Group Internal Auditor
Raysut Cement Company
Total years of experience :14 years, 6 Months
Key Deliverables:
Carrying out detailed financial audits & brief reviews of quarterly & annual consolidated accounts of the company, its subsidiaries and affiliates to ensure compliance with IFRS 10 Consolidated Financial Statements.
Visiting company subsidiaries, associates & branches in Oman, UAE & Africa and conducting operational & financial audits, to ensure alignment of interests among management & shareholders and achieve the overall group strategic development.
Monitor adherence to various regulatory, legal and other relevant laws pertaining to the Cement Industry in Oman, UAE and other Middle Eastern & African countries.
Executing compliance audits, focusing on company policies & procedures and ensuring sufficiency of internal controls and prompting development of new controls, where needed, to address highlighted risks.
Conducting operational audits and bench-marking with cement competitors including total cement production, number of production facilities & market share in different countries etc.
Performing information systems audits including based general controls review, data center & disaster recovery sites review, system security review and SAP FICO, MM, SD, HR, PP & PS modules etc.
Preparing audit reports, management papers, system mapping & flowcharts, audit plans etc. and ensuring the corrective action including followup meetings.
Noteworthy Credits:
Introduced changes in human resources management such as recruiting, training, controlling employee turnover and successfully reducing unnecessary overtime overheads amounting to 5m OMR.
Recommended drastic changes in sales mechanism including market based prices, optimal product mix and cement retailing units.
Recalculated fair value of fixed assets and prompted changes in insurance cover, saving the company 0.2m OMR per annum.
Propel improvements in inventory management, reducing slow moving inventory, cutting holding costs and increasing efficiency of materials.
Key Deliverables:
Key role in formulating Audit Charter, Standard Operating Procedures/Manual, Annual Audit Plan, Risk Registers & Audit Work Programs Adopting through risk-based approach.
Assist Head Internal Audit (HIA) in preparing department’s budgets and monitoring progress of Audit function to ensure timely achievement of audit targets.
Identify business/operational risks of the company and ensure the systems of risk management & internal controls to achieve established objectives.
Spearhead Audits (financial, operational & compliance), special assignments & fraud investigations/forensic audits.
Generate internal audit reports as per the audit standards to communicate audit findings and proposing recommendations to senior management while preparing Board Audit Committee working papers.
Ensure that the audit findings and recommendations are understood by the auditee departments.
Conduct follow-up reviews & meetings with senior management and responsibility centers for timely closure of internal audit findings and generate follow-up audit reports.
Strategize and implement junior auditor’s professional development plan and provide on-the-job training to enhance performance and motivation levels at work.
Noteworthy Credits:
Revamped internal controls function as per International Professional Practices Framework (IIA standards).
Recommended upgradation of controls in decantation/pumping of oil products which enhanced internal controls.
Highlighted weaknesses in pricing mechanism in indigenous crude oil, which saved 20m USD to the company.
Assessed business requirements for SAP FI & CO modules for finance & accounts functions’ end users.
Successfully implemented & integrated SAP Audit Information System (AIS) & Audit Management System (AMS) modules with M/S Seimens Consultants.
Suggested valuation of stores & spares inventory as per IAS 2 Inventories, which resulted in increased closing stock and profit by 10m USD.
Conducted in-house training of SAP - AIS & AMS modules for end users.
Clients Handled:
1) Bank Islami Limited
2) Abbott Laboratories Limited
3) ARY Digital
Key Deliverables:
Strategized Annual Audit Plan in line with Audit Methodology, performance of audit procedures, supervision & finalization of engagement.
Analysis of entity and its environment including identification the risk of material misstatement.
Keen understanding of accounting & internal control system of the entities, performance of risk assessment procedures and test of controls of various processes.
Execution of controls & substantive procedures including analytical procedures on financial statements.
Formulated financial statements for discussions with management and client.
Vital role in the evaluation of annual internal audit plan prepared by entity management.
Liaison with managers and partners on all related client and team matters.
Consultation on significant matters with various professionals such as lawyers, tax advisors, actuaries and IT experts and fostered strong working relationships with team members, clients and other stakeholders.
Assisted in SAP upgradation, integration & training.
Provided basic advisory services to clients in respect of taxation, foreign currency remittances, accounting treatment of complex transactions and compliance with secretarial practices.
Noteworthy Credits:
Highlighted control weakness in application of IAS 16, resulting in capitalization of assets, previously written-off.
Highlighted control weakness in application of IAS 18, which resulted in accurately accounting for sales.
Effectively upgraded company’s finance manual and drafted its SOPs as per current business requirements.
Holds the credit of success in preparing disaster recovery plan and charted out procedures for company.
Effectually defined Human Resource hierarchy & formulated HR Manual.
Conducted entity-level risk management exercise, categorized as financial, strategic/business, reputational, liquidity/credit and financial reporting risks.
Key Deliverables:
Analyze, maintain, and update corporate ledger accounts - working closely with accounts receivable, accounts payable and treasury teams & perform monthly and quarterly reviews of significant balance sheet accounts.
Manage monthly closing and reporting process in order to meet the deadlines.
Involved in the review of Financial Statements & its assertions as per IAS & IFRS.
Able to manage regional revenue analysis, pricing analytics.
Compliance with relevant laws & regulations.