Sr Team Member - Group Consolidations

Division

Department

Sub Department 1

Job Purpose

Prepare and present financials within the Corporate Accounts function as per requirements specified by relevant stakeholders and Senior Management internally for enabling better decision-making and also for statutory compliances.

Key Accountabilities (1/6)

I.Ensure standardisation of closing calendar and design templates and drive evaluation of EM-EU financials for BSR review to ensure accurate trial balance.

II.Facilitate Controller forum to review and improve the hygiene of the financial statements of EMEU Subsidiaries.

III.Preparation of Audit committee deliverables.

IV.Liaise and resolve audit queries to achieve full compliance and nil re-raised queries and ensure proof reading annual report prepared annually to achieve error free reporting.

V.Assist in the preparation of Annual report, engage in proofreading to achieve error-free reporting.

Key Accountabilities (2/6)

VI.Contribute in new system implementation and drive automation of various reports and activities to bring in system & MIS improvements.

VII.Mentor accountants to resolve accounting queries and also guide to achieve standard practices and processes.

VIII.Review EM-EU Subsidiaries Financials and Analysis on Monthly basis in order to ensure correctness of financials.

IX.Support consolidation procedures to ensure statutory compliance, financial reporting & publishing.

X.Co-ordination / Finalisation of audit and accounting of all subsidiaries (EM-EU Entities) for group financial statements consolidation.

Key Accountabilities (3/6)

• Prepare the closing schedule well in advance for circulation.
• Plan activities and account provisions based on closing schedule through regular and early follow up of activities.
• Monitor adherence to timelines by designing formats wherever possible to save on time.
• Actively monitor existing financial statement closing process in system for completion (Blackline).
• Conduct and facilitate controller forum on periodic basis.
• Improve the rigour of Balance sheet review (BSR) and target automation to improve the same.
• Monitor the execution of action points agreed upon in the forum.
• Ensure cross-functional support to close out on action points.
• Preparation of Balance sheet analytical and Balancer sheet Executive Summary at quarter end and coordination with all team members to ensure variance comments of all entities are completed.
• Keep track of all Balance sheet review comments and ensure same get closed on time.
• Finalisation of significant transactions report for approval and review in audit committee.
  
  

Key Accountabilities (4/6)

• Liaise with statutory auditors, engage in discussions and respond to close out their queries as and when received.
• Help them with the relevant contact points to facilitate them the data from other stakeholders.
• Prepare disclosures of financial statement for assigned areas as prescribed by accounting standards.
• Consolidate manuscripts from different contributing teams.
• Proof read data against manuscripts, discuss with parallel teams and accommodate suggestions.
• Liaise with printer for incorporation of changes and correction of erorrs.
• Take initiative to contribute towards improvisation of system functions
• Suggest changes/modifications to SAP/BPC/Finalyzer/Power BI and other reporting formats.
• Provide inputs, participate in testing and implementation of automation tools.
• Assist to accountants to resolve queries on accounting.
• Guide and help to standardise formats and reconciliations on a timely basis.
• Checking of all Annual Performance Report (APR), Foreign liabilities and Asset (FLA) and other filling to regulatory authority before submission.
  
  

Key Accountabilities (5/6)

• Review of subsidiary financials on monthly and quarterly basis at GL level for variance comments to include in P/L and balance sheet deck shared with GCFO/GCEO and audit committee.
• Ensuring Intercompany transactions accounting and reconciliation.
• Review standalone financial statements of allocated entities of the Group for closing of monthly / quarterly / annual consolidated financial reporting.
• Preparing an consolidation adjustment working including Ind AS 116, Unrealised profit elimination etc. and post the same in BPC.
• Review financials of allocated entities from statutory and compliance standpoint on annual basis.
• Benchmark industry practices on an annual basis for significant accounting policies and notes to accounts in the financial statements.
• Complete first level review of related party disclosure of allocated subsidiaries prepared on half year basis for filling to stock exchange.
• Co-ordination with various subsidiaries for finalisation of accounts on time for proper consolidation
• Finalisation of audit for all subsidiaries within time without qualification.
• Ensuring all signed financial are received and tallied with trial balance submitted for consolidation at year end.
  
  

Key Accountabilities (6/6)

Major Challenges

• Dealing with multiple stakeholders across geographies with different time zone. Proper planning helps to overcome with this challenge
• Closing calendar and rigorous monitoring helps to overcome the same.
• stringent timeline for completion the group consolidation leading to late sitting/ work life balance – proper planning may avoid little bit of this challenge.
  
  

Key Interactions (1/2)

Internal

• IR Team for Quarterly submission of inputs for IR deck, press release and CEO/CFO speech
• Secretarial (regular interaction) – interaction to share results and similar data for upload, discuss changes in Annual Report, Accounting of Shareholder related values
• Subsidiaries finance team members for financials along with BU finance teams on monthly basis
• Various teams within finance function and outside finance functions be it manufacturing finance, costing team, treasury team, tax team, BU finance teams etc. for completion of financials on ongoing basis
  
  

Key Interactions (2/2)

External

• Statutory Auditors (regular interaction) – close out queries, seek suggestions on fundamental queries or changes in standards
• Internal Auditors (as and when required) – co-operate and provide them data required for the area under audit
• Accountants of subsidiary entities (regular interaction) – to get data for compiling financial statements, variance analysis, queries on subsidiary financials and to intimate of any areas of change that needs to be adapted on an overall basis
• Statutory auditors for completion of audit monthly, quarterly and annual basis.
• Various consultants for getting financials for subsidiaries on monthly basis
• Auditors for completion of audit related to all subsidiaries on annual basis
  
  

Dimensions (1/2)

• No. of Subsidiaries/Associates – More than 50 held directly and indirectly
• Turnover and Profit as of March 2024 – Above ₹25,000 crores and ₹4000 crores
• On roll employee count – About 27000
• Financials to consolidate and coordinate for audit – more than 50 financial statement
• Team Size – 5-8 members
  
  

Dimensions (2/2)

Key Decisions (1/2)

Routine provisions and accounting entries

Finalisation of subsidiaries financials statement up-to certain materiality level

Finalisation of audit report for subsidiaries and group consolidation

Various discussion with auditors/consultants up-to certain materiality level

Key Decisions (2/2)

Significant change in method for calculation of provisions

Any change or improvement in formats/financials

Financial statement related point above certain materiality level

On various policy choices related to accounting

On presentation of financial statements and notes to accounts

Education Qualification

CA

Relevant Work Experience

3- 8 years of accounting experience and strong background of controllership role.

knowledge of Accounting and Consolidation (IND AS) knowledge, Communication skills, SAP & BPC tool knowledge and hands-on experience is an added advantage

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