Senior Manager Internal Audit
Adamjee Insurance Company Limited
Total years of experience :26 years, 10 Months
My role encompasses several domains which include, but are not limited to:
• Business Process Re-engineering (BPR) and transformation of all key processes as per management priorities including internal, external and regulator (SECP) compliance audits’ issues;
- Assess and evaluate the adequacy of ‘As Is’ state of processes in order to identify opportunities on eliminating non/low-value added work, their operational and financial impact, automate or streamline value-added work to increase efficiencies or source work to optimize capacity of staff and scalability of operating model sync with business goals and objectives;
- Recommend and facilitate in the re-development of operation objectives and individual tasks / goals setting to determine the degree of change required to align with the appropriate method of process improvement and business philosophy which enhance overall task execution, progression, consistence with the most recent regulatory requirements and IS challenges as well;
- Develop practicable future state processes embedded with maximum possible automated solution or features within available resources;
- Facilitate and monitor phase by phase implementation of future state processes, efficiency analysis and implementation to go live in a controlled fashion;
• Developed policy framework of Anti Money Laundering (AML) and monitoring its quick implementation;
• Assist in system applications modification /automation, UAT and implementation with sound operational and regulatory role and process-based control requirements considering future challenges and
• Oversee the governance and provide leadership to team members in project execution using experience and interpersonal skills, coach team members to assure consistent, high quality project performance.
• Actively performed duties which involved the monitoring and control of finance & accounting, medical billing and other Business Units;
• Supported in re-structuring departments in terms of internal processes, capabilities and information dissemination;
• Responsible for translating business goals and objectives into detailed business capabilities with value streams, process work flows and future-state operational changes for Arthur Lawrence, its clients in USA and for the centralized finance operations of largest private group of KSA (Petromin Corporation);
• Established and managed a team that documented core organizational processes, identified process improvement opportunities, and applied BPM to assist in implementing processes and
• Oversaw the transformation of Finance & Accounting Outsourcing department. This included, process re-engineering and the migration of accounting function from QuickBooks to NetSuite. This migration included modules such as Purchase to Pay, Order to Cash, Hire to Pay, Record to Report, financial and management reporting with specific focus on integrity of financial data processing, compliance and budgets cycle.
• Evaluated, developed and implemented a revised Revenue and Credit Management Department (CMD) policies and procedures manuals, forms including revised internal controls, standards for credit granting at KMH, criteria for establishing credit limits in relation to rational and potential business and orientation to respective departments;
• Contributed in the development and implementation of an in-house automated software application named as Red Coat Direct to update comprehensive quality customer database with auto messages / follow-ups / reminders to customers of KMH i.e. the first Karachi Marriott property launched this application in Pakistan;
• Based on analysis recommended management for the approval/rejection of credit limit proposals / agreement, using quantitative and qualitative analysis to determine applicant’s creditworthiness, credit exposure and risks, and
• Monitored, reviewed and submitted accurate and reliable monthly Revenue / AR management accounts’ segment comprising MIS reports on Aging, DSO, Exposure Analysis / Commentary, Variance from forecasts and budgets, BRM and overall KPI’s to the senior management and any other noteworthy development to aid in their decision making.
Organization brief profile: Select Group (http://select-group.ae/) fastest and largest private property developer in Dubai having 33 associated / subsidiary companies solely engaged in property development in UAE and Europe. Select Group premier project at Dubai Marina include The Torch (world’s tallest residential tower with 676 Units), Intercontinental Dubai Marina, Marina Tower, Pacific, West Avenue, The Point, Yatch Bay, Bay Central Towers, Royal Oceanic, Botanica and most recent in construction Marina Gate 1, II and No. 9 etc.
Assistant Manager Finance
Responsibilities:
• Prepared periodical monthly, quarterly and year-end financial statements and management reports of UAE entities;
• Prepared various analytical reports such as deviation analysis and supporting commentaries periodically for senior management review;
• Prepared the accurate and effective annual plan & forecast with detailed variance analysis and presentations for senior management;
• Prepared and monitor monthly cash flows of the group and suggested appropriate actions for improvement;
• Reviewed accounts payable cycle along with aging, ensured compliance of the payment procedures in the area of contractors payments vendors, loans and interests etc.;
• Reviewed bank reconciliation and issued weekly bank status reports of the group to senior management;
• Reviewed monthly management accounts of three UK based entities, their VAT, corporate and annual tax returns before filing in Her Majesty’s Revenue and Customs department (HMRC) United Kingdom;
• Contributed in efficiency improvement initiatives to reduce expenses and improve company profitability;
• Actively participated in internal controls reviews covering financial and operational aspects and provided value added recommendations for improvements;
• Effectively co-ordinated and supported project managers by ensuring consistency in MIS reporting, compliance with group policies & procedures on a day to day basis and supported senior management on ad-hoc management information requests and
• Liaised with the external auditors for related accounting segments of UAE registered entities and completely for UK based entities.
