Head of Finance & Accounts
Swarco Saudi LLC
Total years of experience :17 years, 8 Months
Developing overall strategy as a member of the senior management team, defining policies, procedures, standards and financial plans to enable achievement of goals and increase work quality
Setting targets for financial departments and ensuring implementation, leading and motivating a team of 6 to raise overall performance and eliminate obstacles
Hiring and conducting interviews of candidates in Finance / HR department
Redesigned the internal business processes for inventory, payroll, procurement and project control departments, incorporating necessary controls and ensuring proper value addition
Attending board and subcommittee meetings, leading on Finance/Audit Committees
Following up on all financial and accounting operations, overseeing and managing financial risk, budgets and financial reports, acting within the responsibilities and authorities delegated by the CEO
Providing prompt and timely financial information to assist senior management decision making
Managing sources of short and long-term financing and funding including international and local banks
Implementing and ensuring compliance with IFRS and other regulations applicable to the company
Overseeing company credit limits and regulating issuance of letters of guarantee and credit
Establishing procedures for asset management, and supervising inventory control and depreciation
Reporting on treasury and cash management, including cash flow, balances and analysis of financial position and developing effective procedures for payment of all debts and dues
Arranging insurance on assets or projects, and overseeing petty cash and invoices
Participating in preparation and review of financial reports including income, expenses, cash flow, financial position and financial performance criteria, and ensuring timely delivery
Managing, organizing and scheduling payment of annual and periodical government taxes, fees and zakat
Contributing to budget preparation and audit, ensuring comprehensive and accurate information, including all future plans and making notes in reference to the financial reserves
Coordinating with other business and support divisions on project, OPEX and CAPEX budgets
Key Achievements
- Conducted a thorough business process reengineering to redesign the internal business processes, incorporating necessary controls and ensuring proper value addition
- Removed need for additional credit in loss years by cutting costs and effectively managing cash flow
- Controlled preparation and submission of periodic reports to HQ, considered as a model for all Europe
- Implemented SAP system throughout the organization
- Proposed the salary structure and employee incentive plan for sales team which proved highly effective resulted in budget achievement this year
- Autonomously monitored Filing of Inspection at Department of Zakat
As the Head of Internal Audit Function, I am managing a team of two people under me. My job is to Identify, understand, and document processes and procedures surrounding internal controls. Continually monitor and update the assessment of the control environment, keeping abreast of significant control issues, trends and developments.
• Develop test plans and coordinate the performance of management testing of internal controls required by Sarbanes-Oxley.
• Identify and assess the implementation of new controls as necessary.
• Prepare and update a comprehensive risk-based audit plan for evaluating the effectiveness of controls in place to manage significant risk exposures, insure the integrity and reliability of information and financial reporting, safeguard company’s assets, and comply with laws and regulations.
• Identify and design anti-fraud criteria and controls.
• Monitor and audit the company’s compliance with established internal controls.
• Establish procedures and plan for conducting internal control audits.
• Report findings to senior management and the company’s Audit Committee.
• Understand the requirements of the Sarbanes-Oxley Act of 2002 (and any related SEC follow-on pronouncements) and assist in maintaining processes and functions to help ensure compliance with such requirements.
• Coordinate activities with external auditors to support their audit and review procedures.
• Participate in Disclosure Committee meetings.
• Review finance department business processes and suggest ways to improve such processes.
As the in-charge of Finance & Accounts Department, I was managing a team of five people. Following may be termed as my major job tasks:
• Overseeing all aspects of financial control in the business.
• Providing financial, commercial and strategic support to the business.
• Preparation of management information from source data.
• Producing monthly management accounts, budgets, forecasts & returns.
• Presenting monthly results, budget variances and ad-hoc analysis.
• Involved in Business Planning, P&L, Balance sheet & liquidity planning.
• Overseeing internal financial controls.
• Recording of monies received and paid out.
• Producing meaningful commentary and analysis of financial data.
• Preparation and reporting of income and expense forecasts to senior management.
• Developing, managing and motivating a team of finance professionals.
• Reviewing new & existing business models and capital appropriation requests.
• Worked as part of a multi site/multi culture organisation.
• Identify and develop controls and processes to ensure all risks and opportunities are highlighted.
During the period of three (3) years and six (6) months with the firm, I was involved in various assignments in Audit & Assurance Division. The various sectors I worked in ranged from manufacturing industry to the service providers. The assignments include full scope audits, internal audits, limited reviews, agreed upon procedure and special certificates in accordance with the regulatory requirements etc. The ensuing paras describe the major tasks I performed during my job period:
• Initial planning of the job and identifying risk areas during the process
• Assessment of control risk and designing the tests of controls for specific areas in consultation with the engagement manager;
• Analysis of Financial Statements
• Designing the substantive procedures in consultation with the engagement manager;
• Performing the test of control and substantive procedures highlighting the issues/ matters;
• Discussions with the clients regarding the various accounting or other issues/ matters identified during the assignment;
• Reviewing the work done by the team members and getting it reviewed by the engagement manager and partner;
• Extensive application of the International Financial Reporting Standards (IFRS) and preparation of financial statements in compliance therewith;
• Preparation of other deliverables, such as, management letter identifying control weaknesses, its implications and recommendations;
• Manage contact with the external auditors and make sure that every party is not only aware of the other's work but also well aware of areas of concern.
• Provide audit committee and management with an opinion on the internal controls
• Prepared internal audit reports, and
• Verifying compliance with various laws relating to the client.
I passed the C.A Intermediate examination in first attempt. I secured grade 'A' in Intermediate and Secondary School Examinations.