Finance Analyst / Internal Auditor
Sharjah Electricity and Water Authority
Total years of experience :12 years, 0 Months
Cost & performance analyst reporting directly to H.E. the Chairman of Sharjah Electricity and Water Authority.
Work Exposure:
1) Led the Cost & Performance Management Section involving designing report templates, collection of finance and performance data of 23 cost centres; operational & financial analysis and periodic reporting directly to His Excellency, Chairman of SEWA for decisions support and business intelligence information.
2) Developed a comprehensive financial model and management planning tool to calculate the monthly cost of goods sold (supply of electricity and water) based on historical data and forecasted the same until 2027 using demand study as base along with market information, indexation for expenses.
3) Assisting with budgeting (opex, capex and cash flows) followed by variance analysis with actuals and periodic reporting to the senior managers of various departments, their key financial/performance indicators including meaningful insight and practical recommendations to inform & influence decisions.
4) Supporting the finance manager with periodic closing of books of accounts and working capital management, assisting in IFRS implementation, reconciliations and ad-hoc reports.
5) Developed a costing model to plan the production and pricing strategy of Zulal Water Factory (manufacturing subsidiary) including revenue analysis, product profitability to assist in pricing decisions considering demand-supply constraints and cost-benefit analysis.
6) Preparation of monthly budget for substation operation and maintenance. Close monitoring of budget utilization at selected cost centres and implementing control procedures.
7) Internal Auditing and restructuring of the standard operating procedure at the maintenance and project management department, to streamline operations and optimize costs and performance.
8) Risk-assessment of individual CAPEX assets including comprehensive review of existing and planned transmission assets to ensure compliance with SEWA specifications and best industry standards and subsequent implementation of mitigation procedures for identified risks.
9) Collaborate extensively in liaising with consultants, external auditors and banks.
1) ERP Implementation:
Led the team in charge of implementing an ORACLE ERP system for an electronics goods company having 12 distinct branches replacing the disconnected localized systems with a single cloud ERP, facilitating the company to expand operations to 20 branches shortly thereafter.
Led the implementation of an ERP system for a hotel chain linking their accounting, inventory and room booking system which resulted in reduction of inventory shrinkages by 90%.
2) Financial Services (Banks / NBFC):
Supervised the monthly internal audit team consisting of 10-12 members of the NBFC-Micro Finance division of Muthoot Fincorp Ltd for 7 months including MIS reporting, Investments, Risk Analysis and performance analysis of subsidiaries.
Selected as part of the 4 member team entrusted with bank audits assigned by CAG including calculation of exposure at default as per Basel norms, treasury analysis, reconciliation of inter-bank transactions reports (e.g. MT950 etc) and preparing consolidated financials.
3) Healthcare:
Concurrent internal audit of a hospital group for 9 months including billing checking and reporting of key financial metrics in the revenue cycle including days in A/R, denial rate, first submission error rate etc.
4) Review of accounting entries, periodic closing of books of accounts and drafting of financial statements for several clients throughout the 4 year period, including Bank Reconciliations, Payroll verification, Scrutiny and reconciliation of Debtors and Creditors, Detailed analysis of ledgers, Journal entries verification, Cash flow analysis, Budgeting and Income tax planning.
5) Preparation of cash flow budgets and forecasts for working capital management for several clients.
6) Assisted the management of a multi-national body corporate with the pricing decision on services rendered to group companies, conforming to transfer pricing requirements.
7) Supervised the team in charge of ensuring compliances with corporate laws such as preparation and filing of Annual Returns, filing of ROC forms, obtaining DIN Registration for several months.
8) Conducted VAT Audits of several units in the manufacturing sector.
9) Statutory and Internal auditing, regularization of accounts and preparation of financial statements in compliance with GAAP for several clients throughout the 4 year period.
• Conducted statutory and internal audits of Companies, Partnership firms, Trusts and Individuals, based on the provisions of the Companies Act, Income Tax Act and other Acts applicable to the client.
• Carried out regularization of accounts and preparation of financial Statements in compliance with GAAP and other applicable financial reporting frameworks of several companies.
• Successfully led the team in charge of restructuring the accounting and inventory system of a company having 12 branches, engaged in retailing of electronic goods, replacing individual localized systems with a private cloud based ERP system, enabling the company to expand operations to 20 branches shortly thereafter.
• Successfully implemented a computerized inventory control system linked with the accounting and room booking system which resulted in reduction of inventory shrinkages by 90% in a company engaged in the hotels and resorts industry.
• Supervised the monthly internal audit team consisting of 10-12 members of the NBFC-Micro Finance division of Muthoot Fincorp Ltd for 4 months.
• Assisted the management of a multi-national body corporate with the pricing decision on services rendered to group companies, conforming with transfer pricing requirements.
• Supervised the team in charge of ensuring compliances with corporate and allied laws such as preparation and filing of Annual Returns, filing of ROC forms, obtaining DIN Registration for several months.
• Conducted VAT Audits of several units in the manufacturing sector.
• Handled Income tax computation and return filing of over 75 Corporates, Firms and Individuals.
• Preparation and filing of E-TDS Returns, VAT Returns, Service Tax Returns of corporate and other entities.
• Assisted in preparation of statements and appropriate responses submitted towards show cause notices and appeals relating to Income tax, VAT and Service Tax assessment procedures.
• Startup support services such as incorporation of companies, registration of partnership firms, obtaining PAN from IT department, registration of units under STPI, registration under Service Tax and VAT laws.
• Bank Reconciliations, Payroll Verification, Scrutiny of Debtors and Creditors, Detailed analysis of ledgers, Journal entries verification, Cash flow analysis, Budgeting, Income tax planning.
Profile of client’s handled:
Small and Medium size corporate entities, Multinational Companies, SEZ units, Banks and NBFCs, Partnership firms, Trusts, Sole Proprietors and Professionals having turnover ranging from Rs. 50 lakhs to Rs. 80 crores ($ 15 million), from diverse business and professions including,
•Manufacturing of
•Tire Treads
•Mattresses
•Paper boxes
•Cashew nuts
•Drugs and Pharmaceuticals
•Construction of apartment buildings and residential villas.
•Advertisement services
•Hotels & Resorts
•Micro finance
•Hospitals and Clinics
•Development of Computer Software
•Educational Institutions
•Charitable trusts
•Advocates
•Doctors
•Engineers
•Professors
• Maintaining proper books of accounts that accurately represent the transactions being carried out by the organization.
• Preparing accounting entries by compiling and analyzing accounts information.
• Ensuring compliance with Income Tax Act, TDS provisions and Service Tax laws and filing of Income Tax returns, TDS returns and Service Tax returns.
• Preparing cash budget forecast.
• Drafting year-end and projected financial statements and other reports required by management.
Financial Reporting, Auditing, Taxation, Management Accounting
1st rank holder from India Part I - 430/500 Part II - 460/500
IFRS Certification, administered by ACCA, UK.
Bachelor of Commerce with major in Accountancy and Finance. Course available only to CA students as part of agreement with Institute of Chartered Accountant of India.