Accounting and Audit Associate
Ashford Management Consultants
Total years of experience :16 years, 8 Months
To coordinate 07 audits annually, supervising team of 5 staff members, issuing multiple financial statements & audit reports after finalizing management reviews on their corresponding drafts, ensuring their truth & fairness in line with GAAP, IFRS and IAS,
To follow-up with the audit team at clients to collect information & verification of details with supporting evidences,
To perform complex accounting functions, including preparation of journal entries, accounts analysis and balance sheet & income statement reconciliations, settling & writing off provisions for debts in receivables & payables, goodwill, intangibles and revenues,
To prepare & file tax returns (especially VAT & PAYEE) computing taxes owed and preparing governmental reports in compliance with prevailing rates, corporate laws & regulations,
To perform analytical procedures to identify unusual or unexpected trends in relation to prior performance and expectations,
To administer compliance, project coordination, resource allocation and financial reviews / assessments ensuring audit plan,
To handle various sections of audit for clients, primarily in trading, non-profit and services sector,
To coordinate with audit manager in entire audit life-cycle: overseeing strategic planning, risk assessment and mitigation, team development and evaluations, and reporting,
To perform tests so as to ensure the effectiveness of internal controls and business cycle are truly aligned, thereby reviewing and documenting effectiveness of policies & procedures,
To efficiently manage time blocks dealing with international engagements, on both component teams and group teams,
To train new trainees on accounting principles & procedural compliance through team work, integrity & leadership, discussing broader goals & responsibilities,
To help implementing software based accounting and performing user acceptance testing on end user training material to ensuring software is working accurately.
To Consolidate, Analyze, Review & Approve, periodically, proper accounting record of activities of business units of the group relating to Inventories (stock levels, adjustments for shortages, ab/normal losses), Fixed Assets, Lease, Insurance (depreciation, rental schedules), Cash Flow requirement from treasury ensuring adequate funds and avoid overdraft, Reconciliations of all Bank Accounts and Inter Company Cash/Bank & Journal entries for Inventory and incomes & expense accounts, Follow-Up report from credit department on consolidated Aging Report for all A/C Rec & Pay ensuring improved effective credit recovery cycle, Disbursement of the Salaries and Commissions on Sales/Purchases as per approved scale, Staff Advances, Surcharges and Tax Deductions for all expats and local staff.
To Coordinating with Imports / Exports department, vendors, logistics and clearing & government agencies for clearance and delivery of all goods from seller to stores.
To review and approve all necessary schedules regarding Divisional Performance management, Variances, Marginal & Break-Even Reporting with a CVP analysis.
To plan, develop, present & interpret an annual operating & capital Budget with projected financials for all economic activities of the entire group to the management.
To prepare a consolidated Variance Analysis Report and giving recommendations in interpretation of any deviation from standards coupled with other Financial Reports and Horizontal & Vertical Analysis with Working Capital exploration Report.
To review & approve for in time payment of periodic consolidated VAT & PAYEE returns and other corporate taxes & duties avoiding any delay surcharges.
To conduct periodic Internal Financial & Managerial Audit of each unit & reporting assurance & compliance memos ensuring follow-up for all SOPs as per manuals and ISA regarding Assets & Liabilities verification, GAAP Comparatives, IAS, IFRS etc.
To prepare all accounting records and schedules for getting conducted annual External financial, tax & governance Audit and ML compliance to final Audit Report.
To assist the M.D. and B.C. regarding financial and managerial information for planning and implementing Projects & Feasibilities & their deliverables and follow up.
To provide detailed comments regarding Performance Appraisals of sub ordinates.
Reporting To: Deputy Manager (Finance & Audits)
Financial Accounting & Reporting:
To maintain and update all financial record of the office by preparing financial reports as per IAS& IFRS, demonstrating a thorough understanding of GAAP,
To finalize the accounts after trial verification, adjustments (Dr/Cr notes) and closing process for Area office and all concerned branches after careful checks of their respective financial statements and notes for all standards and policies on monthly, quarterly and annual basis,
To prepare Bank & Creditors/Debtors Reconciliations and Aging Report, Expenses Reimbursement Report, and other Management Reports to report head office.
Budget Management:
To prepare annual budgets (Capital & Operational) of all branches and Area Office, by communicating all relevant policies for assets, revenues and expenses for current FY,
To verify any addition and reallocation in budgets and follow ups for their in time approval and incorporation in financial system,
To prepare a variance report monthly and annually for all expenses and incomes, tracking and reconciling profit / loss in performance of organization as per statements,
To prepare cash management report stating the funds requirements in short & long term from banks and their respective cost after inter-transferring funds to/from banks.
Operational Strategizing:
Responsible for in time transfer of funds (MOZU & GIA) from central committee to all concerned districts and their branches and subsequently their disbursement,
To approve the payments for all vendors, procurements and operational charges (including withholding taxes & their payments) as needed by the branches,
Responsible for in time transfer of funds, recovery of charges / loans from branches,
Processing loan requirements after careful verification of financial data for extensions and financial stability of donor, keeping strong relation with banks as well for debt cost,
Preparing & transferring salaries (Payroll) of all branches through bank debit advices after verifying that HR leave record been updated.
Inventory Management and Procurement:
To maintain a master inventory report of all items of all branches defining inventory levels and update it on weekly basis through stock issue notes & physical verification,
To get the prior approvals and release of funds for tender after careful analysis of need and cost estimation with proper specifications followed by strategy recommendations,
To verify requisitions, take quotations for procurement; prepare comparative statements, finalizing Purchase Order, receiving goods and issuing GRN etc,
To prepare and get published prequalification notices and invitation to bids for tenders and updating blacklist report on monthly basis followed by preparing all bidding documents and ensuring their availability and dissipation to bidders,
To evaluate the bids upon tender opening and awarding the contracts after framing all phases
Audit, Compliance & Control:
Responsibility to identify and manage risks by highlighting issues with potential solutions,
Ensuring compliance with internal (audit methodology and risk management) and external (regulatory) requirements by settling MLs,
To maintain a liaison between legal, accounts, taxation and finance sectors to incorporate the regulatory compliances,
To develop internal control culture by identifying and training the staff for the weakness.
