Assistant Manager Internal Audit and Risk Services
BDO
Total years of experience :16 years, 3 Months
Manage, supervise and deliver internal audit, financial audit financial reporting (IFRS) advisory projects for multinational companies and provide creative and cost effective solutions for complex business issues to clients based in diversified sectors.
Work performed include:
Internal Audit Planning and Risk Assessment:
- Develop risk control matrix for the entire auditable segment, Performed periodic risk assessment, identify and evaluate organization risk areas;
- Planning audits, develop annual internal audit plan, audit strategies and audit work program along with identification of potential risk areas and present to audit committee for the approval;
- Understand and analyze organization structure, business model, strategies, existing policies and procedures, business environment, legal and regulatory framework within which the entities operate;
- Analyze overall business process. Evaluate risk and controls associated with the business line process, financial reporting process, IT security, IT privacy, regulatory and compliance process and existing policies and procedures; and
- Review and evaluate corporate governance process, risk management, internal control system, entity and process level controls under COSO framework and devise recommendations for improvement to attain best practices.
Internal Audit Execution:
- Directs the overall performance of audit procedures, including identifying and defining issues, developing criteria, reviewing and analyzing evidence, document client processes and procedures and identify key risk and controls in place to mitigate such risk;
- Performed detailed control assessment testing and assess compliance with regulatory requirements, policies and procedures, IFRS/IAS, best practices, by executing audit program steps, examining and analyzing records, reports, operating practices, observation, inquiries, interviews, walkthrough, financial research and technology tools;
- Develop internal control questionnaire, detailed audit work papers incorporating test schedules and ensure that adequate, clear and relevant evidence obtained to sufficiently support the audit conclusion and objective;
- Review financial transactions to ensure compliance with the accounting principles and IFRS and verify reconciliation of general ledger to sub ledgers and investigate and follow up for difference arise;
- Review physical verification of assets/units and reconcile with records maintained to verify existence and completeness;
- Execute financial statement reviews (quarterly & annual) to verify in compliance with IFRS and other regulatory requirements;
- Review IT/IS process and controls to verify that IT/IS resources are protected by adequate IT security controls in place;
- Review control testing in ERP environment including SAP, Oracle Financial, Vision and SUN and using CAAT application, ACL, APT and other technology tools for audit analysis; and
- Review existing policies and procedures and internal control. Identify control deficiencies and devise recommendations for improvement to attain best practices in terms of minimizing risks through efficient and effective controls, policies and procedure.
Internal Audit Reporting and Presentation:
- Develop draft audit reports summarizing the audit findings, risks/impacts, preliminary recommendations, audit assessment and conclusion and provide value added recommendations for improvements;
- Follows up on audit issues raised with management in audit reports to verify that the recommendations are implemented;
- Develop executive summary and deliver presentations in audit committee / board meetings;
- Provide regular reports on risk management and undertake investigations on frauds and irregularities at management requests;
- Develop and maintain strong relationships with all areas of the business to influence appropriate change in the control framework;
Internal Audit of Financial Service Sectors:
- Check compliance with regulatory and reporting requirements of Qatar Financial Center Regulatory Authority (QFCRA), Qatar Central Bank, Central Bank of Bahrain;
- Review financial reporting closing procedures, accounting treatment of financial assets, financial liabilities, financial lease, derivatives, hedging instruments and other financial products in accordance with applicable IFRS and QFC/QCB regulations;
- Review the valuation of financial assets and ensure impairment is correctly applied in accordance with IAS 39 and QCB regulation. Appropriate provision is made for non-performing loan, devalued equity and debt instruments;
- Review the accrual and recording process of finance income. Finance income is correctly calculated and recorded in accordance with agreement and applicable IFRS and finance income is suspended for non-performing loan in a timely manner;
- Review that QFC regulatory returns, other periodic filings and prudential return are submitted timely, prepared correctly, and required clause and ratios for minimum capital requirement, capital adequacy, liquidity and profitability are met;
- Review policies on AML/CFT, Client management, Regulatory compliance, Corporate Governance, Risk management process, IT System, Human Capital, Fraud Prevention and compliance plan to ensure keep up to date with the QFC/QCB regulation;
- Review the adequacy and effectiveness of compliance policies, procedures and controls and business unit compliance with QFC/QCB regulations and advice client on AML/CFT, Fraud and other Conduct related matters.
