Muhammad Raheel Paracha

- Working on the assignment for the role of finance manager at Al-Ghurair Constructions, a BU within the Al-Ghurair Group, reporting directly to the Head of Finance and CEO of the BU. Leading the BU in the following assignments:

i) Implementation of VAT, IFRS 15 and IFRS 9. Working in co-ordination with Al-Ghurair Investments (the Group team), PWC UAE (the advisory firm), BU and Group IT teams to ensure changes in the ERP (Oracle) system are applied to be in compliance with the VAT law as well as IFRS 15 and IFRS 9 guidance;
ii) Reviewing month-end closing, management accounts and reporting to the Group team;
iii) Preparation of annual Budget for FY 2018 and various forecasting reports, incorporating the effects of VAT law;
iv) Reviewing accounting policies and Standard Operating Procedures (SOPs) and recommending improvements thereof.

- Working in the Infrastructure, Government, Healthcare and Energy department of the audit service line and also worked as a consultant in the advisory service line, providing high level of professional services in core areas of accounting, financial reporting (IFRS) and consolidation. Client portfolio includes large multinational companies and local groups. Mainly the below entities:

i) Oil and Gas (upstream and downstream): Lukoil, Weatherford and Emirates National Oil Company (ENOC);
ii) Construction, Contracting and Real Estate: Emirates Trading Agency (ETA);
iii) Food and Beverage: McDonalds Middle East Development Company (MMEDC);
iv) Information Technology: Microsoft Gulf FZ LLC;
v) Manufacturing: RAK Ceramics;
vi) Shipping and Logistics: Mediterranean Shipping Company

- Key duties and responsibilities include:

i) Assisting in full-scope financial audits and other special reporting assignments governed under the guidelines of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA) and other regulatory directives;
ii) Preparation of financial statements in compliance with IFRS, relevant laws and regulations;
iii) Coordinating all aspects of the audit engagement including planning, kick-off meetings and compilation of audit documentation;
iv) Using a risk based audit approach whilst preparing efficient work programs by focusing on an in-depth understanding of clients’ businesses;
v) Reviewing accounting and internal control systems of entities and recommending improvements thereof;
vi) Engagement planning, designing and execution of audit strategies in line with KPMG Audit Methodology framework;
vi) Coordinating with various professionals such as lawyers, tax consultants, independent valuators and IT experts for critical matters;
viii) Liaising with, and developing good working relationships with clients to deliver engagement expectations;
ix) Providing on the job training and reviewing the work of subordinates;
x) Reporting directly to directors and partners.

Worked in the internal audit department and then progressed on to the position of Finance Executive.

- Key duties and responsibilities include:

i) Preparation of Month-end management accounts and year-end financial statements in compliance with IFRS, relevant laws and regulations;
ii) Generating various reports from the MIS to prepare a standardized pack of reports for management on a monthly basis;
iii) Reconciliation reports in order to close the monthly accounts as well as to be used for analysis purposes;
iv) Capitalization of the assets as per the company’s policy under the requirements of IFRS;
v) Assisting in the management of debtors’ accounts including reconciliations and recovery of outstanding dues;
vi) Preparation of inter‐company reconciliations and investigation of discrepancies;
vii) Interacting with the internal and external auditors and attending their queries.