Head of Internal Audit Department
Jamjoom Pharmaceuticals
Total years of experience :22 years, 11 Months
Provide assurance that the internal control environment at the company is adequate, effective, efficient and the risk is mitigated.
• Review the reliability and integrity of all management information developed within the Company and the effectiveness in which this information is managed. Coordinate with external auditors to ensure effective audit coverage.
• Establish policies and procedures to guide the internal audit activity. Establish risk-based audit plans to determine the priorities of the internal audit activity that is consistent with the organization's goals.
• Establish a follow-up process to monitor and ensure that management actions have been effectively implemented or that senior management has accepted the risk of not taking an action.
• Assessing compliance with statutory and other legal requirements.
• Set up, manage, and effectively implement the approved audit plan, reporting on a regular basis the progress and results of the plan to the Audit Committee.
• Ensure that internal audit resources are appropriate, sufficient, and effectively deployed to achieve the approved plan.
• Report periodically to the board and senior management on the internal audit activity's purpose, authority, responsibility, and performance relative to its plan.
Fawaz Abdulaziz Alhokair & Co SJSC (Based in Riyadh, KSA)
www.fawazalhokairfashion.com
Fawaz A. Alhokair & Company operates fashion retail stores across Middle-East, Caucuses, Central Asia, and United States of America. The group has around 1500 stores and 12, 000 employees with annual revenue of SR 4.6 Billion, having franchise of brands like Zara, Gap, Banana Republic, La Senza, Marks & Spenser, Promod, Monsoon, F&F(Tesco) and The Children Place to name a few. Alhokair also owns Strasburg Children (US) and FG4 brands.
Areas of Responsibility
a. Audit Responsibilities: Supervise and manage the audit of the groups and its subsidiary companies in KSA, Middle East and CIS countries.
b. Advisory Services Responsibilities: Supervise and manage the advisory services and assist the Director Internal Audit and Advisory Services to provide the management with effective and efficient advice.
c. Supervisory Responsibilities: Directly supervises Internal Audit employees.
Core Functional Activities
• Strategic Role:
i. Assist the Director Internal Audit in performing organization wide risk assessment to prioritize the audit assignments and develop a strategic audit plan.
ii. Assist the Director Internal Audit in periodic reporting to the board and senior management on the internal audit activity's purpose, authority, responsibility, and performance relative to its plan. Reporting should also include significant risk exposures and control issues, corporate governance issues, and other matters needed or requested by the board and senior management.
• Operational Role:
i. Assist the Director Internal Audit in formulating policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations.
ii. Maintain a quality assurance and improvement program that covers all aspects of the internal audit activity and continuously monitors and reports its effectiveness to Director Internal Audit.
iii. Develop and maintain productive relationships with client management throughout the year.
iv. Manage the execution of multiple audit engagements, reviews, and compilations. Manage clients’ relationships and expectations. Monitor the engagement audit team's progress against the plan and alter it when needed.
v. Conduct risk assessment for the respective audit area. Prepare and review audit program for respective audit area.
vi. Review and finalize audit reports performed by the audit staff. Issue and discuss the audit report with audit client and Head of Audit.
vii. Follow up on open audit recommendations, ensuring that management action plans are implemented in a timely manner.
Key Achievements
• Successfully managed the project for External Quality Assurance review of the internal audit department conducted by Deloitte.
• Successfully upgraded the TeamMate suite from version 8.0 to version 10.1
• Design and implemented Key Performance Indicators (“KPI”) for Internal Audit department and dash board style reporting for audit committee;
• Design and implemented a risk assessment model to be used for prioritizing audit engagements;
Netsol Technologies Inc (Based in Lahore, Pakistan)
www.netsoltech.com
Netsol Technologies (Listed on NASDAQ, NASDAQ Dubai and KSE), a U.S. CMMI 5 company providing global business services and enterprise application solutions to private and public sector organizations worldwide.
I was responsible for the internal audit of Netsol Group companies located in Australia, Thailand, Pakistan, UK and USA and reports directly to the Group Audit Committee functionally and administratively to CEO.
Core Functional Activities
• Provide assurance to the Company BOD and shareholders that the internal control environment at the company is adequate, effective, efficient and the risk is mitigated
• Review the reliability and integrity of all management information developed within the Company and the effectiveness in which this information is managed. Coordinate with external auditors to ensure effective audit coverage.
• Set up, manage and implement the approved audit plan in an effective manner, reporting on regular basis the progress and results of the plan to the Board Audit Committee Provide an independent appraisal of controls over financial integrity, operational effectiveness, IT controls for security, privacy and high availability, and compliance with laws and policies;
• Report periodically to the board and senior management on the internal audit activity's purpose, authority, responsibility, and performance relative to its plan;
Additional Responsibilities
• Lead a Project Team (comprise of in-house resources and external consultants, i.e. KPMG) responsible for periodic assessment of monitoring the implementation and compliance of COSO Integrated Internal Control Framework in all group companies to met the reporting requirement of Sarbanes Oxley 404;
• Act as a facilitator in organization wide Control Self Assessment (“CSA”) of Internal Controls by the process owners;
• Lead Internal Auditor for ISO 27001 (Information Security Management System);
Key Achievements
• Successfully implement the internal audit function in all group companies with different geographic locations.
• Established an effective tool for assessing efficiency & effectiveness of internal control system that can enable management to certify Sarbanes Oxley 404 compliance statement;
• Instrumental in providing an independent appraisal of controls over financial integrity, operational effectiveness, IT controls for security, privacy and availability, and compliance with laws and policies.
Kabani & Co \[Chartered Accounts\], Lahore
www.kabanico.com.pk
Kabani & Co is a California based Public accounting firm having worldwide offices in Los Angeles, London Beijing, and Lahore with a global staff of over 250 accounting professionals.
Major Responsibilities and KPI
• Responsible for audits of various multinational, local companies and financial institutions;
• Preparation, examination, analysis and review of financial statements including cash flows and consolidated financial statements;
• Assessment of clients’ business & environment and internal control risks;
• Audit planning on the basis of assessed risk level subject to available human and time resources;
• Assumed leadership role and acted as team leader, supervised junior associates;
• Finalization of deliverables and discussion with client’s management;
• Gained exposure and extensive knowledge of (IFRS) International Financial Reporting Standards and International Standards on Auditing (ISA) and its applicability on various audit clients.
• Managed and supervised a team of more than 25 audit professionals;
Qualified Chartered Accountant (ACA)
CISA (Certified Information System Auditor)
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