The 2nd Audit Committee Meeting

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The 2nd Audit Committee Meeting by Mind Map: The 2nd Audit Committee Meeting

1. 1-To receive and approve minutes of the previous Audit Committee Meeting

2. 2-Review the financial statements for the financial year 2011

2.1. 1-The committee accepted the CEO recommendation to develop an Internal Audit action plan for 2012

2.2. 2- Establishing the credit and collection department and support it with qualified resources and send quarterly reports to the Audit committee for revision.

2.3. 3-The CFO to send his monthly report to the Audit Committee containing all red flags and financial indicators.

2.4. 4-The Committee instructed Mr. Qasim Rashid to provide them with a detailed related party debt list and the collection efforts. The list should have the client name, policy number, debt amount,and premium, loss ratio for each policy, claims and reasons for not paying.

3. 3-Management Report 2011

3.1. 1- The CEO to focus on collection specially the related party debt.

3.2. 2- The committee recommended a centralized unit for collection which will help sales people and regional managers in collecting the debt.

3.3. 3- To comply with SANAD’s credit policy. If there is any exception, this needs to be taken from the CEO and/or the COO.

3.4. 4- To collect all receivables from all business partners in order to help the company’s financial situation.

3.5. 5- The importance of hiring the internal auditor ASAP to carry out the future challenges.

3.6. 7- The committee asked to update the system to have screens for complaints and having semi-annual report from it.

3.7. 8- The committee asked for a forensic investigation for the current systems in the company for the third time.

3.8. 9- Assigning Dr. Talal chlach for a weekly follow up on the system and forensic auditing

3.9. 10- The committee advised the CFO and CEO to invest the company’s money in more profitable accounts and not depending on current accounts.

4. 4-Internal Auditor’s CV

4.1. 4-The Committee instructed Mr. Qasim Rashid to provide them with a detailed related party debt list and the collection efforts. The list should have the client name, policy number, debt amount,and premium, loss ratio for each policy, claims and reasons for not paying.

5. 5-Information Technology

5.1. 1- The committee instructed the compliance department to collect all users’ point of views about the current problems in the used IT system by using the appropriate way such as (surveys…etc.) and to feed the committee back with all comments and point of view and after that there will be a meeting to decide the next steps. 2- Dr. Talal to participate in the evaluation of the survey and its results.

6. 6-Mr. Al Hawas request of 120K:

6.1. The company not to pay the 120K because all mentioned reasons above.