INTERNAL AUDIT MANAGER
ORIENTAL PRESS
Total years of experience :22 years, 1 Months
Company profile: Since its inception in 1952, the Oriental Press Group has grown to become one of the world’s premier print organizations that export products to over 80 countries worldwide. With state of the art manufacturing plant in Bahrain and Dubai, and sales & marketing offices in middle east and Europe, it enjoys an enviable list of clients who have remained loyal for decades. The company manufactures comprehensive range of high quality products in 4 business divisions - Books, Commercial Printing, Security Printing and Digital.
Duties & responsibilities: To serve the Board in planning and implementing the internal audit functions for Oriental Press. Reports directly to the Board.
• Management of Internal Audit Department in accordance with the approved Internal Audit Charter, policies, procedures, IIA guidelines, and instruction from the Board;
• Development of a flexible audit plan using appropriate risk-based methodology, including any risks or control concerns identified by management;
• Implementation of the audit plans, as approved, including, and as appropriate, any special tasks or projects requested by Management and the Board;
• Issuing periodic reports to the Board summarizing the results of assignments, implementation of the Audit Plan, follow up reports and key performance measures, including needed resources;
• Perform consulting services, beyond internal audit's assurance services, to assist management in meeting its objectives. Examples may include facilitation, process design, training, and advisory services;
• Evaluate and assess significant merging / consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation and/or expansion;
• Assist in the investigation of significant suspected fraudulent activities within the organization and notify Management and the Board of the results;
• Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the organization at a reasonable overall cost;
• Hiring and/or development of professional audit staff with sufficient knowledge, skills, experience, and professional certifications to perform IAD duties;
• Establishment of a quality assurance program for IAD;
• Keep the Board informed of emerging trends and successful practices in internal auditing;
• Provide a list of significant measurement goals and results to the Board;
• Monitor the IAD Charter, policies and procedures for need or opportunity for improvement; and
• Maintain a follow-up mechanism to monitor implementation of actions agreed by Management.
Audit Team Leader in charge of various Companies of the Group belonging to the following industries; Industrial Gas, Engineering, Construction, Manufacturing, Trading, Contracting, Consulting, Travel & Tours, Logistics, Telecommunications, Healthcare/Polyclinic, Manpower Services.
Duties & Responsibilities:
• Coordinate the various planning phases of an engagement, including staff requirements, scheduling and the assignment of work to be performed by others.
• Review the various Companies’ operations to determine reliability and integrity of financial and operational information by evaluating internal control systems.
• Examine Financial transactions through ledger verifications of assets, liabilities, equity, profit & loss accounts and verification of transaction vouchers such as receipts, payments, sales, purchases, debit & credit notes, postdated checks and other journals to ensure that accounting records are complete, accurate and reliable and in compliance with IAS/IFRS and other institutional policies and applicable laws and regulations.
Accounts normally covered in this review:
--Cash & Cash in Banks --Fixed Assets --Partners’ Capital
--Trade & Other Receivables --Due to/Due from Related Parties --Partners’ Current
--Inventories --Trade & Other Payables --Retained Earnings
--Investments --Loans Payable --Profit & Loss Accounts
• Conduct financial management and business plan audit which includes review of project feasibility studies, planning, budgeting and forecasting and any deviations/variances found that may have significant effects are discussed with the management for timely solution.
• Review with the engagement partners any critical area or significant findings that raise questions involving accounting principles, auditing standards, tax regulations and Company policies.
• Supervise team members assigned on each engagement to ensure that work is proceeding as planned
• Review and evaluate all work papers and determine compliance with professional standards and Internal Audit Department policies.
• Review and finalize draft audit reports and those of team members and submit to internal audit manager for approval and for circulation to clients.
• Liaise with External Auditors for the finalization of assigned Companies year-end financial statements.
• Research and respond to internal audit inquiries from the Audit Committee of the Board of Trustees and the Chairman, and other members of the senior management.
Duties & Responsibilities:
• Maintain integrity of accounting data and reports using extensive knowledge of accounting principles, general ledger accuracy and financial statement usage.
• Supervise Treasury Functions including 90-day cash forecasts, daily cash remittance reports and bank reconciliations prepared by accounting staff. Coordinate the set-up of various bank accounts for its proper and intended usage.
• Assist in preparation of the annual budget and quarterly forecasts, integrating the full set of financial statements - balance sheet, income statement and cash flow. In depth analysis of actual vs. plan required. Experience in complex Excel modeling spreadsheets to encounter various scenarios.
• Prepare monthly Corporate Reporting Package for Financials and quarterly Tax Reporting Package in conjunction with SEC guidelines.
• Supervises or coordinates the preparation of reports to government agencies regarding payroll tax law, income tax law, etc.
• Oversee Accounting Manager and Staff Accountants to validate proper accounting for all transactional data including AR, AP, Inventory and Sales modules.
• Work with external auditors, oversee the preparation of audit schedules, and respond to audit inquiries as necessary.
• Perform other projects and assisting the controller in all aspects.
• Participate in other ad hoc reporting as required.
Responsible in planning, organizing and conducting financial, compliance and performance audit of different departments and branch offices to determine adherence to established Company’s accounting policies and procedures and to provide constructive analysis and appraisal of Company’s financial and operational policies & procedures and systems of internal control.
Duties & Responsibilities:
• Conduct field audit to over 90 branches of the company nationwide in accordance with audit program.
• Ensuring effective coordination of assignments to meet stringent deadlines, including supervision, training, review and motivation of team members.
• Examine and evaluate the adequacy and effectiveness of the Company’s system of internal controls and the quality of performance in carrying out assigned responsibilities.
• Review the reliability and integrity of financial and operating information and the means used to identify measure, classify and report such information.
• Review the systems established to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on operations and reports and determine whether the organization is in compliance.
• Review the means of safeguarding assets from various types of losses, such as those resulting from theft, improper or illegal activities and exposure to the elements and as appropriate verify the existence of such assets.
• Participate in, or conduct evaluation, financial and management studies, special audits and fraud investigation as directed.
• Issue audit reports to present findings, appraisals, conclusions and recommendations to help the company improve accounting controls, improve efficiency, reduce operating costs and properly safeguard assets and to motivate management to take corrective actions.
• Performs follow-up reviews on audit reports as necessary to ensure corrective actions have been implemented.
Duties & responsibilities: Performs accounting and financial analysis in the preparation and maintenance of financial records and reports.
• Prepares and records asset, liability, revenue, and expenses entries by compiling and analyzing account information.
• Prepare monthly bank reconciliations.
• Review receivables and aging of debtors.
• Preparing monthly, quarterly and annual trial balance with supporting schedules and finalization of the balance sheet and income statement.
• Prepare periodic reports as well as ad hoc reports as per management request.