Nayef Alotaibi

Experience

• 

  Alrajhi Holding Group

  Jan 2013 - Feb 2018

  • Strategic Audit Leadership: Formulated and executed a comprehensive internal audit plan, ensuring steadfast compliance with company directives and regulatory mandates.• Audit Engagement Management: Spearheaded audit engagements from inception to conclusion, encompassing meticulous planning, thorough fieldwork, insightful reporting, and diligent follow-up.• Internal Control Assessment: Delved deep into the organization's internal controls, pinpointing areas of enhancement and ensuring robust risk mitigation.• Recommendations & Communication: Offered strategic recommendations to fortify processes and controls. Presented audit findings and insights to senior leadership and the Audit Committee, fostering informed decision-making.• Corrective Action Oversight: Carefully monitored the rollout of management's corrective actions in response to audit findings, ensuring timely and effective implementation.• Industry Vigilance: Stayed abreast of industry shifts, best practices, and emerging risks, ensuring the organization remained proactive and resilient.• Mentorship & Team Development: Acted as a mentor to junior auditors, imparting knowledge on audit methodologies, risk evaluations, and impactful report crafting.• Risk Management Advocacy: Collaborated cross-functionally, championing a culture that prioritized risk management and control awareness, ensuring organizational alignment.• Special Projects: Played a pivotal role in special assignments and initiatives as directed by senior leadership or the Audit Committee, showcasing versatility and commitment. Show less • Comprehensive Audit Oversight: Spearheaded regular internal audits encompassing operations, processes, and financial statements, ensuring alignment with laws, regulations, and organizational standards.• Risk Management: Proactively identified operational and financial risks, devising robust strategies for risk mitigation and organizational resilience.• Internal Control Assessment: Assessed the organization's internal controls, focusing on financial reporting, operational processes, and compliance programs, ensuring optimal effectiveness and adequacy.• Audit Planning & Execution: Crafted and executed detailed audit plans, encompassing clear objectives, tailored audit techniques, and in-depth data analysis.• Reporting & Recommendations: Delivered comprehensive audit reports to management, highlighting findings and suggesting actionable improvements and corrective measures.• Cross-Functional Collaboration: Fostered collaboration with various organizational departments, driving process enhancements, efficiency gains, and risk mitigation.• Regulatory & Industry Awareness: Kept abreast of evolving laws, regulations, and best practices in the internal audit domain, recommending timely policy and procedural updates.• Support to External Auditors: Acted as a key liaison for external auditors, facilitating their audit processes and ensuring seamless collaboration.• Audit Documentation: Maintained meticulous records of all audit activities, findings, and recommendations, ensuring transparency and accountability. Show less • Proficient in SAP for collecting and viewing required information.• Financial Analysis of Monthly Management Report• Analyzing monthly billing of each project.• Providing management with the reasoning of the variance in billings.• Tracking the actual execution against budget with the analysis.• Analyzing the variances in actual execution against budget.• Budgeting & forecast for company overheads.• Bank reconciliation of project bank accounts and tracking inter project borrowings and repayment schedule. Show less

  • Senior Internal Auditor

    Jan 2015 - Feb 2018

  • Internal Auditor

    Aug 2013 - Dec 2014

  • Financial Analyst

    Jan 2013 - Jul 2013
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  Zakat, Tax and Customs Authority

