Internal Audit Manager
First Kuwaiti General Trading & Contracting
Total years of experience :23 years, 6 Months
Develop and implement audit plans of internal business processes, application systems, and general controls.
Conduct the audit of revenue, financial and expenditures of the company.
Preparing an annual Internal Audit Plan based on risk assessment including tasks, assignments and timelines for completion for each task and main activities, personnel to be employed, and reporting results of audit.
Preparing special reports when asked for by the management on various aspects of financial management, including asset management and security, financial reporting, decision support systems, management Information systems.
Ensure that company employees are adhering to, and following the safely and security guild lines as established by management
ecision support systems, management Information systems
Ensure that company employees are adhering to, and following the safely and security guild lines as established by management
Oversees and recommends the selection of external auditors to perform closeout contract audits. Evaluates contract auditors at completion of audits, and approves payment.
Acted as key contact for major customers and vendors, and as the company’s representative to the banking community. Documented new policies and trained staff. Administered financial reporting for 18 sister companies. Maintained general ledger and explained variances. Developed and managed the annual budget of $96, 000, 000. Monitored accounting activities. Analyzed the economy, social structure and political situation. Experienced with due diligence procedures. Conducted financial analyses of potential projects utilizing this data to determine viability and conducted market feasibility studies. Approved spending and checks. Coordinated audits with a CPA firm. Implemented revenue measurement and goal attainment plans. Managed cash flow for 18 companies and 36 bank accounts. Examined bids and awarded contracts. Managed staff contacting delinquent accounts to negotiate realistic and mutually acceptable schedules. Negotiated extended terms and major concessions with suppliers. Performed credit background checks utilizing INFO TRUST services. Determined credit worthiness and limits. Researched competitive market. Prepared and presented reports to chairman. Reviewed environmental, economic, managerial and social conditions to determine the financial, institutional, legislative and regulatory issues regarding each project. Prepared profit and loss statements, operating statements and balance sheets. Revised salary/bonus program based on achievement of company goals. Provided department managers with financial statements, business trends and suggestions for future direction.
Developed a new strategy for recovery efforts to be made before assigning bad debt that reduced the amount by 82%.
Developed new business through contacts and meetings with officers of various organizations.
Lowered other operating costs and improved profit through aggressive cost containment.
Developed proposals for funding resulting in 29% increase in funds.
Developed annual budget and expenses schedule. Analyzed financial information detailing assets, liabilities and capital, and prepared balance sheet and other reports to summarize current and projected company financial positions. Analyzed productivity and profitability of key departments. Invested excess company funds by creating a financial support to customers. Audited delinquent accounts deemed uncollectable ensuring all recovery efforts have been made before assigning bad debt. Coordinated with imports, exports, cross shipments and customs clearance divisions to track billing and invoicing. Created internal cost center reports for management. Developed credit, financial and operation performance reports. Ensured that aims, goals and objectives were accomplished with outlined priorities, time limitations and funding conditions. Forecasted accounts receivables balance, credit sales, finance charge revenue, budgetary controls, late fee income, P&L and accrued bad debt reserve. Managed cash flow for 2 sister companies having 6 bank accounts. Managed credit application and approval for client base of over 250 customers. Negotiated and prepared bids. Managed payroll and collections. Oversaw accounting staff of 5 employees. Monitored all leases. Reviewed entire accounting cycle and evaluated the adequacy of internal controls. Resolved invoice disputes. Prepared and presented the annual report to the CEO.
Created a consolidated financial reporting package that reduced monthly preparation time by 80%.
Developed new cost controls leading to more than 35% decrease of operating expenses.
Exceeded sales quota by almost 15% every month.
Personally increased corporate profitability by almost 100% through investing excess company cash with selective customer’s inventory purchases offshore and with funding their customs expense.
Performed CEO’s activities many times when away, managing operations and all other activ
Adept in financial planning and analysis, accounting, procedures, administration, problem solving, taxation and time-management. Developed personally programmed modules. Prepared feasibility studies. Analyzed financial statements for operational problems. Managed a joint venture accounting system. Oversaw the work of subordinate auditors. Created various reports and spreadsheets to be utilized by companies’ financial and management staff. Developed the audit findings with supporting documentation and prepared findings for presentation and included recommendations. Assigned to income tax fraud investigations. Explained audit findings to tax payers and answered questions concerning audit results, tax responsibilities and procedures for compliance with tax laws. Assisted in company start-ups, setting budget goals and determining profitability. Completed all year-end closing adjustments. Conducted audits for management to assess effectiveness of controls, accuracy of financial records and efficiency of operations. Reviewed records for compliance with GAAP policies. Wrote the audit plan, established work schedules, set assignment priorities for the audit team and developed follow up procedures to ensure complete audits. Attended management and financial seminars regularly to maintain a current information base. Trained staff. Prepared automated payroll. Generated national social security fund reports. Audited value added tax.
Created a BOQ program utilizing macro programming that reduced pricing modification process from 3 days to a few minutes.
Fully redrafted and updated accounting procedures, analysis reports and reconciliation methods that result in a gain of 81% in productivity time for the finance department.
Experienced in accounting, auditing, financial and administrative roles with governmental and private organizations and functioned as a tax auditor examining financial records to determine tax liabilities for more than eleven years. Gained diverse experience in Excel macro programming. Experienced in general ledger and GAAP accounting methods. Learned different philosophies for assessing the market and managing risk