Internal Audit Director
Jeddah Central Development Company - PIF
Total years of experience :17 years, 10 Months
Founder of Internal Audit Function
• Establish audit department in line with Corporate Governance Standards and internal
audit best practice
• Preparing audit manual and charters.
• Preparing audit committee terms of reference.
• Preparing quarter Audit Committee Presentations.
• Preparing risk-based audit plan which aligned with company risk register.
• Executing audit and ensure that audit standards have been applied by audit staff
during the engagement.
• Approving and issuing final audit reports.
• Following up on implementing audit recommendation timely and ensure no re target
date.
• Managing and executing special assignment requested by CEO or Audit Committee.
• Effectively implementing 3rd
line of defense control model.
• Providing assurance and consulting service to help the company achieve its objectives
• Assist management to improve company operation efficiency
• Assist management to increase company financials creditability and transparency
• Assist management to ensure that the company is always in compliance with
regulators, legal and Country law.
• Assist management in establish a robust framework to optimize balance between Risk,
Reward & Response.
• Assist management to enhance company control and safeguard company assets and
reduce fraud possibility
Jeddah
Reporting directly to Group CEO and Audit Committee. My responsibilities:
• To assist in establishing Corporate Governance Structure/System together with Audit
Committee.
• Identify Board of Directors responsibilities and terms of reference together with Board
Sub-Committees.
• To Establish Internal Audit Department according to Internal Audit Standards
• To establish Internal Audit Risk Based Plan together with Audit Procedure, Charter and
Manuals
• To Hire audit team and ensure they are applying internal audit tasks according to audit
standards.
• To issue final audit reports to audit committee in quarterly basis
• To follow up with management to close audit items according to the agreed timeline
• Assist in creating Company wise policy and procedure and to review the same during
the audit course.
• To implement audit management System and to provide audit team with required
training to run audit system.
• To ensure timely completing annual audit cycle and timely issued final audit report.
Reporting directly to CEO and responsible of Operation, Collection and IT Departments. My
responsibility but not limited to:
• To ensure that the team completes all tasks assigned to the department within
approved SLA's and in an accurate manner
• To ensure that all approved policies and procedure both by the company and the
department is being implemented and adhered to by the team in execution of all tasks
• Ensures that the team uses proper and approved templates in task completion
• Organize and coordinate the execution of deal related transactions
• Initiates training and coaching session to team member
• Maintains, updates, circulates and escalates required departmental reports to correct
departments
• Maintain and update Post Sanctioned Finance spreadsheets, trackers and other lists
• Develop a measurement process that will determine performance of each team
member
• Responsible for highlighting risk/errors noted in the processes to CEO
• Ensures that the department receives satisfactory audit rating
• Approve/authorize deal disbursement on system (if applicable)
• Identifying and reporting all risks identified to the management and working towards
being Audit ready at all times.
In addition, I am also responsible of Risk Management tasks:
• Develop, maintain and continuously improve the Operational Risk Management
strategy, Policy, and procedures.
• Analyze, define, describe and estimate operational risk events affecting the current
business (Risk and control Self-Assessment tool).
• Work with the business units to design and implement operational risk and assurance
solutions that mitigate threats and risks.
• Evaluate the effectiveness of applicable controls in various business area.
• Investigate and apply measure to reduce operational loss incidents.
• Guide various business unit in defining and monitoring KRI (Key Risk Indicator).
• Develop, maintain and continuously improve the Risk Management Appetite and Risk
Tolerance statements related to the fund’s activities.
• To conduct periodical Risk Assessments with conclusions drawn about current risk
levels measured against approved risk appetite and risk tolerance statements.
• Make risk treatment plans derived from actions necessary to move the current risk
level when it exceeds tolerance thresholds.
• Develop, maintain and continuously improve risk reporting within the fund.
• Integrate risk management to the organizations strategic plans.
Achievement:
• Investing in Collection Department resulting in bringing the Company portfolio back on
track
• Conducting process mapping exercises by IT Department resulting in cost saving and
enhancing company wise process.
• Re-engineering Operation Department process resulting in increasing department
efficiency and reducing operating risk.
KSA/UAE
Reporting to CEO and Audit Committee. The responsibilities but not limited to:
• Review the business activities that are carried out by the respective departments
within the organization and determine whether they are in accordance with the
Company’s objectives, policies and procedures and relevant rules and regulations
• Assess the internal control system and the extent to which all department and
employees comply with the applicable laws, regulations and company’s policies and
procedures. The internal audit function should have full and unlimited access to
information and documents.
• Establish and manage a robust system of internal audit department ensuring adequate
internal control and compliance procedures are in place.
• Create a comprehensive annual audit plan and implement after an approval from the
Audit Committee. The audit plan must be updated on an annual basis
• Submit an audit report that includes the scope of the audit, all findings and
recommendations to the Audit Committee on a quarterly basis
• To submit to the audit committee a written general report on all audits carried out
during the fiscal year. Compared with the approved plan, stating any gaps or deviation
from the plan, if any. Said report shall be submitted within the first quarter following
the end of the relevant fiscal year
• Maintain working documents that reflect the work carried out, findings and
recommendations transparently
• Review business processes and promote culture of integration of work flows leading to
process enhancements and security improvisation
• Make recommendations focused on improving or changing the existing systems and
procedures resulting in improved efficiency.
• Communicate with internal, external and group auditors and regulatory inspectors to
rectify internal control weaknesses, regulatory compliance and areas highlighted to
improve operational efficiency and control.