Manage support services:
Coordination and liaison regarding Transfers & Posting cases, Insurance processing and payments, Arranging training sessions, Assets Management, Projects Costing etc.
To lead a team of 12 accountants and 12 field officers along with them to perform the tasks efficiently and effectively subsequently appraising their annual appraisals,
Devising and planning strategies, their execution and uninterrupted functioning for optimized productivity.
Reporting to: Manager (Finance & Accounts)
A middle position in an OMC induced enriched skills in me regarding trading systems, their strengths & weakness awareness and self-compatibility with multi layered organizational setup on branch in charge level. Working and coordinating all over Pakistan with huge retail and bulk sale network, I experienced customer satisfaction and market pull for it which definitely improved my marketing skills too.
Major Responsibilities were:
To monitor Inventory module on daily basis and further verification of reporting data for Sales and respective receipts to HO using Sales Report, Invoice Summary, Stock report and Receivables Report.
To reconcile the inventory data (including opening & closing stock taking and transferred product from host to our depots) with host and reconcile further with excise documents and shipping papers.
To process payments details and forward to HO for onwards billing and clearance.
To manage inventory that included coordinating with depots for in time and continuous supply of products from different strategic locations within the country.
To monitor receipt (Cash and Bank) vouchers, journal vouchers, Accounts Receivable & Payable Report & Aging, Rebate calculation for certain dealers, Freight billing, Reconciliation statements with schedule and position reports (Bank Accounts / other stakeholders), and other general management reports.
To perform monthly revenue analysis, including accrued to actual variance analysis and prior period adjustment explanations.
To ensure results in revenue transaction systems and Excel are timely and accurately reconciled with information in the general ledger and reconciled volumes to the measurements system or outside pipeline statements.
To assist senior executives and Manager F&A in budgeting for Sales, Inventory and location documentation regarding product movement.
To finalize and close accounts on quarterly basis preparing branch financial statements and other customized reports. Further communicating the financial performance as per financial statements analysis to Manager and Group Manager on monthly basis through variance analysis of Sales budgets.
To retain the management record and monitor the performance of the staff by scheduling the shifts
Reporting To: Senior Manager Audits.
Scope Of Services and Expertise Rendered:
Audit planning & Defining scope
Compliance & Assurance
Identification and management of risks
Review of reliability and integrity of financial operating information
Strategic issues and their corresponding impacts
Evaluation of assets (tangible & intangible) and their Safeguarding
Efficiency of resources
Special Operations and/or Activities,
Financial & Operational Management Consultancy,
Effective Internal Control at reasonable costs
Business planning and Feasibility reports
Furnishing management with Analysis & Recommendations
To develop the scope for audit and supervise assistants in planning, selecting & developing appropriate audit procedures for approval of Audit Plan.
To ensure that for each audit engagements, a practical budget is established, work is completed and reported in time, as per scope, performances are evaluated, and variances are properly accounted for.
To review and identify risks and ensuring that the same are impediment in the operations and internal control.
To review the documentation outputs from planning to report writing before these are endorsed to Senior Audit Manager for review and approval.
To represent the reliability and integrity of financial operating information and the means used to identify, measure, classify and report such information whenever requested, in opening and closing meetings and other delegated assignments
To perform all field work in a competent and professional manner and to provide evident support for all report recommendations after a Critical review of the procedures adopted by the entities, which may have significant impact on operations.
To give a review regarding the means of safeguarding company’s assets (Lease hold tangible) and verified existence.
To prepare or review draft audit and finalize status memo obliging coherent and concerned legislation, company laws in practice and undertaking obligatory accounting reporting standards IFRS/IAS for presentation to Manager.
To monitor the action plans due for implementation and ensure that items are followed-up where projects are completed,
To assist the Head of Internal Audit and Compliance and Senior Audit Manager in promoting awareness on the role of Internal Control Department to management and employees of the clients
To provide consulting service as and when requested by Senior Management or assigned by the Senior Audit Manager
To ensure that the use of Audit Management Tools is maximized to increase efficiency in performing internal audit activities by devising, implementing and monitored effective internal control and prescribing system manual
To demonstrate superior performance through comparisons in all attributes of professional conduct.
To prepare feasibility studies regarding expansion plans.
Reporting to: Accounts Manager
In a manufacturing concern at entry level of management, I had some valuable experience in maintaining books of accounts and other general management skills. Major responsibilities were:
To post the vouchers of purchases, sales transactions along with other journal vouchers for cash and banks and miscellaneous nature.
To assist the team in preparing Sales & Income Tax Returns record.
To assist officers in preparing reconciliations and positions e.g. bank, ledgers and other management reports.
Licentiate Corporate Secretary (Finalist)
Certified Internal Auditor (Pakistan)
ACMA-Inter Qualified IT Audit (with CISA as course work)
Term Projects: Financial Analysis of Textile Sector from KSE in Pak, Economics of Transportation Sector of Pak, A broad-line of Taxation systems of Pak, UK & USA
Major Areas of Study: Mathematics: Calculus, Mathematical Methods, Vector Analysis, Topology, Numerical Analysis, Mechanics, Metric Space Physics: Mechanics, Nuclear Physics, Thermodynamics, Optics, Electromagnetism