Internal Audit &Compliance Manager
Gulf Warranties for Insurance Service Co
Total years of experience :17 years, 8 Months
Gulf Warranties, KSA is part of a chain of companies across the GCC providing extended warranties and ancillary service packages, reflecting the latest trends in the automotive and insurance industries and the needs of dealers and vehicle owners of both the new and used vehicle markets, across time periods ranging from three months to seven years.
As the Internal Audit and Compliance Manager, I report directly to the Board of Directors, while also having a dotted line reporting to the CEO, in line with SAMA requirements.
Prior to formalization of the Annual Audit Plan, I was instrumental in completing an Audit Risk Assessments of all the functional processes and presenting the key risk areas to the Audit Committee, who thereafter approved the quarterly Audit Plan proposed by me.
I have been instrumental in creating the Fraud Contingency Plan and Whistle blower policy in line with SAMA requirements. Further in line with Audit Committee requirements, I have critically reviewed all the policy and procedures within the Company including the critical Fraud policy and have provided value adding suggestion to enhance the overall controls processes therein.
I have defined detailed Audit Checklists encompassing all functional areas and have initiated detailed post Audit close out meetings with Auditee Management explaining the control lapses that have been observed during the review and have followed up and obtained commitments towards the closure of the control lapses and deviations identified.
M/s Al Ohdah is the Management Consultancy wing of the M/s Jarir Investment, a holding company which has diversified business Interests across multiple Industries across KSA.
M/s Al Ohdah offers multiple services ranging from Equity Research, Family office administration, IT process standardization, Business Process Standardization, Business Process Re-engineering & Audit solutions across a wide client base across KSA.
As Manager Projects, I report directly to Sr. Manager Projects, who Heads Operations and in turn reports directly to the CEO. As a Project lead, I act as a facilitator towards Change Management ensuring the new processes defined in line with the functional objective is mapped to the ERP capability and the Internal control process defined in response to underlying associated risk
As a part of Project management, Troubleshooting and conflict management is a routine activity which hones my skills balancing the diverse expectation of the client vis-à-vis the tangible Project deliverables and ensuring that the best option in the Interest of the Organization prevails.
I have also handled detailed Audit and Due diligence exercises in response to assignments undertaken to test and provide assurance about effectiveness of controls, authenticity and accuracy of reported financials and forecasts, etc.
The SR 2 Billion turnover Al Suwaidi Group of Companies encompassing diversified line of businesses like Construction, Plant Maintenance &Industrial Services, Manpower supply, Catering & Accommodation, Heavy Lifting & Equipment Rental, Scaffolding Rental & Access Solutions, Real Estate, IT Solutions, Manufacturing & Processing and Trading etc, employs a 14-member de-centralized Audit team, headed by the Group Internal Audit Manager (GIAM). The GIAM reports directly to the Chairman of the Board
During the course of my 9years + employment with M/s Al Suwaidi, I have covered the entire gamut of Audit activities across all the 9 SBU’s and the Holding Company within the Group and have worked well within a multi-
cultural work environment, working in tandem as a group covering complex Audits, occasionally leading a team and mostly working Independently over the last 3 years.
My consistent performance over the years has resulted in me getting 3 promotions and am currently deployed independently at specific SBUs, responsible for the timely execution of the Audit Plan / Special Audit Requests that come from Executive Management and providing assurance to the SBU Management as to the adequacy of controls across all functions coming under the purview of Audit.
As an Independent Auditor, I act as the liaison between the Group Internal Audit Manager who finalizes the “perceived” Risk-based Audit Plan after discussion with the GIAM, and the SBU Management. In addition, effective and time completion of Audit Plan, I am also independently responsible to bring about Process Improvements and am also set Savings Target based upon the volume of transactions and potential perceived at the SBU. Subsequent to my deployment as an independent Auditor, I have been successful in realizing real time savings to the tune of SR 1.5 Mio across the last 4 years. In addition, have been consistent in my efforts towards plugging Revenue leakages to the tune of SR 3 Mio across the same period. In addition, have also been instrumental in bringing about numerous process improvements like - introduction of Bio-metric attendance, centralization of Logistics and Telecommunication services within the group, streamlining and sharing of information about common items across Services and Non-Services Group was well received by both SBU and Executive Management.
Detailed Duties & Responsibilities
• Execution of the approved audit plan while working within the JDE(ERP) environment.
• Completion of Audit reviews in line with set timelines and preparation of Audit reports thereafter.
• Completion of KRA’s set in the beginning of the year including maintaining a continuous focus on the savings target in order to identify and explore any scope whatsoever towards the same.
• Review of the effectiveness of the general Control across various functions like Fund disbursement process, Cash Receipts, Investments Procurement, Sales &Receivable etc.
• Development of customized audit and ERP programs in accordance with the need of the Audit Process.
• Maintenance of audit working paper files and evidences in accordance with the Audit Procedure Manual (APM).
Al-Shaya Int’l Trading Co. is one of the leading names in International franchisee dealing in Retail, Trading and Distribution of leadings brands like Starbucks coffee, Fashion & Accessories like American Eagle, Next, Mother Care etc. Footwear, Pharmacy, Office Supplies and Furnishings across more than 750 stores throughout the Middle East, Turkey and Cyprus.
I joined M/s Al Shaya Int’l Trading Co, as an Accountant immediately upon completion of my Diploma in Accounting and was responsible for booking of Invoicing & Sales and related MIS, Monitoring of Receivables and Cash Flow.
I was closely involved in the conversion of the standalone accounting software (KCC) to Oracle based Accounting software and was instrumental
in a critical reconciliation process which helped to identify differences between the two accounting systems and our Zakat (Saudi Income Tax Rules) records. This enabled me to get promoted to the position of Senior Accountant within these + 2 years.
Role & Responsibilities:
• Fund flow management, which includes maintaining schedule of all payments to be received and monitoring of the recovery process, monitoring the cash and bank balances across various Banks.
• Recording all other routine accounting functions, for example - Checking and Passing of suppliers’ invoices and payment certificates, verifying and approving the sales invoice, verifying and approving petty cash expenses and reports, among others.
• Reconciliation with customer and suppliers (Quarterly basis) and obtaining balance confirmation.
• Controlling cash advance and its periodical reconciliation.
• Monitoring proper files of customer for loans, Notices and installments.
• Monitoring the inventory (Monitor stock take Quarterly basis).
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