GROUP SENIOR INTERNAL AUDITOR
Ali & Sons Group
Total years of experience :23 years, 3 Months
Ali & Sons Company LLC, which was established in 1979, began its meteoric rise by providing quality services to the oil and gas industry. Today, the Group has a well-established presence in the Automobile Sector, Construction, Marine Engineering, Oil & Gas, Retailing, Commercial, Property Management, Manufacturing, Information Technology an Merchant Banking. Ali & Sons Group manages the operations of over 19 subsidiaries and associate companies in more thannine business sectors.
• Assist the Head of Internal Audit in developing the Annual Audit Plan. Updating Internal Audit Manual and
implementing risk base audit approach.
• Provide trainings to finance and operational staff relating to risk management, risk register and IFRS.
• Prepare quarterly report for Board of Directors and ensure audits are conducted as per Audit plan.
• Lead multiple internal audits of departments/ divisions/ subsidiary companies in a centralized internal audit
environment. Identify risk and develop comprehensive audit program for the team to cover the audit scope.
• Highlighting internal control weaknesses, opportunities, unmitigated risks and non-compliance with policies and
recommending best industry practice.
• Reengineering of policies and procedures/ authority matrix by gap analysis of data flows/ process flows.
• Carry out adhoc assignments requested by senior management including fraud investigation, performance analysis for
contracts, compliance/contract audits.
• Coordination with external auditors.
• Implementation and monitoring of control/follow up audits.
• Investment appraisal
• Review of budgets/ forecasts/ project reports.
• Review/ Prepares timely audit reports and conduct closing meetings with the auditee.
• Assist the HIA in performance evaluation of the staff and provide on job training.
• Researches new or technical subjects when required to support audits.
• Assist the Head of Internal Audit in developing the Annual Audit Plan using input from the team and stakeholders to identify priorities and resource requirements for the year.
• Plan financial, compliance, safety and operational reviews/audits in line with the Annual Audit Plan.
• Conducts risk assessments and identifies controls in place to mitigate identified risks
• Schedule and assign audits to other team members, ensuring effective and efficient use of resources.
• Develop audit programs
• Performs and reviews audit procedures to verify that controls are operating through testing and interviewing techniques
• Analyses and concludes on effectiveness and efficiency of control environment.
• Identifies control gaps and opportunities for improvement.
• Documents the results of audit work in accordance with audit department and the Institute of Internal Auditors (IIA) standards.
• Prepares timely audit reports for executive management.
• Assess, evaluate and promote compliance to internal company policies.
• Contributes, as appropriate, in the year-end financial audit with the external auditor.
• Provides advice on internal control and participates in enhancing internal audit standards and safety practices within Bizlink.
• Researches new or technical subjects when required to support audits.
• Provide feedback on performance of team members, on audit assignments, as applicable.
Reporting: Partner
I am associated with KPMG in the capacity of Assistant Manager. I started working with KPMG from June, 2006 as Audit Senior. I have been involved in the following:
• Audit & Attestation services : Audit, Review, Compilation and Agreed upon procedures
• Advisory : Transaction & Restructuring and Corporate Finance
Areas of responsibilities
• Involved actively in discussions with the Audit Partners and Client’s Senior Level Management.
• Prepare budgets, proposals and engagement letters for new engagements.
• Plan engagements considering client’s reporting deadlines and staff schedule.
• Assign appropriate staff to the engagements.
• Before the start of engagements, arrange engagement staff meetings to discuss any issues from last year’s audit, planning and risk assessment procedures, basis of materiality, audit approach for the client and procedures to be performed on key areas of the audit.
• Monitor the progress of audit engagements regularly, making sure that issues identified during audit are properly reported or resolved and audit is carried out within budgeted time.
• Review completed sections of audit working paper files as soon as respective sections are completed for example review planning and risk assessment while staff is working on assets and liabilities.
Completing managerial review on time in piecemeal making sure that things are going on in a smooth way and all reviews are completed as scheduled.
• Review financial statements making sure that financial statements are in accordance with International Financial Reporting Standards (IFRS) and latest developments and changes in standards have been properly reflected in the financial statements.
• To make sure that managerial review of audit working paper files are completed and all of review points have been resolved to satisfaction and all issues raised during audit have been resolved or reported.
• Review other deliverables (for example management letter stating deficiencies in controls identified during audit and suggesting corrective measures) and make sure that these deliverables are addressed to appropriate level at the client (for example to Audit Committee or Board of Directors, as appropriate).
• Send audit working paper files and financial statements to Audit Senior Manager/Audit Director/Audit Partner for review and making sure that review is completed at earliest and their concerns have been dealt with accordingly.
