An effective audit plan is key to the success and vital driving force of my department.

Mr. Waheed Abidi is Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP) and Masters in Business Administration from the University of South Wales UK. He holds diversified professional experience of over 20 years. He has been associated with different services and manufacturing sectors including A. F. Fergusons & Co. Chartered Accountants, HBL, Emirates Global Islamic Bank Ltd (now Al Baraka Bank) and Silk Bank Ltd in senior capacities including Financial Controller, CFO and Company Secretary. Prior to joining NBP FUNDS, he was serving as Head of Audit Islamic Banking in the Audit Group of Silk Bank Ltd.

As a Head of Internal Audit, how do you develop an audit plan? What is important to consider?

Development of an effective audit plan is key to the success and vital driving force for the audit department. The risk-based approach is a very common term used in this regard which is, in fact, a blend of different subjective and objective criteria. This requires determination of an audit universe i.e. functions of an organization which should be subject to audit including assessment of different types of risks the entity is exposed to. In the light of the said risk assessments, Audit Plan needs to be developed.

How do you think internal auditing can add value to a company?

The ultimate goal of almost every organization is stability, prosperity, and growth. These are achieved through combined efforts of business & support segments whose efficiency is dependent upon strong internal controls established by the management. The Internal Audit function can add value by assessing the said internal controls in a professional and independent manner, provide assurance over controls and give cost-effective recommendations to address the weaknesses. This helps in enhancing the operational efficiency of the organization and achieving ultimate goals.

What do you like most about your job?

Interaction with the Board Members and managing Audit Committee meetings; being an eye and ear of the Audit Committee, presenting them an independent view of organization's affairs and seeking their advice for improving controls and last but not the least, leading a team of audit with an aim to enhance their skills and audit approach and give them directions for optimal benefit of the organization.

If you could retire tomorrow, what would you do?

I would love to provide consultancy to organizations and to individuals relating to audit, finance, etc. for providing them an unbiased and independent insight of their financial and operational affairs.