Al-Fakher Company


Outsourced Enterprise Risk Assessment and Risk-Based Internal Audit


Al Fakher is a leading manufacturer of tobacco (Mua’ssel) around the world, wanted to establish a risk management function, conduct Enterprise Risk Assessments and
Risk-Based Internal Audits in order to obtain reasonable assurance that the company is complying with the relevant regulations and strengthen the control environment.

Scope of Work
  • Conducting Risk Assessment (CRSA workshops) for all business units to:
  • Identify and assess potential risks that might negatively impact on the business units objectives.
  • Evaluate the strength of controls in mitigating these risks
  • Identify weaknesses (uncontrolled risks)
  • Develop recommendations to mitigate weaknesses
  • Outsourced Internal Audits to independently verify whether Key controls were working as intended.
  • An Enterprise Risk Management function was established
  • Several control enhancements and opportunities for improving processes were identified and implemented.
  • Significant improvement in the control environment
  • Periodical reports are now being presented to senior management and the Audit Committee on the status of the control environment.

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