internal Audit Head
Streit Group
مجموع سنوات الخبرة :20 years, 4 أشهر
• Preparing organization’s yearly audit plan
• Planning and performing operational and financial audits
• Handling audit assignments, review all paperwork and audit reports
• Planning and overseeing audits of gaming operations to assess controls, operational efficiencies and compliance with all policies, procedures, and regulations
• Reviewing the reports that were prepared by other auditors
• Initiating different project planning and help to assess risk
• Developing audit direction for the rest of the auditors in the organization
• Providing leadership to other auditors on various assigned tasks and ensure satisfactory outcomes
• Performing different audit tasks which include preparation, paperwork, and other associated reports
• Helping to verify the exactness of different financial situations as they relate to liabilities, assets, expenditures, receipts, and other transactions
• Taking part in the coordination of audit assignments and ensure good interactions with the administrators, staff, external auditors, and law enforcement agencies
• Participating in the development and implementation of policies and procedures by providing short and long-term planning
• Recommending different methods that could help to enhance and improve control procedures
• Working with the management to resolve issues that may have been identified through audit findings
• Conducting follow-up on all the different audit assignments given to other auditors
• Making a research on the latest trends and other issues relating to the industry
• Guiding and advise the team in the organization to ensure that the development and processes adopted are legal, and work to achieve a wide range of organizational goals
• Ensuring proper documentation of the results of the audit evaluations
• Planning and allocating resources and staff in accordance with their skills and schedules
• Ensuring that audit software, business intelligence tools and records are up to date
• Performing other related assignments as assigned by the management
• Primary responsibilities are to prepare & submit monthly MIS report, supporting schedules, managing weekly/monthly cash flow & forecast accordingly, revenues and expenses analysis by preparing revenue & EBITDA Bridge.
• Leading and supervising finance team for monthly and timely books closing.
• Handle full spectrum of financial and cost accounting role eg. AR, AP, GL, forecasting, budgeting etc
• Preparing yearly Budgeting & Quarterly forecasting by gathering information from various departments & heads.
• Preparing monthly & Quarterly balance sheet schedules & other corporate reports for consolidated group reporting.
• Create and monitor a system of controls, procedures, and forms for the recording of fixed assets.
• Record fixed asset acquisitions and dispositions in the accounting system
• Track the compilation of project costs into fixed asset accounts and close out those accounts once the related projects have been completed.
• Work closely with the other departments in tracking project costs in comparison to their budgeted projections.
• Conduct periodic reviews of the fixed asset schedule to determine dispositions.
• Reconcile the balance in the fixed asset subsidiary ledger to the general ledger.
• Prepare audit schedules relating to fixed assets and assist the auditors in their inquiries.
• Controlling & maintaining fixed assets register, run monthly depreciation module after necessary adjustments and capitalization to Fixed Assets, tracking & controlling Capex budget, movement of assets to inter region.
• Independently handling financial & tax auditors for UAE and finalizations of audits & submission of annual returns.
• Applying for Bid Bond/Performance Bond Guarantee as per the request of commercial department.
• Preparing financial models for new projects.
• VAT registration & Implementation
• Preparing & submitting monthly VAT return supplier’s invoices.
• Other tasks and AD-hock reports assigned by management time to time.
• Developing VAT training material for the staff (Sales + Purchase department)
• Preparing a high-level design of the IT processes for the changes needed to be made to the IT systems to capture changes in business processes, transactions and arrangements and related input-output VAT, zero-rated and exempt in the IT systems.
• Managing the entire Finance and Accounting Functions of the Organization
• Preparation of budget, cash flow and other managerial reports requested by the management.
• Developing financial management mechanisms that minimize financial risk;
• Handle full spectrum of financial and cost accounting role eg. AR, AP, GL, forecasting, budgeting etc
• Perform project cost forecasts/budgets, cost tracking, monitoring and controls.
• Negotiate all banking facilities to ensure the lowest cost of fund available in the market
• Administering treasury functions including optimum utilization of surplus funds; controlling management of funds & securities ensuring pay-in/ pay-out of funds in time without fail Project financing to bridge the cash flow deficit and prepare the income statement for internal decision making.
• Ensure the timely fund availability to support the management plans, future growth and expansion as well as the daily financing and banking activities with all financial institutions.
• Control all accounting transactions and records, ensuring compliance with IFRS, company policies and applicable laws.
• Develop and maintain internal control and effective accounting system and policies for the set up.
• Report any variations on the budget and or cash flow plan plus Analyzing trends in revenues and expenses.
• Maintain proper job costing system, monitor and report the variations with its source.
• Management reporting for submission to head office
• Review & approve payment vouchers & journal entries
• Ensuring that intercompany cost allocations are in line with management agreements and transfer pricing policy
• Establish and maintain systems for cost-sensitivity analysis and early-warning of cost-overruns
• Monitoring and interpreting cash flows and predicting future trends;
• Formulating strategic and long-term business plans plus Conducting reviews and evaluations for cost-reduction opportunities;
• Liaising with auditors to ensure annual monitoring is carried out;
• Presenting a true and fair view of the financial position of the company by way of timely preparation of annual reports ensuring analyzing the expenditure on a monthly basis to control the expenses.
• Liaising with banks for optimum utilization of available cash credit limit; taking care of financial systems and management procedures by means of proper budgeting & ensuring that controls are adequate
• Efficiently compiled and presented an array of financial statements - Income Statement, Balance Sheet, Cash Flow Statement, Retained Earnings
• Review payroll processing functions involving computation of salary monthly payroll reports & EOSB calculation.
• Preparation of Policies, Procedures, and Systems for the RMB group of Factories and Companies.
