Director, Head of Internal Audit
Mohamed Yousuf Naghi Motors
Total years of experience :30 years, 2 Months
Mohamed Yousuf Naghi & Bros Group is a Multi-Billion Dollar Family Owned Group, one of the most well known and reputable in Saudi Arabia. It is in the Top Saudi 100 Group of companies. There are 4 major Sectors:
1. Automotive Sector: Import and distribution through a nation wide retail network of Premium cars (BMW, Rolls Royce, Jaguar, Land-Rover, Mini Cooper), Passenger cars (Hyundai, Genesis, Centennial) and Commercial vehicles (Tata, Hyundai, Ankai);
2. FMCG Services: Distribution services serving Mars, Loreal, Reckit, Amerciana, Wrigley, Holsten and Pinar, Logistics services on a 3PL basis and Merchandizing services across the Kingdom;
3. Hafil Transport: Transportation: with over 10, 000 buses catering to the Kingdom Hajj, Umrah & School needs;
4. Tamwily (previously Aqsat): Financial services -consumer auto finance and operating lease.
My Current Role is Leading the Internal Audit Function for the complete Automotive Sector
Key Responsibilities:
Responsible for preparing the annual internal audit plan, and overseeing the execution of the plan.
Responsible for preparing, monitoring and being accountable for the annual/monthly departmental budget.
Reviewing all final audit reports, and involved in high level meetings with senior members of management.
Implementation of issues tracking on quarterly basis, ensuring value is delivered, escalating where necessary.
Presenting to the Executive Committee progress of all areas of the department - monthly dashboard & detailed quarterly presentations.
Involved in fraud reviews and dealing with senior management and Legal/HR departments in finalizing cases.
Acting as business consultant to operations, giving advice and opinions, without impairing independence.
Partnering with Grant Thornton on special projects, reporting to independent board member on progress, and project liaison on all issues.
Department Leader reporting functionally to the Audit Committee and Board of Directors, and administratively to ED&CEO. Promoted to Director from SVP
Key Responsibilities:
Reporting functionally to the Audit Committee and Board of Directors, and administratively to ED&CEO.
Responsible for preparing risk assessment & annual internal audit plan, and drafting reports for the audit committee to present to the board of directors.
Advising and coordinating the activities of the in-house audit team & leading big 4 consulting firm for execution of the audit plans.
Mapping the implementation and progress of all internal audit recommendations and external audit management letter points, and reporting to the Management.
Carrying out quarterly post implementation review of all agreed action plans and ensuring compliance with corporate governance manual and policies & procedures.
Involved in identifying risks related to regulator CMA and highlighting to management for remedial action.
Functioning as member of compliance committee, monitoring committee and secretary of audit committee, and providing multiple consultancy roles within company.
Major Accomplishments:
Promotion to Director from SVP mid year (the only promotion throughout the company) .
Appreciated by Top Management for successfully raising the Internal Audit to a very high level level.
Commanded respect and considered a business consultant at various points.
Successfully planned and conducted audits for:
Asset Management, Investment Banking, Private Equity, Corporate Governance, Compliance, Anti-Money Laundering, Finance & Accounts and Information Technology.
Human Capital Management, Real Estate, Fund Operations, Proprietary Capital, Research, Legal, Product Development, Capital Markets and Business Development.
Key Responsibilities:
Department Leader responsible for setting up the function, review the corporate governance structure and advising on changes required.
Involved in initiating a business wide risk assessment process on the group entities, locations and branches.
Assigned responsibility of developing an initial 1-year internal audit plan and a detailed 3-year rotational risk based audit plan.
Helping departments in formulating policies and procedures and ensuring compliance with in the company.
Entrusted with the responsibility of preparing the Internal Audit Charter, Internal Audit Policies & Procedures, Audit Committee Charter, Code of Ethics and IA Job Descriptions.
Involved in selling and educating the concept of Internal Audit and Risk Management downwards to the 2nd Tier Management Level of the Group.
Major Accomplishments:
Successfully planned and executed the setup of the Internal Audit Department from scratch.
Commended for effectively conducting review of the company’s HR Policies and procedures and a detailed internal audit & risk review of the cosmetic surgery/clinics side of the business
Selling and Educating the concept of Internal Audit and Risk Management downwards to 2nd Tier Management Level of the Group
Key Responsibilities:
Established the Internal Audit Department from scratch and developed the department to a key strength of 6, using TeamMate audit software
Assigned responsibility of managing over 15 branches, auditing every branch at least once with follow ups.
Department leader for the Internal Audit, Risk & Compliance division at Pepsi Bashan.
