Azgard Nine Limited is a listed company in the composite sector of Pakistan Stock Exchange (Psx) having its manufacturing facilities in Manga and Ferozepur Road, Lahore for Spinning, Weaving of Denim and garment unit.
 
Experience – Internal Audit / Compliance (Spinning + Weaving + Garment)
During the period of 26th Mar-2019 to till to date, I have been involved in various assignments in all three divisions.
§ Preparation, finalization & getting approval of annual audit plan.
§ Assisting head of Internal audit in devising audit plant, approval from BOD and reporting of key observation in quarterly meetings of board of directors.
§ Preparation & presenting annual risk report.
§ Checking of monthly stock valuation, stock taken for valuation is as per physical verified stock, material consumption is as per ERP issuance.
§ Preparation of Group Stock aging report & send to higher management on every month closing.
§ Advance to supplier review & highlighted long standing advance for their adjustment in accounts.
§ Analyzing management Accounts and investigation variance analysis in production, sales, inventory valuation (Standard vs. Actual) & highlight major difference.
§ Physical verification of entire operations through scrutiny of site physical documents, Stock, cash in hand, Stores, Spares and accessories, Production (ERP system vs actual)
§ Verification of all payment vouchers / Booking of sale and purchase Invoices and ensuring that vouchers contain necessary supporting.
§ Verification of entire garment division’s piece rates working.
§ Checking of sales tax, income tax payment and withholding tax deduction / collection on all payments as per applicable tax rate in Pakistan.
§ Analyze operations and propose value added recommendations
§ Responsible for finding out the weakness and gaps in the accounting records, systems and internal controls during auditing & provide evidential support.
 

Responsibilities and Assignments Completed includes

§ Physical verification of process inventory. Stock Taking form Ball warping to inspection dep’t. Physical store inventory verification on monthly basis.
§ Weft store Reconciliation.
§ Reconcile and necessary adjustments made to match the system and manual stock valuations.
§ Checking of store goods receipt note (S.R.N) With DC of party and invoice booked in supplier ledger.
§ Reconciliation of supplier purchase summary with accounts payable summary.
§ Verification of   advance payment, 7 days credit and 30 days monthly supplier payment.
§ Verification of daily wages salary.
§ Salary Analysis: Calculate Overtime, Deductions, and Allowances and finally make Analysis. Verification of advance against salary of each month.
§ Verification of loan against PF. Verification of employee full & final settlement with all respect. Monthly Leave Encashment and Fuel reconciliation Calculations.
§ Checked and verified Monthly admin bills & payments.
§ Checked and verified Contractor payments.
§ Daily disbursement checking: Checking Routine Pr-audit Payments made in Cash.
§ Surprise cash closing.
§ Verification of civil bill & Payment.
§ Checking and verification of manual voucher.
§ Verification of BRS.