Group Financial Controller / CFO
Abdulaziz Mohammed Alnamlah Group Holding Co.
مجموع سنوات الخبرة :28 years, 8 أشهر
Key roles/duties & main responsibilities:
For Group of 10+ subsidiaries diversified across manufacturing, commercial and contracting & real estate sectors, running at SR 400+ Million of annual turnover, I am responsible for the following:
• Managing a portfolio of banking facilities providing SR 350+ Million of facility to the Group.
• Reporting financial performance periodically and Ad Hoc to the Group management & Board.
• Leading a team of Finance Managers and Accounts. Dept. heads in subsidiaries.
• Monitoring and developing the processing and reporting of accounting transactions.
• Directing the relationship with Auditor for year-end audit of accounts for the Group entities.
• OTHERS : implementation ERP SAP system, Taxes & ZAKAT disputes, Liquidation, etc.
Major achievements:
• Developed and monitored application of operational & financial policies and procedures.
• Developed a financial reporting system to be followed by subsidiaries/associates to the Group management and Board, comprised of two sets of reporting packages (Monthly & Quarterly), designed to fulfill the monitoring of the financial and operational performance.
• Developed the Management Annual Report that summarizes information on Group level.
• Improved the process of building and preparing the yearly Budgets and monitoring them.
• Improved the organization structure - jobs description/requirements & authority levels.
• Directed & lead accomplishment of a transitional plan to apply:
A new regulation (VAT), developing educational slides, instructing presentations & workshops, modification of transactions processing, responding to arising technical issues and guiding VAT returns preparation at initial stages.
A new regulation (IFRS Conversion) from Saudi Accounting Standards, with in-house accounting staffing resources.
• Conducted a Cost Reduction Plan for the Commercial Sector of the Group.
Key roles/duties & main responsibilities:
For 200+ various assignments on medium & large-sized companies, I provided a wide range of financial consultancy and professional opinions through conducting the following tasks:
• Conducting Review or Audit with analysis of client’s financial statements/reports to identify and report financial problems and recommending solutions and rectifying actions. Scope includes adherence to Accounting Reporting Standards, liquidity, profitability, financial structure, working capital, costing and pricing of products, transfer pricing, related party transactions, investments, financial instruments and derivatives, etc.
• Participating in loan review committee periodic meetings to provide professional opinion on client’s financial aspects and to support the decision-making process (e.g. credit rating).
• Reporting on the client’s compliance with loans’ financial covenants and conditions (e.g. maintaining satisfactory financial ratios and structure).
• Conducting Audit on the client’s capital expenditure and reporting on their agreement with the predetermined appraisal and conditions.
• Evaluating and reporting on the internal control system/procedures maintained by clients.
• Interviewing and evaluating potential and current candidates for the Accounting/Finance positions for our clients.
Major achievements:
• Developed a set of standard work programs for conducting Audit/Review of various elements of FS. The set is to be used by Audit Division staff to accomplish assignments.
• Developed Audit Division Manual for the Audit and Review conduct by the Division.
• Participated (as a committee member) in developing newly introduced financial products/services by SIDF, by developing procedures. New products included letters of credit, working capital finance, Murabaha loans, capital lease and Merge & Acquisition.
• Revised and commented on the draft’s exposure of certain accounting standards during the revision process prior to approval and publishing by Saudi Organization for Certified Public Accountant SOCPA. (e.g. Construction contracts and fair value measurement).
Key roles/duties & main responsibilities:
As a management team player during the establishment stage and the beginning year of operation, I was responsible for directing the following:
• Managing relationship with banks & financial institutions to secure financial resources.
• Establishing accounting and financial reporting system policies and procedures.
• Reporting (periodically) on the company’s performance to management and Board to ensure tracking business strategic objectives and allocation of capital.
• Preparing financial statements, liaising with external auditor & Zakat matters.
• Preparing and monitoring budget, cash flows projections, capital expenditure and special reports to assist the management in decision making process.
• Implementing cost accounting system by cooperation with other divisions in addition to controlling contracts and capital acquisition.
Major achievements:
• Contributed to the application for a SIDF long term loan (of SR 57 Million) until full disbursement of the loan. The process included preparation of financial projections and financial information supporting the feasibility study.
• Lead negotiation with banks for bridge loan financing. The process included fulfillment of requirements and preparation & discussion of financial information.
• Participated to the Co. management negotiation to replace the strategic providers of Technology & modification of project’s production assets.
• Modeled costing and pricing of the services.
Key roles/duties & main responsibilities:
For 100+ of local & multinational clients engaged in diversified sectors including construction, real estate, manufacturing, commercial, petrochemical, banking, maritime and services, I took supervisory then managing role with the following responsibilities:
• Conducting audit of client’s financial statements in accordance with International and Local Auditing Standards. Audit process included:
Engagement risk assessment and planning.
Tailoring and execution of audit work programs.
Applying analytical and substantive audit procedures including inspection of accounting records and verification of the supporting evidences.
Testing FS adherence to Generally Accepted Accounting Principles (GAAP).
Evaluating the accounting policies conformity to Int’l (or local) Accounting Standards.
Ensuring fair presentation, proper classification and enough disclosures of FS.
Reviewing and evaluation the costing system and internal control procedures.
Preparing the Auditor Report and attending client’s shareholders’ annual meetings.
• Evaluating (and reporting on) the client’s internal control system, applied accounting policies and compliance with the relevant laws and regulations.
• Conducting Due diligence assignments.
• Advising clients on tax matters, tax benefits & exemptions and the requirements of the latest local laws and regulations.
• Assisting clients in selection and application of the accounting policies at initial adoption.
• Others, reviewing audit results, coordinating teamwork and solving field problems.
Major achievements:
• Supervised the book-keeping Division.
• Designed a solution of computerized accounting records that is linked to periodic reports. The solution assisted the book-keeping division staff to promptly and smoothly meet deadlines for preparation and submission of periodical financial reporting requirements.
• Designed a software solution that assisted in managing & controlling the ongoing actual cost/hours of assignments. The solution calculates and monitors the working hours charged to assignments, compares them to the budgeted hours & cost and then promptly alerts for jobs prior to exceeding budgeted costs and highlights over-budget jobs.
CFA Charterholder
CPA - Associate member
Charterted Accountant