Summary
Overview
Work History
Education
Skills
Websites
Languages
Timeline
Generic
SHAYAN MEHBOOB

SHAYAN MEHBOOB

Karachi

Summary

Experienced and results-driven audit professional with over 16 years of progressive experience in Internal Audit, Finance & Risk Management within the banking sector. Proven track record as Head of Management Audit, leading enterprise-wide audits, identifying control weaknesses and driving strategic improvements across operational and financial processes. Adept at aligning audit practices with international standards and advising senior management on risk mitigation and process optimization. Now seeking to leverage this expertise in a dynamic, growth oriented organization

Overview

17
17
years of professional experience

Work History

Head of Management Audit Department

Bank Alfalah
08.2022 - Current
  • Overseeing the audits for Management Audit functions of the bank.
  • Ensures the effectiveness, efficiency, and compliance of operational and business processes across all departments. lead a team of auditors, drive risk management processes,
  • Ensure the internal controls and governance processes are robust and aligned with the regulatory standards in Pakistan's banking sector.
  • Lead, mentor, and develop the Management Audit team.
  • Develop and implement annual audit plans and programs for management audits across departments.
  • Provide guidance and support for the bank’s management team in the effective management of risks.
  • Oversee the execution of management audits across various operational functions, including finance, risk management, IT, operations, HR, etc.
  • Plan and direct audits to ensure they address both current and emerging risks in the bank’s operations.
    Identify areas for improvement in processes, efficiency, and controls.
  • Conduct complex audits and investigations, addressing financial and operational challenges.
  • Assess internal controls, operational efficiency, and the risk management framework to identify weaknesses and areas for improvement.
  • Ensure that the bank adheres to the regulations set by the State Bank of Pakistan (SBP) and other relevant authorities.
  • Stay up to date with changes in banking regulations, financial reporting standards, and other statutory requirements impacting the bank’s operations.
  • Prepare and submit reports on audit findings, including recommendations for process enhancements and compliance improvements.
  • Prepare and present detailed reports of audit findings, issues, and recommendations to the senior management and board of directors.
  • Provide detailed assessments and feedback on the effectiveness of internal controls, financial integrity, and operational efficiency.
  • Continuously evaluate the bank’s auditing methods and tools to ensure they are up-to-date and align with industry best practices.
  • Provide recommendations for improving operational procedures to reduce risks and improve performance.
  • Lead special audits or projects as required by senior management or the audit committee.

Unit Head - Internal Controls over Financial Reporting (ICFR)

Bank Alfalah Limited
11.2019 - Current
  • Accredited with obtaining exemption from External Auditors review transferring the ICFR review function in-house to Internal Audit.
  • Design and develop internal control programs to ensure compliance with COSO.
  • Lead the design and development of an effective internal controls and corporate governance program; ensure adherence to regulatory requirements.
  • To conduct materiality and scoping study based on audited financial statements to identify significant processes;
  • Assess the effectiveness of internal controls in business processes, systems and financial reporting in accordance with Internal Auditing and Regulatory / Best practices Standards.
  • Identify control deficiencies and make recommendations to improve the efficiency of operations and the control environment. Evaluate the adequacy of action plans and ensure follow up testing has been performed on reported control deficiencies
  • Perform annual assessment of all Bank wide functions that directly impact the processing of financial transactions and the preparation of financial statements of Bank by performing Test of Controls.
  • Effectively delegate assignments to staff, develop and / or review working papers and prepare the applicable reports
  • Implementation of the ICFR Governance Framework and suggesting amendments to the Policy;
  • To liaise with internal auditors, external auditors during review of ICFR project;
  • Review Policies, Procedures, Product Programs and Accounting Entries being a part of Process Improvement Committee (PIC).

Unit Head - Internal Controls over Financial Reporting (ICFR)

JS Bank Limited
06.2014 - 11.2019
  • Implementation of the Internal Control Project in accordance with COSO framework as adapted by State bank of Pakistan;
  • Implementation of the ICFR Policy and suggesting amendments to the Policy;
  • To conduct materiality and scoping study based on audited financial statements to identify significant processes;
  • To review developed Flow Charts (MS Visio) and Risk Control Matrices in order to keep them up-to-date with the latest developments and changes in Bank’s systems and procedures;
  • Prepare and update Entity Level Controls checklists;
  • Review conducted walkthroughs of significant processes for validating internal control documentation;
  • Identify gaps and preparation of implementation plans;
  • To perform validation of the initiatives completed as per the implementation plans;
  • To review developed testing plans / Audit Programs during the testing stage;
  • To liaise and follow-up with relevant Departments / Divisions / Business Units for the implementation of gaps;
  • To liaise with internal auditors during review of ICFR project;

