Basil Echhade, CPA , CGMA, CIA

Experience

• 

  EY

  Sept 2007 - Jun 2016

   Managed audit and assurance related services portfolio of 45+ publicly listed and private with international subsidiaries in multiple industries. Prepared and provided quality review of financial statements in line with IFRS requirements. Supervised and coached of up to 15+ audit staff members across various audit teams. Planned and reviewed audit work, consulting with management on accounting issues and assisted in the preparation of financial statements. Performed administrative functions such as training, counseling, providing appraisals/feedbacks to staff members. Monitored, budgeted, tracked actuals, updated forecasts, and ensured settlement of fees. Managed auditing projects and ensured timely completion and complying with policies, procedures, and standards consistently. Created and presented reports / presentation to Board of Directors / Audit Committee. Assisted in the assessment and management of business and risk. Identified high-risk areas that require direct interference to assist and coach the team. Developed constructive and cooperative working relationships with the partners and clients. Show less  Took lead in in preparation of annual financial statement audits, including quarterly reviews, agreed upon procedures and statutory audits for listed and non-listed companies in the Banking, Insurance, Hotels, Service, and other industries. Prepared full set of financial statements in line with SOCPA and IFRS requirements. Managed, supervised, and performed audits and review engagements in accordance with EY global audit methodology and international auditing standards. Worked closely with groups within the firm such as the IT Auditors and Tax Specialists, and worked closely with external consultants, actuarial and lawyers that are relevant to the engagements. Mapped, created testing, performed, and reviewed walkthroughs, and planned and reviewed test of controls. Ensured the audit files are prepared and completed based on our global audit methodology. Examined and evaluated financial and information systems and recommending controls to ensure system reliability and data integrity. Understood client service needs such as review, audit, agreed upon procedures, etc. and set out engagement letters to the clients after taking approval from the management. Show less

  • Manager - Assurance Service

    Oct 2014 - Jun 2016

  • Associate Auditor to Assistant Manager - Assurance Service

    Sept 2007 - Sept 2014
• 

  PwC Middle East

  Jun 2016 - Dec 2019

  Capital Markets, Accounting and Advisory Services - Manager to Senior Manager

   Managed the overall IFRS conversion process of several companies and groups in the Kingdom of Saudi Arabia including assisting management in the preparation of adjustments and accounting papers, and development of accounting policies.  Developed solutions for complex intercompany balances, complex major transactions, and provided audit support services for several IFRS topics to determine the transitional impacts. Prepared of detailed gap analysis which produces a roadmap and implementation plan for a successful conversion. Provided guidance on updating systems, processes, policies to enable to organization report efficiently under IFRS on an ongoing basis. Reviewed of financial reporting closing processes. Prepared technical paper for complex IFRS topics and supported the clients’ management on preparation of the first set financial statements. Provided accounting policy manual development and enhancement. Worked closely with the actuary teams and other experts for accounting valuation and special treatments in line with IFRS standards. Reviewed of management information systems (“MIS”) and board reporting packs. Provided training sessions to clients including key executives & other representatives on the application of the IFRS transitions and its implications. Utilized networks of client relationships and community involvement; communicating value propositions; managing resource requirements, project workflow, budgets, billing, collection; maintaining project economics while maintaining flexibility for unanticipated issues. Contributed and managed business development activities, includes winning in the market, recommending new methods of handling advisory related activities for the accounting advisory service line as well as cross selling with other PwC services lines such as tax, deals, external audit, risk assurance, etc. Show less

• 

  BSF

  Jan 2020 - now

   Leading internal audit credit team and providing independent assessments of the bank's credit risk and control by adopting a risk-based audit methodology in line with the BSF’s internal audit framework, providing value added recommendations to the auditees to guide them to strengthen the respective divisions’ related controls and processes, and actively following up on corrective action plans to mitigate control weaknesses. Primary audit engagements that currently leading include Risk Management Group (RMG), Corporate Banking Group (CBG) Micro, Small, and Medium Size Enterprises (MSME), Special Asset Management (SAM), and Private Banking Group (PBG). The focus of credit audit involves covering key processes such as credit file presentation to risk management and committees, credit application approvals in line with delegation of authority, credit limits (funded and unfunded facilities) activation process and monitoring, security documents preparation and completeness process in line with approved security panel, annual reviews of credit files in line with SAMA requirements, securing collaterals and ensuring proper coverage, risk rating determination by considering qualitative and quantitative measurements, financial information extraction from Qawaem/Bayan systems and spreading the information into MRO and Creditlens processes, timely collection of management fees process, pricing of credit facilities in line with signed facility letter agreements, and other areas. Taking lead in preparation of audit reports, after being reviewed and approved by the Chief Audit Executive (CAE), to the key stakeholders and risk owners in order to address the identified high-risk controls and poor control designs. The report also includes the overall risk rating of the audit entity depending on the weight of the risks and the management awareness of the control issues. Show less  Leading internal audit credit team and providing independent assessments of the bank's credit risk and control by adopting a risk-based audit methodology in line with the BSF’s internal audit framework, providing value added recommendations to the auditees to guide them to strengthen the respective divisions’ related controls and processes, and actively following up on corrective action plans to mitigate control weaknesses. Primary audit engagements that currently leading include Risk Management Group (RMG), Corporate Banking Group (CBG) Micro, Small, and Medium Size Enterprises (MSME), Special Asset Management (SAM), and Private Banking Group (PBG). The focus of credit audit involves covering key processes such as credit file presentation to risk management and committees, credit application approvals in line with delegation of authority, credit limits (funded and unfunded facilities) activation process and monitoring, security documents preparation and completeness process in line with approved security panel, annual reviews of credit files in line with SAMA requirements, securing collaterals and ensuring proper coverage, risk rating determination by considering qualitative and quantitative measurements, financial information extraction from Qawaem/Bayan systems and spreading the information into MRO and Creditlens processes, timely collection of management fees process, pricing of credit facilities in line with signed facility letter agreements, and other areas. Taking lead in preparation of audit reports, after being reviewed and approved by the Chief Audit Executive (CAE), to the key stakeholders and risk owners in order to address the identified high-risk controls and poor control designs. The report also includes the overall risk rating of the audit entity depending on the weight of the risks and the management awareness of the control issues. Show less

  • Associate Director Internal Audit

    Apr 2024 - now

  • Internal Audit Manager

    Jan 2020 - Apr 2024