Kaustubh Gandhalikar

Key Responsibilities:

1. Budgeting

• Preparation of Standalone & Global Budgets

• Computation of Budgeted Working Capital Requirement.

• Monthly budgetary analysis

• Business segment-wise budget preparation

2. Financial MIS & Analysis

• Preparation of monthly MIS Reports

• Variance Analysis.

• Preparing appropriate cost and profitability analysis of new projects.

• Reporting impact for Decision making & computing ROI / Payback period

for investment in Existing Products.

• Submission of Price Revision inputs.

• Preparation of monthly product / yield analysis of plants &

• Reviewing of costing on Monthly basis.

• Preparation of budget v/s actual business segment wise reports on a

monthly basis from the Accounting softwares like Tally Prime and Infor LN

3. Audit & Compliance

• Preparation for internal and Statutory Audits.

• Liaising and interactions with Auditors

• Ensure compliance as per Audit Observations.

• Submit internal Audit report with Senior Management

• Computing RM & PM Consumption details & Analysis Overhead

absorption and allocation.

• Preparing Quantity Reconciliation statement for Cost Audit Compliance.

• Preparation of Tax Audits and Assessment related reports on timely basis

for ensuring timely submission and completion of Tax Assessments.

4. Financial Statements

• Preparing for changing Indian GAAP

• Finalization of Standalone Financial Statements

• Consolidation of Accounts of subsidiaries.

5. Banking & Finance

• Liaising with the Banks & Financial Institutions

• CMA / submissions with the lenders

• Control of working capital limits and other related activities

• Devising effective techniques to reduce finance costs

• Monthly submission of stock statements, Drs & Crs statement and other

6. High Level Summary of Activities

Strategic financial planning
Business restructuring and Investors Relations
Compliance & Governance and Budgeting forecasting
Treasury and Cash-flow, Audit, overseas subsidiary and SAP
Financial Modelling, Taxation, Costing and Fund raising

Managing and monitoring finance functions/matters; developing and implementing finance policies & strategies that support business objectives.

Identify and execute opportunities for M&As, BTA and TOT Agreements

Oversee banking, fund management, working capital, and cost-optimization

Finalization, Cost Audit, Direct Tax, Indirect Tax & Subsidy MIS, Finance Dashboard with Variance Analysis, Ratio Analysis & Reports

Implement systems & automation

• Prepare and review design documentation and tests of operational effectiveness to ensure our continued compliance with the requirements of Section 404 of the Sarbanes-Oxley Act.
• Work with business unit representatives and process owners to document current internal control processes supporting company's financial reporting systems.
• Liaise with representatives from the external audit firm.
• Develop tests for controls end execute.
• Identify any internal control weaknesses in those processes and recommend and implement changes to strengthen internal controls.
• Discuss deficiencies with Supervisors and Business owners
• Follow up timely on remediation items.
• Maintain database/application containing all Sarbanes-Oxley supporting documentation.
• Prepare periodic reports and track program progress and status of testing.

Strategic Focus:

Develop a portfolio, executing client-related activities (GRC, IA, review and risk assurance, SOX). Preparing, Program & Planning of different Audits.
Business development: liaising with clients Audit Advising
Drafting Audit TAT& Execute it to perfection

Advising on the various economic and legal risks facing the industry.
Develop a vibrant network
leadership of the delivery team
Formulating and communicating the audit plan

Develop Internal Audit Strategy, Annual Audit Plan & monitor its implementation-

- Establish Internal Audit Function for MSME companies and Large Groups within BFSI domain.

