Job title: (Global Petrochemical) Senior Specialist M&A and Investment Accounting
Job description: This role required candidate to permanently relocate at Riyadh, Saudi Arabia.
About the Company
Founded in the late 1970s in Saudi Arabia’s oil-rich region, this multinational corporation has solidified its position as a global leader in the petrochemical sector. With a diverse product portfolio ranging from chemicals and intermediates to polymers, agri-nutrients, and metals, the company has expanded its operations across 50 countries. Prioritizing innovation and sustainability, it boasts state-of-the-art research centers and a staunch commitment to environmental responsibility. As a testament to its excellence and influence, the firm actively fosters strategic global partnerships, continuously setting benchmarks in quality and industry standards.
This Companys growth plans encompass specific activities in Controllership, with a focus on two main areas:
This Company generates forward-looking financial statements for future investments, partnerships, and portfolio adjustments such as carve-outs and divestitures. These statements align with investment projections and leverage established processes and technologies for regular financial reporting. Proforma financials are crucial for the overall financial planning of the This Company Group, safeguarding debt capacity and maintaining a robust agency rating.
This Company engages in numerous joint venture agreements, both in Saudi Arabia and overseas. These agreements have significant accounting implications, including Control Concept and embedded derivatives. In KSA-based partnerships, alignment with This Company’s group strategy is essential, and contract terms should include governance and control procedures.
The individual in this role plays a pivotal part in ensuring that current and future partnership agreements meet This Company’s Management and Controllership requirements and strategic objectives. This involves in-depth analysis to identify potential adjustments needed to establish or regain control and mitigate P&L risks, particularly concerning embedded derivatives. The incumbent collaborates with This Company’s negotiation team and Legal to safeguard the company’s assets and interests while aligning with external auditors.
- Provide expert know-how and governance regarding M&A, divestitures, integration accounting, and restructuring.
- Research accounting literature and apply technical standards to complex business issues and transactions, including business combinations and impairment valuations.
- Assess and analyze JV’s contracts and propose accounting consequences, including options to mitigate risks and assess control opportunities in existing contracts.
- Ability to apply financial modeling tools to run valuation numbers to provide financial advice in a number of businesses and pro forma balance sheets.
- Coordinate accounting integration of M&A transactions and provide advice, including conversion to This Company accounting standards, harmonization of chart of accounts, integration into This Company accounting processes and systems.
- Prepare Carve-Out Financial Statements, Stand-alone Statements, Proforma Statements, and prospectus support.
- Coordinate accounting preparation of divestitures and provide advice, including preparation of carve-out financial statements.
- Provide due diligence support, Purchase Price Allocations, and principles of push-down accounting.
- Work on legal entity portfolio and master data design (central legal entity repository).
- Act as a point of contact for external auditors on any technical accounting matters related to control assessment.
- Prepare or review technical accounting papers related to control assessment.
- Collaborate with JV affairs on technical accounting matters and preparation of Statutory Financial statements of the various This Company subsidiaries and associates.
- Serve as a Center of Excellence (CoE) for IFRS 3, IFRS 10, IFRS 11, IAS 27, IAS 36, and IAS 37.
- Responsible for providing expert technical accounting advice and guidance, including implementing new changes, requirements, and improvements. Also, provide advice on the potential implications of any regulatory changes.
- Lead all the technical accounting preparation for the team, advise the commercial teams, and prepare accounting policies following accepted industry practices.
- For the annual and interim financial statements, participate in preparing the policies section in This Company’s interest, advise on disclosure requirements, and ensure compliance with the latest IFRS requirements for presentation of investments, divestments, and other portfolio changes.
- Assess, prepare impact, and implement new regulatory and reporting standards and amendments thereto.
- Participate in the statutory reporting and group reporting templates to ensure they are up to date.
- Improve the organization’s documentation of policies and procedures to enhance the quality of financial reporting.
- Prepare, review, or coordinate the updated Weighted Average Cost of Capital (WACC) for impairment testing and align with stakeholders (auditor, business, and controllers).
- Relocation: Permanent relocation to Riyadh, Saudi Arabia.
- 10+ years of Big 4 experience as a technical accounting and financial auditor.
- Desirable completion of a Master’s degree in accounting/auditing.
- Professional qualification of CPA, CA, or ACCA.
- Demonstrable IFRS expertise, particularly on technical standards (IFRS 9, IFRS 10, IFRS 11, IAS 28, IAS 19, IAS 36, IFRS 16, IFRS 15).
- Post-CPA qualification experience of 5+ years.
- Technical training in Big 4 audit firms, with a background in audit, financial statement preparation/review, and technical accounting advisory.
- Expert knowledge of Mergers, Acquisitions, Divestitures & Integration (MADI).
- Strong business acumen and analytical skills; knowledge of the chemical industry is a plus.
- Expertise in standard accounting practices with a solid foundation in IFRS.
- Proficiency in corporate governance and internal control frameworks.
- Financial modeling and pro forma balance sheet preparation.
- Strong team player with the ability to work collaboratively.
- Good understanding of corporate risk management.
- Advanced organizational skills and task management abilities.
- Strong communication and presentation skills, including the ability to provide training to the finance community at the regional/polar level and build a network within the organization.
- Experience in processes, governance frameworks, risk management, and change management.
- Experience in organizational integration projects and an understanding of and support for organizational climate/culture.
- Experience in participating in large-scale projects with demonstrated project planning and execution skills.
Job date: Mon, 29 Jan 2024 06:16:53 GMT
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