Position
Gold Auditor
Department
Internal Audit / Gold Loan Operations
Industry
NBFC / Banking – Gold Loan Business
Job Location
Branch / Regional / Head Office – As per business requirement
Reporting To
Regional Audit Head / Chief Manager – Internal Audit
Job Purpose
The Gold Auditor is responsible for conducting independent audits of gold loan operations to ensure the security, purity, valuation, documentation, compliance, and operational controls relating to pledged gold are maintained in accordance with the organisation's policies, regulatory requirements, and standard operating procedures.
Key Responsibilities
- Conduct periodic audits of gold loan branches, vaults, and gold custody processes.
- Verify the physical existence, weight, purity, identification, and security of pledged gold ornaments.
- Reconcile physical gold with system records, loan documents, packets, registers, and custody records.
- Check the accuracy of gold valuation, LTV calculation, applicable rates, deductions, and loan sanctioning procedures.
- Verify compliance with approved gold appraisal and lending norms.
- Review the work of Gold Appraisers and assess adherence to prescribed appraisal procedures.
- Identify instances of overvaluation, under-valuation, wrong purity assessment, weight discrepancies, substitution, or procedural deviations.
- Verify gold packet sealing, tagging, storage, movement, vault access, and dual-control procedures.
- Conduct surprise checks and physical verification of gold inventory whenever required.
- Review auction-related gold loan processes, including documentation, authorization, and procedural compliance.
- Verify KYC, customer documentation, loan agreements, renewal, repayment, release, and closure procedures related to gold loans.
- Identify operational, financial, compliance, and fraud risks and report significant observations to management.
- Prepare branch audit reports with clear observations, risk classification, supporting evidence, and corrective actions.
- Follow up with branches and Regional Offices for timely closure of audit observations.
- Escalate critical discrepancies, suspected fraud, control failures, or security-related issues immediately to the appropriate authority.
- Maintain confidentiality and integrity of customer, gold, financial, and audit-related information.
- Support management in strengthening internal controls, gold security, and risk mitigation measures.
Key Audit Areas
- Gold Physical Verification
- Purity & Weight Verification
- Gold Valuation & LTV Compliance
- Gold Packet & Vault Management
- Gold Appraiser Performance
- Loan Documentation & KYC
- System vs. Physical Reconciliation
- Gold Release & Repayment Process
- Gold Auction Process
- Fraud & Operational Risk Identification
- Regulatory & Internal Policy Compliance
- Branch-Level Internal Controls
Educational Qualification
- Bachelor's degree in Commerce, Finance, Banking, Management, or a related discipline.
- Certification / qualification in Gold Appraisal, Banking, NBFC Operations, Internal Audit, or Risk Management will be an added advantage.
- Candidates with a Gold Appraiser certification will be preferred.
Experience
- 2–5 years of relevant experience in Gold Loan Audit, Gold Appraisal, Internal Audit, Branch Audit, Banking, or NBFC operations.
- Prior experience in Gold Loan / Gold Finance operations is preferred.
- Candidates with strong experience in gold valuation, physical verification, and branch audits will be given preference.
Required Skills & Competencies
- Strong knowledge of gold appraisal, purity assessment, weight verification, and valuation.
- Good understanding of Gold Loan products and NBFC/Banking operations.
- Strong analytical and reconciliation skills.
- Ability to identify operational irregularities and potential fraud risks.
- Good knowledge of audit procedures and internal controls.
- Strong attention to detail and accuracy.
- Good report-writing and documentation skills.
- Ability to work independently and conduct surprise/field audits.
- Good communication and interpersonal skills.
- Proficiency in MS Excel and audit/system applications.
- High level of integrity, confidentiality, and professional ethics.
- Willingness to travel extensively to branches as required.
Key Performance Indicators (KPIs)
- Timely completion of assigned branch audits.
- Accuracy and quality of physical gold verification.
- Identification and reporting of critical audit deviations.
- Timely submission of audit reports.
- Effective follow-up and closure of audit observations.
- Reduction in recurring operational and compliance issues.
- Detection and prevention of gold-related fraud and control failures.
Preferred Candidate Profile
The ideal candidate should have hands-on experience in gold loan operations and auditing, with strong knowledge of gold appraisal, branch controls, vault management, documentation, and regulatory compliance. The candidate must demonstrate high integrity, attention to detail, analytical ability, and a strong risk-and-control mindset.
Pay: Up to ₹60,000.00 per month
Work Location: In person
