Cengiz KARAKAS

Partner

Upon graduating from university in 2007 and studying abroad, I embarked on a dynamic career journey that began with me assuming the roles of an assistant auditor and CPA intern. During this period, I actively supported audit activities, working within the scope of Generally Accepted Auditing Standards (GAAS) and gaining comprehensive knowledge of Generally Accepted Accounting Principles (GAAP). This experience provided me with a strong foundation in auditing practices and deep insights into financial reporting standards.

After two and a half years, I transitioned into the position of an internal control specialist within a Group company boasting an impressive annual turnover of three billion dollars. As a team leader in the Internal Control Department of the Holding, which comprised 24 affiliated companies operating across 11 diverse sectors, my responsibilities encompassed various critical tasks.

In addition to overseeing independent audits conducted by external audit firms in accordance with International Financial Reporting Standards (IFRS), I played a pivotal role in establishing the IFRS department within the company. As one of the two individuals leading this initiative, I underwent extensive training supported by the Holding for six months and managed the service process for establishing the department through collaboration with an independent audit firm.

In 2014, I served as a Senior Internal Auditor at a South Korean-based company. This experience allowed me to work closely with the Korean CFO and gain a comprehensive understanding of Korean work culture, different perspectives, and reporting and working styles both locally and within international firms. Alongside IFRS reporting, I also familiarized myself with SOX controls, specifically SOX 404 controls, as the company was listed on the New York Stock Exchange.

Following my tenure in South Korea, I joined Xerox Turkey as an Internal Control Manager. Within this role, I conducted comprehensive internal control and process audits in alignment with Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), and Xerox procedures. I successfully completed control tests in compliance with Sarbanes-Oxley Section 404 (SOX) and oversaw various transactions such as month-end closing, rebate calculations for distributors, and channel stuffing. Additionally, I supervised the external auditing process.

In 2020, I assumed the position of CFO at Hevecmd Company, a medium-sized retail company based in New Jersey. With twenty stores across seven states and its own brand, “www.itsallleggings.com,” I focused on addressing structural issues and establishing reporting systems between the branches and the head office. Moreover, I conducted profitability analysis, participated in budgeting processes, and ensured accountability throughout the organization. I was engaged in regular audits and single audits in collaboration with Barre&Company. Additionally, I was actively involved in tax-related studies, further enhancing our comprehensive financial services offerings.

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A career mindset that revolves around continuous learning, personal growth, and fostering meaningful human connections.

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My career journey, from assistant auditor to CFO, has provided me with a valuable perspective rooted in professional skepticism, keen observation of company shortcomings, and the ability to offer insightful solutions. These experiences span years of expertise condensed into a few sentences.

Ensuring audit compliance with GAAS, GAGAS, and specialized programs
Implementing and executing internal control activities in accordance with COSO standards
Ensuring compliance with Sarbanes-Oxley (SOX_404) requirements and corporate policies and procedures through control activities
Driving process improvement initiatives and optimizing organizational structure and workflow processes for enhanced efficiency and effectiveness
Overseeing and managing all accounting processes ensuring in compliance with GAAP requirements and Tax matters
Preparation of financial statements according to IFRS standards and managing negotiation processes with external auditors.

Continuing education is a highly valuable investment of time that brings great pleasure through the process of learning, researching, and conducting detailed studies. It serves as a catalyst for professionals to acquire new skills, expand their knowledge base, and ultimately enhance their performance in their respective fields.

Business Administration, 2007
Master of Business Administration (MBA), 2011
Certified Public Accountant (CPA), New Jersey
Certified Public Accountant (CPA), Istanbul
Certified Fraud Examiner (CFE)
Certified IDEA Data Analysts (CIDA)
Lean Six Sigma Green Belt
COSO Certificate

As a member of Seven Hills CPA, staying updated with the latest developments and continuously advancing professional skills is of utmost importance. This is achieved by actively following the organization’s announcements, articles, evaluations, case studies, as well as participating in conferences and seminars. By embracing this proactive approach, I ensure that I am equipped with the latest knowledge and expertise necessary to deliver high-quality services and meet the evolving needs of our clients.