  Mar 2018 - Sept 2022

  • Strategic Policy Development: Spearheaded the formulation and rollout of robust internal audit policies and procedures, ensuring unwavering compliance with legal and regulatory frameworks.• Risk Management: Conducted comprehensive risk assessments, pinpointing potential vulnerabilities and tailoring audit plans to address these areas proactively.• Team Leadership & Audit Execution: Directed a proficient team of auditors, overseeing audits across diverse organizational departments, ensuring thoroughness and precision.• Financial Oversight: Scrutinized financial statements and records, ensuring impeccable accuracy, completeness, and adherence to financial standards.• Control Enhancement: Identified and addressed weaknesses in internal controls, proposing strategic recommendations to bolster organizational resilience.• Communication & Recommendations: Articulated audit findings to the upper echelons of management, offering actionable insights and guiding the implementation of corrective measures.• Staff Development: Championed the professional growth of the audit team, imparting knowledge on the latest audit policies, procedures, and industry best practices.• Stakeholder Engagement: Cultivated and maintained strong relationships with external auditors, regulatory bodies, and other key stakeholders, ensuring collaborative synergy.• Budgetary Oversight: Prepared and managed the department's budget, ensuring judicious allocation and monitoring of funds.• Regulatory Vigilance: Stayed abreast of evolving laws, regulations, and best practices in the internal auditing domain, ensuring the organization's proactive and compliant stance. Show less • Strategic Audit Planning: Formulated and executed robust audit plans and procedures, ensuring steadfast compliance with organizational policies and regulatory mandates.• Team Leadership & Supervision: Directed and mentored a dedicated team of auditors, guaranteeing thorough, efficient, and high-quality audit processes.• Audit Quality Assurance: Reviewed audit reports meticulously, ensuring they met the highest standards of accuracy, comprehensiveness, and adherence to audit norms.• Risk Identification & Control Enhancement: Proactively pinpointed areas of risk, proposing strategic enhancements to fortify internal controls and streamline processes.• Communication & Recommendations: Presented audit findings to senior leadership, offering actionable recommendations and ensuring alignment on corrective measures.• Corrective Action Monitoring: Carefully oversaw the rollout and effectiveness of corrective actions, ensuring they adeptly addressed and mitigated identified risks.• Auditor Training & Development: Championed the professional growth of auditors, imparting knowledge on cutting-edge audit techniques, procedures, and industry best practices.• Regulatory & Industry Vigilance: Maintained a keen awareness of evolving regulations, industry shifts, and best practices in internal auditing, ensuring the organization's proactive stance.• Cross-Functional Collaboration: Fostered inter-departmental collaboration, ensuring audits were coordinated, comprehensive, and holistic.• Reporting & Insights: Crafted insightful reports for senior leadership, detailing audit statuses, key findings, recommendations, and the trajectory of corrective actions. Show less • Team Leadership: Spearheaded a dynamic team of 37 professionals, driving them towards achieving both operational and strategic objectives set by the management.• Strategic Planning: Collaborated closely with the Director in crafting strategic goals and performance indicators across all tax and zakat categories.• Annual Plan Oversight: Orchestrated the annual management and operational plan, ensuring its successful execution and consistent monitoring with the dedicated team.• Tax Objection Review: Scrutinized and approved outcomes of tax objections submitted by taxpayers, ensuring compliance with Saudi Arabian tax regulations and international transaction pricing standards.• International Collaboration: Prepared and reviewed reports for global entities like the World Bank, EFQM, and TADAT, engaging in constructive discussions regarding tax objections.• System Development: Led the creation of the management system's specifications document, proposing enhancements in collaboration with the development company, and ensuring continuous system improvement.• Reporting & Communication: Crafted periodic reports, presenting and discussing key findings with the leadership of the Zakat, Tax, and Customs Authority.• Workshops & Engagements: Conducted informative workshops on tax-related topics and the objection system, fostering collaboration with both local and international corporations, including Huawei, Siemens, Mobily, and AL Rajhi Bank. Show less

