Sohaib Bin Javed - ACA

Experience

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  HBL

  Jun 2011 - Aug 2011

  Internship Trainee
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  RSM

  Jun 2012 - Feb 2016

  • Executed the statutory audits of 50+ audit engagements and ensured that they are completed timely and efficiently.• Ensured that audits were conducted in accordance with International Standards on Auditing, laws & regulations applicable in Pakistan, and the firm’s policies & procedures.• Assessed the risks associated with audit engagements and develop strategies to mitigate them.• Provided recommendations to improve clients' internal controls and risk management processes.• Served as the primary point of contact for clients during audit engagements and built productive relations with clients, along with prompt resolution of their queries.• Led a team of 20+ staff members, providing guidance, training, and performance feedback to foster a collaborative and high-performance team culture.• Reporting to Senior Partner. Show less • Reviewed financial statements, transaction records, and accounting entries to ensure accuracy and compliance with IFRSs and regulations.• Performed testing of internal controls of the organization to identify effectiveness of internal processes and identifying any weaknesses or risks.• Assisted in assessing the company’s risk management strategies and practices and contributed to risk-based audit planning.• Assisted in preparing audit documentation, including detailed work papers and summaries of findings.• Analyzed financial data, transactions, and records to identify patterns, trends, and potential issues.• Participated in meetings with clients to discuss audit findings and recommendations for improvements.• Worked on internal audit assignment of real estate developer, understood their processes pertaining to procurement, billing, revenue, HR, IT audit and suggested improvements therein.• Reported to Senior Manager & Audit Partner. Show less

  • Audit Supervisor

    Jun 2015 - Feb 2016

  • Audit Associate

    Jun 2012 - Jun 2015
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  Deloitte

  Mar 2016 - Aug 2016

  Audit Supervisor

  • Ensured that audits were conducted as per International Standards on Auditing, laws & regulations applicable in Pakistan, and the firm’s policies & procedures.• Assessed the risks associated with audit engagements and develop strategies to mitigate them.• Executed the statutory audits of 40+ audit engagements on a timely basis.• Led a team of 30+ staff members, providing guidance, training, and performance feedback to foster a collaborative and high-performance team culture.

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  AA Spinning Mills Limited

  Aug 2016 - Jun 2019

  Manager Internal Audit and Budgeting (FP&A)

  AA Spinning Mills Limited is a market leader in yarn manufacturing in Pakistan and belongs to the Ibrahim group, consisting of Allied Bank Limited and Ibrahim Fibers Limited. My key responsibilities as manager Internal Audit & Budgeting include the following;Internal audit:Audit Planning and Execution:• Developed and implemented the annual audit plan based on risk assessments.• Led and managed the execution of internal audits, including planning, fieldwork, and reporting.Risk Assessment and Management:• Conducted risk assessments, identified areas of potential risk in operations, and recommended improvements in multiple systems including purchases, sales, inventory, etc.• Evaluated the adequacy and effectiveness of the organization's internal controls and suggested upgrades in controls to make them more effective.Reporting & Communication:• Prepared internal audit reports including findings, conclusions, and recommendations, and presented audit findings to the Chairman and Board of Directors.• Collaborated with senior leadership to develop action plans for addressing audit findings.Compliance and Governance:• Ensured compliance with internal policies, procedures, and regulatory requirements.• Assisted in the development and implementation of corporate governance policies and procedures.Forecasting & Budgeting:Budgeting:• Prepared detailed annual budgets in coordination with all departments and presented the budget and variance analysis to senior management and the Board of Directors.• Critically Monitored and analyzed budget variances and suggested recommendations for corrective actions to Board of Directors.Forecasting:• Developed financial models to produce accurate forecasts for revenue, expenses, and cash flow and analyzed historical data and market trends to improve the accuracy of forecasts.• Conducted periodic forecasts to reflect changes in business conditions & updated financial projections accordingly. Show less

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  Audit Oversight Board - SECP

