AM Internal Audit
Al Muzaini Exchange Co. K.S.C.closed
Total years of experience :17 years, 5 Months
• Assess and review of the company's internal control systems in various functions and assisting management in improving business processes related to operations.
• Provide supervision and training to Internal Auditors
• Review, develop and update audit programs covering the audit under the supervision of Department Head
• Determining the nature of operations and evaluating the adequacy and effectiveness of the company controls
• Reviewing documents, developing and administering surveys, composing summary memos and reviewing working papers.
• Performing audit procedures, including identifying & defining issues, developing criteria, reviewing & analyzing evidence, & documenting Department processes & procedures.
• Assisting in setting the purpose, scope and audit approach of each audit project in coordination with the audit supervisor.
• Assisting in identifying factors causing deficient conditions and conducting surveys and audits to improve the conditions.
• Identifying, developing, and documenting audit issues and recommendations using independent judgment concerning areas being reviewed within audit projects.
• Contacting, coordinating and maintaining effective work relations with Other departments.
Serving as Fees controller:
My mission is to continually ensure accurate recording of Fees for all year groups in both the American & British School, keeping a good track for collecting the due fees and ensure related accounting records are properly processed and recorded on both systems *the Accounts & The Fees).
• Ensure that all organization’s rules related to fees are properly implemented, according to each case.
• Contacting Clients (Parents) to discuss Fees collection issues and to provide related consultation and plans.
• Taking enquiry calls, generating fees forms from system, and sending to clients (Parents) according to each case.
• Keeping records for all Moved or left students and make related clearing.
• Keeping accurate books for students’ counts and ensure compliance to the ministry of educations records.
• Providing support to the Accounts Department whenever required.
Reporting to School ouners, CFO and the Financial Manager
Serve as the organization’s Internal Audit Manager and as a member of the executive management team. Oversee advanced-level professional internal auditing work as a key component of the corporate governance structure, with emphasis on a risk-based approach designed to assist management in the attainment of their objectives. Basically, my mission is to continually add value to AMLAK’s systems, operations, policies, and personnel, and minimize risks by focusing audit efforts on the risks the Company facing and by providing management timely information regarding the adequacy and effectiveness of its system of internal control and quality of financial and operational performance.
Reporting to Chairman, Audit Committee, Board of Directors, and administratively to the Managing Director and Chief Executive Officer.
Coordinate with Chief Executive Officer, Chief Financial Officer, Senior Management, Division and Department Management, External Auditors, Related Professional and Industry Organizations.
I worked on the following including other Consultancy services to my clients:
• Established Internal Audit Unit's charters,
• Worked to emphasize the independence of the internal audit unit,
• Participated in the process of amending & updating AMLAK's core businesses’ Policies & Procedures, ensured its compliance with Regulatory Authorities’ requirements,
• Request and oversee special investigations as needed.
Serve as the organization’s Internal Audit Manager and as a member of the executive management team. Oversee advanced-level professional internal auditing work as a key component of the corporate governance structure, with emphasis on a risk-based approach designed to assist management in the attainment of their objectives. Basically, my mission is to continually add value to AMLAK’s systems, operations, policies, and personnel, and minimize risks by focusing audit efforts on the risks the Company facing and by providing management timely information regarding the adequacy and effectiveness of its system of internal control and quality of financial and operational performance.
Reporting to Chairman, Audit Committee, Board of Directors, and administratively to the Managing Director and Chief Executive Officer.
Coordinate with Chief Executive Officer, Chief Financial Officer, Senior Management, Division and Department Management, External Auditors, Related Professional and Industry Organizations.
I worked on the following including other Consultancy services to my clients:
• Established Internal Audit Unit's charters,
• Worked to emphasize the independence of the internal audit unit,
• Participated in the process of amending & updating AMLAK's core businesses’ Policies & Procedures, ensured its compliance with Regulatory Authorities’ requirements,
• Request and oversee special investigations as needed.
Alongside performing normal Internal Audit duties and responsibilities as I represent the Internal Audit Unit in the company, I worked also on the following:
•Established Internal Audit Unit's charters
•Established Audit Charters
•Worked to emphasize the independence of the internal audit work and ensure proper reporting lines (Functionally and Administratively)
•Participated in the process of amending & updating current company's 18 Policies & Procedures, ensured it's compliance to CBK Credit instructions, CMA's law & Executive Regulations, CMA CG and CMA AML
•Participated in Inspection conducted by the Commercial Bank of Kuwait over it's pledged portfolios managed by the company
•Conducted Audit over Information Technology Department
•Ensured proper Establishment of Corporate Governance frame work according to new CMA requirements
•Develop proposed audit plans for review and approval of the Board Audit Committee;
•Identify performance improvement opportunities according to the industry’s best practices;
•Follow-up with the Board Audit Committee and concerned departments on audit findings and proposed action plans in implementing the recommendations; and
•Request and oversee special investigations as needed.
The company is a Kuwait based investment management shareholding company, established on 24th October 1981 with assets under management of approximately 2 Billion US Dollars. The Company was listed in the Kuwait Stock Exchange on 21st December 1996.
The company is providing a very good services to it's clients including trading in local and international markets (Asset Management), safe custody and Investment advisory services. Also assists corporate clients in the implementation of their strategies for possession and sale by providing consultancy services aiming for optimal financing structures.
