Ellen Sakala
Lusaka
Summary
Seasoned Financial Controller and Audit professional with over 10 years’ experience. Experience in Financial Reporting (IFRS interpretation), cost management, budgeting, risk assessments and reporting strategies, financial processes, compliance activities, investigations, and Internal audit. Decisive and persuasive communicator with proven problem-solving, leadership and planning abilities.
Overview
14
14
years of professional experience
1
1
Certification
Work History
Finance Manager
Access Bank Zambia
2024.08 - Current
- Enhanced budget management by implementing expense tracking and cost reduction strategies.
- Streamlined month-end close process, reducing time spent on manual tasks and improving data accuracy.
- Increased financial efficiency by streamlining and automating financial reporting processes.
- Ensured compliance with local, state, federal tax regulations; timely filing of all required documents, mitigating potential penalties or fines.
- Strengthened internal controls through regular audits and adherence to regulatory requirements.
- Created organizational structures to improve accounting and finance functions.
- Mentored junior finance staff, fostering professional development and strong team dynamics.
- Collaborated with cross-functional teams for strategic business planning and growth initiatives.
- Led negotiations for major contracts, achieving favorable terms and significant cost savings.
- Implemented risk management strategies to protect company assets and minimize losses.
- Negotiated with suppliers to improve payment terms, enhancing cash flow management.
- Streamlined internal audit process, enhancing efficiency and reducing discrepancies.
- Improved forecasting accuracy, allowing company to make proactive adjustments with strategic initiatives.
- Oversaw successful integration of financial systems post-merger, ensuring seamless transition for all stakeholders.
- Coordinated with external auditors to ensure smooth and compliant audit process each fiscal year.
Acting Chief Financial Officer
Access Bank Zambia
2024.01 - 2024.07
- Fully implement standardised Finance Reporting Structures in the bank that aligns with the Groups Finance strategy for all its Subsidiaries (E.g., Board Reporting, Management Reporting, Performance and Cost Reporting etc)
- Effectiveness at managing relationships with all financial stakeholders; tax regulators, financial regulators, investors, auditors etc
- Adherence to timeline for completion of full year audit and signing of full year audited account by the external auditors and regulators
- Manage and reduce volume (Amount) of penalty paid by the bank during the review period for regulatory sanctions (e.g., violation of regulatory deadlines for reports, tax review errors, errors in returns rendered etc)
- Quality and integrity (accuracy) of reports prepared by staff during the review period; Management Reports/ Performance Reports/Financial Statements etc sent to Group; Zero tolerance for low quality reports, timeliness of reports/presentations, low volume of adjustments/errors made on reports and presentations prepared
- At least 90% Percentage achievement of PBT target of the bank for the period (The timely rendition and analysis of the performance of business units in addition to recommending areas of improvement is expected to result in improved performance of the SBUs leading to the bank achieving its profitability target for the period)
- Manage variance between unaudited financials and audited financials and number/type of post audit adjustments recorded within the period
- Cost savings percentage and initiatives made during the review period (percentage savings because of negotiation of prices with vendors and suppliers; careful processing of expense tickets sent to the unit for approval; savings obtained because of reduction in exchange rates etc)
- Monitoring of the bank’s approved financial budget and job roles with agreed performance metrics
- Achieve satisfactory audit rating in all regulatory audits and audits carried out by the group internal audit team
- Quality of board reports prepared, and presentations made during the review period (Level of board satisfaction rating obtained for board reports and presentations prepared during the review period).
- Oversaw budgets, payroll, and accounts payable and receivable.
- Prepared accurate financial statements at end of quarter to summarize financial health and business performance.
- Tracked cash flow and financial planning to analyze company's financial strengths and weaknesses and propose strategic directions.
- Oversaw accounts payable and receivable to track income and expenditures, drive statutory compliance and provide quantitative financial information.
- Completed in-depth analyses of risks to control company profile, enhance systems, and track legal concerns.
- Oversaw deployment of strategic business plans to accomplish accounting, compliance, and revenue targets.
- Analyzed operational issues and implemented corrective action to maximize profits.