• Documenting detailed minutes of all meetings of the Audit and Compliance
Committee and shall be available for inspection by any member of the Committee at
any time.
• Additional duties will be added from time to time as per requirements or changes in
the company policy.
• Apart from the above mentioned duties adherence to the company policies, rules and
regulations are required.
Achievement:
• Establishing the Internal Audit Department
• Implementing Team Mate audit software for both KSA and UAE
Security and Facility Services
Jeddah
Reporting Directly to Finance Director and managing team of 6 employees. My
responsibilities but not limited to:
• Improve the operational and financial effectiveness of the assigned company or
business unit.
• Contributes to the development of financial reports to determine forecasts, trends and
results analysis.
• Monitors spending and financial control through identification of potential risks of the
assigned company or Business Unit.
• Provides analysis and reports of the company’s financial.
• Contributes to cost analysis and cost -reduction projects, competitor analysis, variance
analysis, tender preparation
• Analyses and present financial data, extracts relevant information and explains
numerical or financial data to both professional and non-Financial managers.
• Reviews costs and performs cost/benefit analysis related to projects and/or programs.
• Adheres to schedules of financial reporting in accordance with management, Divisional
Financial Control Function and legal requirements.
• Prepares financial reports, profit and loss accounts, balance sheets, cash flows
statements and such other financial analysis for the assigned company.
• Prepares statements and reports of estimated potential costs and revenues.
• Manages and generates analytical reports through Oracle system as reference for any
relevant management decisions to be undertaken.
• Ensures that appropriate financial regulations and controls are in place and in use at all
times.
• Verifies journal and ledger entries of cash and payments, purchases, expenses and trial
balances by examining and auditing inventory items.
Reporting directly to Head of Internal Audit and my key responsibilities are but not limited
to:
• Audited functions such as: Operation (blending, filling) and packaging, Technical and
Raw material receiving, Logistic, Safety and security, Sales (industrial, commercial,
government, international sales and retail sales), Petromin express, Fuel, Purchasing,
HR and admin, Finance, Overseas audit and special assignments
• Supervise and coordinate with KPMG to prepare risk based plan.
• Assist establishing policies for auditing department and direct its technical and
administrative functions by implementing the IIA standards as well as the international
code of conducts to ensure proper direction of the department technical and
administrative manner
• Participates in formulating audit manual and audit charter and regularly updates the
same
• Develop and oversee a comprehensive audit program for evaluating management
controls over all company activities, giving weight to loss/risk exposure by assessing
the auditee’s risks and develop proper planning to properly evaluate the auditee
internal control system.
• Review existing systems, procedures and records for their adequacy to accomplish
intended objectives; appraise new and existing policies and plans relating to the
activity or function under audit review by applying planned internal audit program and
selecting accurate sampling to properly review the auditee system and selected
transaction.
• Recommend improvement of management controls designed to safeguard company
resources, promote efficient operation, increase fiscal and reporting integrity and
ensure compliance with established Company policies by properly report all findings
revealed from audit work and related recommendations to ensure that corrective
action will be properly implemented.
• Appraise the adequacy of action taken by operating management to correct reported
deficient conditions, usually by follow-up review over the auditee recommended
corrective action to ensure the adequacy of these actions.
• Perform overall review of draft and final reports for consistency relevance and
reliability. Authorize the publication of reports on the results of audit examinations,
including recommendations for improvements.
• Coordinate, with or through company’s senior management, special examinations at
management's request by performing the management required audit assignments to
ensure that the internal control system is properly implemented by auditee.
• Conducting quarterly presentation to update audit committee about key risks findings
and recommendation progress
• Ensure that the scope of audits are clearly identified and conveyed to auditee;
estimates resource needs; schedules and assigns work to meet completion dates.
Reporting to Corporate Development Director and my responsibilities were
• To participate and assist implementation of Risk based auditing plan with Ernst &
Young team (Co-Sourcing project)
• Identifies and evaluates the organization’s risk areas and provides key input to the
development of the annual audit plan.
• Lead small team of auditors to ensure that all assignments and projectobjectives
areachieved.
• Represents internal auditing on organizational project teams, at management
meetings and with external organizations.
• Prepare draft report points and recommendations (within agreed time scales) and
discuss with superiors (before a discussion with the auditee)
• Ensure all objectives are achieved
• Reviews and monitors projects from concepts through implementation.
• Ensure audit work is reliable and in accordance with the direction set by the audit
manager and conforms fully to the audit process and quality standards.
• Performs audit procedures, including identifying and defining issues, developing
criteria, reviewing and analyzing evidence, and documenting client processes and
procedures.
• Timely follow up on audit recommendations and identify potential problems at an
early stage.
• Conducts interviews, reviews documents, develops and administers surveys, composes
summary memos, and prepares working papers.
• Communicates the results of audit and consulting projects
via written reports and oral presentations to management and the board of directors.
• Develops and maintains productive client and staff relationships
Achievement:
• Authority Matrix Policy for the company.
Candidate: Institute of Internal Audit Candidate Certified Internal Audit (CIA) Candidate: Institute of Management Accountant Candidate CMA Attended classes (6 months/124 credit hrs) for Certified Management Accounting (CMA). Training • Shariah Auditing (BIBF) • Risk Based Auditing (24 hrs) certified from George Washington University/IIR • Advanced Audit Technique (24 hrs) certified from George Washington University/IIR