Manager Financial Compliance, Risk & Internal Audit
Majid Al Futtaim Group
Total years of experience :22 years, 6 Months
Key Achievements:
•Establishment of Internal audit, compliance & risk function at KSA level.
•Preparation and optimization of SOP’s for KSA Business Unit as per business needs.
•Reduction of Food & Beverage inventory variances (System vs Physical) from 11% to 02%.
•Reduction in expiry of Food & Beverages from 05% to 0.43%.
Responsibilities:
My responsibilities in this Emirati holding company based in Dubai, that own & operates shopping malls, Food & Beverages Concepts, retail, & leisure establishments in the Middle East and North Africa, with operations in 13 countries includes:
•Performing Vox cinemas, Fashion, Food & Beverages Restaurant, Leisure & Entertainment Ventures (Magic Planet/Yalla Bowling/Dream escape) audit across all sites in Saudi Arabia.
•Monitor and audit the company’s compliance with established internal controls and regulations.
•Ensure that the audit process is utilized in identifying control weakness and developing recommendations within all divisions, functions, and operations of the company.
•Oversee and ensure that audit reports are balanced and provide executives and the board with the opportunity to evaluate and weigh the issues being reported in the proper context and perspective.
•Provide advice and proactive feedback for improvement in an organization’s practices.
•Oversee a comprehensive risk-based audit plan for evaluating the effectiveness of controls in place to manage significant risk exposures, safeguard company assets, brands reputation and comply with laws and regulations.
•Lead the developing and implementation of a comprehensive audit program for evaluating the adequacy and effectiveness of the company’s system of internal control.
•Analyzing and evaluating the efficiency and cost effectiveness of the Company's operations.
•Foresee the policies, processes, SOP’s & structures used by the organization’s leadership to direct activities, achieve objectives, and protect the interests of various stakeholder groups in a manner consistent with ethical standards.
•Ensure achievement of company’s objectives in terms of; Effectiveness and efficiency of operations, Reliability of financial and management reporting, Compliance with laws and regulations and safeguarding of company’s Assets.
•Direct reporting on company’s system of internal controls & ensure that there are significant audit recommendations and make suggestions for improving the company’s key operational and finance activities and internal controls.
•Ensure audit findings are properly communicated with management and appropriately tracked and addressed.
•Develop a risk-based sampling and testing approach to determine whether the most important management controls are operating as intended.
Duration: 23rd Jan 2021 - 30th Nov 2021 (10 Months
Responsibilities:
My responsibilities in McDonalds included:
•Performing Restaurant audit of more than 200 McDonalds restaurants in Saudi Arabia.
•Performing audit of McCafé outlets across Saudi Arabia.
•Performing operational and financial audit of McDonalds Corporation USA authorized Distribution Centre’s (DC’s) in Saudi Arabia
•Performing Aggregators and McDonalds KSA head office various departments audits as per audit plan.
Food & Beverages inventory losses by implementing daily F&B inventory counting mechanism.
•Reduced excess purchase of Raw Food items.
•Introduced employee meal policy & CCTV at cash counter.
Responsibilities:
My Responsibilities were to perform Financial and Operational Audit of the restaurant such as;
•Audit of Royalty Payable to Sr. Patata Spain & profit-sharing percentage of partners.
•Audit of Daily/Weekly/Monthly/Annual Sales data, Expenses and Inventory.
•Audit of Cash and Banks, Point of Sales Reconciliations, Payroll, Wastage, Expiry and Sales Incentives.
•Fixed assets audit.
•Audit of menu pricing, refunds, staff meal cost, expiry, wastage and other operational audit functions.
•Participate in stock taking at the restaurant.
My responsibilities there were as follows:
•Subcontractors Invoices audit.
•Audit of customer wise weekly and monthly consolidated sales report prepared by sales department.
•Audit of customer wise sales accruals booking and its reversal.
•To have a check over bad debts and to verify the provision for doubtful debts.
•To verify the reasons and justifications of doubtful debts.
•To audit and report monthly actual amount being debited to Accounts Receivables and Credited to Sales.
•To verify the compliance of all the clauses of customer agreement such as payment terms, job codes, area codes, work done narration, accurate date, amounts, figures and other important clauses etc
•To Verify and keep track of the installments payments and retention amount required to be claimed from the customer.
•Auditing of customer wise detail of accounts receivables aging and opening/closing balances.
courses: (Certified Public Accountant) •CPIA (Certified Professional Internal Auditor) •MBA Finance •Bachelors in commerce (Specializing in Accounting & Finance)