Financial Controller (Oil and Gas) - Libya

Our client is one of the largest global providers in the oil and gas industry.  They help build innovative mechanical solutions, technology applications, and services for all phases of oil and gas developments. The company operates in over 100 countries and employs more than 40,000 people worldwide.

Job Purpose:

• Responsible for all aspects of financial control, accounting and financial management support for the Country
• Responsible to build, develop and manage a strong finance team to support the Country business.
• Responsible for ensuring the provision of accurate and timely financial accounts for business:
• To comply with local fiscal authorities.
• To comply with US GAAP financial reporting requirements.
• Responsible for ensuring internal controls are in place and operating effectively, complying with company policy and SOX.
• To provide Operations Management with meaningful financial reports to assist them in running the business, work with management teams and advise on operational finance issues.
• To develop and improve processes and procedures, including implementing new financial systems within the Finance function to improve accuracy and efficiency and comply with local, Region & Global policies.
• Responsible for financial integration of newly acquired businesses into existing structure, and performing or assisting with due diligence on M&A projects when required.

Key responsibilities:

1. To manage the complete finance, accounting and financial management support for the Country 

2. To manage local accounting teams to ensure local book-keeping for the local branches and the legal entities is accurate and timely, specifically:
a. All cash transactions are recorded properly and in compliance with local regulations.
b. Timely and accurate processing of local purchase invoices, keep adequate records of all local invoices received
c. Correct account coding for all expenditures.  Ensure invoices and all expenditures are approved for payment in accordance with the Grant of Authority.
d. Timely payment of local purchases, and preparation of on-line banking payments where appropriate.
e. Proper controls and processes are in place for approval and payment of employee expense reports, ensure the correct forms are completed, all receipts are attached and ensure these are approved in accordance with the Grant of Authority.
f. Inventory and asset records are properly kept in accordance with local regulations.

3. Responsible to manage teams to ensure that sales invoices are accurately prepared, submitted to the customer on time and the correct copies are sent for processing.  Ensure accurate sales invoicing reports are prepared, reconciled to the monthly revenue totals.  Ensure compliance with the Revenue Recognition policy.

4. Monitor bank account balances, prepare periodic cash flow forecasts and submit cash requests as appropriate for working capital and other requirements.  Maintain strong relationships with local banks as necessary.

5. Work with local financial and tax and legal advisers to ensure local requirements are met with regards to tax filings, including VAT and other statutory requirements.  Work with local and international tax advisors and internal tax department to ensure efficient tax planning strategies are up to date.

6. Responsibility to manage teams to ensure that asset and inventory counts are performed in accordance with company policy, including the continuous reconciliation between financial, operational and physical records.  Advise management on slow-moving and obsolete inventory strategies.

7. Provide the Local and Operational Management with advice and assistance:
a. In the form of financial analysis to all levels of operations management, as needed for interpretation of results, quotations and sales bids, and project evaluations including the economic justification for capital expenditure
b. In the preparation and issue of annual revenue and expense budgets.
c. Assists management in identifying potential areas for cost reduction and improvement in business performance and profitability.
d. Assist in preparation and explanation of rolling forecasts, and other reports as required.
e. Working capital management of CAPX, Inventory, DSO

8.  In conjunction with the line Management, responsible for the monitoring and improvement of internal controls necessary for the custody and efficient management of all assets, trade receivables, inventory and fixed assets in the Country. Responsible to ensure compliance with the internal control requirements of the Sarbanes Oxley Act. 

a.    Monthly balance sheet reviews, resolve reconciling items.
b.   Monthly P&L reviews, investigations and reports to management on significant variances to forecast and prior months results for revenues, cost of sales and expenses. 
c.    Review monthly Controllers Report (commentary on results).
d.  Answering queries from Corporate, product line, local and regional management.
e.     Information to meet statutory, legal and tax requirements.

9   Work with the Region Credit Manager to ensure:-
- Credit is only given in line with company policy.
- Accurate and timely billing.
- Accelerate the collection of accounts receivable.

10.  Assist and support the Region Controller as required.

11 .The position will require ability to travel to other parts of the Region / Country as required.

Qualifications:

Essential:
• Qualified Accountant (recognised International Qualification such as CA, ACCA or CIMA).
• Minimum 7+ years experience, preferably with in a similar industry role.
• Experienced in management reporting, and providing support to all levels of operational and non-financial management.
• Strong practical experience in US GAAP accounting..

Preferred:
• Oil & Gas industry experience
• Knowledge/experience of Sarbanes Oxley and other SEC requirements.

Skill Requirements:

Essential:
• Relevant PC skills
• Strong communication skills (both written & oral)
• Ability to use initiative, judgement and work with minimum supervision.
• Experience of managing, developing and motivating a team.
• Strong knowledge and experience in accounting practice.
• Experience of working closely with operational and other non-financial personnel.
• Experienced in local accounting regulations, VAT and tax regulations and compliance with fiscal authorities.
• Strong analytical skills and problem-solving skills.
• Experience of budget and forecast preparation, written commentaries on business performance.
• Experience of working capital management and providing advice to management in this area.

Preferred:
• JD Edwards, SAP, 1S, 1C and Hyperion experience
• Interested in business and operational issues related to finance.

Please send a detailed CV to eileen@caglobalint.com

Please note that only shortlisted candidates will be contacted.