About the Role:

As an Internal Audit & ICOFR Consultant, you will work with leading organizations across industries on risk-based internal audit, internal controls, ICOFR/IFC assessments, business process reviews, and control improvement initiatives.

The role provides an excellent opportunity to interact with senior management and client stakeholders while developing expertise across internal audit, financial and operational controls, risk management, governance, and internal control frameworks.

You will be involved in engagements covering the end-to-end internal audit and ICOFR lifecycle, including risk assessment, process understanding, walkthroughs, process and control documentation, RACM development, control design assessment, operating effectiveness testing, identification and evaluation of control deficiencies, remediation support, and reporting.

The role will also provide opportunities to work on process improvement initiatives and advise clients on strengthening their control environment and improving the effectiveness and efficiency of business processes.

Responsibilities

- You will work as part of a team of problem solvers, helping clients identify and address business,
- Execute risk-based internal audit and ICOFR/IFC engagements across business and finance processes, individually and as part of a team.
- Assist in developing risk assessments and internal audit plans, including identification of key V1.0 business, financial reporting, compliance, and operational risks.
- Conduct process walkthroughs with process owners and develop process narratives, flowcharts, Risk and Control Matrices (RACMs), and control documentation.
- Evaluate the design and implementation of controls and perform testing of operating effectiveness in accordance with the applicable audit methodology.
- Perform internal audit procedures to assess the adequacy and effectiveness of financial, operational, and compliance controls.
- Identify control gaps, process inefficiencies, and opportunities for strengthening the overall control environment.




- Evaluate control deficiencies based on their nature, impact, and potential risk exposure, and support management in developing appropriate remediation plans.
- Assist clients in implementing and monitoring remediation actions and validating closure of identified control gaps.
- Perform business process reviews and internal control assessments covering areas such as Procure-to-Pay, Order-to-Cash, Record-to-Report, Treasury, Payroll, Fixed Assets, Inventory, Revenue, Financial Close, and other relevant processes.
- Assess controls supporting the accuracy, completeness, validity, and timeliness of financial and management reporting.
- Identify opportunities for process improvement, automation, standardization, and enhancement of control efficiency.
- Prepare clear, concise, and actionable internal audit observations, root-cause analysis, risk implications, and recommendations.
- Support Managers in preparing audit programs, working papers, audit reports, presentations, and other client deliverables.
- Participate in discussions with process owners and management to communicate audit findings, agree action plans, and track remediation.
- Work with existing processes and systems while making constructive recommendations for improvements.
- Demonstrate critical thinking and the ability to bring structure to complex or unstructured business problems.
- Understand client requirements, respond promptly to client requests, and consistently deliver high-quality work.
- Ensure the quality, accuracy, and timeliness of deliverables, including appropriate conclusions on control effectiveness and control deficiencies.




- Support engagement teams in maintaining solid documentation and adherence to applicable internal audit and ICOFR methodologies.

Requirements
- CA with 1–3 years of relevant experience in Internal Audit, ICOFR/IFC, Risk Advisory, Internal Controls, or Business Process Risk, preferably with a Big 4 or reputed consulting firm. Candidates with relevant industry experience will also be considered.
- Experience in conducting risk assessments, process walkthroughs, business process reviews, control design assessments, RACM preparation, and controls testing.
- Good understanding of internal controls over financial reporting (ICOFR/IFC) and the relationship between business processes, risks, controls, and financial reporting.
- Experience in evaluating control deficiencies and supporting remediation and closure of control gaps.
- Understanding of key business and finance processes such as Record-to-Report, Procure-to- Pay, Order-to-Cash, Treasury, Payroll, Fixed Assets, Inventory, and Revenue.
- Ability to understand complex business processes and identify risks and control gaps, including within ERP and technology-enabled environments. V1.0
- Good understanding of COSO Internal Control Framework and generally accepted internal audit principles and practices.
- Understanding of financial reporting concepts under Indian GAAP and/or US GAAP will be an advantage.
- Strong analytical, problem-solving, and process-oriented approach.
- Excellent written and verbal communication skills, including the ability to prepare clear and concise audit observations and reports.
- Ability to interact confidently with process owners, management, and senior client stakeholders.
- Ability to work effectively under pressure and manage multiple priorities and deadlines.
- Demonstrate strong teamwork by understanding individual and team responsibilities, contributing to a positive working environment, and proactively seeking guidance and feedback.
- Proficiency in Microsoft Excel, PowerPoint, Visio, Word, and other MS Office applications.

📌 Consultant - Business Risk Advisory (Bengaluru)
🏢 Pierag Consulting
📍 Bengaluru