Pojects provided by WOOLSTREET:
LEADING GLOBAL ENRGY SOLUTION PLC
Creation of the EMEA Internal Audit Department & EMEA+APAC SOX implementation
CLIENT PROFILE AND SITUATION
– Global leader in stored energy solutions for industrial applications with a turnover of more than USD 2 bn
– Company was present globally with 15+ manufacturing sites worldwide and more than 5 000 employees
– As the client had just started to be quoted on NYSE, 2 requirements became very urgent:
– Company was present globally with 15+ manufacturing sites worldwide and more than 5 000 employees
– As the client had just started to be quoted on NYSE, 2 requirements became very urgent:
– to be SOX compliant
– to create an Internal Audit department
– I was hired to cover above mentioned tasks for EMEA region – 6 production Facilities dispersed all over Europe
– later I was asked to temporarily cover also APAC region – Singapore, Australia, China, Japan – 3 production facilities
FINDINGS
– lack of SOX methodology, evidence, planning
– Corporate governance culture – very weak
– lack of Internal Audit methodology, staff, planning
– Internal controls sytem were not standarised and very weak, lack of control testing and evidence system
– Building Internal Audit dep’t from scratch, based on the risk based approach
– Hiring the necessary staff (5 persosn for EMEA), organising audit methodology, audit visits plans and the budget
– Corporate governance culture – very weak
– lack of Internal Audit methodology, staff, planning
– Internal controls sytem were not standarised and very weak, lack of control testing and evidence system
– Building Internal Audit dep’t from scratch, based on the risk based approach
– Hiring the necessary staff (5 persosn for EMEA), organising audit methodology, audit visits plans and the budget
SOLUTIONS IMPLEMENTED
– building a SOX implementation plan and hiring the team of 6 control improvement managers
– creation of the repository system to store all processes desctriptions walk-throughs, and control results
– close cooperation with local controllers, making the training sessions for all involved staff, to ensure they know how to describe and walk-through systems and check if the control is effective
– controls standarisation and simplification, to reduce their number, and make them easer to manage
– creation of the repository system to store all processes desctriptions walk-throughs, and control results
– close cooperation with local controllers, making the training sessions for all involved staff, to ensure they know how to describe and walk-through systems and check if the control is effective
– controls standarisation and simplification, to reduce their number, and make them easer to manage
BUSINESS IMPACT - KEY BENEFITS
– significant simplification of the processes and the control system,
– 35% of the primary controls reduction resulted in costs savings (less controls to test and lower risk to fail)
– succesful SOX implementation – no material weaknesses have been found by E&Y
– reduction of the SOX budget by 500kUSD
– creation of the control culture in whole company
– creation of the fully working Internal Audit Department with methodolofy, budget, planning anf the qualified staff
– 35% of the primary controls reduction resulted in costs savings (less controls to test and lower risk to fail)
– succesful SOX implementation – no material weaknesses have been found by E&Y
– reduction of the SOX budget by 500kUSD
– creation of the control culture in whole company
– creation of the fully working Internal Audit Department with methodolofy, budget, planning anf the qualified staff
Global hospitality and tourism company
Crisis managemnt – Middle East Regional CFO replacement (Dubai & Oman)
CLIENT PROFILE AND SITUATION
– leading Destination Management Company managing nearly 50 destination in 20 countries. Part of the top European tour operator. (qouted on German Stock Exchange)
– prior regional CFO from Middle East had left the compnay, as a result of his errors materially impacting in the company bottom line
– Hired to:
– Manage all finance aspects of the organisation in the Middle East,
– Review and reorganize all the processes within the company, and bring back the proper controlling function in the GCC countries
– prior regional CFO from Middle East had left the compnay, as a result of his errors materially impacting in the company bottom line
– Hired to:
– Manage all finance aspects of the organisation in the Middle East,
– Review and reorganize all the processes within the company, and bring back the proper controlling function in the GCC countries
FINDINGS
– qualified Audit Report for prior Year
– 5 months of delay in booking of the purchase invoices, (knowing the average quantity of 15k invoices per month),
– lack of the control on the purchase price corectness on the invoices received
– lack of proper control in the booking system, resulting in huge errors in profitability calculation
– ineffective Accounting department, lack of proper cooperation with other departments
– delays in the budgting and forecasting, lack of the proper results analysis
