MUHAMMAD UMAIR AFZAL, Financial Analyst

MUHAMMAD UMAIR AFZAL

Financial Analyst

Saudi Arabian Airlines

Location
Saudi Arabia - Jeddah
Education
Master's degree, Audit,Tax,Financial Management,Business Analysis,Corporate Reporting
Experience
14 years, 4 Months

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Work Experience

Total years of experience :14 years, 4 Months

Financial Analyst at Saudi Arabian Airlines
  • Saudi Arabia - Jeddah
  • My current job since December 2016

• Examine Accounting and Financial Records and Prepare Periodical Statements and other Financial Reports according to Management requirements.
• Prepare the Annual Financial Statements based on the International Financial Reporting Standards (IFRS/IAS) &Generally Accepted Accounting Principles (GAAP) & also liaison with the External Auditors for Group and Standalone Annual Financial Statements.
• Develop several customized reports in SAP to provide management accurate, reliable and timely financial information for the decision making purposes.
• Coordinating for the implementation of Privatization Plan for the other Strategic Business units of Airline.
• Month-end, quarter-end and year-end closing.
• Variance analysis of expenses along with commentary - Month on Month.
• Scrutiny of General Ledger in SAP.
• Prepare & Review Account reconciliation of GL accounts (including Inter Company accounts).
• Initiates and completes corrective actions to ensure that outstanding items in account reconciliations are cleared promptly.
• Actively communicates with other departments and follows up on corrective actions.
• Handling ad-hoc queries from Management and clients.
• Supervising SBU’s and prepare reconciliations on monthly basis
• Reduce the SBU’s balance by netting off
• Improved the SBU’s invoice processing system by integrating the Document Management System (DMS) in SAP.
• Providing on Job training to SAUDIA employees for SAP, Excel & IFRS related working knowledge.

Project:

IFRS-16
Actively participating in implementation of IFRS-16 which is expected to go live on January, 2019.

• Coordinating with External consultants for implementation
• Gap Analysis IFRS-16 on policy and procedure
• Collecting all vendors leases and analyze which lease will be affected with IFRS-16
• Creating awareness to SAUDIA employees with regards to IFRS-16

Senior Accountant at MASSA International Contracting LLC
  • United Arab Emirates - Dubai
  • January 2015 to November 2016

 Preparing and finalizing monthly, quarterly and annual financial statements
 Preparation of monthly dash board for top management covering summarized information of actual revenue and cost analysis with monthly variances
 Monitoring budget with actual expenses and reporting the differences to top management
 Dealing with banks related to Letter of Credits and regular payments.
 Reporting monthly profits, vendors’ aging and aging of debtors with status of funds.
 Preparing various financial reports, as and when, required by group head office.
 Coordinating with external auditors for interim & annual audits and resolving issues identified during audit.
 Handling full financial and costing role and reviewing all transactions before posting to General Ledger.
 Reconciling entries of Sales, Purchasing, Inventory, Fixed Assets and Payroll modules with General Ledger.
 Researching and reporting on factors influencing business performance
 Develops, implements and upgrades financial systems and controls

Senior Associate at Deloitte
  • Pakistan - Lahore
  • January 2013 to December 2014

 Designing and executing the test of controls and deciding the extent of substantive procedures for each specific area based on initial assessment of inherent and control risks in consultation with the engagement manager.
 Auditing financial statements in accordance with the guidelines of International Auditing Standards (IASs).
 Planning internal and external audits and assignments to execute them in effective and efficient manner by assessing system internal controls to evaluate risk at business, financial and operational levels.
 Reviewing entry level controls under COSO and SOX framework of internal controls and procedures.
 Verification of specific areas of assets, liabilities, income & expenses to ensure compliance in each area.
 Highlighting the issues and preparation of other deliverables, such as management letter identifying control weaknesses, its implications and recommendations for improvement in accounting and internal control systems.
 Liaison with clients to understand, review and analyze their internal control and accounting procedures.
 Carrying out evaluation of junior team members for appraisal purposes.
 Carrying out due diligence assignments.

