Yasir Iftikhar Abbasi, FCMA, ACCA, CFE, FMVA®

Experience

• 

  Department of Auditor General of Pakistan

  Jan 2006 - Mar 2010

  Senior Auditor

  Key Achievements: Implementation and development of audit universe, risk-based Internal Audit and three years targeted audit plans with the consultants of PIFRA (A project of Auditor General’s and World Bank) and developed subsequent two years’ Annual Audit Plan as a key role, which fulfils the responsibility of the department, scheduling and assigning work and estimating resource needs (activity & resource planning). Development of a monitoring set-up for the evaluation of progress of audit teams (both in time and result oriented terms).Description: Conducts assigned audit engagements successfully from start to end. Identifies and communicates issues raised, offering recommended solutions relevant to business and risk Supervises junior auditors assigned to engagements providing guidance and overall review of deliverables Ensures audit conclusions are based on a complete understanding of the process, circumstances, and risk Develops audit programs and testing procedures relevant to risk and test objectives. Obtains and reviews evidence ensuring audit conclusions are well-documented Ensures adherence at all times to all applicable department and professional standards, INTOSAI standards and Auditor General's Audit Code Communicates assigned tasks to engagement team in a manner that is clear and concise ensuring high quality, accurate, and efficient results Organizes personal effort along with those of junior auditors to be risk-based, productive, and efficient at all times Performs other related duties as assigned. Show less

• 

  OVERSEAS PAKISTANIS FOUNDATION (OPF), M/o Overseas Pakistanis & HRD, Govt. of Pakistan

  Mar 2010 - Feb 2017

  Key Achievements: Establish Internal Audit Charter (Mission, scope of work, accountability, responsibility and authority), including development of revised and updated “Policies & Practices” of Internal Audit Department. Plan, organize and carryout the internal audit function, including the development of risk based internal audit plan. Key role in Feasibility study: Assessment of internal control & risk areas of Housing & Works Department (Construction Project Management and Project Accounting)Description: Implement an internal audit risk assessment that is aligned to support the OPF enterprise risk framework. Implement an effective risk management process to continuously assess and monitor the OPF management of strategic, operational, financial and compliance risks. Refresh and align the Internal Audit Charter to address the risk management strategy of the organization. Identify opportunities to improve the organizations processes or systems to more effectively and efficiently manage business risks and support management’s risk-assessment for key business initiatives. Provide the Audit Committee and executive leadership with periodic, or “as needed” assessment of the Organization’s system of internal controls, and identify emerging risk trends. Provide advice and council to executive leadership on initiatives to improve the internal control environment and risk management of the company. Evaluate resource requirements and define competencies of the IA staff. Maintain a professional audit staff with sufficient knowledge, training, skills and experience to meet the requirements of the Internal Audit Charter. Show less Key Achievements: Evaluate audit findings, prepare audit reports which includes follow up of previous audit reports and recommendations.10-12 Audit Reports Educational Institutions, 2/3 Regional Offices, and different department of Head Office. Supervise different audit teams, reviews audit working papers and edited the draft audit reports prepared by juniors. Constitution of pre-audit assignment, and development of pre-audit policies including standard checklists. Co-ordinate with Govt. Auditors and External auditors.Description: Performs independent audits that include reviewing the effectiveness of operations to ensure reliability and integrity of financial and operational information, effectiveness and efficiency of operations, safeguarding of assets, and compliance with laws, regulations, and contracts. Interviews personnel to obtain relevant information and an understanding of the audit area. Reviews documentation to ensure proper compliance with Foundation (OPF) policies and applicable laws, rules, and regulations. Reviews information systems and evaluates their effectiveness, reliability, and security. Reviews documentation of physical assets determining the degree to which they are utilized and safeguarded. Reviews documentation for internal control deficiencies, fraud, or compliance issues. Prepares audit reports and provides recommendations. Performs fraud investigations, as necessary. Performs consulting engagements, as appropriate. Assist internal audit management in providing assurance to executive, operating and divisional management as to adequacy of the effective use of Foundation resources, adequacy of internal controls, and adherence to Corporate and Financial Policies and Procedures as well as federation laws and regulations. Show less

  • Deputy Director (Audit)

    Jun 2014 - Feb 2017

  • Assistant Director (Audit)

