GAUHAR AYUB, FCCA

Reporting to Regional Managing Partners/CEOs

Core Responsibilities:

I hold the position of Finance Manager overseeing the financial operations of multiple entities under Cornerstone including Cornerstone Consulting KSA, Cornerstone Consulting KWT, Cornerstone Investments KSA, Cornerstone Consulting Egypt, Kipina Kids Jeddah (a pre-school nursery) and M360 KSA (an associate company of Cornerstone Investments).

Accounting & Finance Responsibilities:

• Spearheading the company’s efforts to secure multi-million Saudi Rayal financing facilities from local banks; currently at advanced negotiation stage
• Developed a detailed financing proposal pack including company profile, executive leadership bios, audited and unaudited financials and business projections
• Engaged directly with bank representatives to respond to their queries regarding documentation and other requirements
• Leading the due diligence discussions internally with our Financial advisory lead partner and externally with our legal advisors
• Prepared meticulous financial statements adhering to IFRS requirements
• Facilitated and supported external auditors during their annual audits
• Orchestrated the preparation of yearly budgets and vigilantly monitored budget and revenue trends, compiling insightful reports for company leadership to drive strategic decision making
• Produced monthly, quarterly, and yearly consolidated management reports conducting comprehensive variance analysis and interpretation of significant variances
• Ensured timely submission of quarterly VAT returns and fostered effective communication with clients and suppliers regarding billing, receipts, and payments
• Scrutinized the fixed asset register, overseeing the approval of monthly depreciation charges
• Reviewed and approved monthly payroll payments, while also conducting training sessions for new and existing staff on various financial procedures

Advisory Projects & Risk Management:

• Assisted Kuwaiti clients in securing bank financing by preparing complete Financing facility documentation and collaborating with CFOs to structure and finalize loan approvals
• Developed and implemented the financial infrastructure for a newly established family office including setting up accounting systems, financial reporting
• Assisted the Portfolio Manager in implementing and executing asset allocation strategies
• Conducted internal audits for major clients, delivering comprehensive quarterly and yearly reports to the Board of Directors highlighting achieved objectives and pending issues
• Led a team to develop robust Internal Control and Risk Management frameworks for a group of companies in Kuwait, including the design of frameworks based on COSO and ISO 31000 standards
• Produced GAP analysis reports, identified key deficiencies in client policies and processes and developed fraud risk & conflict of interest policies along with ICFR templates
• Recognized internal and external risks, implemented fraud risk policies, and developed project pricing sheets to assist partners in pricing potential projects

Key Achievements:

• Effectively reduced costs by approximately 50% through the establishment of a new office in Egypt
• Crafted a comprehensive business plan for one of Cornerstone's associate companies and reviewed and developed financial department policies and processes for multiple clients
• Completed pending audits spanning four years for Cornerstone Saudi entity and an associate company within the first seven months
• Successfully implemented ERP systems for Kipina Kids and M360 entities and conducted thorough financial diagnostics for clients
• Implemented internal controls and developed templates to assess project profitability, aiding partners in project pricing strategies

Reporting To Finance Director

Core responsibilities:

• Preparation of Financial Statements in accordance with regulatory standards.
• Preparation of yearly budgets to guide financial planning and resource allocation.
• Leading financial reporting while overseeing accounts payable and receivable functions.
• Monthly trend analysis and interpretation of major variances to inform strategic decision-making.
• Acting as the primary liaison with both Internal and External auditors, ensuring smooth communication and compliance.
• Coordinating with Ernst & Young to facilitate the submission of Zakat & Withholding tax returns

Core responsibilities

Reporting To Assistant Manager

• Preparation of financial statements for the relevant area, ensuring accuracy and compliance.
• Accounting and reporting oversight of the Accounts Payable module, ensuring accuracy and timeliness of payments.
• Coordination with internal and external auditors to facilitate smooth auditing processes.
• Participation in cash management related to payables, optimizing cash flow and financial efficiency.
• Compilation of detailed project-wise variance analysis reports, providing critical insights for decision-making.
• Liaison with centralized treasury and Tax department regarding financing facilities, including all types of guarantees, and ensuring timely filing of Zakat & Tax returns and payments.

Achievements:

• Successfully cleared a procurement backlog of SAR 1.67 billion, optimizing operational efficiency and financial stability.
• Conducted voluntary ERP training sessions as a trainer, enhancing team capabilities and fostering a more proficient workforce.
• Developed and implemented in-house ERP reports, streamlining internal reporting processes for enhanced efficiency.
• Created a detailed Cost Centre wise Supplier Report, enabling insightful analysis and informed decision-making.
• Generated a Comprehensive Supplier Schedule, centralizing supplier information for more effective management and decision-making.

Reporting to Chief Executive Officer

Core responsibilities

• Preparation and in-depth analysis of financial statements, ensuring accuracy and compliance.
• Managing various accounting areas encompassing Billing, Accounts Payable (including payroll), Fixed Assets Accounting, and Cash & Bank Section, ensuring meticulous financial control.
• Cost analysis of company operations and offering strategic advice for optimal fund utilization.
• Conducting client satisfaction surveys, gathering valuable feedback to enhance service quality.
• Conducting comprehensive record management for both clients and employees, ensuring efficient and organized data handling.
• Performing breakeven analysis for different service lines, aiding in strategic decision-making.
• Implementing risk management strategies for both the company and clients, minimizing potential threats.
• Preparation of budgets, forecasts, feasibility studies, and business analyses for the company and clients, providing crucial insights for planning and growth.

Reporting To Audit Senior

Core responsibilities

• Conducted financial audits in adherence to regulatory standards and company policies, ensuring accuracy and compliance.
• Assisted in the examination and verification of financial records, ensuring reliability and integrity.
• Contributed to the planning and execution of audit engagements, including risk assessment and audit testing procedures.
• Collaborated effectively with audit teams, communicating audit findings and recommendations to clients and senior management.
• Conducted detailed analysis of financial data, identifying discrepancies and providing actionable insights for clients.
• Evaluated internal controls and risk management procedures, recommending enhancements to improve operational efficiency and mitigate risks.
• Contributed to the preparation of comprehensive audit reports, highlighting findings and providing recommendations for improvement.
• Participated in client meetings, addressing inquiries and providing professional recommendations for financial practices.

• Collaborated with the finance manager to successfully finalize the yearly audit, ensuring adherence to audit standards and timely completion.
• Assisted in gathering financial information, preparing necessary documents, and effectively closing financial books for accurate reporting.
• Contributed to the preparation of yearly budgets, aiding in strategic financial planning and resource allocation.
• Conducted monthly bank reconciliations, ensuring precision and accuracy in financial records.
• Facilitated customers' and suppliers' reconciliations, ensuring consistency and accuracy in financial relationships.
• Managed and provided guidance to a team of 3 internship students, fostering their professional growth and supporting day-to-day operations.