Finance Audit Manager
Construction Group of Company
Total years of experience :27 years, 11 Months
Highlights:
• Chaired and managed the inventory committee for 10+ years, set plans of actions that helped bring down inventory costs.
• Experience of 15+ years in preparing annual financial statements and handling financial analysis & reporting and dealing with External Auditors - Deloitte and Ernst Young.
• Managed and administered the Fixed Asset system for a period of more than 15 years.
Key Responsibilities:
Finance & Accounting:
• Currently spearhead a team of 11 professionals comprising accountants and auditors and oversee financial and accounting procedures.
• Devise and implement monthly and annual warehouse and stores’ inventory plans (across the country) as per demand planning, contribute to the monitoring activity and ensure timely warehouse accounting problem-solving.
• Collaborate with the purchase and warehouse managers for yearly inventory reconciliations, identify and resolve discrepancies as per set procedures for prompt conduct of year-end physical inventory counting.
• Review and audit internal procedures and systems, assess departmental efficiency and submit reports to the management.
• Participate in budget preparation and control variances, suggest corrective measures in time to avoid cost overruns.
• Coordinate with the Finance team to analyze the financial position of the company, contribute to statutory reporting as per prescribed guidelines.
• Oversee closing of books of accounts, and reconcile accounts; prepare financial ratios - Liquidity (Liquidity ratio-Quick ratio- Capital Working -ROI), Profitability and Turnover ratios.
• Recommend measures to company management to solve warehouse accounting issues and problems, as well as accounting system and procedures to ensure accounting and financial standards are maintained.
Audits:
• Provide assistance to auditors (Deloitte and E&Y) during audits; answer any quires and produce documents and files relating to assets and warehousing.
• Conduct monthly audit reviews and carry out audits of sub and general ledgers of fixed assets warehouse accounts, and projects.
• Establish the project site operational and compliance audit plan as well as company’s warehouses across multiple locations.
• Carry out Monthly Inventory Sample counting audits to ensure there are no stock discrepancies and ensure that documents and records were maintained accurately.
• Assist external auditors in preparing reports and annual ZAKAT; note non-conformance in audit reports and ensure that corrective measures are in place.
• Conduct field audits of all company assets across locations to verify that they actually exist.
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KEY RESPONSIBILITIES:
Oracle Financials & Accounting
• Collaborate with various departments to manage accounting and finance related tasks of the supply chain; as an expert user in Oracle financials, Oracle SCM and Oracle Project, suggest financial and accounting solutions for SCM issues.
• Key tasks involve preparing purchase orders in Oracle, analyzing accounts and maintaining accounts integrity, resolving any discrepancies in conjunction with warehousing, and deploying effective security rules in the system to eliminate user mistakes.
• Train users on Oracle modules so that they can use these modules effectively, resolve difficulties and issues raised by them.
• Ensure subsidiary warehouse accounts are properly maintained in Oracle and accurately reflect material quantity and type (civil, mechanical, electrical, architectural, spare parts, etc) integrated with specific inventory account.
• Responsible for user authorization (for Oracle system) as per user’s designation/category, deploy appropriate security measures in the system so that company’s financial reports can be accessed only by authorized personnel.
• Review and audit accounts payable reports in the Oracle system for each payment / debit transaction (subcontractor/supplier payments, salaries, banking, Tawaruq, Murabaha etc).
• Review and audit accounts receivable reports for payments received from customers, banks, subsidiaries, capital asset sales etc.
• Analyze the entire accounting procedure starting from material request cycle till payment; review and monitor items average cost and suggest correction action as required.
• Prepare and run monthly depreciations in Oracle, review monthly asset transactions (fixed asset (FA), CIP Capital Asset in Progress) and monitor asset insurance policy.
Key Responsibilities:
• Reviewed ongoing processes in the company, identified and eliminated inefficient/redundant processes, made modifications and introduced new processes to maximize efficiency.
