Group Chief Financial Officer
The role has primary responsibility for accuracy and integrity in Group Financial Accounting and Reporting. The role will ensure that all subsidiary CFOs adhere to Group Policy and Procedures while offering guidance and instructions where necessary for compliance. The incumbent’s job is to assure the highest level of financial integrity; the role is accountable for the following:-
Ensuring better subsidiary practice and controls in commercial accounting and reporting. This will be effected through:
- Ensuring that companies maintain accounting records for the statutory period in accordance with regulatory, local GAAP and tax requirements.
- Ensuring compliance with group policy on all accounting matters, while creating a strong system of internal control for all companies in the Group.
- Ensuring (1) and (2) above, including accounting and operational policies and procedures are complied with by all.
- Subsidiaries through proactive interaction with the CFOs and other members of the Executive Team as necessary. This may be via but not limited to the following:
- Conducting quarterly visits to Subsidiaries to check progress for corrective actions regarding known non-compliances and progress of CFO learning and development.
- Holding CFO’s accountable for failure to implement corrective actions.
- Identifications of capability gaps of individual CFO’s and therefore training needs and establishment of training plans.
- Establish a reporting framework for all Subsidiaries for the following:
- Adequate approval of purchases including CapEx, Marketing Investment, Human Resources/Payroll, Repairs and Maintenance, Other Operating Expenses.
- Review of performance against budget for all lines within the Statement of Comprehensive Income – variance from budget must be accounted for by CFO (and MD/GM)
- Revenue recognition in line with Policy and IFRS.
- Optimal cash-flow and cash -flow forecasting.
- Optimal Working Capital management (my opinion here is that we should have a hard target for WC for each Sub)
- Appropriate inventory valuation and costing (including provisioning)
- Management of Work in Progress and Spares – for service, inventory and PPE
- Management of Fixed Assets including WIP, spares, additions, disposals, depreciation, reporting
- Project accounting
- Collections and provisioning for doubtful debts
- Cash control including end of day processes e.g. Process reviews at Subsidiaries – identification of improvements with
- positive impact to result f. IT Implementations - must be aligned with required methodology
- Enforcing timely closure of audit reports.
- Ensuring all reconciliations are prepared within established/ required time lines clearing all outstanding matters in the reconciling month.
- Managing the inter-company accounts across the Group to ensure the all reconciliations are properly completed by m/e + 5 and that there no overdue balances.
- Working with internal audit to drive closure of all management letter issues; ensuring there are no overdue or recurring issues.
- Supervising the annual audit processes; management of audits within agreed cost; taking overall charge of the Group
- Accounting framework to ensure clean audit; to addressing, resolving and correcting material weakness or other weaknesses in control evident through internal audit reports.
The role oversees Group’s Treasury Management (conducted at AMBL) to ensure liquidity and currency availability at all times.
Group Consolidation & Tax:
The Group CFO is directly accountable for the accuracy and timeliness of the Consolidation of Accounts but is not directly responsible for Tax. The Tax Manager has a dotted line to the Group CFO who will provide technical oversight at guidance as required.
Education and Experience:
- Master’s degree would be considered an asset
- At least 15 years work experience, supporting at the Executive level
- Strong consolidation of accounts experience
- Proficient in IFRS
- Computer literate. Strong knowledge of Microsoft Office, including Word, Excel, PowerPoint, and Outlook
- Accuracy – Ensures that data presented is free from error.