Head of Internal Audit
Vip Group of Companies
Total des années d'expérience :15 years, 10 Mois
Established the Internal Audit Department for the entire Group, involved in shortlisting and hiring of staff, establishing workflows, Internal Audit strategies and reporting framework. My responsibilities as Head of Internal Audit include:
• Lead and conduct financial, operational and performance audit engagements based on annual audit plans for the Parent Company and its subsidiaries.
• Identify, understand, and document processes and procedures surrounding internal controls,
• Conduct audit assignments, reviewing the efficiency and effectiveness of departmental operations, the adequacy of Internal Audits and verifying compliance with policies and procedures and management instructions, continually monitor and update the assessment of the control environment.
• Establishes audit objectives and develops audit programs including time estimates, plan of work and steps necessary to collect data and document findings. Uses a variety of data analysis techniques and innovative approaches to analyse departments’ performance and identify areas for improvement.
• Identify and design anti-fraud criteria and controls based audit plan for evaluating the effectiveness of controls in place to manage significant risk exposures, insure the integrity and reliability of information and financial reporting, safeguard company’s assets, and comply with laws and regulations.
• Establish procedures, plan for maintaining proper filing for working papers and record notes, and obtain sufficient evidence to support audit findings and recommendations.
• Coordinate activities with external auditors to support their audit and review procedures, also review finance department business processes and suggest ways to improve such processes.
• Expresses opinion on the adequacy and effectiveness of internal controls to manage risks.
VIP Group, one of Pakistan’s top 3 groups in the leather industry, is a vertically integrated group in the leather industry consisting of 4 companies. I was hired to establish a costing, budgeting and planning department at group level, with an emphasis to ensure proper integration of all departments within the group’s structure. On successful implementation I was promoted to a Chief Financial Officer.
My responsibilities include:
1) Obtain and maintain a thorough understanding of the costing, budgeting and planning structure.
3) Oversee the implementation of customized ERP software throughout the group for accounts, costing, budgeting and planning module.
4) Ensure accurate and timely monthly, quarterly and year end reporting of Financial Accounts, Cost Accounts and Budgets.
5) Oversee financial planning activities.
6) Collaborates with finance department managers to support overall group’s goals and objectives.
7) Advise staff regarding the handling of non-routine reporting transactions.
8) Responds to inquiries from the Director of Finance, Chief Executive Officer and/or Managing Director regarding accounts, cost/budget results, special reporting requests and the like.
9) Assist in development and implementation of new procedures and features to enhance the workflow of the department.
10) Work with each directly reportable employee to establish goals and objectives for each year and monitor and advice on the progress to enhance their professional development.
11) Support Chief Executive Officer with special projects and workflow process improvements.
- Obtain and maintain a thorough understanding of the financial reporting and general ledger structure.
- Ensure an accurate and timely monthly, quarterly and year end close.
- Ensure the timely reporting of all monthly financial information.
- Supports budget and forecasting activities.
- Collaborates with the other finance department managers to support overall department goals and objectives.
- Monitors and analyzes department work to develop more efficient procedures and use of resources while maintaining a high level of accuracy.
- Advises staff regarding the handling of non-routine reporting transactions.
- Responds to inquiries from the Director of Finance, Chief Financial Officer, and other finance and firm wide managers regarding financial results, special reporting requests and the like.
- Work with the Chief Financial Officer to ensure a clean and timely year end audit.
- Supervise the general ledger group to ensure all financial reporting deadlines are met.
- Assist in development and implementation of new procedures and features to enhance the workflow of the department.
- Provide training to new and existing staff as needed.
- Handle personnel issues relating to staff conflicts, absenteeism, performance issues, etc.
- Work with each direct report to establish goals and objectives for each year and monitor and advise on the progress to enhance the professional development of staff.
- Support Chief Financial Officer with special projects and workflow process improvements
Work responsibilities include, but are not limited to, the following:
- Initial planning of the job and identifying risk areas during the process
- Assessment of control risk and designing the tests of controls for specific areas in consultation with the engagement partner;
- Application of Internal audit methodology and documentation of Pricewaterhouse Coopers for internal control evaluations, Internal audits etc
- Hands-on experience on AURA database (Software used in Assurance wing of the firm)
- Map and/or review the risks and key controls’ plotting, risk heat-maps and risk analysis
- Assessment of control risk and designing the tests of controls for specific areas in consultation with the engagement partner;
- System understanding and mapping out the controls against the identified inherent risks. Rating the controls for their effectiveness in design and designing out walk through tests and test of controls
- Analysis of Financial Statements
- Designing the substantive procedures in consultation with the engagement partner;
- Performing the test of control and substantive procedures highlighting the issues/ matters;
- Discussions with the clients regarding the various accounting or other issues/ matters identified during the assignment;
- Reviewing the work done by the team members and getting it reviewed by the engagement manager and partner;
- Train, supervise, and mentor engagement staff on various assignments;
- Extensive application of the International Financial Reporting Standards (IFRS) and preparation of financial statements in compliance therewith;
- Prepare the assignment deliverable;
- Prepare presentations and reports on assignment findings, conclusions and recommendations; and
- Verifying compliance with various laws relating to the client.
Merit of Certificate - Auditing (Module D)