Organization Brief Profile:
OBS Pakistan as parent company in OBS group (www.obs.com.pk) representing Merck & Co. Inc. (USA)engaged in providing full range of high quality professional services encompassing from manufacturing to marketing, distribution to sales of pharmaceutical & consumer health products. OSB Pakistan ranked within top 20 companies in the Pakistan pharmaceutical sector.
Brief Role:
With dual reporting lines to the Group Director - Internal Audit and Chief Executive Officer, I am responsible for planning, directing and administering a comprehensive risk-based Internal Audit Program, execution and undertaking of complex financial and operations internal audits, special investigations, Internal control review of company financial systems and operations’ processes to evaluate the adequacy of controls, measures to safeguarding the assets and compliance with best practice across their growing operations to. This also integrated with the commitment and drive for continuous improvement and development within the IAD and other functions of the company.
Responsibilities:
• Developed Internal Audit Charter, Audit Manual and its implementation with the approval of Board audit Committee (BAC);
• Prepared comprehensive risk-based annual Internal Audit plan after identifying the risks facing business through initial risk assessment and related ERM activities, its presentation to Group Director - Internal Audit (GD-IA) for review and sought approval from BAC for its implementation;
• Assumed overall responsibility for planning, scheduling, managing and executing audit jobs including development of audit scope, objectives, audit program, formulate audit strategies, methodologies, procedure to be used and timing of deliverable;
• Performed consulting jobs including special investigation like frauds, Internal control reviews of company financial systems and operations’ processes to appraise and evaluate adequacy of controls;
• Supervised field audit teams and prepared draft report for review of GD-IA;
• Lead and discussed draft audit findings with client along with IAD recommendation of innovative and practical solutions to remedy unsatisfactory conditions, measures to safeguard assets, mitigation of risks and ensure optimum utilization of resources along with improvements in governance processes, risk management, operational processes and internal controls;
• Presented final audit reports to GD-IA for his review and approval for issuance to clients;
• Ensured proper follow up for current and prior audit work to confirm required measures have been taken up by respective client;
• Regularly reviewed and performed analytical procedures on periodical and annual Financial Statements and Annual Budget prior to its approval by the Board of Directors;
• Assisted GD-IA for BAC Committee communication and other meetings and acted on his behalf in his absence;
• Ensured proper compliance with the regulatory & GMP requirements, and other corporate policies to promote zero tolerance control environment;
• Prepared IAD budget, sought review and recommendation, presenting to BAC for approval and its implementation;
• Liaised with the external auditors in order to avoid duplication of audit work and scope;
• Conducted Ad Hoc missions as requested by senior management, BAC and BOD and
• Built capacity of team members to improve performance, professional development and their role as risk analyst.
Organization Brief Profile:
Asia Petroleum Ltd. (www.asiapetroleum.com) is foreign shareholders backed leading Oil & Gas Infrastructure Company which is involved in maintaining an oil terminal and an 82 kms pipeline transmission system to transport furnace oil to Hub Power Plant.
Brief Role:
With the reporting line to Head-Internal Audit (HIA), I was responsible to assist HIA in performing routine to moderately complex audits, review of internal control systems to evaluate the adequacy and effectiveness of financial, accounting, operational controls and related applicable policies and procedures and its proper compliances.
