SHARMILA SHET
Manama
Summary
Accomplished finance professional with over 15 years of experience in leadership roles. Proven track record in financial management, internal audit, and risk assessment. Strong organizational skills, attention to detail, and ability to communicate effectively with all levels of the organization.
Overview
22
22
years of professional experience
1
1
Certification
Work History
Group Head - Internal Auditor
FLOOSS BAHRAIN CLOSED BSC(c)
06.2025 - Current
- Leading the Internal Audit function, developing and delivering a risk-based annual audit plan aligned with enterprise risk priorities, regulatory expectations, and Board/Audit Committee directives.
- Providing independent assurance to the Audit Committee and Board, presenting key audit findings, emerging risks, fraud investigations, and strategic risk insights.
- Overseeing end-to-end internal audit activities, including financial, operational, compliance, and Special audits, ensuring effective coverage of high-risk areas and optimal resource deployment.
- Establishing and maintaining audit methodologies, quality assurance frameworks, and reporting standards in line with professional standards and regulatory requirements.
- Acting as a strategic advisor to senior management, driving improvements in governance, risk management, and internal controls across the organization.
- Managing stakeholder relationships, serving as the primary liaison with external auditors, regulators, whistle-blowing channels, and business heads to ensure coordinated assurance and issue resolution.
Senior Manager, Internal Audit Risk Advisory
PROTIVITI BAHRAIN
12.2021 - 11.2024
- Led internal audit, compliance and risk engagements for clients across industries, managing teams and ensuring compliance with standards.
- Managed Compliance projects at financial institutions including banks, investment firms and insurance companies. Key projects included validation of Compliance framework, review of compliance policies and procedures, charters, compliance risk management framework and monitoring system, conducting compliance audits and presenting findings to the Audit and Risk committees.
- Handled Enterprise Risk Management(ERM) assignment assessing credit, market, liquidity, operational, strategic, and reputational risk and preparing and presenting quarterly reports to Audit and Risk committee.
- Led assignment of Internal Audit projects, directing the execution of individual audits using a risk-based methodology and presented findings to the Audit and Risk committee in PowerPoint and using Power BI.
- Headed ORM assignment including reviewing Risk Control Self-Assessments(RCSAs), Key Risk Indicators(KRIs), Loss Event reports and Risk Mitigation Strategies and reporting to senior management. Also conducted various risk awareness sessions for employees and Board of Directors.
Group Finance Manager
DIME GLOBAL GROUP
01.2020 - 06.2020
- Managed the Finance Department of the Group and oversaw the operations of local and overseas subsidiaries in Hong Kong and the Philippines.
- Developed and implemented the annual budget for the Group, ensuring strict adherence to cost and expenditure limits and presenting variance analysis to the Board.
- Led the development and enforcement of finance guidelines, policies, and procedures across all departments, ensuring its compliance.
- Established and implemented robust internal control procedures and an efficient financial reporting system.
- Coordinated the annual audit process with external auditors, ensuring timely completion and accuracy of financial statements.
- Managed the financial closing process for month-end, quarter end and year-end, ensuring timely and accurate account reconciliation.
- Ensured regulatory compliance, including the accurate and timely filing of VAT returns.
- Led the successful implementation of a new accounting system within a condensed timeframe.
Group Finance Manager
BFC GROUP HOLDINGS COMPANY WLL
04.2016 - 10.2019
- Prepared comprehensive monthly management information reports, including schedules, cash flow statements, and detailed expense breakdowns for holding company and local as well as overseas subsidiaries in UK, Malaysia, Kuwait and India.
- Led budget preparation and variance analysis processes, providing actionable insights for financial planning and control.
- Generated Management information System (MIS)reports for senior management and key stakeholders, facilitating strategic decision-making.
- Managed accounts receivable and payable processes, ensuring timely collections and payments.
- Liaised with internal and external auditors during interim and year-end audits, demonstrating strong financial control and regulatory compliance.
- Prepared group consolidated annual financial statements, adhering to IFRS standards.
- Oversaw intercompany and bank reconciliation processes for the group, ensuring financial accuracy and control.
- Monitored financial covenants with financial institutions, ensuring compliance and mitigating risk.
- Maintained control over fixed asset registers, administration procedures, and depreciation calculations for the group and subsidiaries.
- Reviewed and approved Journal vouchers, payment vouchers and other financial transactions.
- Developed and updated financial policies and procedures based on best practices, enhancing operational efficiency and financial control.
- Led core teams for ERP (Microsoft Dynamics 365) and VAT implementation projects, ensuring timely and successful system rollouts.
- Managed Finance Function of BFC Payments for 1.5 years, a company in the card processing and payments services industry.
