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Private Jobs / Private Sector
Reliance Industries Limited Looking For Team Member – Internal Audit(81129734) at Navi Mumbai, Maharashtra, Full Time
Skills:
Audit Procedures, Risk Assessment, Internal Controls, internal audit, process audit, retail, JOB DESCRIPTION Job Role: Team Member Money, Materials & Compliances Job Role ID: SECTION I: BASIC INFORMATION ABOUT THE JOB ROLE Outlines the count of employees reporting and financial and geographic scope of the role Job Role Variant Team Member Money, Materials & Compliances Manager Job Position Team Lead Money, Materials & Compliances Job Position ID Value Stream MM&C Job Family MM&C Grade/Level –
- A two to three line statement outlining the objective or the reason for which the job exists. SECTION II: PURPOSE OF THE ROLE Sub-Job Family Location MMC
- Business Partnership To operationally implement the strategy of Money Materials & Compliances with respect to Accounting & Reporting, Direct & Indirect Taxation, Treasury, Audits & Insurance, Procurement & Contracts, Legal in order to align objectives, manage business finance, control costs, prevent asset or financial loss, mitigate risks, drive & monitor internal & external compliances to the policies, systems & processes across the respective businesses thus facilitating business continuity towards the fulfillment of Annual Operating Plan (AOP) within the limits of RIL’s processes, policies & budgets SECTION III: KEY RESPONSIBILITIES AND ACCOUNTABILITIES OF THE ROLE List of responsibilities attached to the role are documented below. These responsibilities are representative and the role holder is also responsible for any other job assigned by the superior authorities from time to time. This section in not intended to be an exhaustive listing of all activities done by the role holder. It should capture only the key responsibilities of the role Responsibilities –
- Policies, Processes & Procedures
- Collaborate with MMC P&L leader under the guidance of Team Lead to develop and implement financial business plans for the P&L, considering financial objectives, growth strategies, and market dynamics
- Provide implementation support for cost control measures to optimize spending, minimize wastage, and improve overall financial efficiency within the team and across projects
- Facilitate monthly Tax Deducted at Source (TDS) payments to ensure the calculated tax liability is deposited on time to the government treasury
- Verify monthly and quarterly TDS/TCS data meticulously, and promptly communicate any discrepancies or queries to the relevant users for resolution.
- Validate vendor/customer PAN on income tax portals, prepare and file returns on Income Tax Portals, download applicable Income Tax notices, and submit requests for TDS/TCS certificate download on TRACES. Ensure compliance with all necessary documentation and filings.
- Assist in the preparation and filing of all required direct tax returns on a quarterly basis for all entities for which payments have been made.
- Ensure issuance of TDS certificates to all vendors on a quarterly basis as required by tax regulations.
- Assist in maintaining accurate and up-to-date records of various taxes, including VAT rates, GST, and excise duties, ensuring compliance with the latest regulations
- Assist in completing the tax charge process, meticulously validating tax calculations to ensure precision and correctness
- Validate GST information and other relevant documents to support seamless business transactions and maintain compliance
- Assist in the preparation of detailed monthly MIS breakdown of Profit and Loss (P&L) account and Balance Sheet, providing valuable insights into financial performance
- Participate in conducting comprehensive quarterly assessments of financial accounts, collaborating closely with cross-functional teams to support Supply Chain Management (SCM) preparations and reporting
- Assist in predicting the organization’s future cash flows to ensure that there is enough liquidity to meet operational and financial needs
- Analyze costs associated with procurement to identify cost-saving opportunities and make data-driven decisions
- Create, track, and manage purchase orders to ensure accurate and on-time deliveries
- Participate in contract negotiations, ensuring favorable terms and conditions for the organization
- Conduct a thorough review of contracts to ensure accuracy and compliance with company policies and applicable laws.
- Contribute to the development and maintenance of procurement and contract-related policies and procedures. Accounting & Systems Management
- Post accurate accounting entries for bank payment voucher posting and General Ledger (GL) clearing in a timely manner.
- Upload relevant data in SAP after monthly payments and quarterly return cycles, ensuring that the system is updated with the latest financial information.
- Maintain financial records (end-to-end accounting), including journal entries, general ledger, accounts payable, accounts receivable, and other accounting transactions for the respective businesses
- Implement the month-end and year-end closing processes to ensure that financial transactions are recorded accurately and in a timely manner
- Prepare and analyze financial data, such as underwriting results, claim expenses, and premium income to contribute to financial forecasting, budgeting, and planning activities
- Assist in conducting budget-to-actual analysis, comparing budgeted figures with actual results, and explain significant variances in the MIS reports
- Download Form 26AS (Annual Tax Statement) and upload it in the SAP system.
