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Senior Finance Controller in Oman

octal

JOB DESCRIPTION:

The finance controller position covers several areas of responsibilities: i) Supervision of subsidiary accounting functions, ii) consolidation and group reporting, iii) External audit coordination (group level), iv) Group tax coordination, v) Group internal audit coordination, vi) Group insurance coordination.

* Supervision of subsidiary accounting

The Group Senior Finance Controller is the primary pivot between the legal entities and the group/HQ, and a key player in terms of internal control.

– Supervises the consistency of the accounting methods used across the group (from the use of a common GL, Profit and cost centers, to the management reporting)
– Supervises the application of the IFRS rules by all the entities
– Checks the effective implementation of the Octal standard Procedures and Policies by performing regular audits on sensitive topics (cash reconciliation, NRV provision, purchasing approval workflow…)
– Supervises the organization of the group closing process
– Reviews thoroughly the consolidation package sent by the subsidiaries on a monthly basis
– Prepares the Group consolidated financial statements and provides the Group monthly financial package to Management
– Manages the KPIs relative to the Consolidation process (respect of deadlines, intercompany transactions matching…), proposes improvement oriented action items, supervises/collaborates to their implementation along with the local accounting teams
* Consolidation and Group reporting
The group Senior Financial Controller is also the architect of the consolidation process.
In more detail:
– He supervises the organization of the group closing process
– He reviews thoroughly the reliability/regularity of the consolidation package sent by the subsidiaries on a monthly basis
– He reviews on a regular basis (at least monthly) the intercompany transactions and balances, identify discrepancies, analyze them and decide on the adjustments to be booked by the local finance managers
– He prepares the Group consolidated financial statements and provides the Group monthly financial package to Management
– He provides business recommendations based on his analysis of the financial information provided by each subsidiary
– He manages the KPIs relative to the Consolidation process (respect of deadlines, intercompany transactions matching…), proposes improvement oriented action items, supervises/collaborates to their implementation along with local accounting teams
* Taxation
The Group Senior Financial Controller is the conductor of the group taxation:
– He checks the Octal internal documentation process (internal filing and archiving) is compliant with tax authorities’ requirements so that any inquiry/investigation can be handled in the time-line defined by the same authorities.
– He reviews the tax package prepared by local finance managers before submission to local authorities
– He supervises the tax filing process for all the legal entities of the group, and he carefully documents and archives at group level all filings and necessary back-ups.
– He identifies potential tax exposures derived from Octal business practices and organization in Oman and abroad, he alerts management, provides recommendation in order to mitigate/avoid the exposures and collaborates to the implementation of the necessary measures.
– In particular he makes sure that Octal intercompany transactions are compliant with international and local taxation rules wherever Octal is making business
– He supervises any tax inquiry or investigation performed by tax authorities in Oman and abroad
* Group audit coordination

The Group Senior financial controller directly coordinates with the group external auditors the organization of the external audit:
– Organization of local audits from choice of the local auditors up to year-end closing planning
– Organization of consolidation audit process so that its agenda is compatible with Oman statutory requirements (AGM 90 days after closing date)
– Handles directly or delegates with full authority all the fieldwork necessary for a successful and timely audit
– Prepares consolidated financial statements + notes in accordance with IFRS

* Group internal audit coordination

The organization of the Group internal audit is based on the following approach:
– the general frame of internal control and appetite for risk is defined by the Board of directors,
– The audit committee is mandated to assess the company’s risks and oversee the internal control related processes,
– The audit activities are delegated (outsourced) to an external audit firm
– The local finance managers are fully responsible for the implementation of the internal control, within the frame defined by the Group manual of procedures and policies, with the necessary local adjustments/adaptations

In this context, the Group Senior Financial Controller acts as a high level coordinator of the internal audit activities:
– He oversees the internal audit activities are moving forward in all legal entities
– He oversees audit results and management comments
– He oversees local management and local finance team are gradually implementing the changes recommended by the auditors
– He organizes a quarterly presentation to the Audit Committee, based on an overall progress report

* Group insurance coordination

The Group Senior Financial Controller controls that all risks are covered as per group policy, and that insurances are renewed on time:
– He conducts the RFQ process in case of renewal or new insurance required along with local finance managers
– He guarantees the consistency of the coverage and corresponding costs across the group
– He documents and archives at group level all insurance coverages including back-up documentation

Requirements:

– Certified Chartered Accountant preferably or MBA in finance/accounting
– 35/40 years old with a 10/15 year experience in finance/accounting fields

The candidate should have previous experience:
– In a manufacturing environment (make to order or commodity)
– As external auditor
– In handling an operational finance job (plant controller, head of accounting…)
– In handling tax related assignments
– In a company with finance best practice implemented, specifically in terms of
– High standard of internal control
– Use of an integrated ERP
– Ability to produce fast consolidated financial statements (full closing P&L + balance sheet D+4) under IFRS
– In a company with a complex consolidation scenario (several manufacturing and commercial entities)
– In managing staff

About the Company:

OCTAL is the largest PET resin manufacturer in the Middle East and the largest integrated PET sheet manufacturer in the world.

Contact Details:

P.O.Box: 3786
Salalah, Oman
+968-92882973

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