Internal Audit Accounts, Direct Tax & Indirect Taxation

Position

Designation: Internal Audit – Accounts, Direct Tax & Indirect Taxation

Department: Finance & Accounts / Internal Audit

Experience: 5–10 Years

Qualification: CA / CA Inter / CMA / M.Com / B.Com

Location: Gandhinagar / Ahmedabad

Industry Preference: Infrastructure / Construction / EPC / Manufacturing / Renewable Energy

Reporting To: Head – Finance / CFO / Management

1. Role Objective To independently review and monitor the Group's accounting, financial controls, direct taxation, indirect taxation and statutory compliance, identify control gaps and financial/tax risks, and provide practical recommendations for strengthening processes and preventing errors, leakage and non-compliance.

The position will involve transaction-level verification as well as process and compliance audits across group companies, projects, plants and corporate offices.

2. Key Responsibilities

A. Internal Audit – Accounts & Finance

Accounting & Financial Review

- Review books of accounts, ledgers, journal entries and supporting documents.
- Verify accounting transactions for accuracy, completeness, authorization and proper classification.
- Review revenue, purchases, expenses, receivables, payables, advances and provisions.
- Review month-end/year-end closing entries and accounting adjustments.
- Verify capitalisation of expenses, CWIP, fixed assets and project expenditure.
- Review inter-company transactions, balances and reconciliations.
- Review related-party transactions and supporting documentation.
- Verify bank reconciliations and investigate long-pending/reconciling items.
- Review cash transactions, employee advances and expense claims.
- Identify unusual, duplicate, incorrect or unsupported accounting entries.
- Check proper accounting under applicable Accounting Standards / Ind AS / Companies Act requirements, wherever applicable.

Accounts Payable / Purchase Audit

- Review vendor creation and master-data controls.
- Verify Purchase Order GRN Invoice Payment process.
- Check three-way matching and approval controls.
- Review vendor advances and outstanding balances.
- Identify duplicate invoices, duplicate payments and unusual vendor transactions.
- Review debit notes, credit notes, retention, deductions and other adjustments.
- Verify statutory deductions such as TDS/GST-related deductions wherever applicable.

Receivables / Revenue Audit

- Review customer ledgers and ageing.
- Verify billing against contracts, work orders, POs and measurement records.
- Review retention money, advances and deductions.
- Check revenue recognition and cut-off.
- Review long-outstanding receivables and follow-up controls.
- Identify unbilled revenue, excess billing, short billing and incorrect adjustments.

Bank / Treasury Audit

- Review bank reconciliation statements.
- Verify bank charges, interest and other financial transactions.
- Review fund transfers between group companies.
- Check utilization of CC/OD/term-loan facilities.
- Review interest calculations and finance costs.
- Verify compliance with internal approval limits.

3. Direct Tax Audit

- Review compliance with Income Tax Act requirements.
- Review TDS applicability,



deduction, payment and return filing.
- Verify TDS sections, rates, thresholds and nature of payments.
- Review Form 26Q, 24Q, 27Q, 26QB and related compliances.
- Review TDS reconciliation between books, returns, Form 26AS and TRACES.
- Identify short deduction, non-deduction and incorrect TDS classification.
- Review TDS on contractors, professionals, rent, interest, commission, purchase of goods and other applicable transactions.
- Review TDS defaults, notices, demands and rectification.
- Review advance tax and self-assessment tax compliance.
- Review income-tax provisions and tax-related accounting entries.
- Review tax audit requirements and supporting schedules.
- Assist in review of Form 3CD and tax audit data.
- Review depreciation as per Income Tax Act versus books.
- Review disallowances under applicable provisions including Section 40(a), 40A, 43B, 14A, etc.
- Review related-party transactions from direct-tax perspective.
- Review treatment of capital expenditure, revenue expenditure and project expenditure.
- Review withholding-tax implications of domestic and international transactions wherever applicable.
- Assist in scrutiny assessments, notices and other income-tax proceedings.
- Review reconciliation of books vs ITR vs tax audit report.

