Venkatesh Palavalli

Company Overview:
Xiaomi, a Fortune 500 consumer electronics and smart manufacturing company, generates $5 billion in revenue, with smartphones and IoT-connected smart hardware at its core.

Career Milestones

• December 2024: The ICA function was restructured into separate Internal Controls (IC) and Internal Audit (IA) divisions. I lead the IA team for both India and the BNS region.
• April 2023: Elevated to lead ICA responsibilities for both India and BNS regions, expanding scope while retaining the same designation.
• January 2023: Senior Manager - ICA
• November 2019 – December 2022: Manager - ICA

Key Achievements

New-Gen Internal Audit Initiatives:

• Designed a flexible three-year audit plan covering all departments, adaptable to real-time business changes.
• Data-driven audits leverage analytics to conduct 100% testing where possible, replacing sample-based approaches for comprehensive coverage and accuracy.
• Implemented Continuous Control Monitoring (CCM), conducting 10+ regular tests on master and transaction data, with key insights shared monthly with ICA.
• Value-added audits go beyond traditional compliance, focusing on identifying opportunities for operational improvements, cost savings, and process optimization.

Audit Achievements (IA):

• Uncovered cost savings of ~INR 10 Cr by identifying system gaps and designing effective controls.
• Led quarterly audits of key contributors, reducing errors, enhancing SOPs, and enabling timely issue detection.
• Supervised teams and vendors, fostering talent development and audit quality.

Advisory Expertise (IC):

• Trusted consultant in process mining, SOP reviews, IT change assessments, and risk mitigation through actionable controls.
• Streamlined finance processes by eliminating redundancies and defining efficient workflows.
• Optimized operations for a three-year-old business in Bangladesh and Nepal by addressing process inefficiencies.

Additional Contributions:

• Spearheaded SAP GRC AC and PC implementation, coordinating with global and local stakeholders.
• Conducted vendor evaluations, led COC and process awareness sessions, and chaired Risk Governance meetings.

Company Overview:

A reputable mid-sized audit firm with over 20 years of industry experience, 10+ partners and a strong presence in 2 major metro cities.

Key Achievements

• Developed standardized audit documentation templates, ensuring compliance, reducing errors, and supporting new joiners.
• Played a key role in establishing the internal audit function.
• Led ERP audits for companies with turnovers between INR 500-2000 Cr, covering ITGCs, configuration, and automated controls.
• Implemented a Build Operate & Transfer (BOT) model for an American auto giant's service center, streamlining processes from appointment to billing and inventory.
• Contributed to Ind AS implementation for a leading animal feed manufacturer with a turnover of INR 2000 Cr.
• Conducted statutory and internal audits, overseeing team performance and supporting career development.

• Company Overview: Global Captive SSC of Novo Nordisk
• An integral part of the global second line of defense team
• Partnered with country business leads to implement and train on risk and control framework for non-SoX entities
• Efficiently resolved high-rated observations from global external auditors, meeting agreed timelines
• Enhanced skills of new joiners and less-experienced employees in error-prone areas, leading to a notable decrease in errors and an improved organizational rating
• Independently conduct SOX and Business Process audits, communicate findings to management, and assist teams in addressing identified issues
• Global Captive SSC of Novo Nordisk

• Company Overview: Leader in FMCG Products
• Led cross-functional coordination as Controls team representative for global SAP GRC AC 10 implementation, engaging with business heads, technical consultants, and experts
• Integral member of the Global ITGC team, conducting COBIT framework-aligned ITGC reviews for financially critical applications
• Managed a team of 5, ensuring seamless User Access Management Operations in adherence to SLAs, while also nurturing team members' career advancement
• Leader in FMCG Products

• Company Overview: Big 4 Audit Firm
• Audited diverse business processes across multiple ERP systems, including standard and homegrown solutions
• Audited a global automotive leader comprehensively, rectifying a concurrent stock count definition error and achieving 100% count completion across all Indian warehouses
• Audited India's leading construction company, detecting an ERP error in PO approval flow definition that excluded departments, causing non-approval of related POs
• Crafted re-performable audit records for an auto part manufacturer, garnering praise from review teams, including external assessors, for maintaining top-tier documentation
• Worked extensively on SAP ERP
• Have a skill to design suitable audit procedures & define a control in SAP ERP environment
• A member of the Pan India SAP SME team, providing solutions to intricate queries and delivered SAP training with a commendable score of 3.8 out of 5
• Big 4 Audit Firm