Organization: Pak Kuwait Textiles Ltd.
Organization Type: Spinning Mills (having 88,000 Spindles Capacity)
Designation: Sr. Accounts & Costing Officer
Tenure: August 2012 to Present
Location : Lahore, Pakistan

Area(s) of Experience : Preparation of financial budget, Preparation and Updation of Conversion cost, Costing of yarn for local and export sales

Reporting to : Chief Financial Officer

Brief Job Description : • Preparation of financial budget based on the spindles and other criteria for both companies.
• Discussion of the basis of financial budget with CFO for different heads of accounts and incorporate changes.
• Preparation of annual conversion cost based on the financial budget which provides basis for costing.
• Incorporate changes in conversion cost in case of any change in variable cost and other cost most probably i.e, energy cost.
• Preparation of daily costing of yarn production for daily liquidity position for CFO & Chief Executive.
• Daily Updation of polyester/ cotton rates for local and imported to reflect the change in price in costing.
• Analyse the monthly yield and waste recovery of cotton and account for the financial impact on the cost and profitability.
• Preparation of per Lbs cost of cotton/ Polyester of comparative months to identify any changes in the cost/ Lbs due to variation in the monthly yield.
• Compare and analyse the both companies yield and highlight any major difference found and report accordingly for further inquiry.
• Preparation of exports costing of different carded/ combed yarn counts for sales and marketing department to offer a bid.
• Preparation of monthly analytical energy consumption reports for both companies.
• Preparation of company’s month wise analytical reports for judgment of current financial position
• Preparation of industry wise quarterly and annual analytical reports for management decision making.
Previously as Internal Auditor
• Formulate systems/ procedures (SOPs and System Flows) for effective/ proactive / corrective audit practices / control measures, with a focus on systemic audit.
• Communicating Audit observations resulting from scrutiny of the payable booking and post audit payment vouchers of the creditors and other information.
• Cross verification of details of complete transaction trail form purchase requisition to payments made.
• Conduct scheduled and special audits with an objective to ensure strict compliance to pre-set procedures and submit recommendations for improvement in company.
• Contributed towards implementation of ORACLE, communication of issues & problems faced by the users of oracle with oracle team, highlighting the deficiencies found in the newly implemented oracle system and reporting the implementation progress to higher management.
• Arranging Purchase Committee weekly meetings and preparing agenda and final minutes of meeting for circulation and management review
• Any other assignment as per instruction of management.

I. Audit Proficiency:

I have performed the audit of different entities during the period of my articleship, the audit work includes,
• Initial Audit planning and identifying risk areas of the entity/ business and addressing the risky areas accordingly.
• Performing the Test of Detail and TOC highlighting the issues.
• Preparation of Fixed Asset Schedule and verification of additions & deletions also verification of Stock, Stores & spares etc.
• Performance of Age analysis on Trade debtors & creditors and the circularisation of confirmations to relevant parties.
• Performing check in depth on Imports.
• Performing Test of Control on sales, purchases & verification of Salaries & Wages by performing TOC for control weakness.
• Verification by vouching the admin Expense major includes, repair & Maintenance, Legal Expense, Printing Stationary & Security charges.
• Assisting the Audit Manager in planning portion, (ICFC) and working of Audit manual for small & medium size industries.
• Preparation of management letter identifying control weaknesses, their implications and recommendations of corrective measures.

PORTFOLIO OF AUDIT/ TAX CLIENTS;

Manufacturing:

• Bunny’s Limited
• Al-Hamd Foods Limited
• Plasco Pack (Private) Limited
• Pak Kuwait Textiles Limited
• Dawn Bread (A.Rahim Foods)
• Malik Board & Paper Ind. (Pvt) Ltd
• Syed Paper Mills (Private) Ltd Specialized Industries

• Textile Technics (Pvt) Limited
• Textile Services
• Noon International (Pvt) Ltd
• Sind Industries (Private) Limited
• Abid Industries (Private) Limited
• Ashiana Cotton Products Limited
• FM & Tech (Private) Limited
Services and Entertainment Sector:

• Siddique Trade Centre
• Shazia Siddique (Pvt) Limited
• Sozo World Cinema (Zodash (Pvt) Ltd)
• Sozo Water Park (Pvt) Limited Provident Fund Trusts:

• Noon Pakistan Ltd. Emp.P.Fund
• Noon international Emp.P.Fund
• Textile Services Emp.P.Fund
• FMT Employees Provident Fund Trust

II. Tax Expertise

I have been experienced the following tax related work.
• Preparation and online submission of Income Tax Returns/ wealth statements of different individuals, AOPs and Companies alongwith all annexure.
• Verification of supporting documents for tax already paid under section 148, 153, 231, 235 & 236.
• Assisting tax manager in responding to various notices issued by the income tax authorities
• Filing of income tax documents to Regional Tax office.

III. SECP Compliance:

I have performed the following work relates to SECP Compliances.
• Assisting manager in ensuring corporate compliance by filing different forms as required under companies ordinance, 1984.
• Assisting manager in submission of Form A & 29.

ACCA Finalist

Bachelor of Commerce