Hamayun Tariq

Senior Audit Professional – IFEM (Inland Freight Equalization Margin)

Oil Marketing Companies (OMCs) • Full time

May 2023 - Aug 2023 • 3 mos

Led a comprehensive audit engagement covering eight financial years of Inland Freight Equalization Margin (IFEM) operations for all major Oil Marketing Companies (OMCs). The assignment involved detailed historical verification of freight equalization calculations, transportation cost allocations, subsidy adjustments, and reimbursement claims within a regulated petroleum sector framework. Performed extensive ledger reconciliations, validated high-volume transactional data, and assessed compliance with applicable regulatory guidelines. Evaluated internal control mechanisms governing IFEM submissions and documentation processes, identified historical discrepancies, and quantified financial exposures. Coordinated with finance and operations teams to resolve long-outstanding reconciling items and strengthen reporting transparency. Delivered structured audit reports with actionable recommendations, enhancing financial accuracy, compliance integrity, and overall control effectiveness across multi-year operations.

Audit & Assurance Associate

MGI Worldwide • Full time

Apr 2022 - Apr 2023 • 1 yr

Executed statutory and internal audit assignments across diverse industries, applying risk-based audit methodologies and substantive testing procedures. Performed financial statement analysis, control testing, ledger scrutiny, and analytical reviews in accordance with applicable accounting and auditing standards. Prepared audit working papers, reconciliations, and management reports while identifying control weaknesses and recommending process improvements. Coordinated with client finance teams to ensure timely completion of audit engagements and strengthened overall financial reporting accuracy.