Patrick Kaunda

• Conducting audit and assurance assignments in compliance with International Standards of Audit, International Accounting Standards and Government regulations
• Performing audit and business risk assessments
• Assessing and analyzing effectiveness and efficiency of clients' internal control environment
• Reviewing the audit strategy design and recommend improvements to ensure coverage of assessed risk
• Reviewing the execution of audit work to ensure that audit risk is reduced reasonably
• Reviewing financial statements and relevant disclosures per IFRS requirements and generating audit reports
• Performing compliance checks relating to social and legal industry regulations
• Providing expertise on business change initiatives and risks
• Analyzing audit findings and developing high quality reports with recommendations
• Coordinating with Audit Manager/Audit Partner on audit observations and risk assessments
• Providing clients with value adding recommendations relating to finance, controls, and compliance aspects
• Informed stakeholders about key risks and their control factors
• Establish proficiency in using our EY Global Audit Methodology to perform an assurance engagement in compliance with International Standards of Auditing (ISA) and/or US PCAOB Auditing Standards
• Providing Training and mentoring to audit team member
• Clients Audited:

Financial and Insurance Services

- Republic Bank Limited

- Tatil Insurance General

- Infolink Services Limited

Other

- Shell Trinidad

- Ansa McAL Polymer Limited

- CARIB Glassworks Limited,

- Linda Bakery Limited

• Selected accomplishments: Identified internal control deficiencies relating to segregation of duties and recommended process improvements to incorporate efficient controls relevant to minimize errors or fraud by separating the team performing bank reconciliations and managing purchase orders and invoices from those processing payments
• Designed and implemented comprehensive audit programs with reference made to risk assessment results, resulting in zero non-conformances
• Led cross-functional teams in identifying and resolving quality issues, resulting in improved customer satisfaction.

• Conducting audit and assurance assignments in compliance with International Standards of Audit, International Accounting Standards and Government regulations
• Performed audit and business risk assessments
• Assessed and analyzing effectiveness and efficiency of clients' internal control environment
• Reviewed the audit strategy design and recommend improvements to ensure coverage of assessed risk
• Reviewed the execution of audit work to ensure that audit risk is reduced reasonably
• Reviewed financial statements and relevant disclosures per IFRS requirements and generating audit reports
• Performed compliance checks relating to social and legal industry regulations
• Performed quality control checks on assignments undertaken to ensure compliance with the firm's risk management and audit quality policy
• Analyzed audit findings and developed high quality reports with recommendations
• Coordinated with Audit Partner on audit observations and risk assessments
• Updated clients on audit progress and potential issues on regular basis
• Informed stakeholders about key risks and their control factors
• Provided training and mentored audit team members

Clients Audited:

Financial Services

- First capital Bank of Malawi

- National bank of Malawi

- Cumo Microfinance Limited

Insurance

- United General insurance

- Old Mutual Life Insurance limited

Manufacturing

- Japan Tobacco Limited (JTI)

-Lafarge Cement Limited

Other

- Press Cooperation Limited (PCL)

-Mpico Group of Companies (Real Estate)

- Road Fund Administration (RFA)

- We-Effect Malawi

-Malawi Red Cross Society,

- Family Planning Association of Malawi

- Malawi Red Cross Society,

- Malawi Congress of Trade Union (MCTU),

- Centre for Human Rights Rehabilitation

- Danish Christian Aid (DCA),

- Farmers Engineering Services (FES)

- Bayer Malawi (Monsanto)

• Selected accomplishments: Redesigned audit procedures for our clients; the new procedures were tailored specifically to company's revenue structure as a high-risk account
• Consequently, with reference to IAS 18 - Revenue, we discovered and rectified several overstatements summing to USD 3.4 million
• Recommended an amendment to clients' non-current assets capitalization policy based on the definition of an asset and the stipulated recognition criteria as per IAS 16
• The change resulted in a correction of an overstatement of USD 670,000
• Discovered a deficiency in controls for sales return procedure that led to embezzlement of inventory
• I recommended a restructured standard procedure to minimize the risk of fraud.

• Prepared Financial Statements and Management Accounts
• Responsible for revenue assurance and credit control
• Responsible for Cost and Budgetary Control in the company
• Responsible for submission and reconciliation of Tax returns
• Responsible for inventory management, valuation
• Responsible for monthly payroll runs and reconciliations
• Custodian of General Ledger and Purchase Order Management ensuring timely closure of Open POs
• Responsible for Capex and Opex control and explaining any variances
• Managed Cash flows for the company and management of the Payables cycle
• Defined and implemented fraud detection and management processes and systems to reduce risk

Selected accomplishments:

A transition from Sage line 50 to Sage ACCPAC left several general ledger accounts in disarray

• I reconciled and cleared all balance sheet accounts that remained hanging for years due to their complexity
• Redesigned the month end and year end close process and reduced the reporting timeframe
• I managed to reduce interest charges on bank overdraft by ensuring strict supervision on debt collection, daily banking of cash sales and negotiating credit facilities with creditors.