Managing Director
Ijaz Ahmed Accountancy Services
Total years of experience :24 years, 1 Months
Developing business and creating niche market, by tapping into under-served areas of traditional professional services, resulting in new business. Expert in providing innovative non-standardized technical solutions by bringing together very specialized and discrete technical skills. Spectrum of services includes;
Audit & Assurance, Consultancy and Accounting
Assisting clients achieve their strategic objectives in the areas of financial services, cost analyses along with estimation, profit projections, ERP implementation, business due diligence, valuation, project management etc.
Calculated the client's requirements to generate effective solutions to fit into their needs.
Handled financial projects assistance and development functions.
Demonstrated in-depth understanding of systems and financial issues by implementing a variety of projects, successfully.
Assisted the management with financial reporting, controls, analysis, budgeting, bookkeeping, inventory and assets management etc.
Responsibilities includes budgeting, forecasting, financial planning and analysis, financial accounting, public reporting, management and business metrics reporting, tax, treasury and all general accounting functions.
Assisted Managing Director in preparation of Expression of Interest and Application for mining and exploration concession.
Designed and Implemented the first annual budget process that supported a 5-year plan. Orchestrated budget process with all the departments senior management concluding in the presentation of final budget approved by the CEO & BOD.
Implemented weekly forecasting of financial results versus the budget and three monthly cash flow forecast for mining trading business.
Designed executive and management reporting systems, tailored financial and operating reporting system to meet requirements of IFRS.
Instituted new financial software and achieved financial statements credibility through newly designed accounting policies and procedures.
Recruited and trained staff to established financial and administrative infrastructure to meet the requirements of local authorities and parent Company.
Drafted employee and consultant contracts. Advised MD on all the contracts with third parties including those regarding strategic partnership/ joint ventures etc. Negotiated insurance contracts with various insurance carriers.
Negotiated mineral sale contracts with mineral trading companies, obtaining favorable terms i.e. 90% payment at receipt and balance at the time of actual sale after sampling.
Developed procurement policies and procedures.
Negotiated bank lines of credit with more favorable terms at reduce rates and obtained low bank service charge rates hence improving cash management.
Supervised establishment of two site offices in Rwanda for minerals trading business.
Managed responsibilities of Managing Director during his leave and business trips.
Have joined back chartered accountancy profession to undergo two years technical work experience for ICAEW to gain ACA qualification based on my ACCA membership.
Appointed as “Champion” and assisted management in implementation of “Caseware and View” financial statement software that helped to increase work efficiency and professional reporting.
Designed audit programs and procedure in “GT Voyager” audit software for specialized industries.
Supervisory oversight of various national and multinational audits in various sectors i.e. manufacturing, trading, tourism, hospitality, service orientated, oil exploration and power generating companies.
Avocet Mining PLC, UK Sold its entire shareholding in Commonwealth British Minerals (UK) Limited (CBML) to Zijin Mining Group Co. Ltd, China on July 7, 2007. The new company restructured the managerial staff and the expatriates were given a month notice except mine engineer and myself. Our responsibility was to make the transition period of six months as efficient and appropriate as possible. My responsibilities included;
Managed the finance function to provide efficient and effective support to higher management and other support services in a timely and accurate manner.
Advised and assisted the management on professional financial and accounting matters.
Implemented business processes adhering to laws, codes, and regulations based on analysis.
Assisted in the developing and implementing departmental operating and administrative policies.
Consulted with and advice staff regarding modifications to existing accounting practices.
Reviewed and studied changes in legal and procedural requirements for china and Tajikistan.
Revised and maintained forms and systems for financial transactions, records and budgeting controls.
Led team of accountants, providing management, training and development.
In addition to above was involved in development of new SOP for Finance and Internal Audit Department in compliance with the parent company operations.
A joint venture (JV Zeravshan Limited Liability Company) goldmine site near Penjikent, Tajikistan in which CBML holds 75% shares and 25% by Government of Tajikistan.
Managed and supervised directly and through subordinates, professional, and clerical personnel and my duties and responsibilities can be summarized as follows:
Managed monthly financial statements reports prepared under IFRS & GAAP for submission to head office-London and quarterly reports on local Tajik standards to local authorities.