  • Internal Audit Director

    Mar 2021 - Sept 2022

  • Internal Auditor Sr. Supervisor

    Jan 2020 - Feb 2021

  • Objection & Appeal Supervisor

    Mar 2018 - Dec 2019
• 

  Confidential Government

  Sept 2022 - Mar 2025

  1. Strategic Leadership:* Develop and execute a comprehensive internal audit strategy aligned with the organization’s goals.* Establish risk-based audit plans, policies, and methodologies.* Advise the Board of Directors and senior management on governance, risk management, and control issues.2. Audit Planning and Execution:* Oversee the preparation and implementation of annual audit plans.* Ensure audits are conducted efficiently and in accordance with professional standards.* Review and approve audit reports, findings, and recommendation3. Risk Management and Compliance:* Identify and assess key risks facing the organization.* Ensure compliance with applicable laws, regulations, and internal policies.* Evaluate the organization’s ability to meet its strategic objectives within acceptable risk levels.4. Stakeholder Engagement:* Serve as a key advisor to senior management and the Board Audit Committee.* Communicate audit results and recommendations effectively to stakeholders.* Build strong relationships with regulatory bodies and external auditors.5. Team Leadership:* Lead, mentor, and develop the internal audit team.* Foster a culture of continuous improvement and professional development within the department.* Ensure the team adheres to ethical standards and professional practices.6. Continuous Improvement:* Monitor and evaluate the effectiveness of internal controls and recommend improvements.* Keep abreast of industry trends, emerging risks, and best practices in internal auditing.* Implement technology and tools to enhance audit efficiency and effectiveness. Show less • Strategic Compliance Framework: Spearheaded the development and implementation of rigorous compliance policies and procedures, ensuring unwavering adherence to both regulatory mandates and internal standards.• Risk Management & Audits: Conducted in-depth risk assessments and compliance audits, identifying potential vulnerabilities and formulating strategies for their mitigation.• Employee Training & Guidance: Championed the education and guidance of staff on compliance matters, fostering a culture of awareness and adherence.• Compliance Monitoring: Oversaw compliance activities throughout the organization, promptly reporting and addressing any concerns or deviations.• Cross-Functional Collaboration: Collaborated seamlessly with various departments, integrating compliance requirements into core business processes and operations.• Regulatory Engagement: Cultivated strong ties with regulatory bodies, ensuring the organization remains updated on regulatory shifts and potential impacts.• Investigations & Corrective Actions: Led inquiries into potential regulatory or policy violations, ensuring swift and appropriate corrective measures.• Fraud & Ethics Oversight: Directed investigations into allegations of fraud or unethical conduct, safeguarding the organization's reputation and integrity.• Legal Representation: Acted as the organization's representative in legal proceedings concerning compliance matters, ensuring a robust defense and advocacy.• Budgetary Management: Orchestrated the department's budget, ensuring prudent allocation and diligent monitoring of funds, aligning with organizational objectives. Show less

  • General Director of Internal Audit

    Jun 2024 - Mar 2025

  • Sr. Director

    Sept 2022 - Jun 2024
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  Masco Group | مجموعة السويلم

  Sept 2022 - now

  Audit Committee Member

  • Financial Statement Oversight: Carefully ensure the accuracy and completeness of financial statements, reviewing financial reports for strict adherence to accounting standards.• Internal Control Advocacy: Champion the establishment and maintenance of robust internal controls, safeguarding against potential fraud and discrepancies in financial reporting.• Risk Management: Proactively identify and assess risks inherent to the company's operations, ensuring the implementation of effective strategies to mitigate potential threats.• External Audit Supervision: Oversee the entirety of the external audit process, from auditor selection to a thorough review of their findings, ensuring all audit concerns are promptly and effectively addressed.• Regulatory Compliance: Ensure the company's unwavering compliance with pertinent laws and regulations, particularly those concerning financial reporting.• Stakeholder Communication: Foster open channels of communication with management, internal and external auditors, and other key stakeholders, ensuring collective awareness and alignment on financial reporting and internal control matters. Show less

• 

  Radisson Blu Hotel, Riyadh Convention & Exhibition Center

  Jan 2025 - now

  Audit Committee Chairman

  Lead and Chair the Internal Audit CommitteeDirect the Committee’s activities, set meeting agendas, and organize regular sessions.Provide independent oversight of the company’s financial reporting, internal control systems, and risk management processes.Oversee the ongoing evaluation of the effectiveness of internal controls, ensuring that appropriate corrective actions are taken when necessary.Coordinate with External Auditors and Regulatory AuthoritiesWork closely with external auditors to review audit plans, findings, and recommendations.Ensure compliance with all relevant laws, regulations, and regulatory requirements.Review reports from regulatory bodies and address any observations or breaches that arise, maintaining the highest standards of compliance and integrity.Advise on Corporate Governance and Ethical ConductProvide professional opinions and recommendations to the Board of Directors regarding corporate governance policies, promoting transparency and accountability.Foster an ethical corporate culture by reviewing and enforcing codes of conduct, ensuring adherence to values of integrity and transparency.Contribute to the development of effective policies and procedures for reporting misconduct, fraud, or potential violations, and monitor their implementation and effectiveness. Show less