Job Title : Senior Stock Audit Manager
Reports to: Group CFO
Job Purpose:
Inventory is a critical asset and one of the main drivers of the Retail, Wholesale and Manufacturing businesses. The purpose of the Head of Stock Audit & Inventory Control is to provide strong leadership and independent oversight of inventory controls across Healthy U 2000 Limited.
The role will be responsible for ensuring the accuracy, integrity, accountability and effective management of inventory across all warehouses, retail outlets, wholesale operations and manufacturing activities, in accordance with approved policies, procedures and internal control requirements.
The position will lead the stock audit function, identify and investigate inventory variances, minimise stock losses and expiries, strengthen inventory processes and provide senior management with timely and reliable information on inventory performance, risks and control weaknesses.
KEY ROLES AND RESPONSIBILITIES
- Develop and implement the overall stock audit and inventory control strategy for Healthy U, covering retail, wholesale, warehouses and manufacturing.
- Establish and maintain robust inventory control policies, procedures and audit standards across the organisation.
- Provide independent oversight of inventory movements from receiving through storage, transfers, sales, returns, production and final disposal.
- Plan, direct and oversee the annual and periodic stock audit programme, including cycle counts, full stock takes, surprise stock checks and targeted investigations.
- Ensure all categories of inventory are independently verified and counted within approved timelines.
- Review and analyse stock variances and ensure that all material variances are investigated, documented and appropriately resolved.
- Lead investigations into significant stock losses, unexplained variances, damages, expiries, shortages, excesses and potential control breaches.
- Develop appropriate inventory loss and shrinkage monitoring mechanisms, including trend analysis by branch, warehouse, product category and responsible function.
- Oversee the physical verification and reconciliation of inventory between the
ERP/SAP system and physical stock. - Ensure timely and accurate reconciliation of GRNs, receiving records, transfers, invoices, stock adjustments and system balances.
- Oversee controls relating to stock in transit between warehouses, retail outlets and other locations and ensure timely closure of outstanding transfers.
- Review and monitor all inventory adjustments and ensure that adjustments are supported by appropriate documentation and approved in accordance with delegated authority.
- Ensure that no inventory adjustments, write-offs, disposals or stock corrections are processed without appropriate investigation and approval.
- Oversee the verification and authentication of all local and imported consignments received into the business.
- Ensure appropriate controls over batch numbers, barcodes, quantities, production dates, expiry dates and product descriptions.
- Strengthen controls over expired, damaged, obsolete, slow-moving and non-saleable inventory, including identification, segregation, approval and disposal.
- Oversee the process for stock returns from both retail and wholesale channels and ensure that credit notes are only processed after the required verification and approvals.
- Review wholesale market returns and work with Sales, Merchandising, Warehouse and Finance teams to identify the root causes of returns and recurring issues.
- Oversee the reconciliation of production output against raw materials, packaging materials, finished goods and system records.
- Review weekly production reconciliations and investigate material variances between production records and system/physical inventory.
- Establish effective controls around inventory held at retail outlets, warehouses, manufacturing locations and other third-party/ consignment locations where applicable.
- Develop appropriate controls for consignment stock, including ownership, stock movement, sales reconciliation, physical verification, expiry, losses and accountability.
- Conduct periodic surprise audits and targeted inventory reviews based on identified risk areas.
- Use inventory data and analytics to identify unusual movements, negative stock, abnormal adjustments, repeated variances, unusual returns and other potential control weaknesses.
- Identify potential fraud, collusion, process abuse or deliberate manipulation of inventory records and escalate significant findings to the Group CFO and relevant senior management.
- Ensure that all stock audit findings have clear audit trails, root-cause analysis, corrective actions, responsible persons and closure timelines.
- Develop and monitor key inventory control KPIs, including stock accuracy, shrinkage, stock adjustments, expiry losses, stock-in-transit, receiving variances and audit closure rates.
- Prepare comprehensive weekly, monthly and quarterly inventory reports for the Group CFO and Senior Management.
- Provide management with analysis and recommendations on inventory risks, trends and opportunities for improvement.
- Present significant stock audit findings and recommendations to senior management and, where required, the Board/ Audit Committee.
- Work closely with Finance, Retail, Wholesale, Warehouse, Procurement, Supply Chain, Manufacturing, Quality, IT and Sales teams to strengthen inventory controls.
- Challenge existing processes and recommend improvements to reduce inventory losses, errors, inefficiencies and control weaknesses.
- Ensure that stock audit recommendations are implemented and independently verify the effectiveness of corrective actions.
- Review the adequacy of segregation of duties and access controls relating to inventory transactions within SAP and other relevant systems
- Ensure that inventory records and supporting documentation are maintained accurately and are available for internal and external audit requirements.
- Coordinate with Internal Audit and external auditors on inventory-related reviews and ensure timely resolution of agreed audit findings.
- Lead, manage and develop the Stock Audit team, ensuring clear responsibilities, performance objectives, training and accountability.
- Conduct periodic reviews of inventory processes and recommend changes to policies, procedures and controls where required.
- Ensure timely closure of all outstanding stock audit issues and escalate overdue or recurring issues to senior management.
- Carry out any other inventory control, stock audit or related assignments as may be required by the Group CFO or Senior Management.
To apply, send your CV to: hr@healthy-u2000.com