Head of Internal Audit
Rafhan Maize Products Company limited, Faisalabad, Pakistan, Ingredion Incorporated Gmbh
Total years of experience :20 years, 7 Months
Rafhan is a subsidiary of Ingredion Incorporated, Illinois, USA and is one of the largest manufacturing concerns in Pakistan. Rafhan Maize is pioneer in producing the diversified type of starches and sweeteners being used in 50 type of industries.
As Head of Internal Audit my responsibilities include:
• Identifying and assessing processes for operational and financial risk in all areas of the business.
• Manage the overall internal audit processes including participation in annual internal audit planning, resource allocation, direction, supervision of audit procedures and review of results.
• Presenting audit findings and recommendations to local Audit Committee.
• Preparing internal audit reports for onward submission to Group Corporate office in USA.
• Managing the relationship with Group Internal Audit team in the USA including the implementation of the Group’s internal audit plan in relation to Rafhan’s operations.
• Providing consulting & assurance services to businesses in the group including recommendations for improvements to business processes.
• Ensuring Compliance with Accounting Standards and Suggesting Accounting treatments in light of Accounting Standards (US GAAP & IFRS Both)
• Acting as a mentor for the members of the local internal audit team.
OPF is a welfare organization established for the welfare of overseas Pakistanis.
I am responsible for the following:
1) Preparation of Risk Based Annual Audit Plan for respective areas of operation audit.
2) Execution of audit plan within the given timeline and resources.
3) Reviewing conformance to policies and procedures.
4) Completion of other assignments (Special audit, investigations etc.) as per direction of MD and Audit Committee.
5) Supervision, training and development of internal audit staff.
The Islamabad Stock Exchange (ISE) is one of the three Stock Exchanges of Pakistan set up with the main object of setting up of a trading and settlement infrastructure, information system, skilled resources, accessibility and a fair and orderly market place that ranks with the best in the world.
As head of the Operations Audit (Financial and Compliance Audit) department and reporting to Audit Committee, I am responsible for the following:
1) Preparation of Risk Based Annual Audit Plan for respective area of operation audit.
2) Execution of audit plan within the given timeline and resources.
3) Reviewing conformance to policies and procedures.
4) Coordination between brokers and system auditor for the timely completion of system audit and submission of reports and compliance certificate to SECP.
5) Completion of other assignments (Special audit, investigations etc.) as per directions of MD and Audit Committee.
6) Supervision, Training and Development of reporting staff.
Achievements:
- Revision of System Audit Regulations within two months of joining organization which were last revised in 2004.
- Revision of CSR and Employee loan policies.
- Introduction of job description and KPI's as a result of HR audit.
- Responsible for introduction of IT policies and disaster recovery site as a result of IT audit.
I worked in PIFRA a world bank project as Quality Management Specialist (Internal Audit). The Auditor General of Pakistan (AGP) is the prime institution in the country for ensuring public accountability and fiscal transparency in Government operation. My responsibilities amongst others include:
1) Preparation / revision of Quality Management Framework for public sector audits to enhance quality of audits carried out by AGPR.
2) Delivery of trainings and conducting workshops for the Field Audit Office (FAO) staff on Quality Management Framework.
3) Review of risk based audit plans and checking the execution of the same after approval.
4) Review that proper direction and supervision is provided to the audit teams for effective, efficient and timely completion of audit assignments.
5) Ensure maintenance of high standards of accuracy, fairness and balance in draft Audit Reports to be presented to AGP.
6) Attending Quality Control Committee meetings to review audit reports of different FAOs.
7) Follow up of all previous reports ensuring implementation of audit recommendations.
8) Support to Director Generals Audit and provide necessary guidance in highlighting issues to be discussed in Audit Reports, Management Letters and where necessary, qualified accounts.
9) To suggest the mechanism for enhancing the quality of audit reports, in the broadest sense, by collating and analyzing such reports and suggestions from Quality Assurance Committee and top management of the office of Auditor General of Pakistan (AGP) and identifying possible new or alternative courses of action or ways to develop such reports for the benefit of stakeholders and the auditors particularly the head of field audit offices.
10) Check compliance with IPSAS and INTOSAI Standards where applicable
Achievements:
- Preparation / revision of Quality Management Framework introduced first time in Auditor General of Pakistan.
- Trained officers at DG level in 26 Field Audit Offices of AGP.
- Implementation of Quality Management Framework in 26 Field Audit Offices of AGP.
Industry Experience: Hedge Funds, Securities Trading, Investment Managers, Compilation of Financial Statements. I was responsible for;
Providing assurance on client's financial statements, investment valuations, group reporting.
Providing compilation of financial statement services to fund managers.
Assessing internal controls and processes while giving recommendations via management letters.
Training colleagues on audit procedures, internal controls and financial reporting standards with emphasis on hedge funds and investment managers.
Liaising with audit firms and service providers in other countries to coordinate group audits.
Meeting with new and existing clients to assess their audit or consultancy needs, determine scope of procedures required and providing fee and budget estimates.
Achievements:
Designed audit procedures for testing liquidity and redemption restrictions in hedge funds.
Introduced efficiency resulting in budget improvement between 15 to 25% for assignments led.
Completed compilation assignment of 15 hedge fund financial statements in a record time of one month working in team of 5 senior auditors.
I have worked with FCCL for 1 year as Assistant Manager Finance. FCCL is one of the leading Cement Manufacturing Companies in Pakistan.
Responsible for;
Managing the maintenance of Books of Accounts and preparation of Financial Statements in accordance with IFRS.
Coordinating with external and internal auditors for the audit of FCCL as audit coordinator.
Preparing of various MIS reports for use by the top management in the decision making process.
Preparing of variance analysis of actual and budgeted results on monthly basis.
Preparing of annual revenue and capital budget of the organization.
Achievements:
Implementation of ERP system in the Finance Department.
I remained associated with KPMG Islamabad Pakistan for 4 years under mandatory articles training in audit and assurance department. KPMG is a leading auditing, management consulting, advisory and tax advisory services firm. During this period, I worked under different capacities Senior and staff accountant. The industries I was involved mainly comprised of financial services, oil & gas, manufacturing and servicing. Working on wide range of industries I was able to develop thorough understanding of operations of different industries. Manufacturing and oil & gas industry included largest entities in Pakistan. The execution of audit heavily involved use of IFRSs applicable to all industries in Pakistan. During my stay in KPMG I was also involved in the preparation of Financial Statements of different clients.
Industry Experience: FMCGs, Oil and Gas, Financial Services, NGOs, Service and Government Organizations
1) Provided assurance review services on client's Financial Statements and statutory reporting.
2) Coordinated, lead and managed teams on multiple assignments i.e. Statutory audit, Compilation of Financial statements.
3) Trained colleagues on financial reporting standards, audit procedures and internal controls.
