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Job title
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Head Financial Accounting
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Grade
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Company
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OQ8
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Function
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Finance, Commercial & SCM
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Department
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Finance Control
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Section
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Finance Accounting
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Location
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Oman – Muscat
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Budget control
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*OPEX and/or CAPEX and/or Revenue amount as relevant*
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Reporting to
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VP Finance Control
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Direct Reports
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Job purpose
Lead, planning and organizing Financial Accounting team and activities under VP Finance Control scope’s, acting as single point of accountability for Financial Accounting end to end cycle, through: (1) Leading the non-standard accounting, (2) Cross functional and cross business monthly, quarterly, and annual process for closing the books and consolidating the financial results. For consolidation and Management reporting, (including external reporting), (3) Lead the group accounting standards and local GAPP, and (4) Maintains the OQ8 Accounting Policy Manual and oversees its timely and consistent implementation across all group entities in order to support financial goals and objectives of the Company while ensuring compliance with both local and international accounting standards.
The position will act in accordance with OQ8’s Mission, Vision, Values & Strategies, as well as, policies, guidelines, and international standards, supported by an IT Technology platform, HSE standards, Omani government & other legal justifications, and best international practices in consonance with national objectives.
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Main tasks and responsibilities
Accountabilities:
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Leading the non-standard accounting
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- Take ownership of non-standard accounting practices, ensuring compliance with relevant accounting standards and regulations.
- Develop and implement policies and procedures for handling non-standard accounting transactions.
- Provide guidance and support to finance teams on the treatment of non-standard transactions.
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Consolidation and Management Reporting
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- Lead the consolidation process for financial reporting, including both statutory and management reporting requirements.
- Ensure accuracy and integrity in the consolidation of financial data from various entities and business units.
- Prepare consolidated financial statements, including balance sheets, income statements, and cash flow statements.
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OQ8 Accounting Standards and Local GAAP
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- Establish and maintain OQ8 accounting standards, ensuring consistency and compliance across all entities.
- Stay abreast of changes in accounting standards and regulations, advising management on the impact of new standards.
- Manage the application of local GAAP requirements, addressing any differences between local and group accounting standards.
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Consolidated Close Processes
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- Develop and maintain consolidated close processes, including close calendars and procedures for consolidation and reporting.
- Oversee the monthly, quarterly, and annual close processes for global consolidation, ensuring timely and accurate reporting.
- Implement controls and procedures to ensure the integrity of financial data throughout the close process.
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Intercompany Transactions and Reconciliation
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- Oversee the recording of accounting entries for intercompany transactions and reconciliation of intercompany balances.
- Coordinate with legal and tax departments to ensure proper documentation and elimination of intercompany transactions in consolidation.
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Consolidated Reporting Package
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- Build a comprehensive consolidated reporting package, encompassing group reporting, statutory reporting, and government reporting requirements.
- Ensure the accuracy and completeness of financial reporting documents, including financial statements and disclosures.
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Governance and Control Strategy
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- Maintain governance and control strategy around legal entity hierarchies in financial consolidations and reporting systems.
- Implement controls to ensure data integrity, compliance with regulations, and adherence to internal policies.
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Continuous Improvement and Optimization
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- Identify gaps in processes and optimize procedures to enhance efficiency and effectiveness.
- Drive continuous improvement initiatives to streamline financial reporting processes and gain efficiencies.
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Strategic and Tactical Planning
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- Coordinate strategic and tactical planning activities for the Finance & Strategy function, aligning department objectives with overall organizational goals.
- Monitor departmental performance against objectives and performance metrics, taking corrective actions as needed.
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Stakeholder Collaboration
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- Collaborate with value partners, shared services, and other centers of excellence to ensure seamless service delivery to internal and external stakeholders.
- Maintain effective communication and relationships with managers and stakeholders to achieve departmental objectives and targets.
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Key interactions
Internal: Assurance, Finance, Commercial OMT,
External: Staffing specialized Contractors, Vendors & Suppliers
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Notable Working Conditions. Office environment, intensive computer screen use, sporadic visits to operation site.
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Education requirements
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- Minimum qualification required is a college graduate degree in Accounting, Administration, with Master or any other qualification is a plus.
- Certified Public Accountant or Certified Management Accountant designations. (ACCA/CTA/CTP)
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Language
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Excellent knowledge of written, read, and spoken English (required)
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Background and experience
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Competencies and skills
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- Minimum 16+ years’ experience in similar role, in a large oil industry industrial organisation, including 5 years’ experience in accounting, knowledge of US GAAP & IFRS
- Oil and Gas / Energy industry experience essential (including upstream and downstream exposure).
- Experience with complex multi-national corporate structures.
- Demonstrated success in leading and driving solutions involving multiple layers of management, and multiple simultaneous deliverables.
- Strong experience in:
- Finance, Accounting services & standards,
- Consolidation and Management reporting, (external reporting)
- Successfully led sub-teams of financial reporting & consolidation
- Strong knowledge of US GAAP, SEC and IFRS.
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Soft:
- People’s management skills.
- Analytical skills.
- Planning skills.
- Forward thinking.
- Ability and willingness to quickly adapt in a rapidly changing environment Excellent business and technical report writing skills.
Technical:
- Very good knowledge in using PC software.
- Financial Accounting Empowering & developing high performing Teams for a competitive advantage.
- Thrives when facing ambiguity and complexity; willingness to explore multiple solutions to a problem.
- Strong knowledge of accounting systems (i.e. SAP), foreign currency and intercompany accounting
- Excellent project management and interpersonal skills.
- Ability to produce quality materials within tight time frames and simultaneously manage several projects required.
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