Head Finance & Accounts

Role Title - F&A Head CFO

Grade - GM / AP

Business - Adani Welspun Exploration Ltd

Department - Finance & Accounts

Date - 20-Aug-21

The F&A Head is responsible for ensuring effective financial controls and books hygiene in the BU vertical. The profile will be responsible for :

• Accounting and control activities within business e.g. inventory & overhead controls, revenue recognition
• Accountability for books of accounts / integrity of the general ledger
• Statutory audit
• Taxation & other regulatory Matter
• Annual Budget & MIS
• Accounting procedures, Taxation, laws followed by the Directorate General of Hydrocarbons (DGH) and the upstream E&P industry in India
• Cost recovery provisions under the Production Sharing Contract regime
• Financial modelling of Oil and Gas Assets under the Production sharing / Revenue sharing contracts for bidding of new assets

The profile reports to Business Head

Functional Reporting – Business Head

Administrative Reporting- Business Head

Number of Direct Reportees – 1

Number of Indirect Reportees - 1

Number of Contractual Employees – 0

Key Areas of Accountability

Governance/Assurance-

• Responsible for finalization of Monthly, Quarterly and Annual accounts within Group timeline and high level accuracy -
  • Ensuring adherence of closing schedule of accounts and data submission to DGH and internal auditors for review.
  • Review of open audit points of previous quarters and bring them to closure by obtaining updates on these matters from respective departments
  • Attending periodic review meetings with the statutory auditors/DGH to check the audit progress and to address and resolve the queries / data pendency to ensure smooth and timely audit completion.
  • Review of standalone and consolidated results
  • Review the accounting implication due to change in IND AS, Acquisitions, new regulation like CARO, MSME ACT etc. and discuss with concerned stakeholder and finalizing the framework and guidelines for compliance
  • Completion of Cost Audit Ongoing Focus on Books Hygiene & regular review
  
  

• Review book hygiene and effective internal financial control on key parameters e.g.
  • Receivable Ageing
  • Payable Ageing (Incl. GR/IR, Advances, Deposit, Employee advances)
  • Unreconciled GST Input Credit
  • Aged Inventory
  • Bank Reconciliation Open Item
  • Overhead Analysis
  • Aged Assets
  • Balance Sheet Provision
  • Intercompany Reconciliation
  • Intercompany Reconciliation
  
  

• Review of Finance
  • Conduct monthly meetings with finance team, ABEX and MIS team for discussion on balance sheet items, Books Hygiene parameters
  • Action plan and tracking for closure for pending items during monthly review
  
  

• Interface with Corporate Tax, Corporate Affairs and DT and IDT compliance -
  • Reviewing periodic compliance and tax credit reconciliation ( incl GST audit)
  • Authorizing GST/Income tax related documents submission with the department ( Incl refund filing)
  • Assessing quarterly advance tax payout.
  • Review of income tax audit reports /Transfer Pricing reports.
  • Ensuring tax opinions for vital tax stands.
  • To ensure that related parties transactions are at arms’ length with proper documentations.
  • Planning so as to ensure tax planning due to profit projections due to regulatory orders.
  • Conducting meetings with central legal, tax advisor, CATO to ensure SEZ act compliance as well as refund filing
• Drive compliance of all F&A policies and guidelines within the business (e.g. MSME, GST, Bank accounts, Expense booking in same month etc.)
• Drive performance improvement / cost control initiatives coming out of FP&A
• Review of commercial NFAs from finance/compliance perspective
• Periodic cash flow management
• Quarterly Audit Committee and Board Meetings presentation and Analysis Papers
• Drive yearly business budgeting process with a high degree of precision and timeliness by working closely with the various teams viz. marketing, business development, operations and services
• Preparation of STRAP presentation for Business and period update of the same
• Periodic Business MIS
  • Co-ordination with Revenue team for timely booking of sales
  • Ensure timely Monthly provision
  • Detailed Company wise MIS with explanation of every parameters, revenue and cost
  • Review of company wise profitability compare to Budget and prepare business analysis
  • Review and circulation of Consolidated MIS to Business team
  • Review of Abridged MIS, BRM papers
• Respond to internal audit observations and drive the implementation of corrective / preventive measures within own BU

Stakeholder Engagement-

• Provide accounting Information and other support for regulatory matters (including review of Orders)
• Interface with Corporate Secretarial for Secretarial compliance matters
• Interface with corporate insurance ensuring policy renewal, claims settlement etc
• Continuously benchmark the performance of the business against various parameters like EBIDTA, Per unit contribution etc. with peers within the industry
• Where applicable, work with the Marketing / Biz. Dev. to set up credit standards / terms for receivables, collections policy; setting working capital targets based on cash-flow requirements/ typical cash pattern for BU
• Drive Continuous Improvement Projects to bring efficiency and controls in F&A processes

People Development-

• Create development plan for all the team members
• Review development plan and Guide team
• Build and develop F&A team capabilities through coaching/mentoring/Internal job rotation/Training

• Closure of aged open items in various accounting parameters
• Collaborate with HO, Site, Corporate, SSC and User Departments for various activities
• Support to Ongoing Merger and acquisition and Financial restructuring

• Monthly closing of all entities with detailed financial review and MIS

Qualifications:

• Post-graduate qualification in Commerce, Business or related areas, Preferably Chartered Accountant

Experience:

• 20 + years of experience in Finance & Accounting
• 10+ years exposure to energy /infrastructure business, preferably in the upstream E&P business
• Good knowledge of Tally, SAP, Ind AS, Companies Act, Direct-Indirect Tax Laws
• Worked with large teams, across sites/ geography

No.

Competencies

PL

Company Behavior Competency

1

Strategic Orientation

PL 4

2

Entrepreneurial Mind-Set

PL 4

3

Stake Holder Partnering

PL 4

4

Outcome Orientation

PL 4

5

Transformation Mind-Set

PL 4

6

Innovation Focus

PL 4

7

Team Orientation

PL 4

8

Employee Development

PL 4