Audit & Risk Manager
Ikon Petroleum & Al Iraqiya Shipping
Total years of experience :19 years, 1 Months
Identify risks, evaluate, test and report on the adequacy and effectiveness of management controls
Ensuring the effectiveness of policies, procedures & processes in mitigation of risks.
Evaluate & ensure the effectiveness of IT controls in ensuring system security, managing changes, managing data, managing interfaces, managing incidents, business continuity/disaster recovery, and third-party service providers.
Joint Project manager for implementation of Fusion software an oil trading platform. Setting up of audit & compliance module for exception reporting. Follow up on exception reports to ensure strict adherence to compliance.
Evaluating & monitoring daily pricing risk exposure. Ensuring that any pricing risk is adequately hedged.
Manage compliance & KYC operations and ensure that they comply with relevant laws & regulations. Onboarding & registration of global counter parties, continuous monitoring, addressing issues arising thereon.
A green field project to manufacture steel billets with production capacity of 400, 000 MT p.a.
• Reporting to the Audit Committee
• Established internal audit function. Helped in development of policies, procedures, processes
• Developed audit plan based on risk assessment of each function of business
• Based on the audit plan define audit scope, allocate resources, conduct audit, prepare draft report highlighting key audit observations & recommendation and present it to audit committee.
• Present final audit reports to the audit committee highlighting key audit issues & risks and corrective actions to mitigate them.
• Follow up on audit recommendations to ensure that they are implemented as per agreed time line.
• Conduct ad hoc audit/investigation as requested by audit committee.
A diversified group with interests in Media (89.1FM, 101.3 FM, 104.8FM, 107.8 FM, Coast FM, Ajman TV etc), Trading (Emirates Photo Marketing - sole distributors of Kodak products across UAE, ID Card Personalization systems, Access Control & Time Management systems, Large Format Inkjet systems, Health Imaging solutions etc.), Printing & Advertising (United Color Films), Publishing (Hawk Yellow Pages), Contracting division etc.
• Established group wide internal audit function.
• Developed group wide audit plan based on risk assessment of each function of varied businesses.
• Review & enhance policies, procedures, processes in order to strengthen internal controls, streamline procedures & reduce inefficiencies.
• Based on the audit plan define audit scope, allocate resources, conduct audit, prepare draft report highlighting key audit observations & recommendation.
• Review & discuss draft reports with finance managers & agree to time bound management action. Present final audit reports to the management highlighting key audit issues & risks and corrective actions to mitigate them.
• Follow up with finance managers to ensure that all recommendations are implemented as per agreed time line.
• Conduct ad hoc audit/investigation as requested by management.
A leading engineering and contracting company jointly owned by HSBC.
• Conduct financial audits and ad hoc investigation and highlight issues.
• Monthly reporting and MIS support to the CFO.
• Ensure proper and effective controls are in place to mitigate risks.
• Ensure compliance with international accounting standards.
• Plan the scope of audit with the audit partner. Finalising budgets, audit team and the audit time table.
• Prepare/Review key documents such as planning document, entity level control program, completion document as per KAM (KPMG Audit methodology.)
• Prepare/Review the audit programs for key segment of the business by identifying inherent risks for significant accounts and controls in place to mitigate those risks.
• Plan, outline and finalize the audit approach, substantive audit procedures/ test of detail by using KPMG audit sampling techniques to verify and test the completeness, adequacy and effectiveness of controls.
• Conduct the audit as per the audit programs and obtain sufficient audit evidence to conclude whether the audit objective has been achieved.
• Prepare management letter/power point presentations for the management of the entity highlighting control weaknesses, risks and recommendation to mitigate those risks identified during the course of audit.
• Draft audit reports/ opinions to be delivered to the client. Participate in audit committee meetings/clearance meetings of clients to resolve audit matters.
KEY AUDITS:
NATIONAL SHIPPING COMPANY OF SAUDI ARABIA, PLC
Largest shipping company in Saudi Arabia, with branches and subsidiaries all around the world.
• In charge of the Quarterly and Final Audits for two consecutive years.
• Conducted & prepared the entire audit file as per KPMG Audit methodology.
• Gained very good exposure of the Shipping Industry.
ABN AMRO BANK (SAUDI HOLLANDI BANK)
• Conducted Statutory Annual Audit as well as Quarterly and Interim audits for financial years 2005 & 2006.
• Reviewed the treasury and investment operations including Nostro and Vostro accounts reconciliation, foreign exchange and money market dealings, cash flow and fair value hedges and valuation of investments as per IAS 39.
• Reviewed corporate and consumer loans and advances. Prepared credit review and highlights memorandum and management letter. Independently prepared the entire audit file on KAM (KPMG audit methodology)
• Reviewed the system migration by the bank to a new core banking system known as GLOBUS from the old system BANK MASTER.
AL RAJHI ISLAMIC BANK
• Review of the Corporate Banking Division of the bank on behalf of the Saudi Arabian Monetary Agency (SAMA)
• Gained an overall understanding of the functions, activities and products of the corporate division of the bank. Evaluated the control structure, checked the adequacy of the provisions, assessed the Shariah compliance and compliance to applicable laws and guidelines, assessed the risk management structure of the corporate division
• Prepared the draft report highlighting the key observations and recommendations
AL RAJHI ISLAMIC BANK
• Determination of portfolio provision on the basis of incurred loss model in accordance with IAS 39 for Al Rajhi Bank.
NATIONAL COMMERCIAL BANK OF SAUDI ARABIA MUTUAL FUNDS
• Conducted Annual Audit of Al Manarah Mutual Fund, a fund of funds (Conservative, Medium and High Growth) and Saudi Dynamic Trading Fund, Verified the calculation of NAV, purchase and sale of securities, expenses and operations of the above mentioned funds.
HSBC SAUDI ARABIA
• Verified pre incorporation expenses and prospective balance sheet of HSBC Saudi Arabia Ltd and for the IPO of Emaar, The Economic City.
Other Audits
Saudi Snack Foods (Pepsi), Ericsson AB, Ericsson SABB, Mitsubishi Electric Saudi Ltd, Philips Medical System, United Food Company, Indian International School, Abunayyan Trading Group.
Due Diligence Assignments
• In charge of a vendor Due Diligence assignment for an IPO of Al Moammer Information Systems, one of the leading Information and Technology company of Saudi Arabia.
• Conducted due diligence for Methanol Chemical Company Limited, as part of IPO of the Company
• Participated in due diligence assignment of Landmark group, one of the largest retail chains in GCC.
Passed Chartered Accountancy conducted by the Institute of Chartered Accountants of India
Cleared Bachelor of Commerce degree from Mumbai University with 1st Class
