Sarmad Bin Wasim

Experience

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  EY

  May 2014 - May 2018

  Audit Senior

  At EY I demonstrated great potential in statutory audits and client dealings, hence, was given the opportunity to work with EY’s Karachi, Abu Dhabi and Dubai offices leading audit teams for various national and international clients. I performed statutory audits following International Standards on Auditing (ISAs), IFRS, and other applicable Generally Accepted Accounting Principles (GAAP). I also led teams for performing various agree upon procedures such as auditing foreign reporting projects.Industries Audited:• Research, Manufacturing and Marketing concerns in Pharmaceutical industry• Non-governmental Organizations (Foreign reporting projects)• Not for profit organizations and trusts• Manufacturing concerns for Consumer and Industrial Engineered goods• Financial institutions• Hospitality industry• Telecom developmental and service industry• Construction and Real Estate Show less

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  Pakistan Security Printing Corporation (Pvt.) Ltd

  May 2018 - Feb 2020

  Assistant Manager Internal Audit

  Conducted financial, compliance, and operational audits in line with the guidance of The International Professional Practices Framework (IPPF), International Financial Reporting Standards (IFRS), and relevant laws. Finding audit observation supported by concrete evidences, analytical or otherwise, was an essential part of being an Assistant Manager at PSPC. I also supported managers in performing risk assessments, and was vigorously engaged in audit quality control management.Developmental Proposals:• Audit’s Departmental Independence• Quality Assurance and Improvement Program• Procurement Process Re-engineering• Quality Control Effectiveness ReviewAreas Audited:• Information Technology (IT) Department• Human Resources (HR) Department• Outsourced HR Services• Production Department• Quality Control Department• Stock Management• Cost Accounting and Cost Management• Procurement Department Show less

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  First Habib Modaraba

  Mar 2020 - Jul 2020

  Manager Audit

  Being the acting Head of Audit I was responsible for complete audit cycle at FHM. I devised risk based annual internal audit plans and drove my team towards a common goal of organizational improvement and efficiency. This key position of Head of Audit also called for synergizing and addressing demands of Board of Directors, Audit Committee, and departmental heads while simultaneously managing follow-up compliance audits and day to day pre – audits.Areas Audited / Other Assignments:• Human Resources Department – Audit • Ijarah and Musharakah pre–audits• Compliance Audit of Code of Corporate Governance, and Modaraba Regulations Show less

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  Byco Petroleum Pakistan Limited

  Jul 2020 - Jan 2021

  Senior Officer Internal Audit

  Independently planning, executing and concluding complete audits with direct reporting to Head of Audit was my key task at BPPL. BPPL had a very closely knit team and obtaining and incorporating constructive criticism from rest of the audit colleagues helped obtain perfection as far as possible in all audit reports.Areas Audited / Other Assignments:• Marketing / Network Development - Audit• Procurement pre-audits• Review and Updating of Budgeting and Finance, SOPs and policies, including SAP utilization Show less

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  State Bank of Pakistan (SBP)

  Jan 2021 - now

  In addition to carrying out my responsibilities as a Deputy Manager Finance at SBP (Jan 2021 - October 2022), I was given charge to lead the following developmental projects:• Development and implementation of a mechanism to accurately calculate, and distribute, accumulated profits of Employees’ Contributory Provident Fund at SBP. The mechanism benefited all of its members since its inception in 2008 and distributed profits of over Rs 1 billion.• Creation and implementation of an adequate management reporting system, that summarizes the performance of Islamic NPC Company Limited’s (INPCCL) investor pools with regards to their profitability, and weighted average cost of funds.My operational responsibilities at SBP were enlarged to include:• Ensuring accurate bookkeeping of day-to-day operations of various government entities, and their monthly, quarterly, and annual closing of books of accounts.• Identifying operational and control risks and implementing adequate control measures.• Preparing INPCCL’s income and expense forecasts, budgets, and its expenses and cash management. Show less Leading preparation of financial statements of a Special Purpose Vehicle (SPV) of Government of Pakistan - INPCCL - with investors pool size worth over USD 600 million. Additionally, I am supervising preparation of financial statements of Employees’ Contributory Provident and Gratuity Funds. All the financial statements I prepare are in compliance with IFRS as applicable in Pakistan.While leading coordination of all relevant internal and external audits, and meeting relevant deadlines, I manage all board and secretarial work, such as preparation of agendas, and meeting minutes and notices. I also ensure fulfilment of all legal compliances including filings to the Securities Commission (SECP).At SBP developmental projects at revered by management, I prosed and lead:• Cross Functional Team (CFT) for automation of securities issue, redemption, and profit calculation for INPCCL, including its impact on foreign currency revaluations.• CFT for development, maintenance, and integration of Chart of Accounts of INPCCL, with security issuances mechanism.• CFT for revamping of reporting, and record maintenance procedures of employee funds.• Preparation of business valuation models, and estimated acquisition prices, for targeted acquisitions. Show less

  • Deputy Director Finance

    Oct 2022 - now

  • Deputy Manager Finance

    Jan 2021 - Oct 2022