Responsibilities:
• Assist HIA in preparation of annual risk assessment plans;
• Develop audit programmes and select controls for testing taking into consideration and magnitude of potential loss resulting from the deficiency, materiality of transactions for each business process, susceptibility to errors or frauds, accounting and reporting complexities associated with the transactions;
• Assist HIA in audit engagement and others meetings which involve policy/procedures formulation matters also;
• Carry out and finalize field internal audits, as directed by the HIA, in accordance with annual audit plan and investigations projects to provide assurance on effective operation of controls processes and recommend suitable improvements in the system where material weaknesses are noted and follow-up for agreed corrective actions. The audit assignment conducted include audit of Supply Chain, Procurement Cycle, Revenue Cycle, Information Technology and Security, Inventory Management, Accounts and Finance, Plant Safety and Security Operations etc.;
• Assist HIA in and preparation of final audit reports and other documents for Board Audit Committee (BAC) meetings;
• Participate in the setting up of the annual review of the enterprise risk management system/model for the company thereby ensure that all major risks are identified, analyzed and proper action for mitigation of such risks addressed by the management;
• Assist, review and document SOX controls with process owners within global SOX timeline. Perform necessary testing and assist in reporting requirements under the Sarbanes-Oxley Act;
• Carry out review of company’s Corporate Governance practices annually and
• Assist HIA and contribute in talent development and its management.
Organization Brief Profile:
TLP’s is subsidiary of Tex Line Associates Pte Ltd (TLA)- Singapore engaged in business of trading and provide complete and comprehensive apparel sourcing & supply chain management across Asia, Europe, and North America & South America. TLA is ranked 5th most enterprising company in Singapore.
Brief Role:
With the reporting line to Director Finance (SG) and Executive director (Pak), I was responsible for planning, organizing, and directing all accounting services professionally and efficiently ensuring the proper safeguarding of organization assets, accurate fiscal record keeping and providing support and advices in all accounts and administration matters to the company’s management and Head Office to support their decision making process.
Responsibilities:
• Participate in the development of company’s accounting system including development of customized accounting software;
• Design internal control procedures /System manual and ensure its compliance across the financial and reporting activities;
• Monitor day-to-day financial and accounting activities to ensure proper classification and recording of transactions and producing required MIS on revenue, expenses and other;
• Prepare & present annual, half yearly and quarterly Financial Statements / Management Accounts of the Company in accordance with applicable laws and IFRS, MIS on different activities, organize and coordinate external audits by providing relevant explanations and schedules to auditors and, ensure smooth and timely completion of audits;
• Prepare budgets and forecasts each year and monitored on monthly basis the performance of the business against budgets the matters can affect bottom line / profitability. This involve liaison with key personnel to understand and assess effectiveness of KPIs, reason for variances from budget and prepare report for the local and foreign directors for their variance analyses reviews;
• Prepare and regular monitor cash flow forecasts and build early warning signals to ensure cash equilibrium is maintained at all times;
• Supervise and regularly monitor bank and cash payments and receivables;
• Liaison with company’s insurers for necessary coverage for company’s assets, participate in premium negotiations, reviewed terms & conditions and advise the senior management on a timely basis;
• Work with management to develop and maintain the company’s financial policies and procedures and later its monitoring to ensure proper compliance and
• Support, develop and retain the teams.
Organization Brief Profile:
Deloitte & Touche is among the Big 4 Chartered Accountants firms worldwide. Deloitte provides multiple services of Audit, Financial Advisory, Tax and Consultancy.
Exposure, Role and Responsibilities in External & Internal Audits and Consultancy Services:
During my association with Deloitte (Pakistan office), my exposure and valuable experience ranges to various national and international clients from different industries i.e. manufacturing, energy, textiles, sugar, trading, banks, Insurance and leasing.
With reporting lines to Manager, Director and Partner during my article ship period, I have been responsible for assisting senior managers in finalization and reviews audit engagement planning, supervising staffing, controlling, executing external (statutory) audits & assurance assignments and related services, . At field, frequent liaison with the clients during planning to conclusion of audit engagements, develop and perform analytical and substantive procedures as per Deloitte’ Audit Methodology, review work carried out by sub-ordinates and training, advise wherever necessary and finalize the audit reports based on scope of work and report to senior management and advising clients on matters relating to preparation of Financial Statements in accordance with IFRS / IAS, relevant laws.
Further, at consultancy end, I have also conducted review of internal control systems of the companies and making recommendations to improve organization’s accounting and management practices and procedures, internal controls and management information systems, System Design, Risk Management and Control Processes. Further, I have development of Policies and Standard Operating Procedures Manuals and provided financial consultancy to various clients. These include due diligence services, financial diagnostic assignments, Sales tax audit on behalf of Government of Pakistan for detection of fraudulent refunds and special audits of loans issued to Government of Pakistan by the International Development Association (IDA), International Bank for Reconstruction and Development (IBRD), Asian Development Bank (ADB) for the purpose of growth of banking sector in Pakistan. These all loans were managed by the State Bank of Pakistan.
Master in Business Administration (Finance)