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Fwd: INTERNAL AUDIT AT TAMEER, UAE

Mansour Al Kharboush
Sent: Thursday, March 27, 2014 3:09 PM
To: 1:_ng Ahmed t\l Ra1h1
I Cc: Hga,_e 'vlohummetl, You"f 1\011

FYI

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Begin forwarded message:

From: "Abdul R. Ladha" <abdul.ladha@alrathl-holdinq.com>


Date: March 27, 2014 at 1:07:07 PM GMT+3
To: Abdullah Al Rajhi <abduH ah@alrajhi-holdlnq.com>
Cc: "Dr. Khalid Al Rajhi" <khalld@a!rajhl·holding.com>, Mansour Al Kharboush <Mansour.AIKharboush@alrathi-holding.com>
Subject: INTERNAL AUDIT AT TAMEER, UAE

Respected Sh. Abdullah, Salam:

As per your instructions, we will undertake an Internal Audit at Tameer Dubai from April 12, 2014.

As I understand from some initial discussions, Tameer is a huge company with many projects and numerous problems;
there has been no External or Internal Audit since 2008; and there are many concerns, some expressed by you also.

In order to keep the cost down, we will try to do an Internal Audit covering key areas like:
- Overall corporate governance, organi.zation structure and Controls environment.
- Internal controls and Checks and Balances overRevenue, Costs, Overheads and Staff Expenses.
- Selection of contractors and consultants; and approval of their billings compared to the progress.
- Sales of completed units, and related Sales Prices & Agents' Commissions compared to prevailing market.
- Transparency in the sale of units and commissions; particularly relating to units sold privately or to employees.
- Detailed AnalyticalReviews of Costs compared to the Budget and progress of work by projects; assets and
liabilities.
- Overall review of the Cash Management function and Cash Flows; and CTCs by Projects compared to original
budgets etc.

We will only cover the Company's current activities and transactions, but will not dig into records prior to 2013, unless there
are reasons to do so, in which case we will seek your guidance and approval.

Kindly let me know if the cost of this assignment should be charged to Tameer, in which case I will send an Engagement
Proposal to them; and provide me your guidance and approval in respect of the above coverage by the Internal Audit.
Following your approval, I will notify the Tameer Management and start preparations for this Audit.

Thank you and best regards. Dr AR Ladha