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MUHAMMAD SHAFAY

@muhammadshafay

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Engagement Auditor at KPMG Taseer Hadi and Co, auditing banks and consultancy groups under IFRS and UAE regulations.

Pakistan

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At KPMG Taseer Hadi and Co, I lead statutory audits and financial statement reviews for consultancy and professional services groups, applying IFRS, ISA, and applicable UAE regulations.

Previously, as a Senior Associate Financial Institutions (Banking), I led audits and reviews for conventional and Islamic banks. I worked on first-time IFRS 9 implementation, including assessment of financial asset modifications, staging, and Expected Credit Loss models.

I also led Shariah audit engagements using AAOIFI standards, managed regulatory certifications, and supervised audit teams. Earlier, at BDO Ebrahim and Co, I performed compliance-based AUP engagements in the petroleum sector.

Experience

Work history, roles, and key accomplishments

Current

Engagement Auditor

Current

BDO UAE

Aug 2026 - Present (2 months)

Led and performed statutory audits and financial statement reviews of consultancy and professional services groups, ensuring compliance with IFRS, ISA, and applicable UAE regulations. Evaluated revenue recognition under IFRS 15 and reviewed internal controls and business processes.

IFRS ISA IFRS 15 Internal Controls Audit Financial Statement Review

Senior Associate Financial Institutions

KPMG Taseer Hadi and Co

Dec 2024 - Jun 2026 (1 year 6 months)

Led and managed statutory audits and financial statement reviews of leading conventional and Islamic banks, ensuring compliance with IFRS, ISA, Companies Act 2017, and applicable banking regulations. Gained hands-on experience in first-time IFRS 9 implementation and led Shariah audit engagements applying AAOIFI standards.

IFRS ISA IFRS 9 ECL BASEL AAOIFI Shariah Auditing Regulatory Compliance Audit Team Leadership

Audit Associate-II Financial Institutions

KPMG Taseer Hadi and Co

Dec 2023 - Dec 2024 (1 year)

Collaborated with risk management specialists and IT auditors to ensure comprehensive audit coverage across financial, operational, and IT processes. Assisted in statutory audits and financial statement reviews in compliance with IFRS and ISA standards.

IFRS ISA Audit Risk Management IT Audit Financial Analysis

Audit Associate Banking

KPMG Taseer Hadi and Co

Nov 2022 - Dec 2023 (1 year 1 month)

Performed risk-based audit procedures, walkthroughs, and control testing to ensure compliance with ISA for banking clients. Assisted in the planning and execution of statutory audits, evaluating significant business processes and internal controls.

ISA Audit Risk Assessment Internal Controls Banking

Audit Trainee

BDO Ebrahim and Co

Apr 2022 - Nov 2022 (7 months)

Executed compliance-based AUP engagements to assess adherence of expense claims to OGRA regulatory requirements. Performed substantive verification of supporting documentation and reported factual findings in accordance with agreed formats.

Agreed Upon Procedures (AUP)Compliance Substantive Testing OGRA Regulations