Team Member - Group Consolidation

Job description

Division Finance Department Corporate Finance Sub Department Accounting Job Purpose Ensure compliance with Indian Accounting Standards, Companies Act, and SEBI reporting requirements for Cipla India.Lead the compilation, review, and audit of Cipla India standalone financial statements.Support monthly and periodic account closures, monitor closing activities, and review accounting processes and controls.Coordinate Controller Forum activities and track action items.Liaise with the SAP team on SAP FI-related matters.Ensure compliance with FSCP controls, internal audits, and statutory audit requirements.Drive automation initiatives for balance sheet analytics.Monitor related-party transactions, ensuring requisite approvals and threshold compliance.Prepare and review quarterly schedules for fixed assets, CWIP, intangible assets, impairment assessments, post-closing entries, and scorecards.Coordinate with statutory auditors and cross-functional teams (Tax, Compliance, etc.) to support quarterly reviews, year-end audits, and query resolution. Key Accountabilities (1/6) Ensure standardisation of closing calendar and design templates and drive evaluation of SAGA Group financials for BSR review to ensure accurate trial balance. • 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 time. • Improve the rigor of Balance sheet review (BSR) and target automation to improve the same. • Review Trial balance and do analysis of GL to ensure accuracy. Key Accountabilities (2/6) Prepare monthly and quarterly standalone financials in the relevant reporting format as per Statutory Standards for review and presentation to Management • Collate data and workings required for Financial Statements. • Prepare various schedules like Property, Plant & Equipment, Capital Work in Progress, Investment Property, Intangible Asset under Development etc and reconciliations of them with financials. • Compile data for elimination & related party disclosures. • Compile the variance analysis for major heads of expenses to check on major deviations. • Update and check data entered into the prevailing filing format. • Review schedules and carry out analytical review. Key Accountabilities (3/6) 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. • 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 the data from other stakeholders • Consolidate manuscripts from different contributing teams • Proofread data against manuscripts, discuss with parallel teams and accommodate suggestions • Liaise with printer for incorporation of changes and correction of errors Key Accountabilities (4/6) Drive automation of various reports and activities to bring in system • Take initiative to contribute towards improvisation of system functions • Suggest changes/modifications to SAP and other reporting formats Mentor accountants to resolve accounting queries and guide them to achieve standard practices and processes • Assist accountants to resolve queries on accounting • Guide and help to standardize formats and reconciliations on a timely basis Key Accountabilities (5/6) 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 Partner With Corporate Functions • Accounting guidance on business transactions • Financial Controls review and implementation of financial controls /processes Key Accountabilities (6/6) 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. • Prepare annual calendar for controller forum. • Ensure cross-functional support to close out on action points Handling related party tool & reporting • Co-ordination with CS team for addition of new related parties, deletion of existing related parties etc. • Co-ordination with tax team for maintaining new approvals, changes in existing approvals, monitoring utilization against existing approvals, ratification cases if any. • Preparing reports for half year stock exchange filing Major Challenges Manual Excel based working – Not all data is currently being extracted directly from any system. Overcome by – New tool implemented to avoid manual intervention to collate the data. Related party transaction reporting tools is being implemented Recurring revisions – Data compiled is subject to constant revisions. Overcome by – Numbers tracking is done in new tool; person is responsible to monitor the changes with the help of new system and ensure that proper audit trail maintained into the system. Compiling data from different sources and formats – Data that needs to be compiled from different sources can be a challenge due to different formats and varied timelines. Overcome by – Standardization of the report is done in the new system. New person shall ensure that standard process as per new design is followed by multiple stakeholders across geographies with different time zone. 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 • Accounts payable (FSS) / Commercial