Internal Audit Director
Averda
Total years of experience :21 years, 10 Months
• Carry out independent evaluations and appraisals of the effectiveness of the policies, rules and procedures through which financial, physical and human resources are managed.
• Provide management with a comprehensive risk management process to ensure that risks are identified, and evaluate existing internal controls’ ability to mitigate the impact and likelihood of occurrence of the identified risks.
• Research and keep abreast of legislative issues, new audit regulations/trends, new and emerging technologies, tools, and methodology, and elicit information from knowledgeable internal/external sources about areas and functions to evaluate or analyze.
• Keep management informed of emerging trends and successful practices in auditing and controls testing.
• Facilitate the formulation of new procedures and organizational changes resulting from audit/consulting engagements and discuss changes in related policies, rules, procedures, and methods.
• Perform special analyses and reviews, including compliance, instances of alleged fraud and unethical misconduct. Review and report on the accuracy, timeliness and relevance of the financial and other information that is provided for management.
• Develop a flexible risk based annual internal audit plan using risk based support models and methodologies, and ensure its full implementation.
• Approve and oversee audit programs and testing procedures to ensure appropriateness for the areas in scope; fieldwork is within scope constraints and deadlines; identified risks are addressed and adequately provided for; and activities conform to regulation, college policies, departmental procedures, and professional standards.
• Prepare and present accurate internal audit reports for consideration of the audit committee and the board.
• Report on internal control issues and the implementation of the internal audit plan to senior management and the Board.
• Supervise, hire, evaluate, instruct, delegate duties and tasks, direct, mentor, counsel and monitors the audit staff, and ensure staff compliance with regulations, policies, deadlines, and auditing standards.
• Maintain a professional audit staff with sufficient knowledge, training, skills, and experience to meet the requirements of the Internal Audit Charter.
• Develop/ and implement fraud and unethical behavior prevention programs driven by risk based support models.
• Participate in various committees or task forces geared to policy and procedure development and governance and operational improvement.
• Coordinate coverage with the external auditors and other external consultants.
• Manage the internal audit department in a credible, professional and cost effective manner consistent with industry standards, IIA Standards and best practices with the purpose to maintain and improve effectiveness of internal controls, provide reasonable assurance that the financial statements are free from material misstatements, and ensure adequate safeguarding of the group’s assets.
• Develop the yearly audit plan derived from a comprehensive risk assessment module, discuss the plan with top management, communicate the plan to the audit staff, and allocate resources accordingly.
• Set up the applicable audit work programs and procedures and communicate effective and efficient audit methodologies to internal auditors.
• Build and maintain the department’s policies, procedures, forms, rules of conduct, and processes flowcharts.
• Lead the audit conference meetings, audit fieldworks, discussion of audit findings, and exit meetings with the audit clients.
• Review and approve audit working papers, finding logsheets, and draft audit reports. Review and analyse the data obtained as evidence for deficiencies in controls, duplication of effort, fraud, or lack of compliance with the applicable laws, government tax regime and regulations, and management policies or procedures, and then recommend appropriate corrective actions.
• Supervise and perform financial, operational, and compliance audits in different areas including but not limited to the following units: Finance, Sales, Administration, Procurement, Human Resources, Inventory Control and Management, Operations, and Workshops.
• Evaluate the adequacy and effectiveness of company policies, procedures and internal controls and ensure their efficiency in protecting the assets of the company.
• Built and implemented the complete GCC Finance departments’ structure, internal controls, policies and procedures, and departmental objectives and KPIs.
• Introduced the corporate Budget Manual and led the yearly/project capital and operational budget preparation and continuous monitoring process.
• Introduced advanced financial reporting tools and options that meet the top management’s requirements and corporate standards.
• Managed the daily accounting process of the companies and led a smooth monthly closing process.
• Prepared monthly financial and variance analysis reports to top management; disclosed relevant information which may affect the end-users’ decision making.
• Led the cash management process of the companies and submit periodic cash position and forecasting reports.
• Conducted feasibility studies and evaluated all the prospective projects of the group.
• Liaised with other department heads/project managers to set up a comprehensive standard costing module, considered as the basis for pricing new projects and contracts.
• Liaised with external parties (external auditors, suppliers, customers, banks, lawyers, etc.).
• Assessed the competency of existing staff, recommended actions required, and implemented approved recommended actions.
• Led the migration process of the accounting and financial systems to Oracle Financials modules.
• Approved and posted daily journal entries, reviewed and approved third party reconciliations, inter-company invoicing, interest recharging, and monitor various trial balance accounts.
• Controlled and reviewed bank accounts and applicable interest rates.
• Followed up on periodic adjusting entries before the financial monthly closing due date.
• Prepared month-end financial statements, variance analysis reports and summaries, and other cost-benefit analysis and financial management reports.
• Reviewed annual budgets and provide necessary recommendations.
• Continuously monitored the budget to actual variance throughout the year.
• Prepared periodic tax reports (VAT, payroll tax, income tax) and NSSF declarations.
• Responsible for the audit of fifteen companies in Lebanon with various business types.
• Reviewed the internal controls in place and report discrepancies.
• Reviewed NSSF declarations and tax reports (VAT, income tax, and payroll tax) and assured that tax declarations are as per the updated regulations and as per the updated forms provided by the Lebanese Ministry of Finance.
• Documented audit working papers, audit procedures, and clients’ permanent and audit files.