Chief Financial Officer
Punjab Health Initiative Management Company
Total des années d'expérience :21 years, 11 Mois
Currently, I am working as CFO for PHIMC a corporate body working under the Specialized Health Care Department my responsibilities include;
• Overseeing the implementation of a 400 billion program of Universal Health Insurance across the entire Province of Punjab under the Sehat Sahulat Card.
• Contract Management of UHI contract with State Life Insurance Corporation ensuring compliance with the contractual terms
• Preparation of Monthly Quarterly and Annual Financial Statements of the Company and presenting them to the BOD
• Managing the day-to-day affairs of the Accounts and Finance department and acting as a signatory of the Company’s accounts.
I worked as CFO for Punjab Power Development Company a body corporate working under the Energy Department my responsibilities include;
• Running Day to day operations of the finance and accounts departments and managing a team of 8 professionals.
• Managing the monthly billing for the power projects and ensuring compliance with NEPRA Tariffs and Energy Purchase Agreements
• Preparation of monthly financial statements ensuring compliance with IFRS applicable laws and public sector rules.
• Creating a Financial Model for evaluating Power Plants and tariff calculations of hydel and solar projects.
• Conducting and Managing the Annual Statutory audit of the company.
• Managing the receivables from DISCOs, liaising with CPPA (G) and
• Contract management of O&M Contractor for Marala and Pak Pattan Hydro Projects.
• Presenting the Financial statements to the BOD and Audit Committee of the company
• Process Mapping of existing business operations and implementing the suggested improvement
Public Sector-Related Tasks
• Overseeing the implementation and monitoring of Annual Development Plans and schemes of the company.
• Coordinating and Liaison with the Finance Department and Admin Department AG Office and other Government Departments.
• Liaison with the commercial audit team from the Auditor General of Pakistan.
• Contract monitoring and supervision of Contractors engaged in the construction of 4 Small Hydro Power Projects financed by ADB loan and the Government of Punjab worth Rs. 10 billion.
• Preparation of PC I’s for Approved Schemes, co-coordinating with P&D and Finance Department for their approvals.
• Review and finalization of contracts for the procurement of goods and services and ensure compliance with PPRA rules.
Company Secretary
• Conducting the BOD and Committee meetings of the company in compliance with corporate laws and Corporate Sector Governance Rules
• Ensuring compliance with SECP rules regulations and pronouncements of Companies’ Act 2017.
• Preparation of Agenda items and working papers for the Board of Directors.
• Preparation of Minutes of the Meeting, ensuring compliance with Board Decisions
Achievements
• Received certificate of recognition by the Chief Minister of Punjab for duties performed in detecting fraudulent activities resulting in prosecution of the perpetrators
• Completed the implementation of SAP B 1 in the organization for streamlining financial records
• Preparation of SOPs for accounts and finance department.
• Successfully negotiated COD sale agreement with MEPCO for the sale of electricity from Pak Pattan HPP and with GEPCO for Marala HPP.
I worked as CFO for Lahore Stock Exchange from Feb 2012 to Nov 2015, my responsibilities included;
• Running Day to day operations of the finance and accounts departments and managing a team of 8-10 professionals in an ERP environment
• Managing a multibillion money market investment portfolio & preparing Annual Budgets and monitoring compliance
• Overseeing the tax matters of the company, liaison with the Income Tax Authorities and tax consultants
• Preparation of monthly financial statements ensuring compliance with IFRS applicable laws
• Acting as the signatories for all bank payments of the company
• Ensuring effective liaison with the external, and internal auditors, and other consultants of the company
• Presenting the Financial statements to the BOD and Audit Committee of the company
• Provided advisory to potentially new companies for listing on the Stock exchange (PREMA, Millat Group)
• Oversaw the contract management, financing, and supervision of the construction of LSE South Tower a project worth 1, 200 million.
Achievements
• Streamlined the receivable of the company by conducting an in-house assignment for the outstanding balances, our efforts resulted in the realization of more than 14 million against long outstanding receivable balances.
• Developing Accounting policy and procedure manual for the accounts and finance department within 6 months.
• Streamlined the process for treasury operations of the company, and increased the effective yield by diversification of funds.
I have joined the newly established Risk Management Unit for monitoring of all infrastructure projects undertaken by the government of Punjab in association with private investors, these are multimillion dollar projects, which shall provide various services to general public. Our work Involves:
•Financial Analysis for the proposed projects
•Creating our own financial model to assess the viability of projects
•Review of the proposed budgets and feasibility of the projects
•Compliance with Laws and regulations (Income tax Ordinance, PPP act in particular)
•Risk Identification for all new projects
•Risk Management and Mitigation for the risks identified
•Preparation of Reports to assist the government in decision making
System Implementation and Development
I was the responsible for implementation of Oracle Financials and Oracle Treasury V.12.1.2 in one of the most reputed Development Financial Institutions, the assignment involved:
•Understanding and documenting the DFI activities for capital and money markets.
•BPR of the existing system to ensure adequate controls are present in the revised business processes.
•Training the team of finance professionals on running day to operations in Oracle.
•Suggesting and setting up accounting entries to meet the clients required accounting treatments.
•Overseeing and preparation of over 30 reports required for day to day operations, required for SBP and senior management.
•Preparation of automated management accounts from the system.