- Advice client to establish and maintain a robust internal control, risk management and corporate governance framework including a strong global compliance function and culture supported by senior management to ensure complying with all regulatory requirements; and
- Review that initial client assessment is performed and risk assessment of potential customer is performed and adequate client taking on procedure is maintained.
Internal Audit of Oil and Gas, Real Estate, Retail, Construction, Trading, Manufacturing and Industrial Sector:
- Comprehensive review of the business processes internal controls operating at the Group as well as individual company level including procurement process, inventory management, , fixed assets management, receivables and payable cycles, sales and marketing, treasury and cash management, investment management, supply chain management and financial reporting closing procedures (FRCP Cycles);
- Manage planning and reporting phases of the audits; conduct field work phase of the audit based on the work programs at various type of audits designed to assess adequacy and effectiveness of internal control, risk management and governance process in audited entities and provide recommendation for improvement to minimize risk and safeguarding assets;
- Identifying deficiencies in business processes and internal control system, communicate recommendations to achieve the required objectives and perform follow up procedures for implementation of the recommendations;
- Perform the review of IT/IS process and controls and verify that the controls are in place to prevent and detect unauthorized access to the information system and resources;
- Implementing internal controls and performing control testing in ERP environment; and
- Report accounting issues, risk management issues, internal controls deficiencies and governance issues to the audit committee.
For Internal Audit of Project Based Companies:
- Perform review and analysis of project costs, revenue and work in progress (WIP); review and analysis of accrued revenue and unbilled revenue recognized and its associated recoverability;
- Review the completeness and cut-off of project cost and unrecorded liabilities testing and check that stage of completion is appropriately assessed and is supported by external approved assessment.
Audit and Assurance Service / Financial Audit and Financial Reporting (IFRS) Advisory:
As a member of regional audit and assurance services team of BDO Middle East, work performed include:
- Overall planning of statutory audits, initial meetings with clients to understand their expectations and designing audit strategies after assessing the audit risk associated with the client;
- Supervised audit teams and review of audit work in light of technical standards, International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA) and other regulatory compliance;
- Worked on group audit instructions and foreign reporting pack for international audit clients with BDO UK, BDO USA and BDO Australia, BDO UAE and BDO Netherland;
- Worked on consolidated accounts of various groups having subsidiaries and associates in line with the IFRS;
- Advising clients on various accounting and internal control matters and providing them assistance in the preparation of financial statements in the light of International Financial Reporting Standards (IFRS) and US GAAP’s;
- Review financial transactions to ensure compliance with the accounting principles and IFRS and verify reconciliation of general ledger to sub ledgers and investigate and follow up for difference arise;
- Prepared financial statements/consolidated financial statements of various group having subsidiaries, associates and joint ventures as per requirements of IFRS and other relevant statutes and technical pronouncements;
- Critically evaluating the accounting principles used and significant estimates made by management in preparation of financial
statements and disclosures;
- Overall manage audit and assurance projects, including developing audit plans and risk based audit programs, identifying and defining issues, reviewing and analyzing evidence, and attending audit closing meetings; and
- Assist firm’s partners and managers in developing audit reports and forming opinion, management letters (highlighting control weaknesses and recommendations), covering letter, communication to Board of Directors and business insights.
