Deputy Finance Manager
Alkhorayef Petroleum Company WLL
Total years of experience :16 years, 5 Months
• Responsible for the Financial and management reporting, capex, working capital budgeting, forecasts preparations.
• Identify the key internal controls through analysis of business processes that may impact the Financials, and make sure such controls are efficient, effective and documented, and ensuring that risk related to accounts are highlighted upfront and accordingly mitigated.
• Support the financial operations of all related business units within the company, supervise and guide finance team on process improvements in all aspects of the financial / budgeting and related accounting process to implement operational best practice.
• Monitor cash balances, cash forecasts, internal cash transfer process, and activities related to Capital Authorization Requests.
• Ensuring integrity of the GL, account reconciliation, timely closure of books & records, and process improvements.
• Ensure an efficient team of accounts payable/receivable is operating, and ensure internal control processes such as Purchase Orders are being followed, and ensure receipts and payments are made within agreed terms.
• Support Head of Finance to provide management and other departments with information for decision making in their respective scope of operations, and Coordinate with Head Office on IFRS related matters and provide the required working and impact study
• Ensure proper issuance and accuracy of all financial information internal and external on timely basis with variances analysis explanations, and report financial results as required in accordance with the established reporting calendar.
• Manage the relationship with internal auditors and external auditors, besides supporting frequent annual audit through providing information and answers to auditors.
• Review monthly Budget Variance Reports of different departments along with capital expenditures, and develop financial comparison analysis, such as quarter-over-quarter, budget performance, and year-over-year schedules
• Organize and supervise the Tax processes to make sure they are optimized, and provide accurate and on time information. Organize and supervise preparation of Tax Returns that meet the local Tax requirements and deadlines.
• Direct the development and oversee the implementation of Finance’s policies, systems, processes, procedures and controls so that all relevant procedural/legislative requirements are fulfilled while delivering high quality and cost-effective results.
• Prepare, analyze and update business key performance indicators, various benchmarking analysis, and reports on effectiveness of processes.
• Oversees audit staff during audits and control consulting engagements that evaluate corporate management and operating practices.
• Oversees audit planning, field work, and audit reporting; prepares reports, and communicates findings and recommendations to line and senior management.
• Ensures key controls are tested and all imperative risks are addressed
• Develop audit procedures to assure proper fieldwork performed as per audit plan.
• Review automated audit work papers prepared by the audit staff to ensure sound audit theory and compliance with the department's methodology.
• Responsible for the daily supervision of audit staff and responsible for the development of audit staff and the completion of performance evaluations.
• Ensures that reviews are completed in compliance with the Corporate Audit Department and Institute of Internal Auditor standards.
• Define internal audit project scope and approval timeframe.
• Follow up corrective action plan for resolving all audit findings after issuing audit report.
• Formulate conclusions related to adequate internal controls and procedures on basis of knowledge of operations and audit work performance
• Organize and supervise preparation of monthly, quarterly, yearly financials that meet customized reporting requirements in terms of quality of accounting, deadlines and documentation of controls. And managing the controllership reviews including quarterly balance sheet and income statement reviews.
• Identify the key internal controls through analysis of business processes that may impact the Financials, and make sure such controls are efficient, effective and documented, and ensuring that risk related to accounts are highlighted upfront and accordingly mitigated.
• Conducting Annual Budget Process, and preparing the budget for the Company.
• Preparation and presentation of quarterly, yearly consolidated financial statements for the company in accordance with International Financial Reporting Standards (IFRS), as well as statutory financials that meet the statutory requirements in terms of local accounting principle and deadlines.
• Manage the relationship with internal auditors and external auditors, besides supporting frequent annual audit through providing information and answers to auditors.
• Review monthly Budget Variance Reports of different departments along with capital expenditures.
• Provide operations with all financial information and analysis to support management decisions.
• Meets accounting financial standards by providing accounting department annual budget information; monitoring expenditures; identifying variances; implementing corrective actions.
• Ensuring integrity of the GL, account reconciliation, timely closure of books & records, and process improvements,
• Regular communication of Findings and Feedback to concerned department managers to ensure that the operations adhere to the approved budget.
• Direct the development and oversee the implementation of Finance’s policies, systems, processes, procedures and controls so that all relevant procedural/legislative requirements are fulfilled while delivering high quality and cost-effective results.
• Manage cash flow forecast (collate the bi weekly cash forecast report and verify accuracy) in order to anticipate cash situations and manage such situations.
• Prepare, analyze and update business key performance indicators, various benchmarking analysis, and reports on effectiveness of processes.
• Develop financial comparison analysis, such as issue-to-issue, quarter-over-quarter, budget performance, and year-over-year schedules
Duties and responsibilities:
1. Planning & risk identification phase:
Understand service requirements, determine audit scope, understand the business and entity-level controls, and identify significant accounts and relevant assertions.
2. Strategy and risk assessment phase:
Assessing transactions’ streams, internal control environment, audit risk, developing overall audit strategy and drafting audit plans.
3. Fieldwork phase:
Leading Audit teams, monitoring execution of audit plans and reviewing audit files. Performing analytical procedures and relevant audit tests according to the audit program & examining the reliability and accuracy of the financial records.
4. Reporting phase:
Preparing audit reports, financial statements (separated and consolidated), notes and supplementary schedules, in addition to evaluate the Conformity of presentation & disclosures with the required financial reporting Standards (IFRS, US GAAP).
Major assigned projects during this period:
-British Petroleum Company (BP)
-ENI Company *
-Centurion Petroleum Corporation (Dana Gas Egypt)
- EPSA Egypt SA. BV.
-ELPASO Egypt production company
-Egyptian hydrocarbons company
-Cargill Trading Egypt
-Synergy global professional services
-BP Marketing
-Palm Hills Developments
-Lafarge Egypt
-Paradigm Geo-technology Egypt
-ODE North Africa LLC
-El-Moltaka El-Arabi for Investments (AMIA)
-Toshiba El Araby Visual Products Co.
‘’Additional duties and responsibilities related to ENI Company assignment only’’
* Evaluate and test indirect and direct Eni’s Entity-Level Controls (referred to as ELCs) which is a key step in understanding and evaluating internal controls. The ELCs reflects management's attitude, awareness and actions relating to establishing and executing well-controlled business processes. ELCs have a pervasive effect on achieving many overall objectives of control relevant to financial reporting and include COSO Five Components like: Control environment; risk assessment process; Information and Communication; Control activities; monitoring of controls. Plus testing Anti-fraud programs, Segregation of duties and authorization levels. Each test procedure is organized between design and effectiveness evaluation through several audit test procedures. Also executing Anti-Corruption test plan through discussion with management and analysis of the relevant documentation, understanding of the organizational structure and internal control system in place concerning anti-corruption themes, with particular reference to Foreign Corrupt Practice Act (FCPA) and Whistleblowing policies & procedures
Certified Public Accountant (CPA) : Officially have successfully passed all sections of the uniform Certified Public Accountant Examination (CPA exam) registered by California board of accountancy (CBA) on the following sections: Financial Accounting & Reporting, Business Environment & Concepts, Auditing, and Regulation (2012). CBA Unique Identifier: DH109050.