Prepared annual budget, monthly cash flow and cash management, discretionary and non-discretionary capital reports.
Performed cash flow forecasting, budgeting and worked closely with the operations and project teams in analyzing margins, variances and cost analysis.
Developed the system of internal control, that’s sound in design and had been effectively implemented, monitored and maintained effective accounting system with policies and procedures.
Performed monitored and controlled project cost forecasts/budgets and cost tracking.
Worked consultatively with the respective departments on cost reduction initiatives.
Liaised with local authorities such as taxation and labor departments for related issues.
Prepared monthly tax reports, file tax declarations with local authorities to pay Royalty, Road Tax, VAT, Personal Income Tax local/ expatriate, Corporate Income Tax, and any related government fees.
Ensured compliance with local tax and legal requirements.
Provided all the information required for decision-making by the Board of Directors and Chief Executive to be presented in the “Director’s Report” and for purpose of AGM and HO management meetings.
Additionally holds responsibilities of Finance Manager during his quarterly leaves.
As Internal Audit Manager my first task was establishing the internal audit department for proper internal controls and modification of Standard Operating Procedures (SOP) through company’s policies and procedures and;
Coordinated with management and directors to ensure a system is in place that provides guarantee about the identification and evaluation of all major risks, on an annual basis.
Reporting to the management and committee on the programs, policies and activities of department.
Organized, planned and carried out the internal audit function that includes the preparation of an audit plan, assigning work, scheduling and estimating resource needs.
Conducted tasks or reviews requested by the general manager, chairman, finance director or chief executive.
Coordinated with the external auditors and made sure that every party is not only aware of the other's work but also well aware of areas of concern.
Helped group internal audit in executing special investigations, internal audit, compliance with policies and regulations and reviews of the Group's companies' internal control system.
Provided administrative support to departments in improving controls and implementation of better procedures.
In capacity of system accountant my tasks was selection and implementation of new financial software. So worked with a program developer who was developing bilingual English and Russian Financial and Procurement software since July 2002. But due to improper programming and interface flaws the in-house project was abandon on my recommendation.
The company considered my recommendation to buy the ERP system so I work on different ERP like Scala, Platinum, Accpac and Elipse to select the suitable system for our company. I was appointed head of implementation team form company side and the result of this Scala was implemented efficiently in a year and half time.
Execution of audit of various clients with responsibility covering audit planning execution, systems assessment and finalization etc.
Some of the clients includes:-
STATUTORY AUDITS
Mineral, Oil and Gas - JV Zeravshan LLC Tajikistan (Avocet Mining Plc UK)), Pakistan Mineral Development Corporation, Orient Petroleum Inc, Petrolog (Private) Ltd.
Construction - Impregilo Group SpA Italy, Ed-Zublin AG Germany, Redco Pakistan Ltd, Hyundai Eng & Construction.
Banks - Small Business Finance Corporation, Small and Medium Enterprise Bank, Regional Development Finance Corporation, Agricultural Development Bank of Pakistan.
Non- Government Organisation - Mercy Corps Inc - Pakistan & Afghanistan, Sustainable Development Policy Institute,
International Labour Organisation, European Commission Coordination Office, United Nation Development Programme.
Donor Agencies - Canadian International Development Agency, USAID, World bank.
SPECIAL AUDITS AND ASSIGNMENTS
Internal Audit: Carried out comprehensive internal auditing in oil and gas as well as manufacturing concerns.
Proprietary Audit: Conducted investigations and proprietary audits on behalf of owner’s representatives on specific area mandates like proper utilization of company resources, misappropriation review etc.
Acquisitions and Mergers: Worked as team member of the firm on the merger of two mainstream financial institutions to create the first SME bank in Pakistan.
Valuations: Participated in the assignment for business valuations of various concerns including manufacturing entities and financial concerns.
Due Diligence: Participated in full scope due diligence targeted for buy & sell privatization advisory services undertaken by the firm.
TAX WORK
Preparing the returns of income of companies and individuals.
Tax research and advisory support on withholding of taxes and filling of annual statements.
CPA Member
ICAEW - Currently in Final Core Stage
FCCA Member
CFC Member
Qualified CA Intermediate Stage Presently Finalist