Audit Senior
Saudi Arabian Mining Company
Total des années d'expérience :31 years, 7 Mois
• Planning, scheduling, and conducting internal audit engagements based on Risk-based approach.
• Conducting Operational audits - Departments and Functions (end-to-end) audits.
• Validating implementation of recommendations and finalizing & reviewing reports to ensure quality.
• Imparting training to the team on risk based approach to audits.
• Assisting the Director, Internal Audit in developing annual audit plan using Risk Based Approach.
• Analyzing ‘High risk’ areas and developing appropriate audit programs for ‘stress testing’.
• Reviewing the audit working papers and tying up the same with the conclusion arrived at.
• Reviewing the audit report, risk rating (Inherent, Control, and Overall risk).
• Discussing and finalizing the report with Senior Audit Management before release and agreeing on the findings, recommendations, risk assessment etc.
Key Achievements:
• Identified and recommended opportunity to put defunct-mine facilities for environment-friendly and sustainable use.
• Identified areas of improvement in Chart of Accounts for ease of reporting / disclosure in published accounts.
• Identified a major error in asset capitalization activity in one of the group entities which resulted in saving of about SAR 2.9 million in depreciation.
• Identified and recommended correction of differences in application of policy and disclosure in financial statements.
• Recommended debt re-structuring which resulted in USD 1 Million savings annually, which is expected to result in improved liquidity
• Implementing internal controls effectively.
• Managing cash collections from show-rooms and banking operations.
• Monitoring Lease Contracts for show-rooms
• Monitoring Sales, Gross Profit, and Stocks
• Analyzing show room-wise Sales, Gross Profit and highlighting any concerns to the Business Heads.
• Negotiating with Fit-out and other contractors for better price without compromising on quality.
• Liaisoning with Insurance companies both for Health and other Insurance coverage and finalizing policies.
• Address concerns raised by Internal Auditors and implementing their recommendations.
• Liaisoning with Tax Auditors.
• Pay-roll verification
• Controlling Petty cash of Show-rooms, warehouses and Operations Managers.
Key Achievements:
• Introduced Daily sales Vs. Cash deposit report which facilitates investigation of any variations between cash sales and bank deposits with a view to take corrective action immediately.
• Introduced Metrics for monitoring Stocks and Sales.
• Introduced Purchase Due Diligence process and Rate Contract system - benefits of which will be realized from the year following onwards.
• Saved more than SAR 45 K for the company within 3 months of joining while negotiating with contractors and processing invoices.
Supervisied a team of Auditors in successfully implementing Continuous Auditing function before migrating the same to the 2nd line of defence.
Applied Risk Based Audit approach, participated in and led many audit assignments and recommended cost-saving measures and efficiency and best practices for implementatin by auditees.
Championed Quality Assurance function within the Audit Dept.
Worked with Arab National Bank (on outsource basis). Supported Credit & Risk group and implemented E-Credit application -- a work flow based, credit proposal management system including document management.
* Preparation of Project Plans, using MS Projects software.
* Collection of completed deliverables data from each functional team and updating the Project Plans in line with the completed activities.
* Updation of Project Metrics in line with the Project Plan and taking these details forward to the Traffic Lights.
* Assisting the Integration Manager in conducting Integrated System Test (IST) and User Acceptance Test (UAT).
* Maintenance of Issues, raised during various phases of the Project, in the Issue Database and following up with Functional Teams and/or Technical Teams for finding a way forward for logical and successful closure of the issues so raised.
* Preparation of weekly appraisals to the Project Management and Project Office.
* Preparation and maintenance of Minutes of Meetings - both Project Management and Project Office.
* Chasing the Functional Teams for closure of Knowledge Transfers and Fact Sheets.
* Attending to the Internal Auditors - both Project Deliverables Audit and Financial Audit.
* Providing Business Analysis and Consultation services to clients.
* Conducting Business Process Re-Engineering sessions for clients’ Business Processes and wherever required, Re-engineer/improve the same to suit the ERP requirements.
* Drawing the Strategic Business Plans both long run and short run in tandem with the global trends.
* Galvanizing the Internal MIS by IT implementation / induction of IT tools.
* Project Management - Implementation of ERP Projects.
* Continuation appraisal of various overseas business proposals for Joint Venture partnership Localization done by other NSCs).
* Monthly analysis and recommendation on all facets of Business Activities.
* Preparation of unified Chart of Accounts for the Group, in line with the Business Processes and Internal Controls.
* Inter firm / Intra firm comparisons.
* Building Business activities / analysis Models based on sound analysis and empirical data.
* Continuous monitoring of Project implementation, keeping a tab on the Costs and effective utilization of the Resources.
* Analyze process economy, preliminary studies for new projects and continuous reporting on cost effectiveness.
* Developing Business sensitivity Models for TOP Management.
* Analyze and track market dynamics
* Preparing various presentations packages for internal and external customers.