  Jun 2019 - Jul 2024

  My significant contributions to AOB as Finance Manager included the following:Financial Planning & Analysis:• Developed & supervised the financial planning processes, including budgeting, forecasting, and long-term planning.• Performed in-depth analysis of the financial data and shared insights with AOB leadership to improve AOB's revenue streams. • Prepared and submitted financial reports, including annual & half-yearly financial statements & variance analysis.Revenue & Receivable management:• Performing thorough analysis of existing revenue streams, and suggested improvements resulting in an increase in revenue from PICs by 100%.• Introduced a new system for receivable management to boost up the recoveries from PICs and recovered up to 25% of the bad debts from PICs.Treasury Management:• Devised and implemented the investment policy for profitable management of its funds and earned 20% profit on investments for the year.• Managed the organization's liquidity by building a portfolio of investments in Government Securities and banks, for managing liquidity & maximizing profits.Financial Management:• Improved the financial accounting process and implemented in-house accounting software, decreasing cost and increasing efficiency• Ensured compliance with accounting standards, and regulations and conducted closing of financial balances for month-end and year-end periods.• Coordinated with external stakeholders for financial matters including the Ministry of Finance, AGPR, AGP, and External Auditors (PwC).Strategic Planning• Worked in liaison with senior leadership to develop and implement financial strategies.• Evaluated financial performance of previous periods and developed strategies to improve the profitability.Cost Management• Monitored and controlled expenditures for the period and ensured that it aligned with budgetary constraints.Reporting:Reportable to Chairman AOB, Committees of the Board (Audit & Finance Committee) and CEO. Show less The Audit Oversight Board is an independent audit regulatory body, working under the SECP Act, 1997, to protect public interest by providing oversight to auditors of Public Interest Entities. My contributions to the organization as Joint Director included the following:• conducted inspections of records of 20+ AOB registered audit firms (Including Big-4 audit firms including PwC & KPMG), assessing the firm’s quality control structure, and evaluating whether audit engagements were performed in compliance with ISA, Code of Ethics, and relevant legal and regulatory requirements.• performed a comprehensive review of financial statements of 100+ PIEs to ensure compliance with IFRS’s, legal and regulatory requirements and identify deficiencies therein, which paved way for legal proceedings.• conducted the reviews of the work performed by the Quality Assurance Board (QAB) of ICAP in 10+ assignments under the Quality Control Review Framework to evaluate compliance with applicable requirements.• Conducted and completed the review of the Quality Control Review Framework of ICAP and suggested significant improvements therein to align it with international best practices.• developed a comprehensive risk-based methodology for conducting inspections of the work of QAB and audit firms for PIEs.• prepared technical comments on the issues identified during reviews, drafting inspection reports for sharing with the audit firms and to the AOB Board for appropriate actions.• supervised the registration of audit firms with AOB, identified discrepancies therein, and initiated proceedings against 20+ audit firms for non-compliance with registration requirements with AOB.• Participated in multiple hearings of the firms as a case officer, analyzing the firm’s arguments during the hearing, and assisting in drafting final orders of the firms• Reporting to Chief Executive Officer & Chief Regulatory Officer, and representing the relevant matters to AOB Board and Chairman AOB. Show less

  • Finance Manager

    Nov 2023 - Jul 2024

  • Senior Quality Assurance Inspector (Joint Director)

    Jun 2019 - Jul 2024
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  A & C CHRISTOFI LTD

  Jun 2024 - Sept 2024

  Consultant - Anti Money Laundering & Statutory Audits

  A&C Christofi LTD is a member of the Institute of Certified Public Accountants of Cyprus (ICPAC), headquartered in Limassol, Cyprus. The firm offers a comprehensive range of audit, assurance, taxation, and advisory services. In my capacity as a consultant, I assist the firm in enhancing compliance with European Union Anti-Money Laundering (AML) regulations and recommend improvements for the external audits conducted by the firm. My responsibilities include the following:AML:• Ensure the organization’s compliance with AML regulations by staying informed of current laws and best practices of the European Union.• Implement and maintain an effective AML compliance program in alignment with regulatory requirements.• Devising methodologies for better risk assessment to identify AML risks and develop strategies to mitigate such risks.• Establish and update AML policies and procedures to ensure ongoing regulatory compliance.Statutory Audit:• Redrafted and improved the audit manual of the Firm to improve its audit practices and ensure compliance with the international standards on auditing.• Assisting the IT team to develop in-house audit software for the firm, to improve the audit methodology and move towards paperless audits. Show less

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  Cenomi Retail

  Sept 2024 - now

  Accounts Manager