Mohammad Sarfaraz, Group Financial Reporting Controller

Mohammad Sarfaraz

Group Financial Reporting Controller

Obeikan Investment Group

Location
Saudi Arabia - Riyadh
Education
Master's degree, Accounting and Finance
Experience
19 years, 8 Months

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Work Experience

Total years of experience :19 years, 8 Months

Group Financial Reporting Controller at Obeikan Investment Group
  • Saudi Arabia - Riyadh
  • My current job since November 2012

As Group Financial Reporting Controller, I am managing team of 6 multinational staff directly working under and reporting to me.
Controlling accounting, financial, audit and reporting matters of 23 Group companies (subsidiary, ass., JVs).
Directly reporting to Group CFO and working with team in leading the Group Controlling function

Key Responsibilities include;
Financial Management, Controlling & Reporting
 Group monthly consolidated sales report.
 Presentation of Group monthly financial statements and reporting package.
 Consolidating status of Inter Company transactions, position and their dispute resolution.
 Financial analysis (Group/co. financial position, ratio analysis, trend, cost per unit, standard costing, variance analysis, budgeting, actual vs. budget analysis, KPIs, AR/Inventor aging, working capital / conversion cycle analysis etc).
 Issuing instructions for timely FS Closing Process & Procedures.
 Preparation/review of annual/interim Group/Co. financial statements with disclosures per SOCPA/IFRS standards.
 Zakat and taxation matters (taxability, withholding etc.)
 Audit committee, Board and Shareholder’s presentations.
 Designing & maintaining Unified Chart of Accounts at ‘0’ level.
 Mapping of trial balance to financials.

External Audits
 Issue of Audit Guidelines at Group / Company level.
 Responsible for liaison, executing and completing audits.
 Resolving audit issues with Big 4 in a way best possible.
 Financial savings within permissible accounting standards.

Technical Advisory & Assistance
 Providing IFRS based researched advice & solutions to accounting matters like transaction advisory on equity / debt (re)structuring, whether to consolidate / deconsolidate or not, DE classification of hybrid instruments, company closure or continue, best possible scenario analysis etc.
 Drafting agreements from legal & financial perspective incl. SH resolutions, SLAs etc.
 Review of legal cases & agreements.

MIS Reporting
 System development and BaaN support (creating various customised reports).
 COGNOS project (1st time design, implementation & integration setup with BaaN.
 Maintaining Chart of Accounts.
 InterCo. reports for current & trading accs.
 Mapping of non-BaaN companies to COGNOS.

Lead Auditor at PricewaterhouseCoopers (PwC)
  • Saudi Arabia - Riyadh
  • December 2011 to June 2012

Managing, supervising and conducting various external audits for Conglomerates and other assurance services.

Manager at PricewaterhouseCoopers (PwC)
  • Pakistan - Karachi
  • May 2004 to November 2011

DIVERSIFIED CLIENT AUDIT EXPERIENCE:
 Combined working experience of 8+ years in PwC Riyadh, KSA and in A.F.Ferguson&Co. (member firm of PricewaterhouseCoopers) / Pakistan.
 2 years of post-qualification experience at Managerial level in PwC network.
 Lead various audits as team manager and as team leader successfully throughout auditing career.
 Extensive experience in External Audits, Internal Audits, Business Processes & Internal Controls, Key Risks, Mitigating Safeguards, International assignment in Turkey and with Systems & Process Assurance (SPA).

 Managerial experience, Team leader, multi-tasking, managing big teams & various projects

External audits involving companies in following industries;
- FMCG sector
- Oil & Gas
- Industrial Products
- Construction
- Automobiles, Shipping & Logistics
- Transportation, Leasing, Advertising etc.

Client portfolio includes big multinational companies across various industries like
• Unilever Pakistan Limited
• Reckitt Benckiser Pakistan Limited
• Lotte Pakistan PTA Limited
• Hinopak Motors Limited
• National Refinery Limited
• Pakistan Refinery Limited
• Mitsui O.S.K. Lines Pakistan (Pvt) Ltd.
• Venus Supreme Foods Services
• Agility Logistics (Private) Limited
• M.I.Overseas Pakistan Limited
• Optimus Limited - (Hertz Rent-a-Car)
• FWU AG Pakistan Branch
• JWT - a div. of WPP Marketing Comm.
• Renfro Crescent Limited
• Renfro Turkey
• Dalda Foods (Private) Limited
• ICI Pakistan Limited

Internal audits & process documentation at;
• Manufacturing & Textile sectors
• Financial & operational audits for Renfro United States Renfro Turkey in Istanbul.
• Business functions, processes on Debtor analysis, FS, sig. audit issues, s.sales distribution sys SPIDER & compliance of secretarial practices.

MIS Reporting (IT / BI)
 Development of customised reports in BAAN
 COGNOS reporting
 User level knowledge Mfg Pro, JD Edwards, SAP.
 Working in tight deadlines, team player & adaptable to environment.

Other Advisory & Certifications
 Advisory on Business Processes & controls (rel. to financial reporting) incl. weaknesses, Gap analysis & recommendations per best practices.

 Certification on Shareholder resolution at company’s AGM.
 Royalty & Fee for Tech. Services (Q1/3 2005)
 Certification for capacity enhancement
 Cert. on international service cost sharing
 Certs. for remittance of Royalty 2011

Education

Master's degree, Accounting and Finance
  • at Institute of Chartered Accountants of England and Wales
  • June 2015
Higher diploma, Accountancy
  • at Pakistan Institute of Public Finance Accountant
  • June 2015
Master's degree, Finance and Accounting
  • at Institute of Chartered Accountants of Pakistan
  • June 2010
Bachelor's degree, Commerce and Economics
  • at University of Karachi
  • August 2004

Specialties & Skills

Risk Analysis
Budgeting
Internal Controls
Financial Reporting
Company Laws
Taxation
Financial Analysis
Business Processes and Controls (GAP) Analysis

Languages

English
Expert
Urdu
Expert

Memberships

Institute of Chartered Accountants ICAP (KSA Chapter)
  • Participatory
  • January 2012

Training and Certifications

Computer Assisted Training Cources (Training)
Training Institute:
ICAP / OIG
Date Attended:
January 2002
Duration:
90 hours

Hobbies

  • Current Affairs / News / Cricket / Football