- Develop Plan so as to cover High Risk areas

- Monitor Audits Planned vs Actual for 100% implementation

Establish Robust Internal Controls & System Improvement-

- Make recommendations on best practices for Benchmarking

- Establish policies/SOPs for specific issues and areas

- Identify areas of weak controls and suggest control mechanism & make recommendation to improve internal controls

- Monitor compliance with Internal Control Framework (IFC/ICFR)

Risk management procedures-

- Perform a risk assessment and determine the level of risk

-Assessing the adequacy of governance and management of existing risks, commenting on responses to emerging risks and proposed developments

Internal People Development-

- Develop Team for carrying out Internal Audit

- Develop internal capabilities

Value creation by Execution Approach:

Review control process with control owners. Ensures tests addresses control objectives

- Ensures an understanding of the control and the test for that control are formally documented in process narratives and testing template

- Execute a test (and retest as needed) of the control using the sample size for the control

- Analyze test results for accuracy and for meeting the control objective

- Document the summary and detailed results of the test

- Engage in any retesting as needed in the event of an identified exception

- Conduct design effectiveness of Business Process controls (Walkthrough with client)

- Conduct Operating effectiveness of controls by applying the understanding of Business Process cycles of Banking and Financial Services domain (Purchase to Payable; Revenue & Receivables; Financial Close; Payroll; Treasury. etc.).

Participate in internal audit engagements of in consultation with the Business Owner, to assess the adequacy and effectiveness of internal controls through conducting process walkthroughs and documentation testing Conduct risk assessments to assess the risk profile and highlight key issues in Insurance domain by:

• Performing Audits For Workers Compensation and General Liability Policies-Reviewed Quarterly Payroll Returns and Financial Statement-Performed Inspections of Buildings for General Liability Purposes
• Contacted insured to verify information and adjusted their General Liability and Workers Compensation insurance premium.
• Perform workers compensation and general liability audits for insurance carriers in USA.
• Performed workers compensation and general liability insurance audits on mostly small businesses in USA, Europe and Africa regions.

Meticulous and accurately documenting workpapers based on documents reviewed Assist in internal audit planning, execute fieldwork and draft internal audit reports

• Developed premium exposure by classifying payroll exposure according to ISO risk classifications.
• Prepare the audit report as prescribed by the insurance company within the time allowed and within NCCI and ISO rules.
• Completed six internal audits, corrections implemented following internal audits allowed for successful external audits and ISO 9001 certification maintained.
• Increased product quality by performing internal ISO 9000 quality assessments and recommending and deploying software process improvements.
• Developed comprehensive understanding of how all company activity is controlled and audited under ISO 9000 guidelines.

Worked independently and prepared deliverables (e.g. working papers and reports) under established timelines.

• Complete spreadsheet based (Future Audit 3.0) audit reports for submission to insurance companies and bill time accordingly.
• Prepare general liability or worker's compensation audit reports for various insurance clients.
• Ensured that the audit reports and proposals presented for review meet anticipated expectations.
• Complete Audit Reports and submit findings to billing, underwriting and management.
• Complete, review, and submit audit reports.

SOX Audit Banking Domain:

Served as a primary point of contact for SOX processes and systems across the organization and drive the SOX Program of the Bank by following the Roadmap meticulously narrated as below:

• Identify, document and assess key controls across Finance and the Business Segments, as well as work with the Segments to institute proper controls and remediation strategies.
• Communicate findings and recommendations to management, determine root causes, obtain management's action plan for remediation in a timely manner and track findings through resolution
• Develop and manage working relationships with key stakeholders, including Risk Segment Officers and Business Process owners.
• Lead the development and rollout of scoping methodology, testing strategy, and integrated SOX and operational risk framework including collaboration with external auditors and business process owners.
• Track metrics and coordinate reporting to project working groups, steering committees, senior management and external auditors by leading Lead end-to-end walkthroughs to identify risks, control gaps, and improvement opportunities.
• Design, execute and complete testing of the design and operating effectiveness of SOX business process and IT controls, including entity and process level controls, IT general and application controls, key reports, and SOC1 analysis.
• Support the Bank's audit plan and participate in operational audits, if required and as possible allowing for SOX schedule.
• Document control deficiencies which are clear, concise and provide value to management Document control deficiencies which are clear, concise and provide value to management.
• Comfortable with documenting end-to-end process and product flows.
• Identify gaps between implemented controls and key risks and recommenced remediation actions.
• Evaluate audit findings and coordinate remediation of deficiencies.
• Improve SOX documentation and work papers (i.e. work with process owners to refine risk control matrix, improve process flows, refine / develop test procedures, propose control language and associated risks etc.).
• Spearhead in evaluation of new processes, policies and systems to determine relevance to and impact on the SOX program, including assessing design of controls based on identified risks.
• Recognize different cultures and business practices in various locations and partner with the business process owners to recommend optimal business solutions to strengthen controls and increase efficiency.