Before being honored by joining the company, I had the honor to join two auditing and assurance services firms from the big fours in Egypt and Kuwait. Spending more than seven years of demonstrated experience in performing audit assignments drawing on auditing techniques gained and my strong awarness of different kinds of processes and internal controls within various industries (Banks, Investment, Brokerage, Real Estate & General Trading and contracting).
Develop proposed audit plans for review and approval by management and the Board Audit Committee;•Understand and document the processes through relevant approved manual policies and procedures for each department / division before starting the respective audit;•Interview each department / division head and employees to understand the actual flow of operations of the concerned department /division;•Prepare detailed work programs for individual audits;•Commence for audit schedule to be agreed with the department / division head and send relevant list of requirements to be prepared by the department / division;•Identify, address, and discuss policies and procedures manuals weakness points with the departments’ heads;•Attest the department / division operations;•Assess the effectiveness of the department internal controls against industry best practice, and evaluate the risks pertinent to the department and overall organization;•Review compliance with regulatory compliance entities on ethical business conduct and prudent behaviour;•Discuss the audit findings with concerned department / division heads during the course of the audit;•Prepare draft audit report addressing audit findings, potential consequences and recommendations, and discuss the same with the concerned department / division heads and employees;•Release audit reports upon completion of the above procedures functionally to the Board Audit Committee and administratively to the CMD of the company for review and approval;•Follow-up with the Board Audit Committee and concerned departments on audit findings and action plans proposed in implementing the recommendations of the internal auditor;
CLIENTS SERVED
Kuwait:
▪ Al-Tijaria (The Commercial Real Estate Co.)
▪ A’ayan Real Estate Co.
▪ Al-Nakheel United Real Estate Co.
▪ Real Estate Facilities Co.
▪ Athman Investment Co.
▪ Sorooh Investment Co.
▪ Massaleh Investment Co.
▪ KIC Wasata
▪ Bayan Investment Co.
▪ ADAM Investment Co.
▪ Mena Investment Co.
▪ Orient Investment Co.
▪ Tharwa Investment Co.
▪ Wafra Investment Co.
▪ Al-Mustaqbal Investment Co.
▪ Kuwait Drilling Co.
▪ Securities Group Co.
▪ Kuwait Business Town
▪ Tawasul Holding Co.
▪ Al-Anoud Investment Fund
▪ Kuwait International Bank (KIB)
• Identifying areas of potential efficiency improvements.
• Involved in risk management, compliance & integrations.
• Compiling reports of audit results to senior managers.
• Daily contact with client staff and other parties.
• Promote controls and sound risk management.
• Draft audit reports for review by the lead auditor and senior managers.
• Identify any gaps in controls and make practical recommendations.
• Performing audit assignments in compliance with Internal Audit Standards.
• Planning and organizing internal audit functions like audit planning, assigning of tasks.
• Suggesting policies, activities and programs applicable to the auditing department.
• Overseeing procedures and practices newly introduced in the company.
• Conducting reviews suggested by the board of trustees regarding the auditing department.
• Review reports handed out by the board members.
• Providing opinion regarding ways to hasten procedures in the auditing department.
• Schedule meetings with management to present audit findings and explore solutions to prevent future occurrences.
Clients Served
Kuwait
▪ Al-Mustaqbal Investment Co.
▪ Kuwait Drilling Co.
▪ Securities Group Co.
▪ Kuwait Business Town
▪ Tawasul Holding Co.
▪ Al-Anoud Investment Fund
▪ Kuwait International Bank (KIB)
• Audit banks and financial institutions,
• Examines and analyzes accounting records to determine financial status of establishment;
• Reviews data regarding material assets, net worth, liabilities, capital stock, surplus, income, and expenditures;
• Inspects items in books of original entry to determine if accepted accounting procedure was followed in recording transactions;
• Counts cash in hand;
• Auditing interim and yearend financial statements
• Managing the accounts of the other Debit and Credit balances;
• Checking the bank reconciliation and the cash count report in order to make a detailed report on the cash at banks and cash in hands;
• Auditing the Banking Credit Department and evaluating the clients according to the CBE and CBK risk rate grading, risk of industry, CBE and CBK report, credit approvals and payment of clients and adjusting the suitable provisions if required;
• Testing and evaluating internal control policies and structures for control risk assessment & management letter issuance.
Clients Served in Egypt:
▪ Cairo International Bank (CIB)-Cairo
▪ City Bank - Cairo
▪ Bank of Alex - Cairo
▪ Piraeus Bank - Cairo
▪ National Development Bank - Cairo
▪ Family Health International - Cairo
▪ Mobinile Telecommunications - Egypt
• Audit banks and financial institutions,
• Examines and analyzes accounting records to determine financial status of establishment;
• Reviews data regarding material assets, net worth, liabilities, capital stock, surplus, income, and expenditures;
• Inspects items in books of original entry to determine if accepted accounting procedure was followed in recording transactions;
• Counts cash in hand;
• Auditing interim and yearend financial statements
• Managing the accounts of the other Debit and Credit balances;
• Checking the bank reconciliation and the cash count report in order to make a detailed report on the cash at banks and cash in hands;
• Auditing the Banking Credit Department and evaluating the clients according to the CBE and CBK risk rate grading, risk of industry, CBE and CBK report, credit approvals and payment of clients and adjusting the suitable provisions if required;
• Testing and evaluating internal control policies and structures for control risk assessment & management letter issuance.
Internal Auditor