Internal Audit & VAT Compliance
Cambridge Medical & Rehabilitation Centre- UAE & KSA
مجموع سنوات الخبرة :20 years, 3 أشهر
Tax- VAT:
• Team leader of VAT implementation& compliance project across the group along with E&Y Tax specialists.
Assessment of VAT regulations on the purchases categories, accordingly identifying the accurate VAT treatment.
Analyzing the VAT impact on inter-companies transactions.
Worked with Oracle- Consultants to design VAT processes workflow in SCM & Financial modules.
Streamlined the VAT processes to ensure compliance to Federal Tax Authority in UAE & GAZT in KSA.
Perform On-going review of contracts, invoices and tax credit notes to ensure compliance with VAT mandatory requirements.
Handling VAT filling for Group branches UAE & KSA.
Supply Tax Audit requirements and explanation.
Internal Audit:
• Plan and conduct risk assessment in particular to fin. and operational audits.
Update Risk register along with the mitigation actions presented by HoDs, and prepare BoD risks slides for the audit committee.
Review operational practices, such as performing walk-through review of tendering and purchasing process, identifying gaps, implications and present recommendations.
Prepared reports on audits made, and recommendations for control and operational improvements and discuss with HoDs.
Recommended revisions in workflow that resulted a reduction of cost in SCM and overhead: Centralized the supply chain function, etc.
Risk & Business Processes Improvement:
Review Processes across HR, Finance & SCM and identify situation as ‘’it is’’ and introduce number of governing policies:
Whistleblowing policy.
Establish whistleblowing channels.
Policies that have direct financial implications (Business Mobile Policies, Business Travel Policy, Credit Card Policy, etc.).
Participate with KPMG governance review across the group; it was great learning experience, and work on the implementation of the report.
Appointed as a team member to set-up the internal audit function as per Abu Dhabi Accountability Authority Requirements.
Highlights: Audit Assignments - Planning and Implementation:
Participated in the setup of the Internal audit function for a company of 100+ employees
Set-up processes of audit universe, annual audit plan, documentation, reporting.
Assess internal controls and risk areas against the impact and likelihood and categorize them in risk matrix based on Financial; Operational; Governance and Strategic impact.
Analyze the workflow in light to the approved authority matrix; governing policies and control practices.
Report on risk issues and internal controls deficiencies identified and provide recommendations for improving the company’s operations, Improve the internal control processes and to mitigate the associated risks
Prepare audit programs, working papers detailing audit procedures, process diagrams, and ensure adequate audit evidence in accordance with the acceptable standards.
Conduct follow-up activities to appraise the adequacy of action taken by management to correct reported deficiencies.
Prepare the Risk Heat-Map and present the final reports to the audit committee
Designated to independently handle audit assignments for clients operating in different fields.
Led a core team of five during each assignment / project to plan, schedule and streamline audit activities at client locations.
Highlights: Audit Assignments - Planning and Implementation:
Highlighted risks in financial terms to appropriately advise the management and discussed the mitigation strategies.
Reviewed accounting and financial information, confirmed accuracy of accounting treatments.
Provided guidelines and interpretations for accounting of complex business transactions with multiple recording and taxation / compliance specifications.
Scrutinized financial reports and internal audit records to verify compliance with accounting standards and financial reporting guidelines.
Appraised transaction processing and payment release for all vendor / 3rd party entities and validated accounting trail through verification of purchase orders, invoices, bank statements etc.
Prepared and submitted audit reports, discussed key issues / non-conformance with the management / clients and provided accounting compliance, taxation, financial reporting and financial statement audit services as required
Examined financial reports and internal audit records to verify compliance with accounting standards and financial reporting guidelines.
Client Interaction and Advisory Services:
Examined internal controls deployed by clients to prevent financial mismanagement and frauds, identified shortfalls in recording and reporting of business transactions and recommended measures to address specific problems.
Recommended modifications to internal processes and systems to improve risk management capabilities and enhance compliance; extended support to clients for the enforcement of a corporate governance structure.
Monitored accounting compliance and reporting examined consolidated financial statements / balance sheets for business units operating in different regions across the globe and worked with client representatives to validate tax payments as per law.
Accountancy is a four years major, focused on the principles of accounting up to the advance levels;taxation, cost accounting; managerial accounting; governmental; banking and auditing.