Shahzar Memon

Statutory Audit & Limited Review

• Served as an integral team member in statutory audits and limited reviews for listed and unlisted clients across the insurance, NBFC, pharma, and manufacturing sectors.
• Demonstrated in-depth application of Ind AS, IGAAP, and IFC standards; conducted full-cycle audit procedures, including planning, risk assessment, execution, and final reporting.
• Performed Internal Financial Control (IFC) testing, including walkthroughs and control operating effectiveness, as per the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting.
• Specialized in the audit of NBFCs and insurance, assessing compliance with RBI regulations and IRDAI norms, identifying non-conformities with internal policies. Findings were reported to the Chief Financial Officer and discussed with the audit committee.
• Drafted audit reports with modified as well as unmodified opinions, including reports on internal financial control, CARO 2020, etc.
• Articulated audit findings, potential risks, and recommendations with direct reporting to Partner / Director and senior management of the company by leading a team up to 5 members.
• Assisted in preparing presentations for the Audit Committee.

Internal Audit

• Worked extensively on internal audit assignments for clients in the chemical and manufacturing sectors.
• Mapped and tested key business processes across Procure-to-Pay, Order-to-Cash, Production, and Fixed Assets cycles.
• Led a team of three members in a production audit for a large manufacturing client, conducting deep-dive reviews into inventory, wastage analysis, and cost controls.
• Carried out detailed IFC reviews, validating control design and effectiveness, and recommended remediation steps for deficiencies.
• Investigated whistleblower complaints related to operational and financial irregularities for a manufacturing entity, and prepared comprehensive reports for management, with root cause analysis and process improvement recommendations.

Tax Audit

• Performed tax audits and issued related certifications under the Income Tax Act of 1961 for large public and private sector clients.
• Prepared and reviewed Form 3CD annexures, ensured accurate treatment of disallowances and reconciliations, and coordinated with client tax teams.

Other Work Experience

• Led end-to-end implementation and certification of Forward Rate Agreement (FRA) valuation software, including transaction entries, accounting, valuation, and final sign-off. Reviewed and recommended key changes to the client’s FRA policy to align with accounting standards and risk frameworks.
• Assisted in valuation assignments involving Discounted Cash Flow (DCF) valuation for both domestic and international companies, including industry and peer benchmarking.
• Carried out the assignment of first-time adoption of Ind AS for private limited companies. Also carried out Business combination accounting.
• Contributed to the firm’s Professional Standards Review Unit through the preparation of internal newsletters, standard audit checklists, and business analytics for business development.
• Executed and reviewed key statutory certifications, including Net Worth, Asset Cover, Unhedged Foreign Currency Exposure, Utilization of Funds Certificates, and 11UA Valuations.