4. Indirect Tax – GST Audit

GST Compliance

- Review GST registration and amendment compliance.
- Review GST applicability and correct tax treatment of transactions.
- Review GSTR-1, GSTR-3B, GSTR-2B and GSTR-9/9C, wherever applicable.
- Perform purchase register vs GSTR-2B reconciliation.
- Identify missing ITC, excess ITC, blocked ITC and duplicate ITC.
- Review output GST reconciliation between sales ledger, invoices and GSTR-1.
- Review GST liability reconciliation between books, GSTR-1 and GSTR-3B.
- Verify GST payments and electronic cash/credit ledger.
- Review RCM applicability and compliance.
- Review GST on advances, retention money, credit notes and debit notes.
- Review place of supply and applicable GST rate.
- Review ITC reversal and re-availment.
- Review vendor GST compliance and risk of ITC loss.
- Identify vendors with non-filing / non-compliance / registration issues.

GST Transaction Audit

- Verify Purchase Order GRN Invoice GST accounting.
- Verify Sales Order Delivery/Work Completion Invoice GST return.
- Review e-invoice applicability and compliance.
- Review e-way bill compliance.
- Verify invoice series and cancelled invoices.
- Review credit/debit notes and amendments.
- Review GST treatment of inter-company transactions.
- Review job work transactions and documentation.
- Review subcontractor and works-contract GST implications.
- Review GST treatment of advances, mobilization advances and retention.

Construction / Infrastructure / EPC GST

- Review GST treatment of works contracts.




- Review project-wise GST accounting.
- Review subcontractor billing and GST.
- Review material transfer between sites/projects.
- Review inter-state movement of goods.
- Review project-specific ITC and blocked-credit issues.
- Review GST implications of project advances and recoveries.
- Review RCM on applicable services.
- Review GST implications of plant, machinery and project assets.

6. Infrastructure / Project Internal Audit For construction/EPC projects:

- Review project-wise accounting.
- Verify project expenditure against budgets.
- Review subcontractor bills and certifications.
- Verify RA bills, work orders and measurement records.
- Review material consumption and project transfers.
- Review advances to contractors/vendors.
- Review retention money and security deposits.
- Review mobilization advances.
- Verify project revenue and cost recognition.
- Review project-wise profitability.
- Identify cost leakage and unusual project expenditure.
- Review LD, penalties, recoveries and deductions.
- Review GST/TDS treatment of project transactions.
- Review site cash/expenses and supporting documentation.

7. Internal Control & Process Audit

- Understand existing SOPs and business processes.
- Identify process gaps and control weaknesses.
- Evaluate maker-checker and approval controls.
- Review delegation of authority and approval matrix.
- Identify manual processes that can result in errors or leakage.
- Check segregation of duties.
- Review ERP controls and user access.
- Identify duplicate, unauthorized or unusual transactions.
- Review master-data controls for customers, vendors, items and employees.
- Recommend practical corrective/preventive controls.
- Track implementation of audit observations.

8. ERP / Data Analytics Audit Candidate should be comfortable working with ERP systems and large transaction data.

Responsibilities include

- Extracting and analysing ERP transaction data.
- Reviewing transaction-level data for anomalies.
- Identifying duplicate invoices/payments.
- Reviewing unusual journal entries.
- Reviewing user-wise transactions.
- Checking back-dated entries and manual adjustments.
- Analysing vendor/customer ageing.
- Performing ledger and sub-ledger reconciliation.
- Using Excel for audit analytics and exception reporting.
- Reviewing ERP workflow and approval controls.

ERP exposure preferred: Microsoft Dynamics 365 / SAP / Oracle / Tally / other ERP systems. 9. Audit Reporting

- Prepare detailed internal audit reports.

- Clearly document

- Audit Observation

- Risk / Impact

- Root Cause

- Supporting Evidence

- Recommendation

- Management Response

- Action Required

- Responsible Person

- Target Date
- Prepare monthly/quarterly compliance dashboards.
- Follow up on open audit observations.
- Escalate critical financial/tax/compliance risks to management.
- Present key observations to senior management/CFO.

10. Candidate Profile

Mandatory Skills

- Strong knowledge of Accounting & Auditing.
- Valuable understanding of Direct Tax / Income Tax / TDS.
- Strong practical knowledge of GST.
- Ability to independently conduct transaction and process audits.

📌 Internal Auditor (Gandhinagar)
🏢 Mkc Infrastructure
📍 Gandhinagar