Senior Supervisor-Internal Control & Compliance
WOQOD - Qatar Fuel
Total years of experience :25 years, 5 Months
Lead the design and implementation of Internal Controls Framework in accordance with COSO Model generally and ICOFR specifically. Prepare RCM's, process notes, flow charts and other working papers.
Assess the effectiveness of internal controls in business processes, systems, and financial reporting in accordance with COSO framework, identify control deficiencies and make recommendations to improve the efficiency of operations and the control environment. Evaluate the adequacy of action plans and ensure follow-up testing has been performed on all reported control deficiencies.
Work closely with different levels of management and business process owners to ensure key controls are timely identified and embedded in the process, tested, and operating effectively
Monitor and advice process owners on action plans for remediation of deficient controls on a timely basis
Maintain awareness of emerging issues, regulatory requirements and assessing potential impacts related to ICOFR/COSO and incorporating information into ongoing risk assessment of the company
Maintain and perform continuous improvements on ICOFR tools, templates, standards and methodologies; and ensure that those are current with regulatory requirements and professional standards such as CIA & COSO
Provide advice and counsel on risk and control issues, and undertake special projects as required
Coordinate and organize the controls trainings to various business process owners to provide them with compliance training on the controls framework and related topics, policies and procedures.
Act as a liaison to the external auditor to ensure any issues regarding testing procedures, testing documentation, or deficiency assessments are addressed on a timely basis.
Supervising Accounts reconciliation process and make report to management.
Ensure complete tax compliance in respect of corporate tax, WHT, Country by Country reporting and contract tax disclosures.
Draft Internal Control Policies & Procedures
Review customer agreements and ensures that it is aligned & in compliance with QP Sale & purchase Agreement.
Advice accounting & reporting team about existing and emerging accounting standards.
April ’18 to Dec 18: Woqod (QatarFuel, on short term contract with NES ) as PMO Senior Lead Cost Controller
Spearheading Project Management Office program to streamline business operations, strengthening internal control system, revenue enhancement and Capital expenditure optimization.
Successfully implemented cost saving initiative and achieved cost saving of QR 160 Million,
Leading and driving Cost Control activities of Petrol Stations projects
Reviewing & monitoring project cost variance, working with Engineering team to reduce variance to minimum target level and investigate cause of variance and report to management.
Since Feb’15: Qatargas, World Largest LNG Producer, Qatar as Venture Control Accountant (Acting Senior Accounts supervisor)
Key Result Areas:
Managing all aspects of reporting and controlling for $40 Billion of fixed assets and $500M of spare parts inventory across seven legal entities and three operating entities (including preparation of capital budget of $3 Billion over budget cycle)
Finalization of monthly and annual financial statements P&L, Balance Sheet, capex & operating reports for submission to management and shareholders
Preparation and presentation of monthly financial performance reports and conducting variance analysis to determine difference between Budgeted & actual results and implementing corrective actions
Finalizing year end and month end activities - Book Depreciation, Tax & Deferred Tax Depreciation, Withholding Tax & royalty calculation, accruals, provisions and Balance Sheet Reconciliation
Reviewing the tax compliance, tax reporting and tax filing requirements for the LNG Joint Venture
Issuing monthly reports including capital expenditure, budget pool management and inventory usage
Advises management of any forecast overruns and recommend corrective actions to management
Assist corporate planning department in making sound forecast by way of highlighting risks factors and identified opportunities
Providing guidance on capital budgeting, Authorization for Expenditure & Work Break down Structure planning
Prepare monthly Asset WIP (Work in Progress) review and follow-up with project controller to ensure expenditure and invoices are properly accounted for, cost centers are correctly mapped to project, and timely capitalization of assets
Implement and monitor costs within each project stage and for entire project until completion or close-out
Assist management in setting up team’s objectives in support business objectives
Developing, Supervising and providing training and guidance to junior staff and national trainees
Engaged in reviewing and amending company policy & procedures in light of IFRS updates
Preparation of monthly cash flow, Cash flow forecasting, working capital requirement and making cash call from Joint venture partners
Formulating and implementing accounting policy and procedures
Managing major Capex Project accounting under complex JV agreement with Exxon Mobil, Shell & other International Oil & Gas Companies
Preparing Project billing statement, project cash flow forecast and arranging funding requirement from JV partners
Preparing of Project P&L statement, Balance sheet, and project cost report for review of Project Manager
Liaising with other functions to ensure the team is aware of current business issues
Collaborating with Auditors (Internal, External, Shareholder) for quarterly, interim and year end audit
Evaluating internal control systems / procedures, preparing audit reports with a view to highlight the shortcomings and implementing necessary recommendations
Directly involved in ERP (SAP) accounting system upgradation & integration, continuously coordinate with IT and Functional team to suggest further improvement in accounting system
Significant Accomplishments:
Successfully led the integration of Asset & Material Accounting Division (Policy, Procedure, function & systems) of the world’s two largest LNG suppliers
Generated insights about the business through on-going and ad-hoc analysis of operational performance
Built strong partnerships with operating units and brought about consistency in accounting and reporting methods
Key Result Areas:
•Preparation & analysis of monthly financial statements (P&L, Balance Sheet & Cash Flow Statement) in compliance with IAS/IFRS and highlight area of concern and suggest improvement.
