Our client requires an astute Chartered Acountant CA (SA) and ideally a BEE candidate with numerous years (10yrs +) of credible experience fulfilling a similar role, ideally in the renewable energy space which incorporates a sound commercial track record and demonstrable experience and technical skills, to be based in Cape Town as a Project CFO on a two year contract.
Our client is an Investment Consortium who requires a project CFO, to be responsible for all matters with regards to the tax, financial and accounting control for the SPV and the EPCco, ensuring the integrity of internal control and accounting information in compliance with IFRS and local FRS and maintaining the integrity of the General Ledger (GL) in order to ensure accurate reporting of the Project’s financial results.
The CFO will be responsible for managing the reporting to the consortium of the project.
The CFO will report hierarchically to the project’s CEO, as well as to the Financial Committee of the Board of Directors. The CFO will manage external accountants, if any. The CFO will be part of the SPV team, comprising in particular of a COO, an ED Officer, a Chief Technical Officer, a Legal Counsel, and other internal or external support as needed.
POSITION SPECIFICATION:
Financial Accounting and Audit
• Ensure the business transactions related to the project are maintained in the GL in full compliance with IFRS, local reporting standards and the consortiums financial policies and procedures. • Ensure the accuracy, quality and timely closing of books. • Review and approve the monthly accruals and provisions for accuracy and completeness. • Ensure the integrity of the Microsoft Dynamics GL or similar. • Manage external audit process of periodical financial statements as per directives received. • Coordinate with consultants on matters related to financial accounting and audit • Financial control of periodical financial statements
Managerial Accounting and Reporting
• Prepare cash flow forecasts on periodical basis as required by stakeholders; • Prepare periodical budgets as required by stakeholders; • Prepare periodical managerial financial reports • Prepare periodical financial analysis • Prepare relevant reports and updates as required and to the desired standard. • Ensure the maintenance (update) of the financial model, with the support of a Project Finance analyst
Managing Accounts Payable (AP) and Accounts Receivable (AR)
• Review AP and AR work and reports of AP and AR team to ensure compliance • Manage AP and AR in line with agreed SLAs. • Review invoice approval status and ensure processing timelines are being managed. • Review month end AP and AR reports – reconciliation and ageing and follow up where required. • Review and advise as appropriate on ad-hoc invoice and payment matters. • Approve third party invoices to be entered in AR ledger and required supporting documents.
Ensuring Tax Compliance
• Ensuring that Project Company reports and pays taxes as per applicable laws • Ensuring that decision makers are informed and aware of tax consequences of various business decisions • Ensuring full compliance of tax reports with applicable laws • Manage the collection of receivables from tax authorities • Coordinate in timely and proper manner issues with tax advisors in accordance with the sponsors’ tax group policy • Manage all activities and issues around external tax inspections in accordance with the sponsors’ tax group policy
Reconcile payments & bank accounts
• Review and approve the month end bank reconciliations. • Follow up on and clear reconciling items on the bank reconciliations. • Ensure bank deposits are reconciled and categorized correctly as deposit, short or long term restricted cash.
Respect and satisfy the financing’s requirements
• Report preparation according to the financial documentation • Management of drawdown process • Update of financial model • Other requirement from lenders that need to be addressed
Maintain relations with stakeholders
• Maintain ongoing coordination and build relationships with internal and external stakeholders in order to ensure that all project finance, tax, accounting and reporting requirements are met timely and effectively.
Governance
• Organize the project governance / Corporate Secretary (Steerco, board meeting and audit and finance committees to be prepared by the Finance Manager) • Ensure the adherence to the Shareholders’ agreement and delegation of authority • Ensure the fulfilment of all lenders information and other compliance requirements • Ensure the adherence to the restriction of the financing documents and project company SHA
Interested applicants to please send your CV and ID document plus supporting documentation to operations@asearch.co.za