Job Scope
The Internal Auditor is responsible for the establishment, development and evaluation of a company’s internal controls over financial reporting, accounting processes, compliance and business operations. This role is key in assessing financial risk, ensuring compliance with financial regulations, and improving the accuracy and reliability of financial reporting.
Main Duties and Responsibilities
1. Financial & Asset Verification
· Stock Alignment: Verify annual alignment of stocks across financial records, shareholders' and beneficial owners' documents, commercial register, and Ministry of Finance records.
· Legal Reserve Compliance: Annually verify compliance of legal reserves with Lebanese commercial law.
· Property Asset Ownership: Annually verify ownership and registration accuracy of property assets with relevant authorities.
· Vehicle Ownership: Annually confirm ownership and registration accuracy of transportation vehicles with relevant authorities. With close follow up on fleet maintenance expenses.
· Fixed Asset Verification: Monthly verify fixed asset entries, depreciation rates, and accurate recording of depreciation.
· Fixed Asset Inventory: Ensure annual inventory of fixed assets aligns with company records.
· Fund Balance Verification: Weekly or as needed, verify actual fund balances against accounting records.
· Bank Reconciliation: Monthly review of bank statements and interest.
· Intercompany Reconciliation: Monthly reconcile balances between group companies, verifying interest and payment records.
2. Inventory & Goods Management
· Merchandise Inventory Checks: Perform monthly inventory checks and reconcile with accounting entries.
· Inventory Integrity: Ensure no damaged or slow-moving goods, and ensure accounting records align with inventory procedures.
· Goods Storage: Periodically verify proper storage of goods in warehouses and stations.
3. Compliance & Taxation
· Tax Compliance: Ensure timely submission of all tax declarations, including income, VAT, social security, and various other company-related taxes.
· Salary & Wages Verification: Reconcile salary and wage records with accounting, social security, tax declarations, and payroll permits.
· Money Laundering Screening: Monthly review of internal security forces' lists to ensure no clients or suppliers are on money laundering or terrorism financing lists.
4. Provisions & Liabilities Management
· End-of-Service Provisions: Ensure proper formation and accounting of end-of-service provisions.
· Doubtful Debt Provisions: Ensure appropriate provisions for doubtful debts and accurate accounting.
· Dispute Provisions: Verify the formation and accuracy of provisions for potential disputes.
5. Audit & Reporting
· Adherence to Accounting Protocols: Ensure compliance with approved accounting protocols and address concerns promptly. Follow up with management on corrective actions
· Audit Quality Feedback: Provide feedback to enhance internal audit processes and mitigate risks.
· Monthly Reporting: Submit a monthly summary of audit activities to the Chairman or designee.
· Year-End Closing: Ensure timely completion of year-end financial closing tasks and support external auditors and regulatory inspections
6. Operational & Daily Tasks
· Archive Organization: Maintain and verify the organization and accessibility of company archives.
· Invoice Review: Monthly review of rental and service invoices issued by the company and receipt of invoices from external parties.
· Customer Account Sampling: Weekly sample customer accounts, verifying contract existence, quantity compliance, payment terms, and profitability.
· Accounting Entry Verification: Daily sample and verify accuracy of accounting entries, supporting documents, and necessary approvals.
#LI-DNI
Experience: Minimum 5-7 years of experience in financial auditing & controlling.
Education: BA in Accounting or Finance; CPA or MBA is a plus or auditing
Certified Internal Auditor (CIA) OR Certified Public Accountant (CPA) designation is preferred.
