Country Financial Controller
Ikea - Saudi Arabia
Total years of experience :19 years, 7 Months
I oversee all IKEA day to day activities of the finance team and ensures the finance function is organized and efficient and produces accurate financial and management accounts, as well as providing support to IKEA financial auditing operations while ensuring adherence to the IFRS, and IKEA's financial and accounting policies and procedures. My contribution ensures accurate and timely recording and reporting of financial activities to ensure that financial information is available for decision making.
Present responsibilities:
Almost similar to responsibilities as mentioned below in my previous job details covering following areas:
• Strategic
• Technical and Executive
• Administrative
• People
• Financial
Accomplishments:
Streamlined month-end closing and reporting
Adoption of IFRS
Implementation of digital work force (Robotics Process Automation - RPA)
Establishment of nearshore office team
Designed cost-to-serve model
Developed and implemented Service Level Agreement (SLA)
Revised all previous periods VAT returns to benefit from Tax amenity scheme
Zakat audits
Active participation in ERP implementation design phase for Microsoft D365
Present responsibilities:
Entrusted with the responsibility of managing different offices across KSA with the accounting team of over 20 members.
Tasked with spearheading accounting functions effectively in order to present accurate periodic financial statements within time frame to the CEO and SBUs Heads.
Control, update and maintain all G/L accounts and review month-end GL reconciliations.
Review customers’ and inventories aging reports and related provisions calculation.
Ensure all expenditure is within approved budget limits and liaise with departments on over/under spent items.
Review customers and suppliers contracts before signing to identify potential risky and beneficial areas.
Assinged responsibility of conducting financial analysis, reporting and budget formulation.
Ensuring compliance with delegation of authority, accounting, polices & procedures and established guidelines.
Assisting strategy department in preparing strategic plans and setting up goals (KPIs).
Identifying potential risks and beneficial areas, and reviewing customers and suppliers contracts.
Supporting in the treasury function operations for working capital management.
Responsible for enhancing workflow by developing and implementing accounting policies, procedures and introducing various internal controls.
Planning and preparing annual budget and monitoring key controls in compliance with the approved budget.
Ensuring compliance with the Company’s delegation of authority matrix and approved accounting policies, procedures and guidelines.
Liaise with external and internal auditors for timely completion of periodic audits.
Review Zakat and Tax returns and coordinating with Zakat consultant for timely review and submission to GAZT.
Developing and implementing Group Accounting policies, procedures & guidelines and effectively accomplishing due diligence within the time frame.
Accomplishments:
Early adoption of IFRS (including IFRS9, IFRS 15 and IFRS 16).
Implementation of Value added Tax (VAT).
Successfully migrated to Enhanced ERP System (Microsoft Dynamics - Ax09).
Instrumental in establishing automated and system based work flow.
Commended by the Management for successfully developing and implementing Service Level Agreement (SLA) and Finance Helpdesk System.
As Audit Senior, I lead large teams through the planning, execution and conclusion stages of statutory audits, validation of financial reporting packages of multinational concerns and other varied special nature engagements.
My responsibilities also included engagement management, assessing business and audit risks, client relationship management, Co-ordination with professionals of various fields like legal, actuarial and IT experts and decision-making for resolution of critical reportable matters.
I was also responsible for ensuring that the financial statements comply with all the applicable requirements of International Financial Reporting Standards, local Standards, local laws and regulations.
Under Audit and Assurance, I was Team Leader on most of the stated engagements. My responsibilities were to:
• Review and ensure proper preparation and presentation of financial statements;
• Review of audit working paper files;
• Preparation of KPMG Audit Manual (KAM) documents in eAudit, an audit documentation software.
• Review of Compliance with Code of Corporate Governance in case of listed clients;
• Preparation of Management Letter (addressing internal control weaknesses); and
• Perform audit procedures on key areas including revenue, taxation and fraud risk assessment.
Successfully handled following clients:
- Al-Kayan Petrochemical Company Limited
- Information Systems Engineering Company Limited (BAE Affiliate)
- Tanhat Mining Company Limited
- Al Jomaih Holding Company
- International Refreshments Company (PEPSICO)
- Saudi Orix Leasing Company Limited
- Saudi Hypermarket Company LLC (Carrefour)
- GIAT Industries Limited
- Arabian LIWA Stores
As Audit Supervisor and Senior, my responsibilities were similar as mentioned in the above job experience.
A snapshot of major clients handled includes:
• Manufacturing Sector:
o Wazir Ali Industries
o Wazir Ali Venture’s (Private) Limited
o Dalda Foods (Private) Limited
o Carrier Telephone Industries - Nokia Siemens Network o Siemens Pakistan Engineering Company Limited
o Singer Pakistan Limited
o ICI Pakistan Limited
o Beltexco Pakistan Limited
• Financial Sector:
• IGI Income Fund
• IGI Stock Fund
• KASB Liquid Fund o KASB Stock Market Fund
o Unit Trust of Pakistan
o First Women Bank Limited
• Information Technology / Service:
o Pakistan Sports Trust and Comset Services Limited - (Hero Pakistani Loyalty Card Scheme)
• Assignment Under Agreed Upon Procedures
(i) The Karachi Stock Exchange (Guarantee) Limited
• review and finalization of deliverables;
• guidance to team members in performing agreed upon procedures;
• attend weekly meetings with the BOD’s committee; and
• Final meetings with brokerage houses’ management for issues resolution.
(ii) The Securities and Exchange Commission of Pakistan - (SECP)
• Performance of agreed upon procedure comprising understanding of the system
• Review and compliance of stock exchange regulations for dealing in stock exchange transactions by the Brokerage houses
• Identification of blank and short sale
• Account opening procedures
• Investments in Carry Over transaction
• Transactions in future market
• Other procedures related to the brokerage house operations.
• Preparation of findings and issues in the form of Report on Factual Findings to the SECP.
• Supervision of the work of four key brokerage houses / companies out of total eighteen brokerage houses under review in Karachi.
KPMG Al Fozan & Al Sadhan, Riyadh, KSA (Secondment Assignment)
Oct 2008 to Mar 2008
Chartered Accountant
Bachelor of Commerce
