Internal Audit Director
Premier Services & Recruitment
مجموع سنوات الخبرة :20 years, 10 أشهر
• Group Internal Audit Director reporting to the Chairman of the board. Effectively established the Internal Audit Activity/ Department from scratch for the entire group covering the development of Internal Audit Charter, Organizational Structure of the department, Job Specifications and Job Descriptions of all required positions, Recruitment of Internal Auditors of all levels, KPIs of the Auditors and KPIs of the Department, and Manual Policies & Procedures of the department.
• Define the Audit Universe covering all activities subject to audit, perform Enterprise Risk Assessment, develop and present Risk-based Audit Plan to the Board for approval, and execute the Internal Audit Assignments as per the approved plan.
• Attract and retain a high performing workforce, Motivate, mentor and provide strategic thought-leadership and cultivate innovation amongst the Internal Audit team, and search for professional development opportunities, including internal & external training, while sharing the acquired skills and transferring the knowledge to the team.
• Develop and maintain continuous, effective and strong relationships & communications with Senior Management to ensure concerns are addressed and expectations are met.
• Orchestrate systemic change, initiate, and support positive change within the organization, and taking the necessary steps to remove barriers or to accelerate its pace.
• Stay sufficiently close to the business and connected with line management in order to keep a strong business understanding, and develop a position of influence without impairment of independence.
• Provide consultation in the development of strategies to improve financial and operational performance of the business, act as an early warning system for business risks and support business ethics and integrity initiatives.
• Actively participate in executive management meetings to ensure internal audit remains informed of key business developments that could have an impact on audit priorities and/or plans.
• Oversee, review, and approve the internal audit reports issued to the line management which address key business risks and control issues within the Group and assure line management accountability on audit risk mitigation strategies.
• Follow-up with Senior Management on the agreed resolutions as appropriate, and report & present the current status of the Annual Audit Plan along with the summary of major identified audit results to the Board of Directors on regular basis.
• Director of Risk Advisory Services reporting to the Managing Partner of the firm. Effectively lead the practice to grow existing accounts, create new business solutions, pursue effective networking, build long-term business relationships with clients, enhance the quality of services' proposals and services rendered to clients, foster practice development, generate new business leads and expand the practice in terms of revenue and profitability.
• Manage Internal Audit outsources, co-sources and other advisory services, and assist the clients in managing risks and uncertainties from the boardroom to the network.
• Provide the clients with reasonable assurance on risk management, controls and governance and other consulting services, which include but not limited to, suggestion of business process improvement & re-engineering, cost containment, internal control assessment, risk assessment & development of risk register, COSO & ERM, QAIP, compliance, fraud prevention, governance, ITGCs, and establishment of effective internal audit activity/department.
• Maintain a continuous and effective working relationship with clients’ Board of Directors, Audit Committees, and CEOs.
• Establish a program for selecting and developing the human resources of risk advisory services, develop a positive work environment and encourage teamwork.
• Allocate audit resources, assign personnel, and review engagements' recoverability and WIP reports. Lead the consultants assigned to engagements providing the necessary guidance concerning firm's approach, methodology, and expected deliverables.
• Develop presentations and technical & commercial proposals for clients' Board of Directors, Audit Committee, and Senior Management.
• Prepare projects' plans, approve work programs, review working papers, review engagements' reports, and pinpoint the frequency of follow-up activities in an effective and efficient manner.
• Present and discuss key issues and deliverables with the clients, provide feedback to audit team and suggest ways to improve quality of services.
• Effectively manage the Internal Audit activity to ensure that it adds value by providing an independent, cost effective and efficient internal audit service to all lines of business, in a manner that accomplishes the Internal Audit department's objectives, and fulfills the objectives and responsibilities that have been approved by the Board of Directors.
• Prepare the strategic and annual financial budgets for the department and allocate the optimal audit resources necessary to carry out the assigned responsibilities in an effective and efficient manner.
• Establish the organizational chart and manual policies & procedures of the Internal Audit department.
• Manage the human resources capabilities of the department, foster the career development of employees, and recommend decisions regarding promotion & termination of employees.
• Establish Strategic and Annual Audit Plan covering all the activities of the Company, prioritize the audit assignments based on an entity-wide risk assessment, and schedule follow-up activities as appropriate.
• Develop and direct comprehensive program of audit assignments covering internal control, risk management, and governance processes, regulatory compliance, human resources, operation, information technology, reliability of financial & operational reporting and management accounts, administration, investigation of sensitive and fraud related issues, and perform other special audit assignments as requested by Senior Management and Board of Directors.
• Maintain a continuous and effective working relationship with Senior Management to deal with current and pertinent issues relate to improvement of internal controls, governance and risk management processes. Make written recommendations to Senior Management to increase the efficiency and/or effectiveness of the control systems of functions reviewed.
• Liaise with External Auditors to coordinate the work, discuss audit related issues, and resolve audit observations.
• Diversified experience in Internal Audit, Governance, Risk, and Compliance Services (GRCs). Manager reporting to the Director or Partner and responsible for managing a portfolio of clients and meeting annual budget.
• Evaluate new clients/engagements against risk exposures, develop and submit services' proposals to potential clients, and conduct presentations to establish a mutual understanding with current client’s Senior management and/or Audit Committee in regards to the agreed scope of work and the expected output and deliverables of the engagement.
• Conduct risk assessments, develop risk-based audit plans, and present them to the Audit Committee for review & approval.
• Assign personnel, supervise and mentor staff on performing all different types of field work activities relating to various audit engagements, which include, but not limited to, preparation and execution of audit programs, interviewing key personnel within clients' organizations, understanding clients' needs and gaining a solid understanding of the clients' market/industry/core business, modifying audit programs whenever needed, evaluating control environment, risks and controls' design & implementation, performing testing, inspection & verification, and reviewing & issuing audit reports.
• Present and discuss the engagements' findings with the clients in a concise and clear manner, provide recommendations and proposed remedy solutions, and follow-up with the clients on the progress till clearance of identified issues.
• Engage with teams from other lines of services including assurance, transaction services, and taxation in planning audits, reviews and issuance of agreed deliverables, and provide other consulting services as required.
I have been in charge of audit fieldwork in multiple audit assignments of a wide variety of group of companies including Manufacturing, Services, Distribution, Non-profit, Trading, FMCG, Freight, Automotive, Retail, Real Estate, Energy, Construction, Jewelry, and Financial Services companies. My role was represented mainly in the following:
• Evaluate new clients/engagements through assessment of risk exposures and staff auditors’ independence and competence.
• Plan the audit through obtaining a solid understanding of the client’s business activities, organizational structure, management competence, control environment, and financial & operational systems, and assessing the audit risk relating to the function(s) reviewed accordingly.
• Understand the internal control structure of the reviewed business process through inquiries, interviews, observations to identify significant risk factors and any potential material deviations and discrepancies.
• Document understanding of internal control, reach the final objectives & scope, and develop the respective audit program.
• Assess control risk in light of design and implementation of controls and overall control environment.
• Obtain evidence through conducting tests of controls by inquiry, inspection, and verification.
• Accumulate audit evidence through performing substantive tests represented in tests of transactions, balances and analytical procedures.
• Evaluate evidence obtained, and prepare audit report.
My responsibilities covered the following major audit phases:
• Planning phase: This stage includes assessing internal control environment, internal control structure, and audit risk and developing overall audit strategy.
• Fieldwork phase: This stage includes the execution of audit procedures in accordance with Egyptian/International Auditing Standards.
• Reporting phase: This stage includes reporting the results of the work executed in accordance with Egyptian/International Accounting Standards.