Insurance Audit:

Conducting thematic audits as per the defined audit plan covering financial, compliance, reputation and operational impact areas like:

1. Verification of Premiums

2. Verification of Claims

3. Verification of Agency and underwriter Commission, brokerage and discounts

4. Verification of Operating Expenses

5. Investment as per Asset Allocation Norms specified by IRDA and any exclusions

6. Cash and Bank Balances consisting of Premium collected and Term Deposit Receipts

7. Disclosure of Outstanding Premium balance

- Examining the P2P and O2C service cycles to evaluate internal controls, making recommendations regarding control deficiencies, and identifying areas of opportunity for improvement.

- Defining scope for audits allotted & ensure approach of audit is properly laid down and logistics appropriately planned

- Conducting detailed process and system walkthrough and field work to identify critical gap areas - Use of data analytics & audit tool for driving completeness checks

- Timely discussion of audit queries with the auditee departments and preparation of audit reports

- To ensure all audit observations are mapped to process design or control execution improvements needed and tracked till end closure

- Co-ordination with co-sourced internal auditors and business teams to facilitate timely conduct and closure of reports - Preparation and presentation of audit reports to Tier-I and Audit Committee - Review of scheme and incentive payments to ensure completeness and correctness.

- Re-insurance Contract Set up basis information derived from Facultative Certificate

- Coordinate with broker/reinsurer/underwriter to get supporting documents, understanding reinsurance structure, analyzing and interpreting limits and various terms & conditions of contracts and accordingly entering into system

- Research and analyze the Premium discrepancies in order to clear Open transactions and items on Broker billing statements • Respond to email /phone queries related to queries related above activities

- Follow-up with various departments to get supporting documents/ info for discrepancy resolution

- Identify opportunities and recommend solutions for process and automation enhancements

1. Management: Managing and monitoring finance functions/matters; developing and implementing finance policies & strategies that support business objectives.

2. Strategic Finance: Identify and execute opportunities for M&As

3. Oversee banking, fund management, working capital, and cost-optimization

4. Finalisation, Cost Audit, Direct Tax, Indirect Tax & Subsidy

5. MIS, Finance Dashboard with Variance Analysis, Ratio Analysis & Reports

6. Implement systems & automation in:

Strategic financial planning
Business restructuring and Investors Relations
Compliance & Governance and Budgeting forecasting
Treasury and Cash-flow, Audit, overseas subsidiary and SAP
Financial Modelling, Taxation, Costing and Fund raising

Governance:

- Developing Business plan that articulates business opportunities, enterprise resources and capabilities across all functions and timescales to realize optimal financial returns.

-Establish and maintain and use financial reporting systems to produce accurate operating reporting on the results of the business.

- Improve business processes, internal systems, enable effective decision making and track corporate performance

- Focus on cash flow generation through revenue & customer growth as they are key drivers of building shareholder value.

- Arranging funding (as and when required) through various debt instruments of bank loans, bonds, structured products, suppliers financing, factoring, LC's etc.

- Set up unit costs economics for product lines and branch lines for direct and partner revenue lines.

- Demonstrated ability to conceptualize and operate multiple business models and use business model as a tool to execute strategy.

- Formulate financial targets and budgets which are consistent with "market opportunity" and in accordance with the strategy determined by the Board and the CEO.

- Develop performance measures for each of the key business segments in support of the company's strategic direction and report on performance against targets. Embed financial measurement analytics in all decision making.

- Lead the preparation of annual accounts and other reporting requirements in accordance with the International Financial Reporting and local regulatory standards within the required timescales, including accurate provisioning of tax and other accruals.

