Lead - COE (Accounting)

Division

Finance

Department

Corporate Finance

Sub Department 1

Accounting

Job Purpose

Drive efficient financial statement close process for designated entities covering specific Business units and Geographies. Support Lead -Group Financial accounting and reporting in overall financial reporting, review audit and disclosures. Enhance Centre of Excellence (Accounting) function within Cipla to improve and maintain the quality of financial reporting by adopting best in class practices and establish a strong collaboration with Business Units, Business Finance, Operations and M&A in financial accounting advisory and due diligence processes.

Key Accountabilities (1/6)

Conduct technical accounting research to facilitate correct recording of accounting transactions that provide true and fair view to all stakeholders

• Provide qualitative technical solution to complex accounting issues and advisory on proposed transactions
• Ensure compliance with GAAP and other statutory requirements.
• Alignment with auditors on accounting stand taken by the management
• Review of accounting opinion prepared by team members and ensure timely response to stakeholders.
  
  

Facilitate Controller forum to improve the hygiene of the financial statements

• Conduct and facilitate controller forum on periodic basis.
• Monitor the execution of action points agreed upon in the forum.
• Ensure cross-functional support to close out on action points.
  
  

Key Accountabilities (2/6)

Develop (1) Learning and Development & (2) Tracking practices within finance function to make knowledge of employees more relevant.

• Conduct periodic training seminars on relevant accounting subjects within finance fraternity such as ICAI CPE study circle etc.
• Tracking and briefing team members of developments related to Ind-AS, EAC opinions and other cross functional areas on regular on-going basis
• Sharing of accounting updates within finance function on periodic basis.
• Tracking and analysing of annual reports, quarterly updates, media releases, analyst presentations, audit reports, etc. of BSE top 30 and other Indian/global peer companies
  
  

Completion of statutory Audit/ quarterly review without any qualification for statutory compliance and IFC compliances for FSCP

• Manage Quarterly review by statutory auditors
• Manage Annual audit without qualification by statutory auditor
• Completion of FSCP related IFC compliances
• Manage Quarterly FSCP internal audit without qualification.
  
  

Key Accountabilities (3/6)

Plan Value added and change management projects well in advance to increase vibrancy of the finance function

• Based on the priority of the top management, enter into at least one value added project every year.
• Monitor and ensure smooth transaction of any change management project undertaken
• Illustrative list of these projects – Preparation of SOP, Automation of MAT cost validation, Annual report notes / disclosures standardization and compilation tool , etc.
  
  

Co-ordination / Finalisation of audit and accounting of all subsidiaries (foreign and domestic) for group financial statements consolidation

• Co-ordination with various subsidiaries for finalisation of accounts on time for proper consolidation
• Finalisation of audit for all subsidiaries with in time without qualification
  
  

Key Accountabilities (4/6)

Provide support to M&A team for pre/ post M&A deals and integration related work

• Support M&A team for accounting related matters ongoing basis
• Manage integration related work post acquisition
• Align policies with acquired/merged entities for proper consolidation
  
  

Key Accountabilities (5/6)

Support consolidation procedures to ensure statutory compliance, financial reporting & publishing (handle SAGA region and Domestic subsidiaries).

• Review standalone financial statements of allocated entities of the Group for closing of monthly / quarterly / annual consolidated financial reporting.
• Review financials of domestic 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.
• Liaison with auditors for LR report and audit report for quarter / annual results publishing.
• Preparation of Consolidated Annual Financial statement
• Co-ordinate with printer for annual report printing.
• Complete first level review of related party disclosure prepared on half year basis for filling to stock exchange.
• Co-ordinating with statutory auditor for clearance on same
  
  

Key Accountabilities (6/6)

Provide support to CS team for the compliance filling related to financial statement of the Group/ financial statements of subsidiary entities.

• Co-ordinate with CS team/ External Vendor for annual report XBRL filling
• Co-ordinate with subsidiary entity finance controllers and CS team for validation of financial information to be submitted to ROC in FLA return or other compliance returns etc.
  
  

Preparation of Audit committee deliverable on quarterly basis

• Prepared and finalized quarterly Significant Accounting Matters (SAM) presentations, ensuring timely alignment and agreement with statutory auditors on key accounting judgments and conclusions.
• Prepared and reviewed significant subsidiary transactions for submission to the Audit Committee, supporting effective governance and oversight.
  
  

Major Challenges

Changes in accounting literature and constant updates in regulatory requirements needs to be implemented in stringent manner to avoid any non-compliance. Overcome by - Regular tracking of changes and early communication and training to relevant people decreases this risk.

Alignment with auditors on all material accounting calls taken is of paramount importance. Overcome by - Correct accounting backed by proper documentation shall mitigate risk of auditor issuing qualification in Audit Report.

Meeting statutory timelines of reporting requirements. Overcome by - Rigorous planning and operational discipline required to eliminate this risk.

Key Interactions (1/2)

INTERNAL

Required

Business Finance, Manufacturing Finance, HO Accounts, Finance Shared Services, Corporate Secretarial, Treasury, Taxation, Internal audit etc. are teams with which interaction is required on ongoing basis for reasons like:

• Ensuring closure of action points of controller forum
• To attend their accounting queries and provide with correct response
• Support any cross functional objective taken at functional / organisational level.
• Providing observations on financials
• Subsidiaries finance team members for financials along with BU finance teams on monthly basis
• Various teams with-in 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
• M&A team – For Pre deal/ post deal integration related work on ongoing basis
  
  

Key Interactions (2/2)

EXTERNAL

• Statutory auditors on regular basis for entertaining their queries
• Statutory Auditors (regular interaction) – close out queries, seek suggestions on fundamental queries or changes in standards
• Auditors for completion of audit related to all subsidiaries on annual basis
• Internal Auditors (as and when required) – co-operate and provide them data required for the area under audit
• Project related consultants (Ind AS, etc.) generally throughout the year for entertaining their requirements and act as SPOC
• Accounting advisory consultants of foreign entities on monthly basis to close out financials (More than 15 entities)
• Other industry professionals as & when required for understanding industry practices on complex accounting issues
  
  

Dimensions

• Over 100 accounting queries on annual basis (15 of which are major)
• 9 to 12 controller forums to be organised annually
• Responsible for financial closing of more than 6 subsidiaries on monthly frequency
• No. of Subsidiaries/Associates – More than 50 held directly and indirectly
• Turnover and Profit as of March 2024 – Above ₹25000 crores and ₹4122 crores
• On roll employee count – About 27000
• Financials to consolidate and coordinate for audit – more than 50 financial statements
  
  

Key Decisions (1/2)

Decisions

• Sharing of knowledge sharing material
• 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)

Recommendations

• Accounting opinion / solution suggested to the querist - Approval of Lead Group Consolidation and Accounts Head
• Deciding the agenda of controller forum – Approval of Accounts Head and Global head of accounts, tax and treasury
• Initiate a value added project - Approval of Accounts Head and Global head of accounts, tax and treasury
• On various policy choices related to accounting
• On presentation of financial statements and notes to accounts
• Financial statement related point above certain materiality level
• Significant change in method for calculation of provisions
  
  

Education Qualification

Qualified Chartered Accountant

Relevant Work Experience

Minimum 8 -12 years of experience in a similar role in Big 4 firm or BSE30 company, expert in Ind AS accounting. Well versed in spoken English and hands on in MS Powerpoint, MS Word and MS Excel, Project management skills and ability of multi-tasking during pressing situations