Internal Audit Director
Three Bees Hotel Co.
Total des années d'expérience :14 years, 9 Mois
Company Profile;
Food Unit Company is a fully owned subsidiary of Yazeed Al-Rajhi & Bro. Holding Company, which owns and operates quick service food chain restaurants (Jan Burger, Shawarma Plus, Pizzaratti, 2EAT, Tameesa). The company headquarter is based in Riyadh, Saudi Arabia and operates over the Saudi market with nearly 100 outlets.
Key Achievements:
• Tremendous annual growth in revenue during my tenure 2016-17 (116%), 2017-18 (43%), 2018-19 (35%), with compound annual growth rate (CAGR) of (61%).
• Drastic annual reduction in cost of goods sold (COGS) during my tenure 2016-17 (6%) & 2017-18 (5%).
• Annual favorable decline in General and Admiration & selling and marketing expenses 2016-17 (4%) and 2017-18 (1%).
• Annual staff turnover reduce to (17%) from (23%) from 2017-2020 during my tenure.
• Provide value-added advisory support in Business Process Transformation while implementing SAP (Business One) at group level; go live in July 01, 2019.
• Reduce inventory turnover days to 27 days from 41 days during 2018-19.
• Develop the Internal audit department and streamline the business strategies, KPI, polices & procedures including authority matrixes department wide and ensure reasonable assurance in compliance with laws & regulations (IFRS, SAMA, CMA, CCG, COSO, ERM, IPPF).
Roles & Responsibilities:
• Providing independent objective assurance, advising and recommending improvements in the internal controls, governance & risk management systems to Top management & Audit Committee.
• Examine and evaluate the adequacy and effectiveness of risk management, internal control and governance system, to provide reasonable assurance that systems are functioning as intended and will enable the organization’s objectives and goals to be met.
• Ensure compliance with policies & procedures, and applicable laws & regulations.
• Understanding the entities processes and identifies the GAPs/design weaknesses in end to end process and provides the recommendation to counter the financial, operational and compliance risk.
• Recommend the best practices as per international standard COSO Framework.
• Planning & executing financial & operational audits in accordance with standards of internal audit (IPPF) & relating enforcing standards, laws & regulations.
• Identify activities for audit coverage, evaluate their significance and assess the degree of risk and plan audit coverage to mitigate the risk.
• Design and schedule Audit programs to ensure adequate audit coverage of the identified audit risks.
• Preparation of a concise and informative audit report to effectively communicate the findings and recommendations to the branch/department and to senior management.
• Providing consultation and value-addition advises in design and supports to business partners on the creation or modification of policies, procedures, processes and products or services to ensure an appropriate level of internal controls and/or compliance is maintained, to address control weaknesses and/or process inefficiencies.
• Conduct follow up audits to monitor management’s interventions.
• Perform special reviews and assignments at the request of Audit Committee.
• Engage to continuous knowledge development regarding sector’s rules, regulations, best practices, tools, techniques and performance standards.
Company Profile:
Leading manufacturer of fabric-based novel, peerless marketing, events, branding and display products.
Key Achievements:
• Implement PACT accounting system and go live in January 01, 2016.
• Define policies & procedures for finance department including the intra-departmental communication timelines and commitments.
• Define the service level agreements with key suppliers and/or business partners.
• Reduce cost (30%) in annual budget of finance through proper segregation of duties, process automation by system and better defined controls (BI).
• Provide support to HR department in successfully implement the HR module including payroll function related to Finance department to automate the HR operation as per defined legal rules & regulations (MOI, MOL, Ministry of civil defense).
• Streamlined the warehouses space allocation as per pallet position in vertical integration through racks including tags defined in SCM module, save cost (50%) in handling the material, storage and logistic of goods.
Roles & Responsibilities:
• Preparation of monthly, quarterly and annual financial statements.
• Oversee the recording and maintenance of accounting records and ensure accuracy, completeness and classifications of transactions.
• Develop and maintain thorough financial policies and procedures for the Company and ensure that financial policies are adhered to as set out in the Company’s financial guidelines.
• Periodical management & segment reporting for different business units and its presentation to management at different levels.
• Generation of Management information (MI) and analysis from source data to track progress of the company in relation to financial targets & goals.
• Review all financial plans and budgets periodically to look for cost reduction opportunities which help in enhancing the Efficiency & Profitability.
• Preparation of annual budget and continues monitoring of budget to take corrective measures, to control unfavorable variances on monthly basis.
