Jafar Ali Wahed محمد

Formulating the corporate accounting policies to ensure benchmarking financial reporting mechanism; designing and implementing the internal checks in order to control unauthorized modifications in the financial database
Preparing the financial statements on a monthly, quarterly and annual basis and ensuring compliance with the IFRS; engaged in the consolidation of subsidiary company’s financial statements on a quarterly basis
Conducting the internal audit (limited review) of subsidiary company’s financial statements on a quarterly basis in order to ensure those prepared are in accordance with the corporate norms
Monitoring bank reconciliations and the corresponding accounting transactions; ensuring all the financial transactions are supported by appropriate documents and taking requisition of the additional documents from the concerned sections as and when required
Corresponding with the banks and other financial institutions and to submit the financial records as per their requirements; engaged in the consolidation of the subsidiary company financial statements on a quarterly basis
Directing a team of 3 Accountants with professional qualifications
Analyzing and conducting Segment Profitability Analysis (business segments and geographical segments) to ensure the attainment of strategic plans and advice the management over discontinuing operations
Evaluating the new lease proposals in regards to the current market feasibility study, payback period and the opportunity cost of available funds
Engaged in risk management, daily cash management, review of daily bank reconciliations as well as management of loan portfolio with several banks
Sustaining healthy business relations with key clients, thereby creating opportunities for repeat business; ensuring compliance with code of ethics in all interactions with the external parties
Targeting business drivers for free cash flow through working capital management and monitoring short-term and long-term borrowing as well as project finance
Interpreting the company's financial results to management and recommending improvement activities; evaluating financial reporting systems, collection procedures, and making recommendations for changes to procedures, operating systems, budgets, and other financial control functions
Developing more efficient procedures to achieve short and long range goals and objectives; responding to inquiries from the management regarding financial results, special reporting requests and the like
Presenting a true and fair view of the financial position of the company by way of timely preparation of annual reports and ensuring to analyze the expenditure on a monthly basis to control expenses

Highlights:
Successfully secured pending refunds of SAR 150, 000 from the Operations Department
Contributed towards cost saving worth SAR 600, 000
Automated the preparation 7 reports using Quickbooks that had previously required 20 hours of effort per week

Key Responsibilities:
Internal Audit
• Collaborating with Risk, Legal and Compliance Departments and completing Financial, Regulatory, Compliance and Operational Reviews and Audits as per the stated timelines.
• Evaluating present controls, identifying missing controls and recommending controls to manage inherent, control and detection risks.
• Assessing skills of the Internal Audit Team and assigning sufficiently challenging tasks; providing guidance and support and appraising performance in a constructive and objective manner.
• Assuring that financial statements are prepared in sync with applicable financial reporting standards and present a true and fair view of the current state of affairs.
• Coordinating with the Accounts Department for the identification of key variances in ledger balances at the Financial Statement level along with timely rectification.
• Played a critical part in the implementation of Injazat Financials (ERP System) with emphasis on the module on Internal Controls in order to deter frauds and embezzlements through timely detection.

Budgeting
• Collaborating with Department Heads and preparing the annual budget in alignment with strategic objectives.
• Reviewing, evaluating and monitoring the budget and incorporating budget revisions, comparing actuals with budget and analyzing and reporting variances to management committee in order to reflect on the strategic direction of the company.

Costing
• Deploying Activity Based Cost accounting techniques to allocate overheads based on relevant cost-drivers (number of users, number of transactions etc.) to compute support service costs and reliably estimate Product wise and Segment wise profitability.
• Critically evaluating overheads and controlling them without comprising on quality to steer the growth & profitability of the company.

Notable Accomplishment:
• Supervised operations in the State of Qatar on behalf on Behalf of Alok K. Saksena - Auditing & Accounts for a period of 9 months from Jan 2012 to Sep 2012 and served 38 clients with focus on Startups and provided support in financial projections and accounting.

Key Responsibilities:
• Actively engaged in relationship building with clients for repeat business.
• Delivered first-rate audit and assurance services to clients inclusive of preparation and review of audit plans and work.
• Facilitated Small and Medium Enterprises in the preparation of financial statements
• Recommended Internal Controls to clients to not only prevent irregularities but also to reduce chances of frauds and embezzlements.
• Prepared business plans for new setups along with growth and expansion strategies in order to earn sustainable profits in the long run.
• Oversaw the financial aspect of engagements through professional organization of staff, tracking of fees and by resolving issues with the owners of each engagement in a mutually beneficial manner.
• Administered training to personnel to enhance their efficiency and productivity and provided counselling on shaping their careers.
• Incorporated companies under the Companies Act of 1956 and filed statutory returns (Income Tax, Service Tax, VAT Returns and Company Annual Returns) in a timely manner.

Key Clientele: FMCG, Retail and Manufacturing (Companies Listed on Stock Exchanges)

Key Responsibilities:
• Conducted independent Statutory, Internal and Tax audits of the Financial Accounts of listed and un-listed public companies, private companies, partnerships and sole proprietors engaged in the business of IT Services, Manufacturing, Hoteling, Hospitals and Banking and ensured that Clients complied with all listing agreements.
• Critically evaluated existing controls, identified missing controls and coordinated implementation of new controls to minimize risks associated with fraud and embezzlement.
• Prepared Audit Programs based on the Scope of Assignment and Availability of Resources; reviewed and modified them for timely completion.
• Supervised Audit Teams and guided them in conducting audits as per the Audit Plan.
• Incorporated companies under the Companies Act of 1956 and filed Statutory Returns (Income Tax, Service Tax, VAT Returns and Company Annual Returns) in a timely manner.
• Actively engaged in Audit Committee meetings of Listed and Un-listed Companies; shared Audit Findings and recommended improvements.