Internal Audit Manager
Majid Al Futtaim
Total years of experience :20 years, 4 Months
Developing a comprehensive risk assessment and assessing the quality of internal controls.
Develop Internal Audit Plans to include operational, financial and IT audits, including compliance with approved policies, procedures, and standards.
Devising policies and procedures, identifying gaps and making recommendation for improvements in line with evolving practices.
Performing system reviews to ensure optimal utilization of IT systems, including reporting requirements.
Project coordination, prepare budgets and MIS reports, develop forms and records to document project activities, set up files to ensure that all project information is appropriately documented and secured, monitor the progress of the project.
Performing concurrent audit and annual audit of the President’s Office financial statements. Assess and report on the reliability and integrity of accounting records and management reports.
Scrutinizing contracts and legal documents, , thus ensuring their compliance.
Reporting to Director-Internal Audit and managing a team of 2 individuals.
Evaluating risks faced by the company and ensuring appropriate management of risks.
Devising policies and structuring procedures for various modes of revenue and expenses, such as Authority Matrix for the individual business units and at group levels.
Laying down critical policies for HR and Procurement departments.
Scrutinizing legal documents, contracts, and loan documents, thus ensuring their compliance.
Drawing the attention of concerned personnel in cases of any breach of terms and conditions.
Conducting internal audits and systems analysis all across the Company and related businesses.
Resorting to detailed verification of existing control systems and conducting substantive testing and verification of books of account with supporting documents and records, ensuring compliance with policies laid down by the company.
Analyzing all financial, accounting, operational, and administrative aspects pertaining to Corporate Office, Schools, and other GEMS MENASA entities.
Arranging and preparing for the Risk-based Audit Plan.
Investigating and reporting on existing controls, systems, and procedures to ensure accurate utilization, protection, and reporting on corporate resources and assets for all inadequacy or inefficiency in operations.
Verifying and reporting on ineffective internal controls, encompassing accounting procedures, along with proposals for alternate procedures ensuring better efficiency and control.
Identifying areas of cost control and cost effectiveness, via recognition of unfavorable variances as compared to budget or prior period benchmarks, unproductive expenses, improper methods used, and consequent losses.
Mediating and harmonizing with the external auditors whenever required.
Generating and ensuring follow-ups on audit reports.
Acting as an Interface for the IT, Financial, and Operational systems meant for business solutions.
Performing Special Audits as per instructions provided.
Summarizing and conversing on key observations and audit issues with concerned personnel and reporting to the line Manager/HoD on the same.
Key Accomplishments:
Formulated Risk Management Manual and templates for the company and clarified the requirements and significance of Risk Management to the management.
Generated the functional policies and structured procedures for key business processes.
Reported to Audit Manager/Senior Manager and supervised a team of 2-5 staff.
Comprehended the client, its internal controls, and accounting processes, and conducted initial analytical review.
Generated audit programs for diverse areas of audit, and gathered approval for the same from managers prior to coaching the team members.
Evaluated the time to be spent as per the scope of work and potentials of members, and arguing with the managers for their approval.
Ascertained the materiality levels based on the preliminary figures as per PwC standards, documented the same for team members’ reference, and adhered to the same during the course of the audit.
Educated team members on the nature of assignments as instructed by the managers and senior auditor.
Appraised the performance of team members on audit and conveyed the same to the audit managers.
Assured the review of financial statements in accordance with the latest amendments of Laws and Regulations and the Generally Accepted Accounting Principles.
Followed up with the clients pertaining to the review points of the manager as well as the partners.
Key Accomplishments:
Demonstrated leadership skills such as managing, motivating, and developing 2-5 member teams with a view to attain engagement objectives with efficiency.
Understand the client, its internal control and accounting process and perform preliminary analytical review.
• Preparing audit programs for different areas of audit and get the same approved by the managers before instructing the team members.
• Determine the materiality levels based on the preliminary figures as per DTT standards and document the same for the reference of other team members, adhering to the same during the course of the audit.
• Review the work of team members on audit and communicate the same to the audit managers, senior auditor.
• Ensure that the financial statements reviewed are in line with the latest amendments of Laws and regulations and are in accordance with generally accepted accounting principles.
• Follow up with the clients for the review points of the manager as well as the partners.
• Associate for Compliance Risk Management (CRM) Project, an INR 1.25 Billion project being piloted in India and Singapore to address compliance risk within the Bank, given the highly regulated nature of the industry.
- Explained the Group Methodology of Compliance Risk Assessment to all Consumer and Wholesale Bank Value Centres and assisted the Business Compliance Co-ordinators in carrying out their compliance risk environment assessment
- Prepared CRM templates for all Business Value Centres capturing the key local regulatory requirements and co-ordinated with the Business Compliance Co-ordinators to ensure the same are captured in their Key Control Standards and Key Risk Indicators
• Assitant Country Project Coordinator (ACPC) for Know Your Customer (KYC) and Anti-Money Laundering (AML) Project, an INR 50 Million project for India and INR 1 Billion project at the Group (Head Office) Level:
- reporting directly to the Country Project Manager, planned and implemented the Quality Assurance of the project implementation with respect to New Account Opening and Rectification Procedures and issued periodic reports on the same to the Country Steering Committee. The Quality Assurance Reports of the India team were well received at the Group Level and circulated to all 55 countries in the SCB group as a best practice to be adopted.
- actively involved in determining the KYC standards for the Mutual Fund business (INR 10 Billion) through detailed discussions and debates with senior management at the Group level. Reviewed business strategy, processes and procedures for implementation and transition of the project to Business As Usual
Initiated preparation of project documents for all key activities carried out by the L&C team capturing the background, scope and objectives, methodology, governance structure, reporting authority, formats and frequency, resources and costs, timelines, critical success factors and dependencies, etc.
• Initiated Internal Control Procedures for maintenance of Export documents and proper recording for the same
• Preparation of Budgets, Cash flow/ Fund flow statements. Preparation of MIS.
• Corresponding with various government departments viz., DGFT, Income Tax, Sales Tax
• Co-ordination with Banking authorities and preparation of Financial Forecast
• Analysing actual expenses with budgeted figures, ascertaining deviations and reasons thereof
• Account maintenance & review
• Motivating team while striking a good rapport
• Finalisation and preparation of Financial Statements and co-ordination with Auditors
• Preparation of Monthly/ Annually Sales Tax and Income Tax Returns
• Representation before Income Tax/ Sales Tax Authorities and preparation for assessment proceedings