Financial Control
Access Bank Zambia
2021.07 - 2023.12
- Proxying the Chief Financial Officer
- Reviewing daily financial reports
- Coordinate external Audits and attend to queries raised during the audits
- Assist team members in transitioning from different systems through extensive training and one-on-one support
- Investigate variances and issue reports to management for any abnormal activities in the financials
- Reviewing regulatory returns to bank of Zambia including the Prudential and the market interest returns and other weekly returns
- Prepare CFO and MD Board reports
- Perform monthly performance review reports
- Draft variance reports, regulatory filings, and related schedules
- Gather and analyzed employee, department, and company-wide financial information
- Confirm tax owed, prepared and submitted returns and upheld compliance with all applicable laws
- Review budgets, capital appropriations and operating budgets, and communicated findings to senior management
- Supervise the preparation and submission of regulatory reports to Bank of Zambia
- Prepare financial statements and consolidations after reconciling general ledger accounts
- Complete payroll checks and ultimate release of payments
- Manage budgets, assets, portfolios, accounts payable, and receivable and general financial reporting procedures
- Complete journal entries, reconciliations, and account analysis to prepare quarterly financial documents and general account management
- Accurately complete financial statement audits and thoroughly review results
- Prepare balance sheets, cash flow reports and income statements
- Supervise the preparation and filling of tax returns and generate monthly reports in compliance with regulatory and organizational standards
- Complete year-end close processes through effective supervision financial functions and regular treasury transactions
- Formulate strategic plans and support tactical initiatives to execute cost-savings deliverables
- Prepare accurate daily financial reports and monthly statements for accounts receivable
- Collaborate with executive team in preparation of annual capital and operating budgets, forecasts and all financial reporting and analysis.
Internal Auditor
Access Bank Zambia
2020.03 - 2021.06
- Educate customers on use of banking website and mobile apps
- Answer customer inquiries regarding account balances, transaction history, services charges, and interest rates
- Provide an independent and objective evaluation of the Bank’s Financial and Operational business activities, including Corporate Governance
- Risk based bank branch wide Audits, end to end
- Compliance checks of all policies and procedures in place
- Check the Safety/Security Plan and Management in Personal and customer information
- Bank investigations on fraud, cash back requests, shortages, unreconciled amounts, and any other issues arising needing investigations
- Business continuity audits
- Monitor the bank’s compliance with all relevant regulators including Bank of Zambia, Zambia Revenue Authority
- Performed internal audits of financial and departmental operations, developing risk assessments, and conducting process walkthroughs for compliance with documented processes
- Produced and reviewed audit reports for submission to head internal audit and advised on audit recommendations and internal controls
- Investigated discrepancies discovered during auditing process
- Reviewed conformity of financial statements with International Financial Reporting Standards (IFRS) as well as corporate regulations
- Evaluated company's policies to determine how well standards adhered to best practices
- Guided departments in developing remediation plans, addressing deficiencies uncovered during walkthroughs.
Quality Assurance Specialist
Allied Mobile Communications
2015.01 - 2019.11
- Continuously Prepare and Present Audit, Forensic and Compliance reports as requested by the Board
- Have effectively conducted quality management activities specific to Head Office activities as well as store Management programs
- Effectively conducted quality performance and adherence of the Quality systems in place at Allied (ISO 9001;2015)
- Effectively review and improve company policies, processes, and procedures
- Successfully manages and co-ordinates the audit of all outlets systematically
- Ensures that the Organization follows regulatory agencies including the Bank of Zambia, Zambia Revenue Authority, The Customer and Consumer Protection Commission, and the Zambia Information Communication Authority
- Ensures that departmental expenses are in line with the budget and reconciled any variances
- Ensures that proper follow-up audits are conducted to foster compliance
- Conducted random stock counts including but not limited to handsets accessories, physical vouchers, sim cards and Mobile Top Ups
- Successfully conducted Airtel Money audits as well Mobile Money and Zamtel Kwacha audits including collateral material inspections
- Key contact person dealing with Zambia Information and Communication Technology Authority (ZICTA) for all regulatory issues
- Conduct investigative audits and kept constantly in touch the Drug Enforcement Commission (DEC) and the Zambia Police
- Effectively investigate all cases of theft in conjunction with Zambia Police and conclude them decisively
- Make appropriate recommendations regarding audits and investigations
- Attended disciplinary committees
- Ensure that proper systems are in place to detect any cases of theft
- Keep proper record of all cases both active and closed
- Provided regular updates to team leadership on quality metrics by communicating consistency problems or production deficiencies
- Promoted adherence to quality standards by educating store managers on quality control
- Collected and analyzed activity data and initiated, developed, and recommended improvements to systems, processes, and procedures to increase productivity and reduce cost
- Monitored product standards and quality-control program in line with ZCTA requirements
- Collaborated with management to provide training on improved processes and assisted with creation and maintenance of quality training
- Developed monthly, end-of-quarter, and other statistical reports for leadership team and quality improvement programs
- Created and collaborated in implementation and maintenance of customer complaint log, control plans, work and inspection instructions, local procedures and visual aids and samples
- Inspected, verified, and documented quantifiable characteristics of finished goods by comparing against customer specifications and company quality standards.