•Liaison with the internal audit and Risk and compliance department to ensure their requirements is met.
•Preparation of the monthly reconciliation between the Legacy and Oracle during parallel run.
I was involved on behalf of my firm in MCB Bank’s Symbols Implementation Project. SYMBOLS is a core banking software acquired by the bank to replace the Legacy System. Our assignment involved providing support for the Symbols Implementation project by identifying the shortcomings of the new software, preparing a resolution strategy for the issues as well as in the resolution of branch balancing problems after Symbols Implementation. We reported to Project Management Committee (PMC) headed by MCB’s President.
Key Deliverables of the Assignment:
•Fortnightly presentations to heads of departments and PMC
•Data Dictionary of Issues affecting branches after Symbols Implementation
•Detailed Issue Resolution Strategy for the above identified issues,
•Pay Order Payable Reconciliation Strategy & Demand Draft Payable Reconciliation Strategy
•Reconciliation Report for the branches in Lahore, Karachi and Islamabad
Internal Audit and Related Assignments
1) I headed SOX and internal control compliance assignment for Pepsico. The assignment involved documenting the existing business processes and associated risks. The assignment was carried out in compliance with Section 404 of the Sarbanes Oxley Act. Our work icluded:
•Review of the existing business processes for P2P, I2C, Fixed assets, Cash Management, Financial reporting
•Matching of business risks with the controls developed to mitigate them, identifying key controls and highlighting gaps.
•Preparation of a Remediation Plan to rectify the control weaknesses
•Preparation of a revised (To Be Processes) for the company business activities
•Preparation of a Responsibility Matrix identifying the ownership of business processes and controls
Key Deliverables of the Assignment:
As Is Process Documentations - (existing business process), Control Matrix & Gap Analysis, Remediation Plan
To Be Process - (proposed business process), Responsibility Matrix, Scenario Testing Reports.
2) I headed the Internal Control & Risk Evaluation Assignment for Treasury and Capital Markets of Bank of Punjab. The assignment involved understanding documenting banks activities for Money Markets, Foreign Exchange Operations and Capital Markets processes. Highlighting the business risks and control deficiencies and suggesting resolution strategies.
Key Deliverables of the Assignment:
As Is Process Documentations - (existing business process), Control Matrix & Gap Analysis, To Be Process - (proposed business process), Control Matrix & Gap Analysis.
2) Business Process Reengineering
I also headed the Business Process Reengineering of the Gulistan Group of Companies. The assignment involved following:
•Documentation of existing systems of the group in the areas of Revenue and Receivables, Information System, Production System, Stores and Spares, General Ledger and Fixed Assets.
•Identification of weaknesses in the areas of Information Technology and Internal Controls.
•Suggesting a proposed system and analyzing gaps with the existing system.
•Documenting employee responsibilities and suggesting any organizational structure change needed to streamline the system.
Due Diligence and Business Valuation assignments
1) I was also responsible for carrying out the due diligence of SKP consulting limited, and SKP & Co Chartered accountants for the purposes of acquisition by MGI Wenham major a UK based entity. The assignment involved commenting on the financial position of the two concerns and valuation of the above mentioned entities.
2) I headed the Due Diligence for one of the major Cooperative Bank Limited in Punjab; the bank provided wide range of financial services to farmers including agricultural loans throughout the province. Our work included
•Preparation of region wise breakup of banks loan portfolio.
•Assessing recoverability of portfolio of advances by using historical data, site visits and using various financial models.
•Identifying the provision required for NPLs.
•Preparing a detailed due diligence report on based on last five audited accounts and work performed by us
•Suggesting business restructuring to enable the bank to work more efficiently.
3) I was the Job In-charge for the financial due diligence of Apparel testing labs, which we carried out on behalf of French concern for the purpose of its acquisition. The assignment involved carrying out agreed upon procedures and commenting on the financial position of the company for the three years
Audit Services
•I have the experience of performing statutory audits, limited reviews and other ancillary services to various local and multinational clients both from manufacturing and services sectors.
•Responsibilities included planning, coordination, execution and supervision of these assignments.
•Preparation and compilation of financial statements in accordance with the reporting framework comprising of International Financial Reporting Standards, International Accounting Standards
Agricultural
Pioneer Pakistan Limited Private Limited.
Roberts Cotton Associates
Agri Business support Fund
Financial
The Bank of Punjab
Allied Bank Limited
Manufacturing
Nestlé Milk Pak Limited
Northern Bottlers Private Limited
Telecommunication
Pakistan Telecommunication Company Limited (PTCL)
Internal Audit
I headed the internal audit assignment at Gulistan Group of Companies a conglomerate of 7 companies in the textile sector engaged in production of Yarn, weaving dyeing and stitching. The company had outsourced the internal audit function of the group. I had the reporting responsibility for the components of Yarn production and cost accumulation, stores and spares, local sales and receivables export sales and related expenses over a one year period. Our work included:
•Analysis of all costing procedures and highlighting improvements.
•Analysis of all sale invoices related to export and local sales.
•Conducting comprehensive test of details for all items procured for Stores spares and stocks.
•Carrying Stock counts at factory premises and highlighting discrepancies.
•Verification of receivables and payables of the group and identifying errors and frauds.
•Submission and presentation of Monthly Reports to the management.