    Mar 2010 - Jun 2014
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  Overseas Pakistanis Foundation, Ministry of Overseas Pakistanis & HRD

  Feb 2017 - Nov 2017

  Head of Internal Audit

  Preparation of risk based Annual Audit Plan and getting it approved from the Audit Committee.Execution of audit plan and reporting findings of the audit to Audit Committee.Analyze the company function and formulate the best approach/ policy for performing audit inconsultation with MD/ CEO and Audit Committee of the Board.Prepare an internal control questionnaire to evaluate the adequacy and effectiveness of internalcontrols over the activities of the company and prepare Internal Audit reference manuals.Supervise the review of the company’s activities and determine compliance with applicablepolicies and procedures in a manner consistent with the objectives and high standards ofadministrative practice.Set the materiality level for the conduct of audit/ reviews.Implement the policies and practices laid down in Internal Audit reference manual for theconduct of Internal Audit.Supervise operational, compliance and financial audits.Verify audit evidence and record audit observations, make audit recommendations that arefeasible, practical and cost efficient for approval. Communicate audit results to Audit Committee.Ensure compliance with the requirements of Code of Corporate Governance and otherapplicable rules and regulations approved by the BOD.Design and arrange any special audit/ investigation exercise if so required by the ChiefExecutive or the Audit Committee.Finalize and issue the reports after completion of each assignment.Responsible for the administration of the Department, time management, prioritization of tasksand performance appraisal of persons reporting to him. Any other job assigned by the MD/CEO. Show less

• 

  Overseas Pakistanis Foundation, Ministy of Overseas Pakistanis & HRD

  Jan 2018 - Feb 2019

  Deputy Director (Finance)
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  Overseas Pakistanis Foundation, Ministry of Overseas Pakistanis & HRD

  Mar 2019 - Apr 2020

  Additional Director (Finance)
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  Overseas Pakistanis Foundation

  Apr 2020 - now

  Develop annually a risk-based internal audit plan for Audit Committee review and approval. Oversee the implementation of the approved plan, ensure proper resourcing for implementation of the plan, and adjust the plan as needed in response to changes in the organization's business risks, operations, programs, systems, and controls. Keep senior management and Audit Committee apprised of any changes needed to the internal audit plan.Ensure methodical documentation of work plans, testing results, conclusions, and recommendations. Ensure follow up on findings and corrective actions.Provide technical assistance with investigations, special audits, and provide subject-matter expertise as needed.Perform organization-wide risk assessments to identify significant risks or exposure related to internal controls or compliance with OPF’s policies and procedures, laws and regulations, sponsored contract and regulatory requirements, efficiency of operations, and accuracy of programmatic and financial reporting. Provide feedback and recommendations on business risks and improving operational efficiencies and processes where appropriate.Coordinate and assist with the preparation of Audit Committee materials. Participate in quarterly or more frequent Audit Committee meetingsEstablish and assign departmental goals to team members and evaluate their performance.Responsible for coaching, mentoring, and developing career paths for direct reports. Show less Performing all tasks necessary to achieve the organizational mission and help execute staffsuccession and growth plans. Participate in key decisions as a member of the executive management team. Monitor and direct the implementation of strategic business plans. Providing advice to the Board of Directors on financial matters as and when required. Attending Board and Board Committee meetings as per the applicable laws andregulations. Oversee the management and coordination of all fiscal reporting activities for theorganization including organizational revenue/expense, balance sheet, reports to fundingagencies, development and monitoring of organizational contracts, grants and budget. Oversee the production of monthly reports including reconciliations as well financial statements and cash flow projections for use by Executive Management as well as for Finance Committee and Board of Directors. Presentation of monthly, quarterly, half yearly and annual financial statements to CEO andBoard of Directors for their adoption and approval where required. Oversee the company's transaction processing systems. Maintaining appropriate financial records in line with applicable laws Understand and mitigate key elements of the organization's risk profile. Construct and monitor reliable internal control system. Ensure that the company complies with applicable financial reporting requirements. Any other responsibilities assigned by the management from time to time. Planning and preparing financial budget and meet the targets of the Government ofPakistan on regular basis. Show less

  • Director Finance

    Oct 2019 - now

  • Head of Internal Audit

    Dec 2020 - Oct 2021

  • Director Finance

    Apr 2020 - Nov 2020