LUTFI AL SALAMAT, B.SC. (ECON), CPA
Lutfi Al Salamat is a partner of UTC International & Lutfi Al Salamat (“UTCINTL”). His areas of expertise include Accounting, Taxation, Finance, External Audit, in both public and private sectors [including listed companies], Financial and Business advisory.
Lutfi Salamat is responsible for the administration of external audit assignments of commercial companies, and public sector agencies as well as financial and business consultancy services.
With professional work experience of nearly three decades, his major responsibilities involve the reviewing of audit engagement files, liaising with clients, assuring quality control, compliance with professional standards and legal requirements, and approving audit reports.
Lutfi Al Salamat ‘s work experience covered the following principal activities:
• Providing comprehensive and practical programs for statutory audits;
• Determining areas of audit risk and appraising their significance in relation to operational factors of cost, time schedules, and service product quality;
• Developing audit training manuals and other training aids and conducting workshops with particular reference to International Financial Reporting Standards (IFRS/IAS) and International Standards on Auditing (ISAs) & Quality Assurance Standards including requirements under Basel Accord II for commercial banks;
• Providing formal plans for recruiting, selecting, training, evaluating, and supervising audit staff;
• developing and conducting training programs for internal auditors;
• Developing internal audit manuals;
• Classifying audit projects on basis of degree of risk and significance and as to frequency of internal audit coverage;
• Reviewing work papers and editing audit reports with the respective auditor[s] in charge for the assigned audit engagement, discussing the outstanding points with appropriate divisional management of Client[s] before finalization of audit report and submission to Client[s];
• Presenting oral briefings to Clients’ management, as appropriate;
• Supervising outsourced internal auditing work which include performing review of internal audit methodology and plans, regulatory procedures compliance reviews, financial operations audit, and management accounts;
• Reviewing the client entity’s functional activities and evaluating the effectiveness of the internal control procedures;
• Conducting fraud investigation assignments as per generally accepted standards of auditing;
• Establishing liaison with donor agencies and coordinating the audit engagement tasks to ensure compliance with the governing covenants;
• Supervising the implementation and commissioning for beneficial use of computerized management information systems.