Head of Finance Control

Oman Investment Authority

Main tasks and responsibilities

Scope Financial Accounting

• Financial operations
• Account Payable Account Receivable
• Fixed Assets,
• General Ledger Operations,
• Hydrocarbon Accounting
• Financial Reporting,
• System & Controls

Accountabilities:

Financial Accounting:

• Financial Statements: Overseeing the preparation of accurate and timely financial statements, including balance sheets, income statements, and cash flow statements. Ensure the proper presentation of Profit & Loss including the management of OPEX, CAPEX, cashflows, EBTIDA and Net Profits for CFO approval.
• Compliance: Ensuring compliance with relevant accounting standards (such as GAAP or IFRS) and regulatory requirements.

Financial Operations

• Transaction Processing: Overseeing day-to-day financial transactions, ensuring accuracy and timeliness. Cash Management: Managing cash flows, optimizing cash positions, and ensuring liquidity for operational needs.
• Financial Analysis: Conducting financial analysis to support decision-making, budgeting, and forecasting processes.

Accounts Payable (AP):

• Invoice Processing: Managing the processing of supplier invoices and ensuring timely payments.
• Vendor Management: Negotiating terms with suppliers and managing relationships to optimize payment schedules.

Accounts Receivable (AR)

• Invoicing and Billing: Overseeing the invoicing process for goods and services provided.
• Debt Collection: Managing accounts receivable aging, following up on overdue payments, and ensuring timely collections

Fixed Assets

• Asset Accounting: Recording and tracking fixed assets, including depreciation calculations and impairment assessments.
• Capital Expenditure: Managing capital expenditure projects and ensuring accurate accounting treatment.

General Ledger Operations

• Chart of Accounts: Managing the organization's chart of accounts for accurate financial recording.
• Reconciliation: Ensuring the reconciliation of various ledger accounts, bank statements, and intercompany transactions.

Hydrocarbon Accounting

• Production Accounting: Managing the accounting and allocation of hydrocarbon production volumes and revenues.
• Ensuring compliance with tax obligations related to hydrocarbon production.

Financial Reporting

• Internal Reporting: Providing regular financial reports and analysis to internal stakeholders, such as management and department heads.
• External Reporting: Preparing financial reports for external entities, including regulatory bodies, shareholders, and auditors.

Systems & Controls

• Overseeing and managing various systems and associated control for Finance function including:
• Accounting software,
• Budgeting tools,
• Financial reporting systems, etc. The Specialist
• Ensures that these systems are functioning efficiently and effectively to support the organization's financial operations.
• Support on procedures and policies designed to safeguard assets, ensure the accuracy of financial records, and promote operational efficiency.

Stakeholder

• Interface with Strategic financial planning and process optimization to implement best practices aims to enhance the organization's financial performance and governance.
• Participates and contribute with the CFO OQBI on the development of OQBI Financial vision, strategy, and financial direction of the Asset, (Corporate), in order to ensure that OQBI and Finance can be able to maximize the short-, medium- and long-term profitability and returns to shareholders.
• Work together with the Corporate Governance to design and establish OQBI Governance & Controls, in line with OQBI holding company structure.
• Contribute towards the formulation and implementation of OQBI business objectives and strategic plans, which enable the achievement of OQBI mission and objectives.

Supervisory

• Performs supervisory responsibilities:
• Has supervisory oversight of all personnel related matters including making recommendations regarding hiring and firing decisions, training, development, evaluation, and disciplining.
• Interprets, administers, and enforces work rules, rules of conduct, departmental and policies, procedures, and performance standards.
• Recommend and implement changes or improvements in staffing levels, procedures, budget levels, and equipment