* Designed and developed Letter of Credit and Bank Guarantee granules.
ERP Projects Implemented:
* Arabian Factory for Electrical Products.
* AFEP Exports
* Alf Accessories
* Alfanar Trading.
* Alfanar Construction.
* Alfanar IT.
* Job profile includes drawing up detailed Project Implementation Plan, Critical examination of all aspects having financial implication, Implementation of SAP R/3 application and designing the policies and procedures. Designing the Business Plans and Strategic Plans in accordance with the policies laid down by the Board, Critical examination of all aspects having financial implication, Implementation of SAP R/3 application and designing the policies and procedures to suit SAP R/3.
* Operation NAVAYUGA was launched to re-structure the Organization and external consultants were engaged for this purpose. The external Consultants requested my Management to release me for working with them in Re-structuring the Organization. So, I was specially inducted in to the Project Operation NAVAYUGA as per their request. I was simultaneously reporting to SAP Project Manager, Operation NAVAYUGA Project Manager and discharging responsibilities as de-facto Project Manager in the Client/Server Projects.
* This apart, I was de-facto Project Manager & Functional Consultant for two of the Client/Server projects.
ERP Projects Implemented:
* Navayuga Engineering Ltd.
* Navayuga Exports Ltd.
* Rainbow Hospitals Ltd.
* UP Co-operative Sugar Mills Federation.
Major contributions
* Customization and implementation of Financial Accounting (FI), Costing and Controlling (CO), Fixed Assets and Treasury Management modules on SAP R/3 application together with Documentation and Training the End-users.
* Development of various Financial Reports in different versions / profiles to cater to the presentation needs both under Companies Act and Tax Laws and also in consonance with the MIS requirements.
* Prepared a unified Chart of Accounts in consonance with the Business requirements, drawing the Business Processes, Costing Reports etc.
* Customized the Income Statement and Balance sheets to meet the statutory requirements.
I was in practice June, 1995 to October 1998 in Hyderabad, India - primary focus areas were developing Business strategies, introduction of measures for Cost Control, syndication of loans, tying up Working Capital Loans, Private placement of Shares with High net-worth individuals etc.
Major contributions
* Advising clients on various Accounting, Finance related issues.
* Designing and development of Business plans in consonance with the Industry trends.
* Liaisoning with Bankers for various Loans.
* Liaisoning with various governmental agencies.
* Dealing with External Auditors.
* Advising the Client Management on various financial and administrative issues.
* Contract negotiations and entering in to firm tie-ups with OEMs for purchase of Stocks thereby reducing the marketing efforts and overheads. (45% of monthly production of Clutch Plates was fully committed to Bajaj and another 40% to LML. Balance was released in to secondary market.)
* Information and Reporting on various activities.
* Handling both Direct and Indirect Taxes and Insurance matters both at Plant and Corp. office level.
* Cash Management and Planning
* Costing and Budgetary Control.
* Conceptualized, developed and designed two very good projects. One of them was a green field, environmentally friendly project. The other is Agri-based. But due to certain constraints, they could not see the light of the day.
* Handled Public and Composite Issues of various Companies.
* Developed successful strategies for marketing the Public Issues.
* Successful and firm placement of Shares with NRIs, high net-worth individuals and Institutional Investors to the tune of US$ 1 Million.
* Raised about US$ 7.5 Million from the market
* Advising clients on various issues relating to presentation in Balance Sheet.
* Conducting Due Deligence Audit and Compliance Audits.
* Liaisoning with various Financial Institutions, Government bodies to obtain the required clearances.
Worked as Asst. Manager - Audits & Systems with this Professional Management Consultancy Firm.
Areas covered:
* Designing and implementation of systems for clients
* Conducting Statutory, Internal, Tax Audits and Special Audits.
* Complete documentation and control of the Audit file.
* Presenting the Audit findings to the Partners and Audit Committees.
* Preparation of Audit Reports
* Tying up of Long Term and Working Capital Loans with Financial Institutions and/or Banks.
Major Responsibilities
* Controlling and Accounting of Branch Expenses.
* Incorporating Branch Expenses in H.O. Books.
* Controlling of about 750 Vendor Accounts and periodic reconciliation with Vendors.
* Sanction of Loans to Employees and recovery thereof; Periodical reconciliation of Employee balances with the Control Accounts.
* Assisting the Vice-President in the preparation of various Loan proposals to the Institutions/Banks.
* Attending to the Internal, Statutory and Tax Auditors.
* Developed a program using COBOL for calculating the Interest, Commitment Charges, Liquidated Damages etc., due to the Financial Institutions.
* Developed a program using dBase for calculating the permissible Travelling Expenses as per the Income Tax Rules.
* Unearthed a major embezzlement involving Rs.2 Million. The Branch Manager was directly involved here.
* Unearthed another over Invoicing by a supplier (Car Rentals) and recovered Rs.300, 000/-.
Otained B+ Grade
120 wpm.