controls
• Financial close processes

Ensure compliance with IFRS, accounting policies, and internal financial controls.

Inventory & Warehouse Audits

• Review inventory management processes and stock accuracy.
• Conduct warehouse and distribution center audits.
• Evaluate inventory controls, stock counts, reconciliations, and adjustments.
• Assess inventory aging, obsolete stock, damaged goods, and shrinkage.
• Review warehouse security and inventory safeguarding procedures.
• Verify compliance with inventory management policies.

Retail Operations Audits

Evaluate controls over:

• Point-of-sale (POS) transactions
• Cash handling and reconciliation
• Promotions and discount approvals
• Refunds and returns
• Loyalty programs
• Store inventory management
• Merchandise pricing
• Store operational compliance
• Physical security and asset protection

Conduct surprise store audits to verify operational compliance.

Procurement & Supply Chain Audits

Review:

• Vendor selection and onboarding
• Tendering processes
• Purchase orders and approvals
• Supplier contracts
• Vendor payments
• Procurement compliance
• Logistics and transportation controls
• Distribution network efficiency

Evaluate supplier risk management and procurement governance.

Internal Controls

• Assess the effectiveness of preventive, detective, and corrective controls.
• Review segregation of duties, approval matrices, and delegated authorities.
• Recommend control enhancements to mitigate operational and financial risks.
• Monitor implementation of agreed corrective actions.

Compliance & Governance

Ensure compliance with:

• Corporate policies and procedures
• Regulatory requirements
• Tax regulations
• Labor laws
• Health, Safety & Environment (HSE) requirements
• Anti-bribery and anti-corruption policies
• Code of Conduct
• Data privacy and information security requirements

Fraud Risk Management

• Identify fraud risks and control weaknesses.
• Conduct fraud investigations when required.
• Review whistleblower complaints.
• Recommend fraud prevention and detection measures.
• Coordinate investigations with Legal, HR, and Compliance departments.

ERP & Systems Audits

Review controls within ERP systems such as:

• SAP
• Oracle
• Microsoft Dynamics
• JD Edwards

Evaluate:

• User access management
• Segregation of duties
• Change management
• System security
• Automated controls
• Master data governance

Data Analytics

Utilize data analytics to identify:

• Duplicate payments
• Inventory discrepancies
• Revenue leakage
• Pricing anomalies
• Unusual transactions
• Procurement exceptions
• Payroll irregularities

Support continuous auditing initiatives through dashboards and automated monitoring.

Audit Reporting

• Prepare comprehensive audit reports with findings, root cause analysis, risk ratings, and practical recommendations.
• Present audit results to executive management and the Audit Committee.
• Track and report on the implementation status of audit recommendations.

Leadership & People Management

• Lead, mentor, and develop internal audit team members.
• Allocate audit assignments and review work quality.
• Conduct performance evaluations and identify training needs.
• Promote a culture of integrity, accountability, and continuous improvement.

Qualifications

• Bachelor's degree in Accounting, Finance, Business Administration, or a related discipline.
• MBA or Master's degree is an advantage.
• Professional certifications such as CIA, CPA, ACCA, CMA, CISA, or CRMA are highly preferred.

Experience

• 8–12 years of progressive experience in Internal Audit, External Audit, Risk Management, or Internal Controls.
• At least 3–5 years in a managerial role.
• Strong experience within FMCG, retail, consumer goods, manufacturing, or distribution industries.
• Experience auditing multi-site operations, warehouses, retail outlets, and supply chain functions.
• Hands-on experience with ERP systems (SAP, Oracle, Microsoft Dynamics) and audit analytics tools.

Technical Skills

• Risk-based auditing
• Enterprise Risk Management (ERM)
• Internal control frameworks (COSO)
• IFRS and financial reporting
• Inventory and warehouse management
• Retail operations and POS systems
• Supply chain and procurement auditing
• Fraud investigation techniques
• ERP controls and system auditing
• Data analytics (ACL, IDEA, Power BI, Excel)
• Microsoft Office Suite

Competencies

• Strong leadership and team management
• Strategic thinking and business acumen
• Analytical and problem-solving skills
• Excellent communication and presentation skills
• Stakeholder management and influencing ability
• High ethical standards and professional integrity
• Attention to detail and sound judgment
• Ability to manage multiple priorities in a fast-paced environment

Key Performance Indicators (KPIs)

• Completion of the annual audit plan
• Timely issuance of audit reports
• Percentage of audit recommendations implemented
• Reduction in repeat audit findings
• Improvement in internal control effectiveness
• Reduction in inventory shrinkage and operational losses
• Audit quality and stakeholder satisfaction
• Compliance with professional auditing standards
• Team productivity and development
• Successful identification and mitigation of key business risks