Internal Audit Manager
Ikea
Total years of experience :20 years, 7 Months
• Planning financial, regulatory, compliance or operational reviews/audits.
• Coordinating work with Risk, Legal & Compliance and other control-related activities and with others within Internal Audit.
• Conducting risk assessments and identifies controls in place to mitigate identified risks.
• Performing audit procedures to verify that controls are operating through testing and interviewing techniques.
• Analyzing and concluding on effectiveness and efficiency of control environment.
• Identifying control gaps and opportunities for improvement.
• Documenting the results of audit work in accordance with audit department and the Institute of Internal Auditors (IIA) standards.
• Preparing timely audit reports for executive management, the Audit Committee and the Board of Directors.
• Acting as primary client liaison within Internal Audit for one or more VPs / division heads.
• Assessing, evaluating and promoting compliance to internal IKEA policies.
• Contributing, as appropriate, in the year-end financial audit with the external auditor.
• Providing advice on internal control and participates in enhancing internal audit standards and practices within IKEA.
• Researching new or technical subjects when required to support audits (e.g. Basel III, OSFI Guidelines, market risk, financial instruments, etc.)
• Providing feedback on performance of Internal Auditors, on audit assignments, as applicable.
• Review & finalize BU profitability statements, month-end closing to meet deadlines & ensure smooth flow of processes for all units / subsidiaries & confirm accuracy of financial data.
• Calculating and analyzing to interpret monthly variances and trends between budgets, actual and prior results in developing projections and forecast.
• Consolidate and analyze monthly results and budgets.
• Providing consulting solutions to departments on various issues ranging from finance evaluation, process optimization, trading, pricing, control environment.
• Designed and implemented periodic physical inventory count procedures.
• Communicating to senior management about the risks being faced by the company and providing a plan to reduce the risk to acceptable levels that involved planning, designing and implementing an overall risk management process for the division.
• Optimizing financial resources and see to the control of risk.
• Budgeting for and approving major expenses
• Guiding on strategy, policies, processes and accounting and financial controls
• Preparing monthly and annual financial reports
• Preparing budget and analyze the variances against the actual expenses
• Monitor and evaluate financial information system and advice for improvement where needed.
• Currently working on Implementation of Hand Held Device and invoice automation as project manager.
• Working directly with external auditors for the completion of annual audited financials in due time.
• Maintaining the general ledger; approving and verifying invoices, managing and controlling accounting data system.
• Devising and reviewing charts of accounts and cut-off dates, and provide financial interpretation and guidance to management personnel.
• Obtaining system understanding and financial statement closing process.
• Conducted risk analysis to assess business and financial statement risks.
• Preparation of audit plan, working papers and addressing the assessed risk.
• Performed risks assessments on designing test of controls for various accounting cycles and preparing management letters to discuss weakness and recommending appropriate controls.
• Executed substantive audit procedures to verify account balances and classes of transactions.
• Preparing financial statements after executing field work.
• Preparing yearly analysis for comparison of client status.
• Reviewing the tasks performed by assistant audit staff.
• Performed risk assessments for planning and developing audit strategies in response to clients’ business risks and financial risks, preparation of SWOT analysis and testing of key controls over the clients’ business and accounting processes.
• Executing audit procedures (including analytical review procedures) in accordance with the International Standards on Auditing.
• Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) and Local laws.
• Assisted clients in valuing the investments and derivatives in accordance with International Financial Reporting Standards (IFRS)
• Coordinated all aspects of the audit assignment including entrance/exit meetings and compilation of the documentation and audit report
• Assessed the adequacy of internal controls of company’s accounting applications and identified weaknesses and suggested improvements.
• Conducted analytical reviews of financial performance of various clients
• Reported on the departments, divisions & company compliances of the Group’s Corporate
• Risk Management Guidelines Conducted analytical reviews of financial performance of various clients
Deputation to Standard Chartered Bank Pakistan Limited : Secondment
Performed time & motion on productivity analysis of operations under consumer banking,
Responsible for :
1. Cost Controlling within individual departments
2. Risk Management Portfolio
3. Management Reports including Reporting to Board
4. Conducting Variance Analysis to report on actual results from budgets