Senior Accountant at Honda Atlas Cars Pakistan Limited
  • Pakistan - Lahore
  • January 2011 to December 2012

• Supervising payable system (payments to vendors & general suppliers )
• Classification of transactions in general ledger
• Prepare vendors and suppliers accounts statements
• Receipts recorded and posted into general ledger
• Preparation of customer’s accounts statements
• Prepare fixed assets addition & deletion movement and their incorporation in books (ledger)
• Maintained Fixed Asset Register
• Fixed assets depreciation on monthly basis and keep track on assets useful life until scrap via specific procedure
• Maintain CWIP (cost work in progress) schedules and keep track on their conversion into permanent fixed assets.
• Preparation of Trial Balance on monthly basis
Above workings are performed in ERP system where necessary
Imports & Costing
• Letter of Credit Costing and Management.
• Imported and Local Parts Receipt Management.
• Bank Debit Advices (LC opening. Retirement and amendment) follow up and Entry in System.
• Exchange gain/ loss calculation on LC retirement & it’s accounting treatment.
• Deposit of Financial Instruments (Cheques/Pay Orders/Demand Drafts) in respective banks
• Shipping Line Parties Payments. Clearing Agent Payments.
• Govt. duties (custom duty, sales tax, income tax) calculation and payments. Export bills Payments & checking.
• Insurance Calculation & Bills Payments.
• Preparation of reconciliations with different parties. Dealing with banks related to above all mentioned work activities.
Tax
• Reporting to tax authorities on various queries raised
• Preparation of Income Tax certificates under specified rules
• Filing of Tax returns (Monthly & Annually) to Tax authorities
• Income tax payments to Govt. (tax deducted under various heads )

Accounts Officer at Adam's Milk Food (Pvt) Limited
  • Pakistan
  • January 2010 to December 2010

 Deals with all Imports based on Bank Contracts and LC’s
 Prepare daily fund position (Bank Position)
 Establish, maintain and reconcile the general ledger
 Establish and maintain supplier accounts
 To record payments of daily expenditure.
 Handle accounts payable, bill follow ups, bill processing, payments made as per aging
 Maintain the Petty Cash
 Maintain Purchase Record
 Preparation of Accounts Payable & Receivable Statements
 Cheque preparation, signing & delivery/deposit, record keeping
 Checking of Purchase Orders & Invoices for processing payment
 Preparation of vouchers
 Assist with the annual audit

Education

Master's degree, Audit,Tax,Financial Management,Business Analysis,Corporate Reporting
  • at Institue of Certified Public Accountants
  • September 2015
Master's degree, Auditing, Financial Management, Business Analysis,Corporate Reporting
  • at Association of Chartered Certified Accountants
  • June 2014

1-60% Educational Scholarship at Centre of Financial Excellence 2-90% Educational Scholarship at Rise School of Accountancy, Lahore

Master's degree, Auditing, Financial Management, Business Analysis,
  • at Professional Level Completion from ACCA
  • June 2014
Bachelor's degree, Economics, Statistics
  • at Bahauddin Zakariya University, Multan
  • August 2010
High school or equivalent, Pre-Engineering
  • at Govt. College, Chichawatni
  • September 2006

Specialties & Skills

Accounting
Statistics
Economics
Auditing
Finance
Business Analysis using SWOT & PESTEL techniques
• Knowledge of International Financial Reporting Standards (IFRS/IAS)
• Knowledge of Foreign Currency Hedging, Derivatives & Investment Appraisal.
SQL/Peachtree/Tally
Audit Software 2
Knowledge of Applied Economics
International Auditing Standards
COSO/SOX Framework
Financial analysis
Book-keeping
External Audits
Internal controls
Internal Audits
Financial statements under IFRS

Languages

English
Expert
Urdu
Expert
Punjabi
Expert
Arabic
Beginner

Memberships

ACCA
  • Accounts,Finance and Audit
  • January 2015
Chartered Accountant (UAE)
  • Accounts,Finance and Audit
  • April 2015
Institur of Certified Public Accountants
  • Audit,Finance,Tax,Corporate Reporting
  • September 2015

Training and Certifications

Advance Diploma in Accounting and Business by ACCA (Certificate)
Date Attended:
February 2012
Professional Ethics Module by ACCA (Certificate)
Date Attended:
August 2010
Presentation Skills Training Course (Training)
Training Institute:
SKANS School of Accountancy Lahore
Date Attended:
July 2008
Ethical Training at DELOITTE (Training)
Training Institute:
Deloitte
Date Attended:
March 2014

Hobbies

  • Fond of tours to areas with nature landscapes
  • Enthusiastic cricket and Soccer fan
  • Socializing with friends and family
  • Playing Cricket
    Win the Tournaments in city level as well as district level
  • Lover of Soccer
    Playing Soccer as well as well watching the matches of soccer
  • Reading Books,Stories