- Ensure regulatory requirements of all statutory bodies are met regarding the company's financial affairs, including annual reports across multiple jurisdictions and corporate tax returns.

- Ensure that shareholders' budget and other reporting requirements are met and delivered in a timely manner.

- Provide the CEO, management and the Board with timely advice, including suitable corrective action regarding all financial aspects of the business and its trading.

-Drive implementation and adoption of new-age technology accounting system like SAP FICO, SAP S4 HANA, Dynamics, Oracle Financials and work with various stakeholders to drive SOPs.

Risk:

-To conduct risk assessment projects and mitigation by assessing and review of risk registers, risk triggers, portfolio analysis, internal/external audit reports.

- Conducts training programs with relevant stakeholders on various Risk management processes

- Review of Risk Management policies/SOP on defined intervals

- Deliver Ad-Hoc Risk management projects as per defined timelines

- Ensure timely reporting to Risk Management committee and preparation of RMC deck

- Monthly Governance with all stakeholders on Open risk points and action plan

- To implement the ERM Guidelines as per COSO Standards

Insurance:

• Effective handling of Insurance Policies Renewal & placement of new policy and timely claims follow-up, settlements and reconciliation
• Timely renewal of existing policies and initiate the process of placing new policy in most effect way to cover associated risk at best available rates
• Ensuring appropriate valuation exercise of Cellular Network Policy year 2021-22 for adequacy of sum insured and smooth settlement of claims.
• Preparation of Standard Operating Procedure on Replacement value of Assets for Cellular Network policy and claim settlement
• Settlements of claims in coordination with circles, insurance broker and insurance company in time bound manner
• -Monthly claim review meeting with all the stakeholder and taking appropriate actions for nonmoving claims.
  

Fixed Asset Management and Inventory Control:

-Ensure documentation for addition and disposal of fixed assets and thereafter submits it to finance team for recording of such transactions into ERP

- Coordinates with Circle Operations Teams regarding allocation of assets, movement of assets, monitors standardized coding & re-conditioning of assets.

-Capitalization of fixed assets and valuation of inventory at month end/ year end as per the Company policy

- Coordinate periodic physical inventory counts of fixed assets and inventory to ensure data on ERP/master trackers matches accurately with their physical presence & closely monitors any assets disposal

- Ensures proper documentation of all assets is maintained for the records and audit purposes and submits asset related documents to the finance team for financial posting in the ERP

- Enhances, and customizes Master data reports as per the requirements of the management team. • Engages with ERP IT Team to enhance & develop the available reports & master database.

- Provides query resolution to the Auditors related to any fixed assets and inventory

- Approves NOC (No Objection Certificate) for employees post-handover of the company issued assets & assigns it for safe- keeping/ re-allocation

Compliance Management:

• Evaluating the efficiency of controls and improve them continuously
• Revising procedures, reports etc. periodically to identify hidden risks or non-conformity issues
• Prepare reports for senior management and external regulatory bodies as appropriate
• An internal audit manager overseeing audits conducted within a company for compliance
• As an internal audit manager, you support the auditing team on a variety of internal audits, including financial, operational, and management review.
• Document the results of the evaluations
• Develop recommendations and reports based on audits and presenting these ideas to senior management
• Ensuring closure and implementation of recommended points

• Maintained integrity of general ledger and chart of accounts.
• Provided journal entries and performed accounting on accrual basis.
• Kept up-to-date with tax changes and industry trends by participating in professional organizations, opportunities, and networks.
• Initiated comprehensive account assessments to check viability, stability, and profitability of business operations.
• Prepared working papers, reports and supporting documentation for audit findings.
• Used accounting software to prepare consolidated reports.
• Collaborated with accounting manager to comply with governing bodies and limit regulatory risks.
• Collected and reported monthly expense variances and explanations.
• Tracked funds, prepared deposits and reconciled accounts.