Entrusted with the responsibility of preparing and delivering risk based Internal Audit Plan to Audit Committee and GM for all Operational, Financial and IT Audits
Responsible for preparing Internal Audit Charter, Internal Audit Manual, Audit Programs, Internal Control & Risk Programs.
Involved in conducting Risk Workshops, Fraud Investigations, and Presentations to Management & following up on all Audit Issue Implementations.
Providing on the job training to audit staff, measuring performance and ensure meeting training requirements.
Responsible for bringing in best practices into the company such as Corporate Governance measures - Code of Ethics, detailed Approval & Authority Matrix, Authorized Signatory list etc.
Preparing Policies & Procedures for business units and performing Compliance Reviews of all areas, and giving monthly presentations of progress and results to the Audit Committee & GM.
Major Accomplishments:
Successfully conducted 4 Fraud reviews and 3 of which resulted in terminations
Applauded from GM and CFO for setting up the department at Pepsi from inception, received praise and recognition in first few years of formation.
Successfully performed audits of: Fixed Assets, Treasury & Cash Management, Credit Management, Procurement function, Human Resources, Vending Channel, Fleet Department, Spare Parts Division, & Financial Operating Expenses and Accruals.
Key Responsibilities:
Involved in introducing Ernst & Young methodology to the firms staff and Partners and performing the Quality Audits for the Switzerland EY office and the Alkhobar office.
Assigned responsibility of handling Internal Audit and Risk Management in Jeddah Ernst & Young.
Associated for working with market leaders in retail, consumer products, electronics, industrial, food & beverage, anti-money laundering, media houses and agriculture/dairy industries.
Managing large teams and ensuring delivering results within preset budgets & timelines.
Establishing audit objectives, scope of work & engagement budgets and executing projects involving risk assessments, audit plans, risk-based & traditional audit.
Successfully managed many large outsource Internal Audit/Risk assignments projects, such as Savola Group, Alesayi Panasonic, Al Tazaj Fakieh, United Sugar Refinery, Attieh Steel, Safra Oil Export Co & Almarai
Major Accomplishments:
Successfully built a business pipeline by serving many clients and using multiple staff from different offices.
Nominated to attend Partnership assessment centre (PAC) for EY Partnership Selected to represent ME Firm to perform Quality Reviews in Europe - Switzerland and Germany
Attended Middle East development centre (SMDC) of all Ernst & Young Executive and Senior Managers, and was placed at the 6th position from a group of top 24 Executive Directors from the ME region.
Key Responsibilities:
Planning and conducting Risk Workshops and Internal Audit Reviews, and apprising Top Management of financial and operational risks and suggesting controls.
Worked on the Global Compaq Audit Team covering Saudi Arabia (Riyadh) and United Arab Emirates (Dubai).
Responsible for audit plan for Payroll/ HR in a leading City Investment Bank (Rothschild’s).
Tasked with reviewing internal compliance of UK No 1 and market leading Tobacco Company (Gallagher Ltd).
Preparing and producing internal audit reports to Government Telecoms Agency with recommendations for financial systems improvements.
Conducting government contractors audit at four FTSE 100 company’s (Cable & Wireless, Global Crossing, MCI WorldCom, Siemens), and government NHS audits
Assessing accounting standards and procedures for a furniture company highlighting detailed studies of actual vs. budget variances.
Major Accomplishments:
Successfully improved competency of key business processes and enhanced enterprise risk management processes of client organizations.
Credited for conducting methodical evaluation of financial records and tracked income assets for multinational Performance Chemicals companies in Holland and Germany (Laporte Plc)
Key Responsibilities:
Tasked with working as an audit supervisor in a 6 partner firm with a turnover ranging to 120 Million pounds and managing taxation, and financial accountings management.Responsible for conducting audit reviews and drawing up internal audit plans and execution.
Identifying control weaknesses by pre-auditing of important transactions and reviewing systems and procedures, and recommending corrective actions.
Monitoring the completion of accurate statements and consulting the high profile clients on economics and tax code reporting to senior partners.
Involved in recruitment and training of staff and monitoring their performance on a regular basis.
Associated with customers in retail, manufacturing, wholesale, and construction, and travel, computer & technology industries.
Practicing audit assessments for large charities, unlisted Plc’s and other known brand name companies.
Chartered Accountancy Article. Woirked on Accounts preparation jobs, tax returns and filings and pure audit jobs.
FCA (ICAEW) - Fellowship of the Institute of Chartered Accountants in England & Wales in 2009
BA (Hons) Accountancy & Finance. 2.1 Degree obtained.