Rakesh Raja - Internal Auditor

Currently working as an Associate Director at KPMG Lower Gulf - UAE in Governance, Risk, Internal and Compliance Services for financial services industry. My key achievements included:
• Implemented Internal Controls Over Financial Reporting - ICOFR (SOX / COSO) Framework - at more than 20 entities in UAE to comply with Securities and Commodities Authority Decision No. 3/RM/2020 and ADAA Regulation # 01 of 2017 and 10 commercial banks to comply with Central Bank (State Bank of Pakistan) Regulation
• Currently managing a big project for implementation of COSO / SOX Framework implementation for leading commercial bank in UAE in line with SCA Regulation.
• IPO Readiness Assessment - Assisted more than 8 companies with conducting public company readiness assessments related to legal and corporate governance matters.
• IPO Readiness Implementation: Developed corporate governance including delegation of authority matrix and other policies and procedures for more than 8 companies as part of IPO Readiness in line with listed companies’ regulations of UAE.
• Internal Audit: Conducted more than 70 internal audits for companies in financial services including leading commercial banks, insurance, asset management and sovereign wealth funds
• Developed AML policies and procedures for more than 10 companies in financial services industry
• QAR Reviews: Conducted Quality Assurance Reviews of internal audit function for more than 5 banks in UAE
• Compliance Reviews: Conducted compliance and readiness assessment of financial services industry companies including banks, exchange companies, crypto asset exchange companies, insurance etc. and have in-depth knowledge of CBUAE, DIFC, ADGM, CBB and SAMA Regulations.
• Completed more than 100 advisory projects including internal audits, corporate governance, QAR, IPO readiness, enterprise risk management and development of policies and procedures for companies in financial services industry
• Policies & Procedures: Developed policies and procedures of more than 15 companies in financial services industry
• Conducted training for more than 100 participants on new IIA Standards and Internal Control over Financial Reporting in line with SCA Regulations - UAE
• Corporate Governance: Development of Corporate Governance Framework and Delegation of Authority Matrix for more than 20 companies including federal entities
• Participated in the risk assessment process to evaluate control adequacy and development of the annual audit plan and audit schedule
• Managing a portfolio of 8 - 10 engagements (with approx. value of USD 2 Million on an annual basis) simultaneously and ensure timely completion of all projects with client-proposed deadlines. Engagement planning, execution, audit conclusion and overall stakeholder management along with handling a team of up to 12 members

Currently working as Senior Consultant - Business Risk Services - Grant Thornton. My responsibilities / achievement s include:
• Conducting reviews of systems, processes and internal controls
• Provide recommendations to clients for improvement or remediation
• Drafting audit reports and discussing with Senior Management
• Reviewing the work of subordinates to ensure project objectives and professional standards are achieved
• Working as a team member to provide high-quality execution of projects for clients across a wide range of industries
• Gain comprehensive understanding of client operations, processes, and business objectives and utilize that knowledge on engagements.
• Create internal control documentation for the engagement including narratives, process and data flows, and other supporting work papers.

Presently working as Assistant Manager - Enterprise Risk Services of Deloitte & Touche Middle East. My Responsibilities include:

 Participated in the risk assessment process to evaluate control adequacy and development of the annual audit plan and audit schedule.
 Oversaw audit engagement including program development, ensuring work papers are accurate and support audit conclusion.
 Ensured timely completion of all projects with client-proposed deadlines
 Led internal audit exit meetings to discuss findings and management action plans, and planned and executed follow-up testing to ensure action plans were properly implemented
 Developed individual audit work plans, reviewed work papers, scheduled audits, and oversaw adherence to the schedule
 Managed and coordinated a team of 8 auditors throughout the audit life cycle
 Managed and executed a proactive continuous risk assessment process focusing on emerging risk throughout the corporation.
 Preparation of audit strategy - setting budgets, scheduling audits, selecting staff and assigning workloads, and financial reporting

 Risk Management - Assisting in the identification and evaluation of corporate, process, operational and/or project risks and developing/advising on appropriate management and assurance strategies;
 Best practice reviews - reviews of systems and/or processes with a focus on using the firm's knowledge and experience to recommend improvements and/or changes in the client's methods;
 Regulation or legislation driven reviews - detailed work to give clients assurance that they are in a position to meet the requirements of any new legislation, government regulation or guidance; and
 Efficiency reviews - detailed testing and evaluation of financial and non-financial areas with an emphasis on assisting clients in meeting objectives in a more cost efficient or timely manner
 Play lead role in client retention, relationship building, and communication

