VP Manager Internal Audit
First Microfinance Bank Ltd
Total years of experience :20 years, 11 Months
• Lead a team of audit supervisor and audit officers in managing, planning and reviewing the internal audit assignments of branches and management/functions.
• Prepares audit reports and detailed comments outlining audit scope, results, and recommendations for onward submission to Audit committee using E-audit software.
• Supervise the investigation of suspected/identified fraudulent activities and other fraud assignments and notify management its results in order to take appropriate corrective actions.
• Ensure that adequate internal control policy is in place to perform internal control evaluation with respect to compliance as well.
• Interact closely with the department heads on the audit-related activities.
• Lead a team of 8 and manage financials of commercial channels covering revenue of Rs.8Bn on average to achieve predefined objectives.
• Supervise the preparation and submission of on time and accurate daily & monthly reports of Revenue and AR.
• Analysis and review of P&L region and cluster wise to Regional S&D Directors with KPI analysis.
• Credit management for granting waivers on security deposits of Post-paid subscriptions & dealing with recovery agencies.
• Analyse commission & inventory data and report variances in time for effective remedial actions.
• Vet and assure conformance of system changes with company policies.
• Liaise closely with the commercial department for incorporation of new price plans and campaigns in the accounting system.
• Internal audits and surprise visits of Service centres and internal Commercial channels
• Monitor and provide feedback on the financial results of promos and commission mechanism of franchises enabling course corrections and fine tuning to achieve targeted results.
• Ensure continuous updating & reconciliation of stock, ERP and system reports.
• Cash management treasury function to streamline all collections of Rs.8Bn on average.
• Achievements
• Covered all 295 franchisees through online & phone banking facilities for secure & timely collection of receivables for stock.
• Received excellent feedback from the team leading to an average leadership profile score of over 95%.
• Ensured collections of an average of 98% from franchisees through online channels in cash management
• Implemented complete centralization and automation of franchisee stock order processing using MOBILE FS as well.
• Conducted 100% sanity checks to assure integrity of commission accruals.
• Developed a system for monthly reconciliation and reporting of inventory in a grid form.
• Reported to the Financial Controller and supervised a staff of 35 in the overall management of the hotel’s finance & accounts.
• Developed annual forecasts of financial parameters for preparing corporate budgets.
• Ensured on time generation of monthly financial statements for corporate reporting.
• Managed all banking activities including monthly reconciliation of accounts.
• Monitored the monthly payroll including variance from budget and previous year’s figures.
• Enforced internal controls on all finance and accounts processes to minimize risks and ensure compliance with established policies.
Achievements:
• Developed and implemented all accounting procedures for the successful launch of Serna Limousine rent-a-car service for hotel guests.
• Identified several malpractices and embezzlements in procurement and implemented effective corrective and preventive measures.
• Contributed to the implementation of an efficient internal audit system.
• Ensured 100% recovery of data & records of accounts payables lost in a system crash.
• Reported to Corporate Financial Controller and led a team of 4 and managed financial & analytical reporting and the Provident Fund of the group.
• Prepared monthly, quarterly and annual financial & analytical reports for management including AKDN headquarters in Aiglemont, France.
• Developed the annual budget of the group and monitored and reported variances for corrective action.
• Prepared monthly and daily flash reports on revenue for the CEO.
• Reconciled head office and group entity accounts and generated consolidated reports on a monthly and quarterly basis.
• Compiled management reports for meetings of the Board of Directors.
• Maintained fixed assets records and depreciation schedules conforming to legal provisions.
• Managed the Provident Fund (PF) for the entire group assuring compliance with all statutory requirements and prompt service to members including processing of loan applications.
• Achievements
• Coordinated the external financial audits of the group & the Provident Fund with clean audit reports with no qualifications for 3 years.
• Revamped various reports - daily flash/monthly revenue report to the CEO and monthly and quarterly group reports - for sharing optimum information on all critical parameters.
• Coordinated and ensured preparation of all financial statements and reports on time.
• Converted the process of PF loan applications & processing from manual to an automated system.
• Prepared accounts using IRIS/Excel and VAT returns for all clients.
• Prepared payrolls for clients using IRIS PAYE-Master payroll software.
• Achievements
• Enabled 100% on time submission quarterly VAT returns and annual income tax returns by clients.
• Automated the creation of standard formats for VAT calculation in MS Excel
• Participated in the audits of multinationals like ICI Ltd & Sony Television Ltd, several NGOs and the Askari Bank.
• Was deputed to ICI Ltd for 3 months and gained audit & accounts experience in the manufacturing sector.
• Looked after reconciliations, fixed assets, payroll, debtors, creditors and consolidation of accounts.
Full exemption has been provided to ACCA members with minimum 3 years of experience.
ACCA MEMBER WITH ACCA UK COUNCIL
ICAP system is to provide PASS/FAIL final status for CA exams.