Bijal Danak
CA Semiqualified
Dubai
Summary of Career
1. CA Semi qualified with All India Rank
2. 9 years of Experience including working with Big4 EY
3. Professional in International taxation, cross border treaties, Statutory Audit, Internal Audit and Indirect taxation
4. Experience in Banking, Finance, FMCG, Retail and Service Industry
5. Compliances, Finance migration and guidance for raising funds in Indian Market to UK based startup in India
6. ? Tax Audit under Income Tax Act ? Preparation and filing of FLA returns ? Preparation of Unhedged Foreign Currency Exposure(UFCE) certificates as per RBI norms
7. • Code of Conduct Audit as per SEBI Regulations. • Review of Internal Control & System Weakness. • Depository & Accounts, Payroll-HR, Admin Audits.
8. Statutory Audits of Nationalized banks & Concurrent Audits of Co-operative banks
9. • Preparation of Financial statements including computation of total income, verifying Service tax returns, ledger scrutiny, cash, bank and journal vouching and bank reconciliations.
10. • Conducted VAT audits of Private Limited companies, Firms & Sole Proprietary. • Assisted in preparing and filling Service Tax, Excise, VAT and ROC returns of companies. • Assisted in preparing and filling Income Tax and TDS returns of companies, firms and individuals. • Assisted in preparing and filling VAT, CST returns as well as Form ‘C’, ‘H’, ‘I’ of companies and firms. • Registration of Companies, Societies, Trust, Sales tax registration, Service tax registration
Awarded as best performer in banking industry for being Spotlight Ace Collaborator for the year by Ernst & Young
Experience as Article Assistant
01 February 2009
30 April 2014
• NPA classification, up gradation and provisioning in accordance with IRAC norms issued by RBI.
• Verification of Advances & Loans disbursement procedures, Bank guarantees & Letter of credits.
• Preparation of LFAR and review of CBS Finnacle
• Review of Statutory Liquid Ratio
• Verification of incentives paid to various commercial banks for soil notes, for setting up coin vending machine at branches of banks.
• Verification of additions of fixed assets, depreciation calculation, capitalizing of assets as per policy.
• Verification of all provisional entries passed at the end of the year for outstanding expenses, prepaid expenses and Cash Reserve requirements margins (CRR)
• Verification of Loan Approval documents along with drawing power limit.
• Verification of payment of periodic statutory liabilities and adherence to various compliances.
• Individually handled Investment audit of Co-operative Banks.
Experience as Audit Assistant
17 November 2014
31 August 2016
? Understanding key business processes of client companies & assessing business risks.
? Preparing client deliverables such as Audit Committee Presentations, Audit Reports & documents for Income tax appeals.
• Code of Conduct Audit as per SEBI Regulations.
• Review of Internal Control & System Weakness.
• Depository & Accounts, Payroll-HR, Admin Audits.
• CSR project Audit
• Review of transactions to ensure proper utilization of Govt. Funds for ICT projects.
• Identification of process lapses & suggestions for improvement in process efficiency.
• Review of Accounts including statutory compliances.
• Review of Accounts of Research & Learning division.
• Review of utilization of funds received from RBI.
• Review of Service tax compliances.
• Review of Membership fees, Certificate of origin & Visa facilitation services, Labour Advisory services.
• Audit of UKIERI & SAWES project, budget analysis & utilization of Govt. funds.
Experience as Audit Assistant
01 June 2017
30 November 2017
? Statutory Audit under Companies Act
? Tax Audit under Income Tax Act
? Preparation and filing of FLA returns
? Preparation of Unhedged Foreign Currency Exposure(UFCE) certificates as per RBI norms
? Compliances, Finance migration and guidance for raising funds in Indian Market to UK based startup in India
Experience as CSS - Statutory Audit
12 December 2017
30 September 2019
Knowledge of UK VAT and UAE VAT.
----- Indirect Tax :
- Audit of GST records in order to run check on the operating efficacy of internal financial controls and know important areas of Risk and finally adopt necessary measures to minimize risk.
- Checking of GSTR 3B in relation to GSTR 1 & 2A
- Identifying data gaps between GSTR 3B & 2A and recommend management to make amendment of the invoice at summary levels in GSTR1
- Checking of particulars of invoice as per GST Rules
- Reversal of Input credit in cases of utilization of blocked credits and non-payment of invoices within 180 days
- Review of utilization of Tax credit during transition period
----- Statutory Audit under Companies Act
FAR Audit
- Classification & Disclosure of Assets as per Schedule III of Companies Act, 2013
- Identification of nature and volume of expenditure as capital & revenue with correct disclosure in financial statement
- Detailed audit of Fixed Assets register by checking date of capitalization in the system and date of put to use which have an impact on depreciation accounting.
General ledger Scrutiny
- Extraction of ledger from SAP
- Identify the nature of expense
- Whether transaction are recorded as per applicable Accounting standards or IND AS
- Deviation if any from the Standards and its impact on financials.
Statutory compliances – Whether Company is covered under IFC norms
- Internal financial controls are in place or not and whether company has its own documented internal financial control policy and system of procedures for the same.
Treasury and Borrowings
- Verification of Cash and Bank Balances
- Variance analysis of foreign and domestic exposures from Banks, Financial institutions and Group companies
- Audit of companies policies , approval, terms of contract with respect to borrowings
- Verification of classification of borrowings, interest calculation, term sheet, adherence to group policies, IND AS and Companies Act
- Verification of guarantees given to external parties for group companies and future exposure in case of failure of compliances
Bachelor 31 March 2010
Bachelor of Commerce (B.Com) - Narsee Mongee College of Commerce and EconomicsOther 17 November 2018
CA Final - Group 1 Institute of Chartered Accountants of India