Muhammad Faraz Jahangir, Internal Audit Veteran

Muhammad Faraz Jahangir

Internal Audit Veteran

Zayed University

Location
United Arab Emirates - Dubai
Education
Doctorate, Accounting and Audit and IT Audit
Experience
19 years, 5 Months

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Work Experience

Total years of experience :19 years, 5 Months

Internal Audit Veteran at Zayed University
  • United Arab Emirates - Dubai
  • My current job since April 2015

Key Achievements

 Executed the internal audit function in the University from the inception.
 Introduced 3E Analysis via excel based dashboards to bring excellence and add value in monitoring and achieving operational and strategic Key Performance Indicators (KPIs).
 Acting as a Facilitator to initiate the certification process for ISO 9001:2015

Technical Responsibilities

 Reviewing strategies of assurance services, developing risk-based audit plans and employing detailed knowledge to spot potential issues and addressing resolutions.
 Providing an independent, objective assurance and consulting service to management, with the principal aims of evaluating and improving the effectiveness of risk management, governance and control processes.
 Executing and reviewing audit work in the light of the requirements of Unified Financial & Accounting Policies and Human Resources Regulations for Independent Federal Entities.
 Executing IT audit work to ensure technology risks are adequately addressed in the audit.
 Ensuring compliance with the Local Regulations of UAE, International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs).
 Developing and maintaining successful working relations with the internal clients and advising on tactical issues thus ensuring value addition opportunities for the University.
 Ensuring well-timed preparation of all deliverables including Internal Audit Reports, Status Reports and other Investigation Reports for the Audit Committee.
 Communicate audit findings and recommendations to respective auditees, agree tentative timeline for implementation of controls and timely follow up to ensure that audit recommendations are addressed and implemented appropriately.
 Executing a wide range of ad-hoc integrated audits and reviews in a diverse and highly computerized environment to cater the emerging operational requirements.
 Developing, maintaining and updating an Internal Audit Charter, Internal Audit Manual and Engagement Status (Audit Tracker) to appropriately reflect the Office's responsibilities, authority and reporting relationships.

Administrative Responsibilities

 Managing 4 - 6 staff by ensuring fulfillment of needs mutually for the University and staff.
 Ensuring that staff is satisfactorily motivated including identifying the training and other development needs. Further building cooperation among team members and sorting out conflicts and issues involving time, remuneration and flow of information.
 Responsible for performance appraisals of the team.

Manager Internal Audit at ZAFCO FZCO
  • United Arab Emirates - Dubai
  • July 2012 to April 2015

Key Achievements

 Established the internal audit function in the Company right from the scratch.
 Introduced the Pre-Audit Mechanism for various critical operational activities.
 Successfully got the Company Recertified for ISO 9001:2008 and effectively maintaining the ISO 9001:2008 Certification.
 Acting as Secretary to the Audit Committee.

Client Responsibilities

 Reviewing strategies of assurance services, developing risk-based audit plans and employing detailed knowledge to spot potential complex issues and addressing resolutions.
 Providing an independent, objective assurance and consulting service to management, with the principal aims of evaluating and improving the effectiveness of risk management, governance and control processes.
 Executing and reviewing audit work in the light of the requirements of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs).
 Executing IT audit work in support of financial audits to ensure technology risks are adequately addressed in the audit.
 Ensuring compliance with the regulations of local Authority JAFZA.
 Developing and maintaining successful working relations with the internal clients and advising on tactical issues thus ensuring value addition opportunities for the Company.
 Ensuring well-timed preparation of all deliverables including Internal Audit Reports, Status Reports and other Investigation Reports for the Audit Committee.
 Communicate audit findings and recommendations to respective audience, agree tentative timeline for implementation of controls and timely follow up to ensure that audit recommendations are addressed and implemented appropriately
 Executing a wide range of ad-hoc integrated audits and reviews in a diverse and highly computerized environment to cater the emerging operational requirements.
 Developing, maintaining and updating an Internal Audit Charter to appropriately reflect the Office's responsibilities, authority and reporting relationships.


Staff Responsibilities

 Managing 5 - 10 staff in the most industrious way by ensuring fulfillment of needs mutually for Company and staff.
 Ensuring that staff is satisfactorily motivated including identifying the training and other development needs. Further building cooperation among team member and sorting out issues involving time, remuneration and flow of information.
 Responsible for performing performance appraisals.

Assistant Manager Audit at KPMG UAE, KSA and Pakistan
  • United Arab Emirates - Dubai
  • December 2004 to June 2012

Key Achievements

 Successfully led the Business System Controls (BSC) service line for KPMG in Pakistan for consecutive two years.
 Acted as Application Controls Specialist.
 Designed a template for computation of Income Tax and Deferred Tax workings.

Roles and Responsibilities

 Overall planning of audits, meetings with clients to understand their expectations and designing audit strategies after assessing the audit risk associated with the client.
 Direction, supervision and review of work in the light of International Financial Reporting Standards, other technical standards and local laws and regulations as applicable.
 Timely preparation of deliverables including Financial Statements and Management Reports and communication to Board of Directors and Senior Management.
 Advisory services to the clients on application of various accounting, corporate, financial and other pronouncements, Re-engineering solutions for processes with respect to 3Es and IT Audit engagements related to Business Process and Controls Review.

 Reporting risk management issues and internal controls deficiencies identified directly to the respective Management and providing recommendations for improving the organization’s operations, in terms of both efficient and effective performance

Education

Doctorate, Accounting and Audit and IT Audit
  • at The IIA, ISACA, ACFE, ICAP, PMI
  • April 2013

ACA, CIA, CISA, CFE, CFM, PMP

Diploma, IT Audit
  • at Information Systems Audit and Control Association
  • December 2012

Certified Information Systems Auditor (CISA)

Diploma, Internal Audit
  • at The Institute of Internal Auditor
  • December 2012

Certified Internal Auditor (CIA)

Diploma, Accounting and Finance
  • at Pakistan Institute of Public Finance Accountants
  • August 2011

Public Accountant (APA)

Diploma, Accounting and Audit
  • at Institute of Chartered Accountants of Pakistan
  • June 2011

Chartered Accountant (CA)

Master's degree, Economics
  • at University of Karachi
  • July 2006

Masters in Economics

Bachelor's degree, Accounting and Audit
  • at University of Karachi
  • December 2003

Bachelor of Commerce (B.Com)

Specialties & Skills

Oracle Applications
MS Office Automation
Internal Audit
MS Office (Highly Advanced)
Oracle Application

Languages

English
Expert
Urdu
Expert
Arabic
Intermediate

Memberships

Institute of Chartered Accountants of Pakistan
  • Associate
  • August 2011
Pakistan Institute of Public Finance Accountants
  • Associate
  • August 2011
Instiute of Internal Controls
  • Associate
  • April 2011
The Institute of Internal Auditors (The IIA)
  • CIA
  • December 2012
Information Systems Audit & Control Association (ISACA)
  • CISA
  • December 2012

Training and Certifications

Presentation Skills Training Course (Certificate)
Date Attended:
September 2002
Computer and Presentation Training (Training)
Training Institute:
Al Hamd Academy
Date Attended:
September 2011
Duration:
200 hours

Hobbies

  • Table Tennis
    Personal achievement
  • Economic Analysis
    Update with global economy and politics