• Developed audit programs, conducted audits and maintained documentary evidence of the work carried out during audits; supervised all field work during audits.
• Maintained expert knowledge of the operational processes, company policy and procedures, accounting practices and financial standards to ensure audits could be conducted properly.
• Noted system and process flaws/vulnerabilities, shortcoming in the internal controls, noted non-conformities against established standards, and suggested corrective actions.
• Followed-up with managers to ascertain the status of corrective actions, discussed key points and improvements.
• Conducted initial surveys of assigned audit areas and processes, mapped processes to understand workflows.
• Documented audit findings as per established formats and standards, and submitted reports to management.
• Reviewed the effectiveness of internal controls in terms of safeguarding assets, maintaining integrity of financial information and accounting records and compliance to regulations; mitigated risks due to inadequacy in controls.
• Conduct financial audits through reviewing of petty cash vouchers, sub-contractor services received notes and invoices and contribute to year-end physical inventory.
Key Responsibilities:
• Managed the finance and accounts department, led a team of accounts executives and ensured that procedures were in line with GAAP (Generally Accepted Accounting Principles), and effective financial and accounting control systems were in place.
• Managed cash flows effectively by controlling accounts payable and accounts receivable effectively.
• Scrutinized suppliers’ invoices, sub-contractors and service providers and approved release of payments; followed-up with clients for outstanding payments.
• Oversaw bank reconciliation by verifying amounts recorded in bank statements matched those in accounting records, investigated and rectified any discrepancies.
• Processed monthly payroll; took into account leaves, overtime, vacations, benefits in calculating and processing employee salaries, and submitted payroll reports.
• Prepared Monthly Asset Depreciation (buildings, vehicles, furniture, machinery etc) and submitted depreciation reports to management to facilitate decisions on capital investment.
• Carried out suspense accounts error corrections, and handled adjustment entries for prepaid, accrued expenses and other accounts.
• Prepared financial statements such as balance sheet, income statement, and dividends of profits; analyzed and presented financial reports to management to facilitate informed decision making.
• Reviewed accounting practices, systems and procedures and recommended changes required (if any) to ensure appropriate accounting standards were met.
Key Responsibilities:
• Managed accounting data entry, ensured accuracy of accounting records, assigned appropriate accounting heads to transactions, posted journal entries to ledger, passed rectification and adjustment entries as required.
• Prepared monthly bank reconciliation statements, coordinated with banks to secure short-term and long-term finance; handled bank deposits.
• Prepared and submitted financial statements and accounting reports, ensured financial disclosures were done in time.
• Managed accounts receivable, followed-up with debtors to ensure receipt of money within the approved credit period, resolved invoicing discrepancies (if any), and issued acknowledgements for all bills paid by debtors.
• Periodically carried out aging analysis to identify the impact of pending accounts receivable on operations, identified trends, and submitted reports to the management.
• Prepared financial statements such as balance sheet, income statement, and dividends of profits; analyzed and presented financial reports to management.
PREVIOUS ASSIGNMENTS:
• Jan 1992 - Jun 1996: Accountant & Sales, Gulf Center 6, Khobar, Saudi Arabia
• Apr 1991 - Jan 1992: Accountant, SubhiHussian Ahmed Construction Co, Egypt
Studied CMA Part 1,2 and 3
TRAININGS: • Feb 2012: Effective Communication Skills, Multaqa Shabab Al-Khair – Al Hidaya • Mar 2009: The Social Style Course, Private Course, Eastern Province, Saudi Arabia • Mar 2009: Time Management Course, Private Course, Eastern Province, Saudi Arabia • Mar 2009: Successful Strategic Course, Private Course, Eastern Province, Saudi Arabia • Mar 2009: Personal Characteristics, Multaqa Shabab Al-Khair – Al Hidaya • Jan 2008: English Accounting Cycle Course, Private Course, Eastern Province, Saudi Arabia • Jan 2008: Business English Course, Private Course, Eastern Province, Saudi Arabia