Internal Auditor
MTN Zambia Ltd
2011.12 - 2015.01
- Provided critically appraised, relevant, timely and accurate data to the management team
- Successfully ensure that all Policies, Processes and Procedures for each function were in order and complied with
- Developed audit plans for the company
- Conducted audits for all departments of the company including, Networks Department, Billing and Revenue Assurance, Mobile Money Operation, from physical records to system checks, Cash Management audit under Finance department, Treasury Management Audits under Finance department, Procurement Audits, Payables Audit and Payroll
- Successfully performed risk assessments for various audits according to the plan
- Reviewed the company's processes, policies and procedures of all departments and made relevant recommendations
- Followed up on control effectiveness testing on fraud risks highlighted by Forensic team
- Prepared on-time monthly and quarterly status report on all audit findings (internal and external operational review)
- Provided management with opinions on the internal controls systems.
Internal Audit Intern
Zambia Development Agency
2011.01 - 2011.11
- Generated on time analysis and reports of Monthly & Annual accounts
- Performing transaction audits of Zambia Development Agency including expense transactions and income transactions
- Successfully carried out operational audits of Zambia Development Agency departments
- Effectively carried out Asset Monitoring for State Owned Enterprises under the Privatization
- Reviewed monthly bank reconciliations
- Drafted Internal Audit Reports
- Compiled general ledger entries on short schedule with 100% accuracy.
Education
Master’s in business administration - Finance
Copperbelt University, Lusaka Campus
12.2024
Chartered Accountancy (CA)Zambia - Chartered Accountant
Self-Study, Lusaka
10.2024
Bachelor of Arts - Accountancy
Copperbelt University, Kitwe
03.2011
Grade 12, High School -
St Monica’s Secondary School
Chipata, Zambia12.2005
Skills
- Process and controls evaluations
- Compliance Monitoring
- Process Mapping
- Reporting/presentations
- Risk Assessments
- Internal Controls
- Financial Statement Review
- Financial Reporting
- IFRS’ interpretation
- Effective team leader
- Annual Audit plans
- End to end Audits
- Financial Modeling
- Financial Budgeting
- IFRS Knowledge
- Cash Flow Management
- Financial Analysis
- Mentoring and training
- Tax Compliance
- Business Forecasting
- Stakeholder Management
- Performance Analysis
- Mergers and Acquisitions
Certification
ISO 9001:2015 Auditors Lead
Accomplishments
- Trustee Member - Access Bank Pension Board
- Participated and managed to bring down a cartel involved in stealing E-Money (Airtel money) occasionally from Allied Mobile Communication Zambia. The exercise saved the organization losses amounting in over ZMW 1,500,000.00 annually between the period 2015 -2018.
- Instrumental in the role out of the Whistle blowing facility while at MTN Zambia as an Internal Auditor, thus helped to reduce thefts significantly by responding to anonymous tip offs reported by employees.
Affiliations
- Zambia Institute of Certified Accountants Association (ZICA), Licentiate member
- Association of Chartered Certified Accountant (ACCA)
- Certified member of the Bureau Veritas
References
- Mr. Hezron Musonda, Finance Director, Zambia Sugar Plc, 0976-750864
- Mr. Muzingwa Ngulube, Airtel Money Compliance Manager, Airtel Zambia, 0966-220134
- Mr. Lishala Situmbeko, Country Managing Director, Access Bank Zambia, 0977-801258
Timeline
Finance Manager
Access Bank Zambia
2024.08 - Current
Acting Chief Financial Officer
Access Bank Zambia
2024.01 - 2024.07
Financial Control
Access Bank Zambia
2021.07 - 2023.12
Internal Auditor
Access Bank Zambia
2020.03 - 2021.06
Quality Assurance Specialist
Allied Mobile Communications
2015.01 - 2019.11
Internal Auditor
MTN Zambia Ltd
2011.12 - 2015.01
Internal Audit Intern
Zambia Development Agency
2011.01 - 2011.11
Master’s in business administration - Finance
Copperbelt University, Lusaka Campus
Chartered Accountancy (CA)Zambia - Chartered Accountant
Self-Study, Lusaka
Bachelor of Arts - Accountancy
Copperbelt University, Kitwe
Grade 12, High School -
St Monica’s Secondary School
ISO 9001:2015 Auditors Lead
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