Head - Internal Audit Department
AlJabr Finance Co.
Total years of experience :18 years, 5 Months
Internal Audit Department
Establishing & Leading the Internal Audit function. Setup road-map for Internal Audit Department (IAD) to encounter the Audit Committee/ business expectations, best practices and SAMA requirements.
Key Tasks, Objectives & Achievements:
1. Develop Audit Universe based on process maps and meetings with business heads.
2. Carrying out Risk Assessment exercise
3. Submit Annual plan for audit assignments based on risk prioritization to Audit Committee for approval
4. Team capacity for annual plan execution
5. Conducting IA awareness sessions with department heads
6. Developing and drafting IA charter
7. Conducting and reporting follow-ups with business on the agreed action & corrective plan on External Auditor Management Letter, Compliance matters / SAMA observations (e.g. AML, Customer Service, Regulatory Reporting, etc..)
8. Provide effective support and maintain alignment with other control functions (i.e. Risk Management & Compliance)
9. Quarter progress update to the Audit Committee over the plan progress, key issues and follow-up outcomes.
10. Support & deliver consultancy service for different stakeholders/ functions over the documented manual, policies & procedures
Manager, Internal Audit Department
Carry out audit assignments in accordance with accepted standards including planning audits, executing audits and reporting on the engagements, in addition to undertaking follow up reviews, to ensure organizational are performing their planning, accounting, custodial, risk management or control activities consistent with organizational objectives and high standards of practice.
Audit Planning:
1. Carries out surveys of functions including: Background information, control questionnaire, benchmarking best practice and carrying out assessment activities in assigned areas to determine the nature of operations and adequacy of the system of control to achieve audit objectives.
2. Identify the key control points of the system and risk exposures and draft the process map of the engagement and the control / risk matrix to structure the audit assignment
3. Plan the objectives, scope and procedures of the audit assignment (i.e. drafts terms of reference of the engagement)
4. Determine the engagement approach including statistical sampling and the use of information technology
Audit Execution:
1. Conduct the audit fieldwork and complete the control test sheet of the engagement (i.e. documents the test purpose, approach, work completed, materiality, management feedback, results and Conclusion).
2. Identify and review control weaknesses and deficient conditions (via audit observations) and make t recommendations for correcting unsatisfactory conditions, improving operations and reducing cost
3. Complete audit documentation and file as required, ensuring that all records are in place, up to date and accessible to those who need to review the documentation
4. Identify and alert any red flag (fraud indicator)to the Internal Audit Manager during the conduct of the audit engagement to ensure any fraudulent issues are dealt with promptly.
Audit Reporting:
1. Analyse activities in terms of potential risk and impact on operations, evaluates, communicates and confirms audit findings with the responsible officers of operations audited.
2. Complete draft audit reports and documents to ensure accurate records of audits carried out
3. Assist the Internal Audit Manager in completing the clearance and escalation procedures (UK standards).
Follow-up Review:
1. Undertake follow up reviews of all recommendations on a quarterly basis and seek verification and evidence from the business to assess if audit recommendations have been properly implemented and sustained.
2. Carry out follow up reviews with the relevant management teams and reports the outcomes to the Internal Audit manager.
3. Maintains and updates the internal audit recommendations database
Annual Audit plan:
1. Participate in preparations for risk-based audit plans/programs.
2. Track assignment completion and complete audit times sheets and schedules
Special Audit/Governance Assignment:
1. Conduct orientation sessions to educate Bupa managers and new joiners on IAS role and purposes as a business partner
2. Conducting inspection (compliance) assignments to fulfil regulators requirements
3. Carry out continuous audit assignments on quarter basis.
Prepare audit reports, financial statements, Zakat schedules and the related disclosure notes
Conducting final audit and preparing the related working paper
Conducting interim audit with letter to management demonstrate the audit findings and the recommendations
Preparing zakat & tax schedules, zakat and tax assessments/calculation and withholding tax.
Prepare the financial statements and related notes, also insure that they compliance with GAAP and IFRS
Review and evaluate financial risk, financial reporting, trial balance analysis and accounting transactions processes including internal controls
Perform special assignments such as internal audit, and re-evaluation and financial policies and procedures
Insures that the quality of the audit meets the IAS
Manage staff of three to five auditors
Bachelor Degree, Program of Management and Entrepreneurship Accounting Rating 76%(V. Good) Graduation project on "Problems in accounting and external auditing in Saudi small businesses"
