Internal Financial Auditor
Power International Holding
Total years of experience :10 years, 4 Months
• Start the kickoff meeting with involved process’ owners at the audit assignment to present the audit objectives, scope, approach, and timing.
• Conduct walkthroughs to understand and document the current operational procedures, documents’ flow, and approval matrixes.
• Analyze the information gathered in the walkthroughs to identify the control gabs for further discussion and recommending rectification plans.
• Prepare initial information requests and send it to process owners.
• Prepare checklists for testing applicable transactions based on existing control procedures to ensure their operating effectiveness.
• Prepare lead sheets to document the work performed to execute the audit procedures agreed in the audit program. Cross reference the working files with the lead sheets.
• Prepare draft report contains all the control weaknesses and forward it to internal audit and risk manager along with the complete audit file his review and comment if any. Resolve all comments raised by departments’ manager and chief.
• Participate with the manger in the exist meeting to agree on the action plans and target dates with processes’ owners.
• Finalize the internal audit report and send to client for approval and then to be issued to audit committee.
• Prepare follow up reports based on the collected evidences of achieving the agreed actions plans.
The following is a summary for the processes have been reviewed among others:
Finance and account
- Revenue Recognition: Insure that IFRS 15 is fully implemented and no deviation has been committed. In contracts revenue, review the accuracy of POC sheet prepared by cost controller. Ensure correct posting to the GL accounts for the WIP amount.
- Progress Billings: Ensure correct progress billings are prepared by the quantity survivor QS (commercial department) by matching its rates with the POQ and certified deliveries to the client. Ensure correct posting to GL accounts for the progress billings.
- Cost Accounting: Ensure the adequacy of cost control sheets maintained by cost controller. Ensure that cost codes from POQ has been assigned to cost objects of the projects.
- Payroll Posting: Verify the accuracy of WPS report has been prepared by payroll department. Ascertain whether correct posting to the GL accounts has been conducted for the WPS report.
- Cash on Hand: Ensure the physical cash is tallied with accounts and deposited in bank on timely basis.
- Petty Cash: Ensure that petty cash vouchers are in line with PIH policy. Vouchers should have adequate supporting documents and within permitted limit and expense nature.
- Bank Reconciliations: Ensure that bank reconciliations are prepared and reviewed on timely basis.
- Receivables: Analyze the AR aging and ensure proper action taken for long outstanding. Ensure that required provision of credit loss has been recorded.
- Fixed Assets: Ensure that fixed assets register balances are tally with GL accounts. Ensure correct calculations for the deprecation amount. Ensure the PIH policy of fixed assets procurement, disposal and transfer has been followed completely.
- Payables: Ascertain that three-way match method has been followed before posting the supplier invoices.
- Month End Closing: Ensure that complete steeps has been followed in closing the accounts such as suppliers’ delivery notes has been closed with invoices, work order has been closed and material consumption effect has been reflected on the GL accounts, required provisions have been posted, and etc.
• Start the kickoff meeting with involved process’ owners at the audit assignment to present the audit objectives, scope, approach, and timing.
• Conduct walkthroughs to understand and document the current operational procedures, documents’ flow, and approval matrixes.
• Analyze the information gathered in the walkthroughs to identify the control gabs for further discussion and recommending rectification plans.
• Prepare initial information requests and send it to process owners.
• Prepare checklists for testing applicable transactions based on existing control procedures to ensure their operating effectiveness.
• Prepare lead sheets to document the work performed to execute the audit procedures agreed in the audit program. Cross reference the working files with the lead sheets.
• Prepare draft report contains all the control weaknesses and forward it to internal audit and risk manager along with the complete audit file his review and comment if any. Resolve all comments raised by departments’ manager and chief.
• Participate with the manger in the exist meeting to agree on the action plans and target dates with processes’ owners.
• Finalize the internal audit report and send to client for approval and then to be issued to audit committee.
• Prepare follow up reports based on the collected evidences of achieving the agreed actions plans.
The following is a summary for the processes have been reviewed among others:
Finance and account
- Revenue Recognition: Insure that IFRS 15 is fully implemented and no deviation has been committed. In contracts revenue, review the accuracy of POC sheet prepared by cost controller. Ensure correct posting to the GL accounts for the WIP amount.
- Progress Billings: Ensure correct progress billings are prepared by the quantity survivor QS (commercial department) by matching its rates with the POQ and certified deliveries to the client. Ensure correct posting to GL accounts for the progress billings.
- Cost Accounting: Ensure the adequacy of cost control sheets maintained by cost controller. Ensure that cost codes from POQ has been assigned to cost objects of the projects.
- Payroll Posting: Verify the accuracy of WPS report has been prepared by payroll department. Ascertain whether correct posting to the GL accounts has been conducted for the WPS report.
- Cash on Hand: Ensure the physical cash is tallied with accounts and deposited in bank on timely basis.
- Petty Cash: Ensure that petty cash vouchers are in line with PIH policy. Vouchers should have adequate supporting documents and within permitted limit and expense nature.
- Bank Reconciliations: Ensure that bank reconciliations are prepared and reviewed on timely basis.
- Receivables: Analyze the AR aging and ensure proper action taken for long outstanding. Ensure that required provision of credit loss has been recorded.
- Fixed Assets: Ensure that fixed assets register balances are tally with GL accounts. Ensure correct calculations for the deprecation amount. Ensure the PIH policy of fixed assets procurement, disposal and transfer has been followed completely.
- Payables: Ascertain that three-way match method has been followed before posting the supplier invoices.
- Month End Closing: Ensure that complete steeps has been followed in closing the accounts such as suppliers’ delivery notes has been closed with invoices, work order has been closed and material consumption effect has been reflected on the GL accounts, required provisions have been posted, and etc.
• Posting credit sales invoices every 15 days in Microsoft Ax Dynamix after reconciling all singed delivery notes with approved sales orders.
• Reviewing AR aging and do follow ups with clients for collections.
• Updating bank GL account with cleared checks from bank and prepare weakly bank reconciliation for financial manger review.
• Posting supplier invoices in the Microsoft Ax dynamics after making three-way match between the supplier invoice, approved purchase order, and signed delivery notes.
• Upload WPS report in the online bank port and update GL account with salary payments.
• Posting production orders in system based on plant production reports to reflect the material consumption in the direct cost.
• Posting petty cash vouchers in the system and ensure the correctness of assigned GL cost accounts after reviewing the original invoices.
• Updating the fixed assets register with new added assets. Posting the fixed assets additions in the system as well as capital expenses.
• Reviewing payment vouchers along with the supporting documents and then forward for the financial manager approval.
• Perform supplier statements’ reconciliations and coordinate with the suppliers for any variances.
• Preparation of all month end adjustments and accruals.
• Preparation of financial reports every month for financial manger review.
• Maintain the chart of accounts, customer code, supplier code.
• Communicate with external auditor in finalization of annual financial statements.
• Vouching the supporting documents for the general ledger transactions.
• Assisting the senior auditor in preparation of financial statement for large - size companies
• Preparing financial statement and management letter for small -size companies.
• Gaza, Palestine June, 2013 Islamic University Bachelor Degree in Accounting