Internal Audit Manager
KGL
Total years of experience :19 years, 11 Months
Internal Audit Manager
Core Description of Responsibilities
Being as registered audit manager at Kuwait Capital Market, attended various meetings with statutory auditors and coordinated & communicated with them during their visits and risks management audits. Developed, drafted and presented various audit reports to Company’s Executive Management, Board & Audit Committee. Attended conferences & Board meetings.
Detailed Responsibilities
Developed and maintained a risk based plan from the evaluation of the control environment and key risk areas to define audit scope, objectives, and audit approach, including communicating audit results to management.
Created and maintained audit programs and executed various audits in all Company’s business units, subsidiaries and overseas branches in UAE and Qatar.
Financial, operational and compliance reviews were planned and performed on various business units. Reviews included assurance of proper internal controls, cost effectiveness analysis and compliance with company policy and procedures.
Reviewed audit reports and work papers to ensure all observations were supported.
Communication and meetings with clients during the initial engagement, and at audit exit.
Oversaw all follow up audits.
Executed working knowledge of corporate policy and procedures and regulatory requirements to ensure organizational compliance.
Performed special projects and assisted business units in evaluating and improving business processes, identifying risks, and key controls.
Led internal audit exit meetings to discuss findings and management action plans, and planned and executed follow-up testing to ensure action plans were properly implemented.
Core Accomplishments & Achievements
Detected fraud through the Point of Sale, Collections Reports, Data Entry Procedures & System Controls; averaging KD 50K annually, resulted in termination of 3 fraudsters and collection of KD 25K as cash from them.
Detected 2nd fraud through Cash Collections Reports, Training/Operations Reports and System Controls; averaging KD 200K annually.
Identified average KD 100K revenue recognition error resulting in additional revenue, profit and financial statement accuracy.
Main Responsibilities included:
Developing audit plans, performing all kinds of audits and following and evaluating Management’s action plans.
Successfully completing all activities within strict time and budget constraints.
Comprehensive analysis of operational strategies.
Evaluating strategically financial and operational positions of different subsidiaries of UMS.
Evaluating and rating internal controls’ effectiveness and suggesting suitable recommendations based on detailed findings and observations.
Making process maps to highlight flow of work and identifying flaws and weaknesses and recommending improvements.
Evaluating organisation’s procedures & policies and identifying their proper implementation.
Analysing the financial position of organisation and recommending necessary corrective and progressive strategies to optimise achievement of stated financial objectives.
Recommending suitable suggestions in accordance with applicable National & International Accounting Standards Framework for the presentation of accounting data and financial statements.
Reporting directly to Chief Audit Executive (CAE).
Attending seminars, annual conferences and workshops held within the Group.
Special Audit Assignments:
Worked as “Chief Accountant” in Kuwait Medical Company - KMC (A subsidiary of UMS) for more than 2 (Two) and half months as a special Audit Assignment to apply effective financial and operational internal controls over the whole finance and accounting department.
Doctors/Dentists Commission Audit:
A substantial savings of financial resources of more than KD 400, 000 per annum with the application of alternative and recommended financial and cost accounting strategies for the calculation of doctors’ commission due to recommendations suggested.
Accomplishments:
Awarded special bonus for performing above assignments.
Awarded annual bonus (4 times of remuneration) for excellent performance.
Awarded pay increase within 8 months of services.
Main Responsibilities included:
Making Projects Cost Profiles.
Making Budget and Comparisons with Actual Costs to analyse variances.
Performing Monthly & Quarterly review of Accounts for Management Reporting process.
Applying independent tests to confirm the accuracy of Design Engineer's BOQ (Bill of Quantity).
Coordinating with Main Contractor (KOC, KNPC, MEW, MOD, etc.) and following up the criteria of WIP (Work in Progress) within different sights of the Projects.
Updating Senior Management about the current status (% of completion) and future concerns of the Projects.
Communicating with Local and International Suppliers and updating their database and ranking them in accordance with discount given, material quantity & quality, time of delivery…etc.
Main Responsibilities included:
Making Audit Programs, Performing Independently Quarterly and Final Audit, Preparing Audit working papers and files.
Applying independent tests to confirm the accuracy of client's financial statements.
Applying International Accounting Standards (IASs) for the Presentation, Disclosure and Recognition of accounting data of companies to reinforce accuracy of information.
Comprehensive follow up of audit trails of accounting transactions to minimise the chances of errors.
Apply numerous audit formats and techniques to enhance understandings of clients’ accounting and financial systems.
Preparing final Audited Financial Statements.
Preparing Group Financial Statements (Consolidated) including Consolidated Income Statements, Balance Sheets and Cash Flow Statements.
Reporting directly to Audit Manager.
Audited mainly:
Trading & Contracting Companies, Maintenance & Engineering Companies in Oil Sectors, Shipping Companies, Servicing & Manufacturing Companies and partially Investment Companies.