• To make sure that after Partner’s review and clearance of financial statements and these are sent to Engagement Quality Control Reviewer (EQCR). After concerns of EQCR are resolved, bound financial statements along with signed audit report are issued to the client.
• To make sure that clients have been billed appropriately and all the time spent by audit team on the engagements has been reflected in time and billing system of the firm. Follow up collections from the clients.
Bahamas
Financial Sector
HSBC Nassau Branch Ltd
HSBC Special Fund Ltd
HSBC Bank (Bahamas) Ltd
HSBC Markets (Bahamas) Ltd
Citibank N.A. Bahamas Branch
Private Investment Bank Limited
CSPB Non- Traditional Investments Ltd
CSPB Equity Strategy Ltd
CSPB Bond Strategy Ltd
CSPB Alternative Strategy Ltd
CSPB Opportunistic Strategy Ltd.
CSPB Money Market Strategy Ltd
Alliance Investment Management Ltd (Broker/Dealer)
Benchmark (Bahamas) Ltd (Public Investment Company)
Deltec Bank & Trust Ltd (Internal Audit)
Miscellaneous
Baha Mar Group (Tourism)
Bahamas Supermarkets (Retail)
Fattoy Holdings Ltd (Retail)
Island Site Development Ltd(Construction)
Bahamas Contractor’s Rental & Supplies Ltd (Renting of construction equipment)
Bahamas Mack Truck (Sales & repairs of Mack Truck)
Bahamas Electricity Corporation (Due Diligence, Financial & Operational Analysis)
Bahamas Telecommunication Services Ltd (Due Diligence)
Bahamas Business Solutions Limited (Seconded as Financial Controller)
Reporting: Manager, Director
I was associated with M/s KPMG Taseer Hadi & Co since 2001 to 2006 in the capacity of Audit Supervisor. I worked with Deloitte in various capacities since 2001-2006.
During my association with KPMG Pakistan, I was seconded to Standard Chartered Bank for 8 months and to KPMG Bahamas for six months where I have worked in multicultural and professional environment.
Responsibilities as Audit Senior/Supervisor:
Strategic audit planning
• Developed general strategy, detailed audit plan and audit programs in respect of annual and interim audits.
• Computed detailed time budgets and coordinated with the staff to meet the reporting deadlines.
• Applied new technical pronouncements and identified areas of potential risks.
Coordination and management
• Delegated work to the staff, performed reviews and provided appropriate directions for conduct of work.
• Addressed and resolved significant accounting and auditing issues raised.
• Involved actively in discussions with the Audit Partners and Client’s Senior Level Management.
System evaluation, documentation and risk management
• Obtained understanding of Accounting and Internal Control
System to assess the overall audit risk.
• Assessed control risk at the preliminary stage.
• Evaluated the effectiveness of the design and operations through test of controls.
• Identified weaknesses, addressed risk and provided suggestions to improve the Internal Control System.
• Identified critical risks faced by the business and discussed mitigating factors thereof with the management.
Corporate business and financial reporting
• Complied with the instructions for financial reporting.
• Prepared reports on financial results for submission to the management and audit summary memorandum for KPMG.
• Prepared annual and limited scope financial statements for statutory purposes.
Detailed verification and field work
• Obtained sufficient appropriate audit evidence through substantive, analytical procedures and physical stock counts.
Corporate and secretarial practices
• Reviewed minutes of meetings of board of directors, managing committee and audit committee and maintenance of statutory books.
• Checked compliance with the statutory requirements with reference to the Companies Ordinance, 1984 (as applicable in Pakistan), the Securities and Exchange Commission of Pakistan and the Code of Corporate Governance.
Taxation and allied matters
• Prepared tax computations, tax status and deferred tax of clients in accordance with the Income Tax Ordinance, 2001 (as applicable in Pakistan)
• Computed sales tax and prepared sales tax reconciliations.
Other Functions and responsibilities
• Reviewed statement of compliance with the Best Practices on Code of Corporate Governance.
• Prepared reconciliation of number of shares as per CDC statement with the records of the Company.
Pakistan
Financial sector
Standard Chartered Bank
PICIC Asset Management Company Limited
PICIC Investment and growth Funds
Manufacturing Sector
Merck (Pvt) Ltd - Pharmaceutical
Cera-E-Noor (Pvt) Ltd - Crocekery
Zulfiqar Industries Ltd. - FMCG
Tapal Tea (Pvt) . Limited
Oil & Gas
National Refinery Limited
Pak Arab Refinery Ltd
Sui Southern Gas Company Limited
Miscellaneous
CIA
BS in Accounting
Associate Public Finance Accountant (APFA)
Chartered Accountant - Finalist (Institute of Chartered Accountant of Pakistan)
Bachelor of Commerce - University of Karachi, Pakistan