- Communicate with the business teams to reconcile receivables and ensure proper clearing of accounts. Research & Process Optimization
- Analyze financial statements, performance metrics, and KPIs to evaluate the company’s financial performance and identify trends, patterns, and areas for improvement, and provide actionable recommendations
- Monitor industry trends, competitor offerings, and regulatory changes; provide insights on emerging risks and opportunities that could impact the company’s strategies
- Conduct research on changes in laws, regulations, and rulings to ensure accurate compliance and thereby identify opportunities for process enhancements and automation to improve the efficiency and accuracy of compliance activities
- Stay abreast of disciplinary developments industry trends, best practices, and changes in taxation, accounting, treasury and insurance regulations with respect to RIL’s businesses and aspirations Audit & Compliance
- Compile accurate and comprehensive data for tax audit, internal audit, and statutory audit processes, ensuring all relevant financial information is readily available for examination.
- Ensure compliance with functional activities by utilizing the Integrated Risk and Compliance Management System (IRCMS), asserting adherence to policies, and attaching all necessary documents to support compliance claims.
- Ensure adherence to financial regulations, company policies, and industry standards including compliance with tax laws and regulations, including timely filing of tax returns and adherence to tax accounting principles
- Prepare for external audits by coordinating with auditors, ensuring all necessary documentation and financial records are organized and accessible
- Submit cost audit reports and other statutory requirements as per time line
- Coordinate with tax advisors and legal experts to comply with direct tax laws and regulations; Manage compliance with indirect taxes such as VAT, GST, and other applicable taxes
- Gain exposure to identifying and managing financial risks and uncertainties that could impact the conglomerate’s performance; by assisting in various risk mitigation strategies
- Oversee contract administration and ensure that agreements with vendors and suppliers are favorable, compliant, and aligned with organizational objectives
- Prepare, validate, and submit compliance reports to regulatory authorities, ensuring meticulous adherence to legal mandates and transparency in reporting
- Thoroughly address audit queries, promptly providing accurate information and supporting documentation to meet audit requirements
- Ensure procurement activities comply with company policies and government regulations. Data Management & Reporting
- Monitor the working capital for the respective businesses and prepare relevant reports for the same ; also prepare regular financial reports and presentations for management, highlighting key performance indicators, budget variance analysis, and financial performance against targets
- Collect, organize, and analyze proper documentation of tax; assist in maintaining organized and up-to-date records of financial transactions, tax filing etc. to support tax return preparation and identify tax-saving opportunities and optimize tax positions
- Provide inputs on the process of financial forecasting and market trends to project future financial performance and identify potential risks and opportunities
- Prepare periodic MIS and transfer pricing reports, such as daily, weekly, monthly, and quarterly reports, presenting key financial and operational metrics; Continuously review and enhance MIS reporting processes to streamline data collection, analysis, and report generation
- Prepare and submit the data/information requirements of Anti-dumping cases and handling the investigation process
- Maintain organized records of TDS payments, return filings, certificates, and correspondence related to direct tax matters.
- Maintain accurate records of all legal and compliance-related activities, including contracts and compliance reports.
- Regularly update control sheets for monthly TDS/TCS payments, quarterly returns, and revised returns. Ensure accuracy and completeness in the documentation of payment and return-related information.
- Maintain databases for TDS/TCS challans, TDS/TCS return acknowledgments, and digital signature certificates. Ensure these databases are organized, secure, and easily accessible for reference and reporting. Metrics that are used to evaluate the success / performance of the role; specific targets do not need to be included as those would change from Y-o-Y SECTION IV: SUCCESS METRICS (TOP 3-5 KPI’s) – % Financial Accuracy – % Compliance to the Budget
- Quality of Reports generated
- Zero Penalties
- Timely Financial Reporting
- Reduced Opex Costs
- GST Compliance
- Zero asset loss / revenue loss Key Interactions: Internal External Key interactions which are essential to execute the role. This will include both internal and external stakeholders SECTION V: OPERATING NETWORK Business team, Insurance Team, Treasury team, Direct Taxation team, Indirect Taxation team External consultants, Tax authorities, Government Authorities SECTION VI: KNOWLEDGE AND COMPETENCIES Minimum qualification, technical competencies and capabilities which are essential to execute the role. It may not be a reflection of job holder’s own qualification and competencies Education Qualifications Graduate in any discipline (Finance preferred) with Management Degree (Preferred) Experience (Must Have & Good to Have) 4+ years of relevant experience FUNCTIONAL COMPETENCIES BEHAVIORAL COMPETENCIES Functional / Behavioral competencies required to execute the role
- Business Planning, Forecasting and Budgeting
- Knowledge of professional accounting standards
- Knowledge of transactional accounting and closing processes
- Operational Excellence
- Business Partnering
- Market scrutiny and impact analysis
- Tax operations & validation
- Financial Reporting
- An outline of roles leading up to and out of the current role to contextualize career movement SECTION VII: CAREER MOVEMENTS Feeder Roles Associate Team Member Money Materials & Compliances Possible Next Role Movement Sr. Team Member Money Materials & Compliances