Faraz Khan

Experience

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  Deloitte

  Sept 2002 - Jun 2009

  Junior - Senior (Audit & Assurance)

  •Audit of financial statements (FS) including audit planning, developing risk based audit strategy with appropriate consideration of audit risk issues and technical accounting matters for different head of accounts balances and translating strategy into effective and efficient audit procedures.•D&I & internal control testing and identifying weaknesses. •Substantive procedures on account balances on income, expenses, assets, deposits, advances, receivables, cash and bank balances, short term borrowings, share capital and reserves. •Worked on Investments & Morabaha & Musharika finances and related balances and provisioning of classified parties. Checked regulatory compliance especially prudential regulations.•FS and disclosures and Audit Software AS-2.•Managed audit field work, on-site coordination role for clients, control of audit team & liaison with other parts of the firm to provide high quality client services and to ensure smooth delivery of audit process.•Performed substantive analytical procedures, calculation of materiality, MP and sample size for verification of transactions. •Worked on presentation of FS and appropriateness of disclosure requirements and to ensure that FS conform to the requirements of IFRSs, Corporate laws and industry specific legislation. •Follow-up and closure of audit issues with in consultation with audit staff and client management.•Evaluation of results of audit procedures & ASM preparation. •Evaluation of misstatements and drawing conclusions based on audit evidence.•Audit finalization including reporting audit findings to audit supervisor, engagement manager and partner, developing audit summary memorandum (ASM), management letter (ML).•Drafting audit report supported by audit evidence for review of audit supervisor and manager.•Meetings with clients, internal auditors, Audit Committee and audit coordinator to discuss audit findings. Show less

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  Rafaqat Mansha Mohsin Dossani Masoom & Co. Chartered Accountants

  Jun 2009 - Nov 2012

  Audit Manager

  •Preparation of audit proposals and meetings existing and prospective clients.•Audit staff planning for various audits.•Review of audit work carried out by field staff, audit summary memorandum (ASM), management letter (ML), covering letter (CL) and draft audit report.•Review of financial statements including appropriateness of disclosure requirements and compliance with all applicable IFRSs.•Discussions on significant audit findings with client management and audit finalization.•Drafting audit report to ensure that it complies with International Auditing Standards (IAS) and ICAP guidelines and based on audit evidence.•Reporting and briefing to engagement partner about matters impacting audit opinion and significant audit issues.•Leading audit team for preparation and presentation of audit working papers in compliance with audit planning memorandum (APM) issued by ICAP.•Review of audit working papers files for ICAP quality control review (QCR).•Advising client management about impact of newly enacted IFRSs and local laws and regulations.•Review of work carried out by audit staff in net capital certificate as defined under rule 2 (d) of third schedule to the Securities and Exchange Rules 1971 and finalization of certificate and draft audit report for submission to stock exchange. •Review of system audit assignments of brokerage houses, review and drafting of audit reports and review of checklist to be submitted to stock exchange along with audit report to ensure that it covers all rules and regulations specified in schedule A of regulations governing system audit of the Brokers of the Exchange 2004. •Review of work carried out by audit staff during internal audit assignments, drafting and review of quarterly internal audit reports. •Delivering presentations and coaching audit staff on weekly basis about practical implications of IFRSs, audit methodology, audit procedures other requirements of local laws and regulations. Show less

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  Institute of Business Management

  Dec 2012 - Jan 2015

  Officer, Corporate Affairs, Institute of Business Management

  Middle Management position involving liaison with various internal and external departments and regulators.Typical activities include:•Audit and verification of Contractors bills for on going construction projects.•Liaison with various internal departments and regulators.•Coordination with external auditors in annual audit and preparation of various reports to help auditors perform their audit.•Conducting audit of student balances/ledgers.•Coordination with Higher Education Commission regarding different scholarship programs. •Preparation and submission of various details as required by Higher Education Commission and provincial and federal governments from time to time.•Short listing and selection of students for scholarship programs, evaluation of progress of students availing scholarships, preparation and submission of progress reports of students to Higher Education Commission and disbursement of scholarship to students.•Scrutinizing of travel grant applications and applying to HEC for faculty travel grants for paper presentation abroad.•Preparation of annual budget of IoBM and Foundation for Higher Education and variance analysis.•Arrangements, including circularization of letters to Board of Governors, Executive Council and Finance and Planning Committee for holding their respective meetings.•Drafting minutes of meetings and various resolutions to be passed in meetings. Show less

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  Orient Automative Industries Private Limited

  Feb 2015 - Apr 2017

  Assistant Manager Internal Audit

  • Conducted risk assessment of Sales, Production, Material Management, Stores, After Sales, Quality Assurance, Pre-Delivery Inspection and Finance departments in established timelines.• Conducted ongoing pre-audit of all payments especially payments to vendors and analysis of status of supplies received for timely delivery, review of rejected supplies and their timely delivery to vendors. • Established risk-based audit program, determined scope of reviews in conjunction with the head office auditorsand reviewed the suitability of internal control designs.• Conducted audit testing of specified areas and identified reportable issues and dimension of risks.• Determined compliance with departments’ specific policies and procedures.• Communicated findings to senior management and drafted comprehensive and complete reports of au Show less

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  Rafaqat Mansha Mohsin Dossani Masoom & Co. Chartered Accountants

  May 2017 - Jan 2022

  Audit Manager
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  Athena Shipping line LLC

  Feb 2022 - now

  Finance Manager