I worked as Senior Internal Auditor at Al Ahli Holding Group. Al Ahli Holding Group is a dynamic group of companies that was formed over 40 years ago and has since evolved into a multi-disciplined corporation with a diverse portfolio of activities ranging from real estate to turnkey construction, engineering products and factories, shopping malls and retail, cement and printing, plastic manufacturing and logistics, mining and fuel trading, and strategic and innovative developments - a total of 30 dynamic and successful businesses. My responsibilities includes:
 Applied a risk-based approach to the review of the systems and controls through the development of an annual program of audit review work.
 Reduced costs throughout the company through process improvements in Accounting, Receiving, Purchasing, Sales, Order Fulfillment, Credit & Collections, Leasing, etc
 Prepared audit programs, reviewed audit work papers, presented recommendations to management and drafted audit reports. Drafted an Internal Audit Manual.
 Identified AED 30 Million of revenue value at risk and due to which additional controls were put in place to reduce the loss.
 Conduct audit close meetings with concerned process owners to discuss and agree on audit results
 Conduct follow-up audits
 Developed and maintained standardized audit programs to monitor, assessed and analyzed financial as well as organizational risk and controls for the newly formed internal audit function
 Promoted risk management best practices across the company

I worked as Manager Internal Control over Financial Reporting (ICFR) at JS bank limited. JS Bank Limited is a subsidiary of the JS Group, which is one of Pakistan’s most diversified and progressive financial service groups.My key responsibilities includes:

 Achieved significant cost savings by reducing the reliance on consultants for implementation of COSO Framework.
 Managed COSO compliance program consisting of > 400 key controls.
 Facilitated the development and implementation of the Enterprise Risk Management (ERM) initial review, development of top ten risks, and remediation plans according to the COSO Framework.
 Conducted risk assessments to evaluate control adequacy and delivered training for risk management.
 Documented, assessed and tested business process flows and control activities to achieve audit objectives in areas of regulatory compliance, finance and operations.
 Created operational, financial and compliance audit programs and reviewed and approved corresponding testing and work papers completed by audit staff.
 Arranged workshop with process owners in the preparation of risk registers - identify and assess the risks related to various processes and products.
 Reviewed and evaluated the entity level controls including company Code of Conduct, Audit Committee and Internal Audit Departmental Charters.
 Assisted Deloitte with year-end financial statement COSO Compliance and regulatory examiner liaison.
 Prepared risk map for the entire organization, based on the various activities and ensure that entity is adequately covered for risk through proactive policies, escalations, insurance etc.
 Conducted a comprehensive enterprise-wide risk assessment resulting in the development of comprehensive multi-year audit plans.
 Analyzing data obtained for evidence of deficiencies in controls, duplication of effort, extravagance, fraud or lack of compliance with laws, government regulations and management policies or procedures;
 Conducting special studies for bank to discover mechanics of detected fraud and develop controls for fraud prevention;
 Identify project issues, risks, and facilitate remediation;
 Devise and maintain internal controls sufficient to provide reasonable assurance;
 Dealing with the SBP (Central Bank) in all matters pertaining to ICFR regulatory requirement;
 Updating the ICFR Steering Committee on the ICFR milestones;
 Performing scoping study on the basis of audited financial statements.
 Provide necessary training to the Business Process Owners and employees concerning the controls implemented and efficiency guidelines.
 Preparing key controls framework and Residual risk Analysis templates
 Preparing detailed test plans for Entity level, Company and Transaction level control
 Knowledge of the critical processes as well as the key risks involved in end to end processes within a Bank.
 Update the ICFR documentation through discussion with management and process owners

I worked as a Senior in the Advisory division of Ernst & Young Ford Rhodes Sidat Hyder. My key responsibilities include:
 Engagement planning based on the understanding of the client’s business processes and assessment of business risks, supervision of the engagement, review and finalization, including close liaison with client's management;
 Evaluating risk management procedures and internal control systems, identifying weaknesses therein and making recommendations to management;
 Liaising with, and developing good working relationships with the client to deliver engagement expectations
 Decision-making for resolution of critical reportable matters
 On-the-job training and professional development of staff.
I have had the opportunity of being involved in varied engagements of medium to large size financial institutions enriching my expertise and understanding of key business processes together with strengthening the aptitude to swiftly adapt to various roles.