•Making & reviewing long term business plan and constructing financial model based on key performance drivers, competitors strategies and market trends. Making recommendation to management (CEO & Finance Director ) in strategic initiative having long & short term financial impact
• Supervising the drawing of business plans, balance scorecard and KPI. Regular reviews of business performance using benchmarks and KPIs to highlight and suggest improvements to overall effectiveness
• Planning budgetary control issues via proactive participation in departmental budgeting process, communicating budgets, reporting variances and initiating corrective actions
• Monitoring the comparison of actual performance with budgets/forecast along with analysis & interpretation of variance and suggesting remedial actions for the same
•Overseeing the preparation of annual budgets & forecasts in conjunction with the line management, apart from the preparation of departmental budgets & forecasts
•Evaluate proposals and provide advice in monitoring and performance management of new joint ventures (JV in Saudi & India ) initiated by the businesses. Engage with the business and stakeholders in the implementation of these new business ventures.
• Assessing the credit risk profile of high net worth corporate clients by undertaking a meticulous financial analysis, Managing relationships with internal & external customers such as Sales Teams, Debtors, Local & Multinational Banks, trade & customs related Government departments, ensuring that strict measures are in place for smooth credit recoveries & to minimize bad debts.
• Supervising month end closing process and bank reconciliation statements. Controlling and preparing general ledger entries including prepayments, accruals, allocations
Mentoring & developing succession plan of a Team of 3 Members within the Accounts, Overseeing the Booking of overall Invoices with accuracy and within time, Authorizing Expenditure and entire Payments & Purchase Orders, while ensuring Reconciliation of overall Suppliers, Inter-Company Accounts, balance sheet account and all control accounts each month. Transfer pricing calculation and inter company Royalty & Management fees recharge decisions.
•Establishing the monthly standard product costing issues while ensuring accurate calculation of product costs, accumulate and apply overhead cost, work order costing, marginal costing and cost-volume-profit analysis.
•Performing in-depth analysis of variance accounts and initiating modifications in standard costing system
•Perform financial evaluation of business proposal by identifying the costs & revenues pertaining to specific business decisions, amendment or deletion of product, pricing, and hire/buy decisions and in sourcing and outsourcing.
•Controlling the working capital requirements, and short & long term cash flow forecasting . Execute daily financing decisions.
•Undertaking decisions on usage of diversified debt financing options like import trust receipt, invoice discounting, and letter of credit while curtailing down the cost of finance
•Ascertaining various business funding requirements, cost & source of funds and cost of capital
• Negotiating & managing relationship with banks to manage bank accounts & loan facilities as well as controlling forex exposures by means of appropriate hedging strategies
•Liaises with Auditors and ensures that audit observations are clarified and agreed recommendations are implemented on a timely basis
•Processing & sustaining payroll procedures, retaining fixed asset register, charging depreciation and authorizing disposal
•Governing the Finance Department via risk identification and development & implementation of control procedures
Company Profile:
Masafi is a reputed Mineral Water Manufacturer in UAE.
Key Deliverables:
Reported to the Finance Manager.
Acted as an integral part of the Accounting Team based in Head Office & Sales Centers, while being responsible for Accounting, Finance, Working Capital Management, Accounts Receivable, Budgeting, and MIS issues for the company.
Contributed as the Finance Key User for Oracle Financials Implementation for New Products in the company.
Monitored the entire Accounts Receivable function, Preparation & Analysis of Receivables Ageing, Creation of Customer in AR, and Review of Customer’s Creditworthiness, while Initiating Credit Control and Passing of Credit & Debit Notes.
Generated diversified Financial Reports like Profit & Loss Account, Balance Sheet, Ratio Analysis, Fund Flow, and Cash Flow Statements, Income Statement, Changes in Financial Position, and Budget Variance Analysis in Oracle FSG (Financial Statement Generator).
Reconciled Sub-Ledgers like AR, AP, and Cash Management to General Ledger, along with Open Close Period Process of AR, AP, and General Ledger.
Reconciled the Bank Statement via usage of Cash Management Module in Oracle.
Assisted the Design and Preparation of Marketing, Sales, and Administrative Budgets.
Steered the Export Department activities of Masafi, while performing activities like Import/Export, L/C, and TR Documentation.
Ensured other Documentation pertaining to Export L/C, while sustaining Tracks of Export Customers Bank Guarantees and Exercising superior Credit Control of Export Receivables.
Key Deliverables:
Monitored the Finalization of Accounts and Preparation of Financial Reports.
Tracked the Preparation & Analysis of the Daily Accounting Records with a view to comply with the Overall Accounting Policies & Procedure.
Ensured month-end Provisions, while recognizing known Liabilities, Ageing Analysis of Debtors, and Regular Follow ups.
Managed the Preparation & Submission of Monthly Financial Reports, while reporting on the same to the management.
Compared the Periodical Actual Figures with Budget, while analyzing Variances and proposing Remedial Measures.
Oversaw the preparation and analysis of Cash Flow Statements, apart from Bank Reconciliation Statement for accounting of Banking Transactions.
Handled the Collection & Provision of Requisite Data for Budget Preparation, while assisting the Preparation of Budget.
Controlled the Collection & Consolidation of Relevant Data, Statistical Trend, Relevant Economic Industry, and Business Specific Data to enable preparation of Project Feasibility Reports.
ACCOUNTANT
SATYANAND PLASTICS PVT LTD, MUMBAI, INDIA ( From Aug 1997 to Apr 2002 )
Finalization of Accounts & preparation of monthly financial reports for management.
Maintenance & Reconciliation of Accounts Payable & Accounts Receivable
Preparing month end provision and recognizing all known liabilities, ageing analysis of debtors and regular follow up
Review, manage and process all payables in timely and accurately fashion according to company’s internal procedure .
Preparation of Bank Reconciliation Statement
Preparation of Cash flow statement and monthly cash budgeting
Maintaining of Stock Record & Inventory Control
Preparation & processing of payroll.
ICWAI ( Inter )
