Chief Internal Auditor
Rajby Industries
Total years of experience :28 years, 0 Months
My role as the Chief Internal Auditor was to lead and manage the "Internal Audit function" and to ensure that it provides an independent assessment on the adequacy of internal controls and systems, including the systems for appropriate identification and evaluation of risk, ensuring compliance with all applicable laws and regulations. Moreover, to draw any weaknesses or shortcomings noted, to the attention of senior management & BOD.
Under the umbrella of this management consulting practice, we help our clients to address their most critical issues and to position them for opportunities and growth. We help re-organize, innovate and transform businesses by identifying and tackling core issues to drive the necessary change in a fast and impactful way. Our service basket covers:
Audit and Assurance Services
Taxation Management Services
Corporate and Secretarial Services
Financial Advisory Services
Outsourcing Services
International Textile is a premier global corporation with its corporate office in Karachi and North American office in Houston, Texas (U.S.A.). The company has extensive manufacturing operations in Pakistan, employing a staff of three thousand people. It exclusively exports a wide range of textile products to the institutional, hospitality and healthcare industries in the U.S., Canada, and the Australian markets.
As a member of the senior leadership team, I had a strategic role in the overall management of the organization. Overseeing & supervising the entire accounting, audit, income tax, payroll, treasury & vendor relations functions. Performance measures that support the organization's direction. Providing leadership in development and continuous evaluation of the organization's financial objectives. Formulating financial & tax planning strategies. Apart from managing the overall accounting and finance functions of the company, I was involved in finalization and implementation of Finance and Costing module of SAP (E.R.P.) in the company, in the capacity of steering committee member, and process owner of finance function.
• Finalization of Financial Statements of the Business Units and Consolidation of those Financial Statements.
• Compliance with statutory requirements.
• Formulating Financial and Tax Planning Strategies.
• Development and implementation of the Financial Reporting Package for the Group as a whole.
• Finalization and detailed analysis of various Management Reports to appraise performance of each business entity / accounting unit.
• In depth study of the policies / procedures / accounting techniques used by the Group and suggested changes / improvements for effective use of those procedures / techniques and methods.
I was primarily responsible for tax compliance and consulting services to International and Local Clients, including:
• Preparation and filing of income tax returns and assistance to the clients with representation before the tax administrative authorities in respect of audit of income tax returns;
• Preparing professional opinions, conclusions and recommendations based on facts, setting forth the sources of information, assumptions, projections, objectives of the client and its queries on various tax issues / transactions with reference to the latest judicial pronouncements, wherever required. This specially covers areas of tax planning models, Tax Treaties’ applicability, taxability of specific transactions, tax exemptions and tax credits;
• Advising the clients on interpretation of various contentious tax issues contained in the return with potential tax exposure;
• Assisted Tax Risk Partner in implementation of KPMG’s Risk Management Manual - Global.
Completed four years mandatory audit training period of article-ship in September 2001 under the Chartered Accountants Bye-Laws in Pakistan.
Scope of work and responsibilities included Planning, developing audit strategy. Review of financial statements to ensure compliance with various disclosure requirements of IFRSs and local regulations. Formulation of conclusion and reporting to audit managers and engagement partners and liaison with client management. Audits and assignments were carried out in accordance with the local statutory requirements, and KPMG Audit Process / GWP approach, which are uniformly used by all KPMG offices throughout the world. The major sectors covered during Article ship are as under:
• Banking & Financial Institutions
• Trade & Services
• Airlines
• Insurance
• Manufacturing
• Due Diligence Assignments
I am a Fellow Member of the Institute of Chartered Accountants of Pakistan.