Officer Grade I, Internal Audit Division

Soneri Bank Limited
05.2012 - 05.2014
  • Annual Audit Planning for centralized functions including identification of auditable entities, risk and materiality assessments, prioritization from within the auditable entities, budgeting and timing of engagements. Major functions audited are specified below.
  • Responsible for implementation of Risk Based Internal Audit Methodology.
  • Review of ICFR (Internal Controls over Financial Reporting). I worked as a Team Lead on this assignment. This was previously being performed by External Auditors under Stage VIII, However since Soneri Bank has now been awarded exemption from the External Auditors Review this assignment was being performed by Internal Audit.
  • Performing Quality Assurances on the Initiatives being completed by Internal Control Unit under ICFR.
  • Engagement planning including establishment of scope and objectives of individual assignments, obtaining an understanding of auditable processes, determination of resources required and preparation of audit programs.
  • Review of the Financial Reporting processes and Internal Controls around Financial Reporting to ensure that these are designed and implemented properly, and are operating effectively.
  • Testing the adequacy of the bank’s Risk Management processes to ensure key risks have been identified, analyzed and measured.
  • Supervision of audit field work to ensure appropriate execution of audit strategies, and quality assurance.
  • Preparation for final audit reports for submission to the Board Audit Committee
  • Major Areas / Departments Audited
  • 1. Bancassurance
  • 2. Forex and Treasury
  • 3. Finance
  • 4. Compliance
  • 5. Human Resources & Training
  • 6. Administration
  • 7. Risk Management
  • Advisory assignments received from various Management Areas:
  • Preparation of Audit Programs for the Bank wide processes and its implementation.
  • Review and Approval of Monthly Bonuses to RMs and BDOs as per the Deposit Incentive Schemes.
  • Review of Compliance of Management Letter sent by the External Auditors.
  • Carried out various Investigations related assignments.
  • Conducted various UATs for Programs developed by IT Division.
  • Review of the data transferred on the formation of Corporate Branch.
  • Review of various policies developed by Departments on behalf of the Audit function.
  • Detail Computation Markup of Memorandum Account.
  • Detailed review of Markup accrued on Advances.
  • Validation of RCSAs prepared by Risk Management Division.
  • Review and validation of various processes documented by Internal Control Unit as per the COSO Framework.
  • Review of various policies and procedures being prepared by various divisions.

Senior, Financial Services

Ernst and Young, Pakistan
05.2008 - 05.2012
  • Conducted Internal Audit Reviews of various Insurance Companies and Mutual Funds
  • Implementation of COSO at various banks
  • Validation of COSO framework (being as external auditor) as per special guidelines issued by Institute of Chartered Accountants of Pakistan (ICAP).
  • Preparation of RCSAs (Risk and Control Self-Assessment Exercises) after conducting meetings with the process owners.
  • Validation of RCSAs after obtaining responses from the management.
  • Assisted in the calculation of minimum capital requirement of standardized approach and in the development of foundation Internal rating based approach for corporate, investment banks and FI’s, consumer and agriculture.
  • Overall planning and designing the advanced risk based integrated internal audit work program template (using EY Methodology and clients’ specifications)
  • Developing internal audit programs for client’s key activities. Evaluation of Client control environments and risk management procedures.
  • Review of existing policy and procedure framework
  • Preparation of Finance manual after conducting meetings with respective process owners, obtaining understanding for bank wide operations and preparation of accounting entries. Recommending accounting entries to the client, better for efficient functioning of bank.
  • Identified the weakness of the existing system of the organization.
  • Analyzed the results of compliance and substantive procedures performed.
  • Performed substantives and vouching on all heads of the Net Asset Value Statement.
  • Prepared recommendations for improvement of the system with respect to improvement in controls.
  • Major Clientele:
  • Internal Audit
  • 1. Procter & Gamble (P&G) Pakistan Ltd
  • 2. JS Global Capital Limited
  • 3. Habib Metropolitan Bank Limited (Trustee of Pakistan Cash Management Fund)
  • 4. KASB Funds
  • 5. Jubilee Life Insurance Company
  • Internal Control Implementation, Review and validation
  • 1. Burj Bank Limited (Formerly Dawood Islamic Bank Limited)
  • 2. Al-Baraka Bank Pakistan Limited
  • 3. NIB Bank Limited
  • 4. Samba Bank Limited
  • 5. Bahria Town Limited
  • Internal Audit Enhancement Plan
  • 1. Soneri Bank Limited
  • 2. Standard Chartered Bank Limited
  • Basel II Implementation
  • 1. Faysal Bank Limited
  • Policy and Procedure Manual, System Reviews
  • 1. Samba Bank Limited
  • 2. National Investment Trust Limited

Education

CA-Finalist - Auditing And Accounting

Institute of Chartered Accountants of Pakistan

Bachelor in Commerce - undefined

University of Karachi
01.2007

Advanced Level -

Cambridge
01.2005

Ordinary Level -

Cambridge
01.2003

Skills

  • Internal Audit & leadership
  • Risk Assessment & Navigation
  • Strategic Planning & Advisory
  • Regulatory Compliance

Languages

English
Full Professional
Urdu
Native or Bilingual

Timeline

Head of Management Audit Department

Bank Alfalah
08.2022 - Current

Unit Head - Internal Controls over Financial Reporting (ICFR)

Bank Alfalah Limited
11.2019 - Current

Unit Head - Internal Controls over Financial Reporting (ICFR)

JS Bank Limited
06.2014 - 11.2019

Officer Grade I, Internal Audit Division

Soneri Bank Limited
05.2012 - 05.2014

Senior, Financial Services

Ernst and Young, Pakistan
05.2008 - 05.2012

Bachelor in Commerce - undefined

University of Karachi

CA-Finalist - Auditing And Accounting

Institute of Chartered Accountants of Pakistan

Advanced Level -

Cambridge

Ordinary Level -

Cambridge

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