• Regularly visit Group companies and examines and evaluates records and operating procedures to verify compliance with established plans, policies, procedures, and control systems and report inconsistencies to the Board.
• Auditing: the implementation of those Policies, Procedures, and Systems.
• Perform Internal Audits. To insure that the Internal Control Systems in the Group Units are functional.
• Conducting Feasibility Studies: for the new business ventures of the Owner, to assist him in decision-making.
• Verifying and preparing the business agreements: that the Owner would like to make with other business parties.
• Representing the Owner in the Regular and Special Board Meetings: to discuss the periodic and annual performance of the group units, make necessary recommendations, and introduce new ideas for the betterment of those units, and the group as a whole.
• Continuously develop and enhance control procedures for the Group to minimize risk.
• Analyze the Budget submitted by the Group companies and assess their performances based on the financial statements submitted quarterly which includes review of their operations to determine whether they operate efficiently, effectively and economical.
• Providing reasonable assurance that unit accounting records by means of examinations are in accordance with International Financial Reporting Standards (IFRS), International Accounting Standards, and Laws and implementing regulations under UAE Commercial Laws.
• Directly reports to the Chairman/owner for the status of the audit, audit findings/adjustments and other reportable issues.
• Develop and obtain proper approval for goals, audit work schedules, staffing plans, and financial budgets for the Department.
• Discuss findings and recommendations with the Chairman/owner
• Plans financial, regulatory, compliance or operational reviews/audits.
• Coordinates work with Risk, Legal & Compliance and other control-related activities and with others within Internal Audit.
• Conducts risk assessments and identifies controls in place to mitigate identified risks.
• Performs audit procedures to verify that controls are operating through testing and interviewing techniques.
• Analyses and concludes on effectiveness and efficiency of control environment.
• Identifies control gaps and opportunities for improvement.
• Documents the results of audit work in accordance with audit department and the Institute of Internal Auditors (IIA) standards.
• Prepares timely audit reports for executive management, the Audit Committee and the Board of Directors.
• Assess, evaluate and promote compliance to internal direct policies.
• Contributes, as appropriate, in the year-end financial audit with the external auditor.
• Provides advice on internal control and participates in enhancing internal audit standards and practices within Direct.
• Researches new or technical subjects when required to support audits.
• Managing the General Ledger (GL) & Fixed Asset (FA) function to ensure that financial accounting transactions are posted correctly in the GL and that they reflect the actual financial position for each individual legal and accounting entity.
• Ensuring that all transactions are recorded in accordance with accounting standards, Nakheel’s accounting policies and procedures, regulatory requirements, and any other relevant international practices.
• Marinating the chart of accounts, and system performance to ensure that the financial structure is aligned with the legal structure of the company.
• Maintaining intercompany transactions and elimination entries in the system to ensure consolidation results reflect the actual financial position of Nakheel.
• Manage the maintenance of the fixed asset register, asset categorization, asset tagging, and depreciation analysis.
• Reviewing and submitting the periodic (i.e., Monthly, Quarterly, Yearly) consolidated trial balance within the
• Periodic deadlines set by management.
• Executing the financial closing checklist for the GL & FA activities and coordinate with all sub-ledger functions to import and post all transactions correctly in GL. Ensure that proper reconciliation between general & sub -ledger is performed and all identified discrepancies are resolved.
• Reviewing and finalizing the monthly reconciliations of all GL accounts (including bank balances, provision, accrual, amortization, prepayments, etc.) and ensuring that all discrepancies are resolved in a timely manner. Where necessary post adjustment entries and ensure that such entries are supported by valid justifications.
• Preparing consolidated financial statements for the Nakheel Group and its subsidiaries (as required). Ensuring that such financial statements comply with relevant accounting standards and Nakheel policies.
• Conducting new project feasibility financial analysis
• Preparing management report for Non-Development divisions including leasing, retail and marine and hospitality & leisure businesses
• Preparing annual budgets for development, non-development & project analysis with the help of head of the department
• Evaluating data, preparing forecasts, analyzing trends and presenting results pertaining to sales, operations and other areas
• Providing assistance to the business units regarding budget availability, cost codes, etc.
• Preparing budget control variance analysis report of development projects to compare the actual cost against their budget on monthly basis
• Preparing multiple management reports which includes Monthly Consolidated Financial Report (MCFR), Management Reporting Pack (MRP) and any required adhoc report for the management
• Handling miscellaneous activities including reviewing the cost of Nakheel Purchase Requisitions for all Nakheel business units
• Checking / Verifying newly awarded contracts in order to have effective project cost tracking against their budget
• Consulting with and advising assigned management regarding advances planning, consolidation and reporting issues
• Developing presentation to management and the Board of Directors regarding the annual budget, monthly and quarterly actual analysis against them
• Organizing and reviewing time-sheets, subcontractor invoices, and vendor reimbursements, calculate and prepare client billings.
• Preparing monthly closing process and assist with bank reconciliations with CFO
• Reconciling assigned general ledger accounts.
• Assisting with filing of various permanent accounting records
• Performing monthly closing activities to include booking revenue and third-party fees.
• Develop Excel models to allocate shared project costs
• Vendor maintenance, lien waiver tracking and vendor statement reconciliation
• Managing special payment terms and monitoring joint check agreements
• Review cost code activity for accuracy
• Preparing construction workers and staff salaries
• Preparing JV, Cheque payment voucher and cash payment vouchers
• Responsible for Accounts receivable and accounts payable AR & AP
• Requisition preparation as needed
• Managing the records for rental construction machinery
Diploma in GCC VAT from Association of Taxation Technicians-UK
CMA - Certified Management Accountant
Master of Business administration - Finance
B.COM - Bachelor of Commerce (Accounting)