Jithin Jacob

Internal Audit, Risk and Compliance Services (IARCS)
 Field in charge in executing risk based internal audits of the core and supporting processes of companies in
different industries like Insurance, Construction, Banks and Oil and Gas.
 Identify key processes’ gaps, control design deficiencies and risks; discuss the improvement opportunities with
process owners and deliver value adding recommendations.
 Developed Standard Operating Policies and Procedures (SOPP) for various business processes for a Real Estate
company.
 Conducted reviews of Entity Level Controls including IT General Controls (logical and physical access rights,
DRP & Business Continuity Plans, IT Governance and Organization Planning, etc.) and performance of
walkthroughs for key controls to assess internal control framework of listed clients.
 Major clients include ADIB, Gulf Related, Abu Dhabi National Takaful, Gulf Marine Services, and Dar Al Takaful etc.

 Deputed to Riyadh from EY Cochin to provide necessary support to Riyadh Audit team in the completion of the
external audits.
 Assisted the team in the planning, risk assessment, control testing, substantive procedures and conclusion
phase of the audits.
 Served the local team for major manufacturing sector audits, listed insurance and aviation sector clients
namely:
* Al Safi Danone; Univest and Sipco - (Major areas handled)
 Understanding of Business Processes, Assessment of Entity level controls, Ratio Analysis and
overall analytical reviews.
 Inventory tests - Various tests on inventory like NRV test, Weighted Average Cost test,
Provisioning test and ageing analysis etc. to know about the valuation and adequacy of
provisions.
 Receivables Existence test and the adequacy of the provisions.
 Revenue recognition test which included detailed analytical procedure on month wise sales and
trends.
* Saudi Reinsurance - (Major areas handled)
 Liability adequacy test based on the loss ratios trend since inception to ensure whether additional
reserve is required to meet the probable claims.
 Ensuring the provision for receivables are in line with the SAMA’s regulation as a minimum and as
required by International Financial Reporting Framework.
 Revenue recognition testing for reinsurance premiums.
* National Aviation Services - (Major areas handled)
 The Receivables existence test which was a very vast area as they could be from online as well
as numerous agents on commissions, also regarding the accuracy of the provision due to this
significant risk.
 Testing for revenue - 1) Revenue cut offs; 2) Testing on revenues like expired coupons, cancelled
tickets, flights scheduled but not occurred, total revenues, earned revenues, etc.
 Ensured compliance of the Audit methodology for the task performed and recommended non-compliance
noted to the local audit teams.
 Managed multiple clients concurrently.
 Prepared the financial statements in accordance with the applicable reporting frameworks.
 Drafted the management letters for the issues identified by the audit teams.
 Prepared the working papers and electronic audit files including the required conclusion documents.