• Acted as a team leader in group projects, delegating tasks and providing feedback.
• Worked flexible hours across night, weekend and holiday shifts.
• Delivered services to customer locations within specific timeframes.
• Resolved problems, improved operations and provided exceptional service.
• Participated in team projects, demonstrating an ability to work collaboratively and effectively.
• Developed and maintained courteous and effective working relationships.
• Demonstrated leadership skills in managing projects from concept to completion.
• Cultivated interpersonal skills by building positive relationships with others.
• Self-motivated, with a strong sense of personal responsibility.
• Managed time efficiently in order to complete all tasks within deadlines.
• Used strong analytical and problem-solving skills to develop effective solutions for challenging situations.
• Adaptable and proficient in learning new concepts quickly and efficiently.
• Used critical thinking to break down problems, evaluate solutions and make decisions.
• Developed strong communication and organizational skills through working on group projects.
• Paid attention to detail while completing assignments.
• Demonstrated strong organizational and time management skills while managing multiple projects.
• Exercised leadership capabilities by successfully motivating and inspiring others.
• Learned and adapted quickly to new technology and software applications.
• Responsible for executing client related engagements in the areas of governance, risk & compliance (GRC), internal audits, process reviews, standard operating procedures, enterprise risk management, revenue assurance, SOX 404 & Clause 49 assistance.
• Anticipate and identify engagement related risks and escalate issues as appropriate.
• Actively establish & strengthen client (functional heads & key influencers) and internal relationships.
• Assist seniors & managers in developing new methodologies and internal initiatives.
• Identify & escalate potential business opportunities for the firm on existing client engagements
• Service delivery related

- Identify areas requiring improvement in the client's business processes to enable preparation of recommendations.

- Identify & internally escalate and potential red flags related to the engagement

- Preparation of reports/deliverables/status updates/audit committee presentations.

• Reduced past due balances and bad debt by coordinating collection efforts with customer service, sales and billing departments.
• Devised collection recovery strategies to resolve customer issues and delinquent cases.
• Completed in-depth research of issues to develop accurate and effective solutions.
• Established and maintained customer and staff policies.
• Used [Software] and [Software] to perform credit appraisals, document verification and loan approvals.
• Analyzed applicants' financial status and credit and property evaluations to determine loan feasibility.
• Trained and mentored new department employees to maximize performance.
• Responded to disputes calmly and applied logical, knowledgeable approaches to devise solutions.
• Performed checks of customer creditworthiness and current situations.
• Obtained and interpreted financial statements to assist in credit limit reviews.
• Optimized credit approval and collection processes, improving operational efficiencies by over 80%.
• Reached out to customers to check on payments and convey options.
• Obtained and reviewed credit reports, credit references, credit insurance and financial statements to establish credit limits for new accounts.
• Kept all operations compliant with applicable regulations and established company policies.
• Reviewed customer accounts for compliance with repayment obligations.
• Checked appraisals, title information and insurance documents for each property.
• Adhered to banking standards and government lending guidelines for loan services.
• Organized and finalized loan applications for underwriter review.
• Reviewed and verified income, credit reports and employment histories for each borrower.

• Worked flexible hours across night, weekend and holiday shifts.
• Excellent communication skills, both verbal and written.
• Skilled at working independently and collaboratively in a team environment.
• Self-motivated, with a strong sense of personal responsibility.
• Demonstrated respect, friendliness and willingness to help wherever needed.
• Proven ability to develop and implement creative solutions to complex problems.
• Cultivated interpersonal skills by building positive relationships with others.
• Worked effectively in fast-paced environments.
• Learned and adapted quickly to new technology and software applications.
• Developed and maintained courteous and effective working relationships.
• Proven ability to learn quickly and adapt to new situations.
• Demonstrated strong organizational and time management skills while managing multiple projects.
• Assisted with day-to-day operations, working efficiently and productively with all team members.
• Identified issues, analyzed information and provided solutions to problems.
• Proved successful working within tight deadlines and a fast-paced environment.
• Demonstrated leadership skills in managing projects from concept to completion.
• Developed strong communication and organizational skills through working on group projects.
• Participated in team projects, demonstrating an ability to work collaboratively and effectively.