Managed, supervised and delivered various internal audits, external audit, IT/IS audits and Financial Reporting advisory assignments. List of major assignments are as follows:
- Dorsch Group - Abu Dhabi
- Qatar Petrochemical Company (QAPCO)
- DNATA Travels - Qatar
- Kentech Qatar
- PORR Qatar
- Germanischer Llyod - Qatar
- Hassan Mohamed Jawad Group B.S.C. - Bahrain
- Serco Middle East - Dubai
- Nass Corporation B.S.C -Bahrain
- Banz Group Bahrain
- Malomatia - Qatar
- Naseej Bahrain
- Al Jazeera Finance Q.S.C - Qatar
- Concordia Capital Investment Bank - Qatar
- National Finance House B.S.C Bahrain
- Gulf One Investment Bank B.S.C - Bahrain
- Esterad Investment Services BSC - Bahrain
- Global Investment House B.S.C - Bahrain
- Kuwait Finance House
- Unicorn Investment Bank
- Sphere Petroleum QSC - Qatar
- Gensler Qatar
- Supreme Education Council - Qatar
- Grand Heritage Hotel Group
Consultant/Senior, Internal Audit and Enterprise Risk Service
As a member of Enterprise Risk Services team of Deloitte, work performed include:
- Prepare internal audit charters, internal audit plan, developing audit strategies, audit work program along with identification of potential risk areas, internal audit reports, discuss audit findings with senior management and finalize reports together with recommendation to seek the objective of value addition;
- Advise client on accounting treatments in compliance with the IFRS framework;
- Evaluate risks and controls associated with various business line processes, accounting practices and regulatory/compliance process. Perform testing to ensure the effectiveness of the control systems and adherence to corporate policies and procedures, IFRS and regulatory requirements. Using technology tools (CAAT/ACL) to evaluate and analyze automated financial processes and IT controls;
- Performed detailed analysis of financial statements to identify risk areas and unusual items and transactions;
- Evaluated the adequacy and effectiveness of design and implementation of internal control through observation, preliminary survey, interviews, analytical procedure, transaction flow chart and test of control;
- Identifying weaknesses in existing controls, the relevant risk, linking with relevant financial statement assertions.
- Advise on improvements of operations in terms of minimizing risks through efficient and effective controls;
- Participate in the preparation of the annual audit plan and periodic risk-assessments;
- Execution and finalization audit fieldwork;
- Prepared audit working papers and other deliverables, such as management letter identifying internal control weaknesses, business improvement opportunities, legal non-compliances and accounting system deficiencies, their resultant risks and suggestions to improve;
- Drafting internal audit reports integrating observations, risks/impacts and recommendations therein and follow-up on implementation of the audit findings and provide expert advice;
- Analyzing cost and revenues in order to provide insight into business performance which eventually helps senior management in planning, controlling and decision making.
Some of the major clients served include:
Johnsons & Johnsons
Pak Arab Refinery Company
Lucky Cement Limited
Standard Chartered Modaraba
Al Meezan Investment Limited
National Clearing Company Limited
Century Papers and Boards
Central Power Generation
Associated and worked with Riaz Ahmed & Co Chartered Accountant (Member firm of AGN International) in the capacity of Audit Senior position. Wordone include,
Execution and managing financial audits, internal audits, foreign reporting, and other special nature engagements including work on controls within the financial reporting function to respective clients:
- Planning, supervision and reporting for audit of various clients according to the requirements of IFRS, audit standards and compliance with laws and regulations are the key areas to focus in the audit. Responsible for reporting and presenting to Board of the Directors and Audit Committees of the clients.
- Advising clients on various accounting and related matters and providing them assistance in the preparation of Stand-alone and Consolidated financial statements in the light of IFRS.
Major clients served include:
Capital Assets Leasing Corporation Limited
Johnson & Philips Limited
Axact Limited
National Foods Limited
Invest and Finance Securities Limited
Invisor Securities Private Limited
Masters in Commerce, Accounting and Finance (M.Com)
Certified Information System Auditor (CISA), from Information System Audit and Control Association (ISACA) - USA.
Certified Internal Auditor (CIA) from Institute of Internal Auditors (IIA) -USA.
Certification in Risk Management Assurance (CRMA) from Institute of Internal Auditors (IIA) -USA.
Qualified Chartered Certified Accountant (ACCA) from Association of Chartered Certified Accountants - UK.
Bachelor in Commerce, Accounting and Finance (B.Com)