Manager Internal Auditor
GULF UNION INSURANCE GROUP, BAHRAIN
10.2005 - 06.2015
- Handled Internal Audit of Gulf union Insurance Group consisting of Gulf Union Insurance and Reinsurance Company BSC(c), Oryx Insurance Brokers WLL, Gulf Union Automotive Repair Centre, Gulf Electronics Management Company (TPA processing medical and motor claims of the company).
- Established the department and led a team of four certified professionals (CA, ACCA).
- Conducted risk assessments and developed the annual risk-based audit plan for the group companies.
- Managed internal audit assignments to verify controls and accuracy across critical functions (underwriting, claims, reinsurance, receivables, payables, fixed assets, payroll, petty cash, banking) and presenting the findings to the Audit Committee.
- Reviewed business processes and implemented improvements to enhance operational efficiency. Including underwriting and claims policies and procedures to reduce loss ratio.
- Verified the accuracy and compliance of financial statements with IFRS/IAS standards and applicable regulations.
- Conducted ad-hoc audits and fraud investigations as requested by management.
- Ensured compliance with regulatory authorities through detailed review of returns and filings.
- Assisted in developing the IT security manual based on COBIT principles.
- Participated in the core team for ERP implementation, ensuring robust control validation and timely system launch.
- Compliance and Financial Management
- Managed the Compliance function (2014-2015), ensuring adherence to all regulatory requirements.
Audit Executive
M/S N. M. RAJI CO CHARTERED ACCOUNTANTS, INDIA
01.2004 - 05.2005
- Spearheaded various audits including J. P. Morgan Chase Bank, J. P. Morgan Securities India Private Limited and Nuclear Power corporation of India
Audit Assistant
M/S MITTAL AND ASSOCIATES
01.2004 - 05.2005
- Conducted internal Audits, concurrent audits, statutory audits, SEBI inspections of various bank, insurance companies, investment companies, brokers etc.
Articleship
- M/s S. V. Shet Co. Chartered Accountants
- M/s Puranik Kulkarni Co. Chartered Accountants
- Gained experience in the fields of Audit, Taxation, Company Law and related matters.
Education
Chartered Accountant - CA
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
IndiaBachelor of Commerce - B. Com
UNIVERSITY OF MUMBAI
IndiaSkills
- Regulatory Compliance
- Risk Management
- Audit
- Financial Reporting
- Fraud Investigation
- ERP Implementation
- Business Process Re-engineering
- Financial Management
- Corporate Governance
Certification
- Completed the Certificate course on Forensic Accounting and Fraud Detection- FAFD. conducted by ICAI, 2023.
- Certification in International Financial Reporting Standards, Accounting and Finance(IFRS) from ICAI, 2013.
- Cleared Certified Information System Auditor (CISA) examination of ISACA , June 2009.
TEACHING AND TRAINING EXPERIENCE
- Visiting Faculty at MGM Institute Faculty: Faculty teacher for ACCA/CAT teaching Audit and Accounting for 2 years.
- Crash course for CA Foundation by Bahrain Chapter of ICAI – One of the faculty for crash course for CA foundation students conducted by BCICAI teaching selected topics of Principles and Practice of Accounting during 2020 -2021
VOLUNTARY CONTRIBUTION
- Progressing from Executive Committee Member to Chairperson demonstrating leadership, organizational skills, and commitment to the CA profession and ICAI community in Bahrain while securing the best Chapter Award for the Chapter from parent body, ICAI.
- Chairperson (2022-2023)
- Vice-Chairperson (2021-2022)
- Secretary (2020-2021)
- Joint-Treasurer (2016-2017)
- Executive Committee Member (2015-2016)
Timeline
Group Head - Internal Auditor
FLOOSS BAHRAIN CLOSED BSC(c)
06.2025 - Current
Senior Manager, Internal Audit Risk Advisory
PROTIVITI BAHRAIN
12.2021 - 11.2024
Group Finance Manager
DIME GLOBAL GROUP
01.2020 - 06.2020
Group Finance Manager
BFC GROUP HOLDINGS COMPANY WLL
04.2016 - 10.2019
Manager Internal Auditor
GULF UNION INSURANCE GROUP, BAHRAIN
10.2005 - 06.2015
Audit Executive
M/S N. M. RAJI CO CHARTERED ACCOUNTANTS, INDIA
01.2004 - 05.2005
Audit Assistant
M/S MITTAL AND ASSOCIATES
01.2004 - 05.2005
Articleship
Bachelor of Commerce - B. Com
UNIVERSITY OF MUMBAI
Chartered Accountant - CA
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA