PRESENTED BY:

FARHAN ABDUL RAUF11260

INTERNAL AUDITING & EDP

Habib Asset Management Ltd was incorporated in Pakistan as an unquoted public limited company on September 30, 2005 under the Companies Ordinance, 1984 and obtained certificate for the commencement of business on May 8, 2006.The Company is managing First Habib Income Fund, First Habib Stock Fund and First Habib Cash Fund, which were offered for public subscription.

COMPANY INTRODUCTION:

Internal Audit Function

(Function Outsourced)

Head of

Marketing(vacant)

Head OfIT

(Function Outsourced)

Fund Manager(Vacant)

HeadOf

Research(Function outsourced)

HeadOf

Finance (Aquil Raza Khoja)

AGMMarketing

(Adnan Ali Khan)

AGMTreasury

(Junaid Kasbati)

AGMFinance

( Salma Shahzad)

Assistant ManagerMarketing

(Faraz Anees)

SalesManager

Retail(Najam)

SalesManagerCorporate(Vacant)

Assistant Manager

Operations(Humera)

DeputyManager(Vacant)

AssistantManager

(Raheel Ahmed)

Accounts Executive

(Hasan Waqar)

Peon /Rider

(Vacant)

Drivers3

(1 Vacant)

PA to CEOAnd

Admin Incharge(M Faiyaz)

Tel Operator

Organizational Structure

ChiefExecutive

(Imran Azim)

BoardOf

Directors

AuditCommittee

CompanySecretary

(A Aziz Siwani)

INTERNAL AUDIT DEPT ORGANOGRAM:Chief Audit Executive

Audit Manager

Deputy Manager Audit

Audit Trainee

Audit Trainee

SCOPE & COMPLIANCE AUDIT PROCEDURES (RESPONSIBILITIES):

1. Revenue.

2. Operating and Financial Expenses.

3. Checking the accuracy of Formation costs and it’s amortization.

4. Checking the accuracy of Selling Expenses. Financial Expenses and Other Expenses.

5. Fixed Assets.

6. Current Assets and Current Liabilities.

7. Investments.

8. Compliance with Laws. Cont…

INTERNAL AUDIT PROCESS:1. Used methods of the existing system of

accounting and internal controls established by the management.

2. Performed sampling based on random techniques and carried out review on sample selected.

3. Carried out the review of the transactions during the period on a test check basis of the areas specified by the management of the company.

4. Submitted observations to the management in the form of draft report.

5. Submitted observations to the management in the form of draft report. Cont...

6. Submitted observations to the management in the form of draft report.

7. The reports would be finalized after the comments are received from the management.

8. Checked, on a test basis whether the Company is maintaining proper records as required by the Ordinance and NBFC Rules.

9. Reviewed Quarterly Income Tax Returns submitted by the Company

10.Discussed with the concerned staff, compliance issues of applicable provisions of the Ordinance.

INTERNAL AUDIT PROCESS:

WORK PROGRAM CYCLE:•Collection Cycle

•Commission Payments

•Vouching Accounting Cycle

•Bank Reconciliation

•Un-credited cheques.

•Unpresented cheques

•Cash Count

•Work Program Of Fixed Assets

•Work Program Of Long Term Deposits

•Work Program On Advances, Deposits

•Prepayments And Other Recievables Prepayments

THANK YOU!