• Preparation of projected cash flows on annually, monthly and weekly basis, and analyze financial/cash flow impacts of any subsequent revisions/amendments in the customer or supplier’s contracts.
• Continual monitoring of disbursement & recommend fund inductions
• Handling all the correspondence with banks (car financing, loan approvals, monthly EMI’s, remittance to China, Japan & Europe).
• Monitor and review accounting & business internal control system for accuracy & completeness of record.
• Support day-to-day execution of general ledger processes, including support to departments and timely reporting to higher management.
• Co-ordination with overseas customers in Middle East & European region.
• Complete Ad-Hoc analysis on special projects/assignments as defined by the needs of the business.
• Inventory management & valuation, and reviewing the pricing strategies based on average expenditure quarterly basis.
• Monitor recoveries and control receivable turnover to ensure that the receivables are collected promptly.
• Maintained fixed asset register, ensuring additions, disposals/transfer of assets, calculate depreciation and WDV.
• Ensure that the account payables are paid in a timely manner.
• Review and monitor payroll on monthly basis and ensure adherence with laws & regulation as defined by MOL UAE.
• Monitor & review software module up gradation, to ensure proper control effectiveness.
Company Profile;
One of the Leading Group in Pakistan comprises with more than 30 subsidiaries/associates in diversified sectors like textiles, FMCG, power generation, Retail, Diaries and investments portfolios.
Roles & Responsibilities:
• Preparation of consolidated annual, interim, quarterly financial statements in accordance with the company’s policies and applicable ISA’s/IFRS and/or under local regulatory authorities.
• Ensure compliance with all requirements of local regulatory authorities (SBP, SECP, and FBR).
• Filing quarterly Statement of Assets and Liabilities to State Bank of Pakistan, FBR and SECP return.
• Make researches in responses to timely changes occurred in local company laws, regulations and provide guide lines to management regarding such changes.
• Support day-to-day execution of general ledger processes, including support to departments.
• Handled fixed asset register, additions, disposal, transfer of assets, depreciation and WDV.
• Preparation and management of projected cash flow, and analyze further cash flow impacts.
• Proactively Manage cash and provide recommendations to group CFO on actions to be taken to meet the potential commitments.
• Handling of bank accounts/remittances and preparation of weekly/monthly bank reconciliations.
• Debtors and creditors management, assessment of credit limit and days for corporate & non-corporate accounts.
• Maintaining accurate measurement and statistics of individual customer/supplier account.
• Managing finances and remittances particularly in relation to suppliers abroad.
• Administered proper allocation of expenditures to cost centers and general ledger.
• Preparation of costing sheets ensuring absorption of all direct cost for different production line.
• Co-ordination and liaise with external auditors during interim/annual audit of financial statements.
• Maintaining control over budgeted expenditures and reporting variances.
• Reviewing internal control system to check the accuracy and completeness of record.
• Highlighting weaknesses in control procedures to ensure strict adherence to chart of accounts.
Company Profile;
A multi-discipline firm providing professional services of audit & assurance, taxation, risk management, Advisory, corporate affairs and secretarial practice.
I have audited various listed and private companies. Client’s Portfolio comprised of different sectors (e.g: Oil & Gas, FMCG, Textile, Print & Media, Pharma, Financial institutions, Hospitals, Hotels, Energy).
Responsibilities:
• Overall planning of engagement, conducting initial planning meetings with clients to understand & co-develop expectations, and designing audit strategies in consultation with engagement manager.
• Assessing underlying audit risk in the light of assessment of client’s overall control environment.
• Obtaining a thorough understanding of the nature of client’s business and regulatory environment in which it operates identification of critical success factors and key performance indicators.
• Initial overall analytical review, understanding major business processes, analysis and testing of internal controls at the interim and final stages, and detailed testing of significant account balances and transactions.
• Assisting client with preparation and presentation of financial statements including disclosures as per IFRS/IAS/ISA, and ensuring compliance with all applicable reporting requirements.
• Application of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
• Communicating audit progress and findings by providing information in meetings, highlighting the unresolved issues and analyzing strategic aspect of the further planed audit procedures.
• Coordinate with appropriate management staff in implementing approved corrective and preventive measures.
• Review and supervision of the work performed by audit assistants throughout the course of the audit.
• Preparation of final audit deliverable - audit report, covering letter to the Board of Directors and Management Letter.
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