– firefighting style of the treasury management
– 5 months of delay in booking of the purchase invoices, (knowing the average quantity of 15k invoices per month),
– lack of the control on the purchase price corectness on the invoices received
– lack of proper control in the booking system, resulting in huge errors in profitability calculation
– ineffective Accounting department, lack of proper cooperation with other departments
– delays in the budgting and forecasting, lack of the proper results analysis
– firefighting style of the treasury management
SOLUTIONS IMPLEMENTED
– implementation of the effective processes and systems in accoutning system
– intensive training for the existing accounting /finance staff, to ensure top effectiveness
– creation new data processing team, to ensure proper critical data mainenance
– creation of the new procedures and staff to discuss discrepancies with hotel providers
– claning all TB balances before the auditor visit, to ensure no surprises on the Audit
– cooperation of accounting and Finance with all the departments , to ensure smooth work
– implemenation of the proper cash managment planning system
– intensive training for the existing accounting /finance staff, to ensure top effectiveness
– creation new data processing team, to ensure proper critical data mainenance
– creation of the new procedures and staff to discuss discrepancies with hotel providers
– claning all TB balances before the auditor visit, to ensure no surprises on the Audit
– cooperation of accounting and Finance with all the departments , to ensure smooth work
– implemenation of the proper cash managment planning system
BUSINESS IMPACT - KEY BENEFITS
– Built high performing teams of Accounting and Data Processing departments from scratch to ensure proper verification of the hotel invoices before payment which saved around 3m USD in one year only,
– Ensured main reservation IT system is back into its functionality, which saved another +1mUSD
– Implemented open and merit style of management in Accounting and Data processing department,
– Changed the methods of rewarding and staff assessment, which resulted in increased productivity and delays reductions, and reduced the turnover of staff by 20%
– Changed the Finance Department strategy to be able more efficiently control internationally expanding business,
– Clean Audit report for Current Year
– Ensured main reservation IT system is back into its functionality, which saved another +1mUSD
– Implemented open and merit style of management in Accounting and Data processing department,
– Changed the methods of rewarding and staff assessment, which resulted in increased productivity and delays reductions, and reduced the turnover of staff by 20%
– Changed the Finance Department strategy to be able more efficiently control internationally expanding business,
– Clean Audit report for Current Year
Guarding corporation providing residential and small business security
Shared Service Center creation fom scratch in South Africa
CLIENT PROFILE AND SITUATION
– Guarding and security corporation providing residential and small business electronic security
– after many acquisitions, African busines had grown significantly, the problem was lack of cooperation between 6 offices in different cities. They all have been working in siloses, without proper cooperation
– I was hired for 10 months, to understand the cause and propose the solution
– after many acquisitions, African busines had grown significantly, the problem was lack of cooperation between 6 offices in different cities. They all have been working in siloses, without proper cooperation
– I was hired for 10 months, to understand the cause and propose the solution
FINDINGS
– lack of cooperation between the regional offices
– inefficient procedures and lack of the systems standarisation
– inefficient procedures and lack of the systems standarisation
SOLUTIONS IMPLEMENTED
– understanding of the business processes in all 6 regional offices
– preparation of the proper documentation, and testing evidence
– finding the most optimal processes, and create the SSC construction plan
– creation of the special tem dedicated to build the SSC
-“pilot project” to move the processes from one location to SSC, and verity the effectiveess
– preparation of the proper documentation, and testing evidence
– finding the most optimal processes, and create the SSC construction plan
– creation of the special tem dedicated to build the SSC
-“pilot project” to move the processes from one location to SSC, and verity the effectiveess
BUSINESS IMPACT - KEY BENEFITS
– SSC has been created
– improvement of the back offices cooperation and efficiency
– reduction of the back office staff by 20%
– improvement of the back offices cooperation and efficiency
– reduction of the back office staff by 20%
Global Subcontractor for the automotive business
Replacement of Internal Audit Manager in leading global internal audit engagments
CLIENT PROFILE AND SITUATION
– global automotive supplier, 320 manufacturing sites and R&D , in 35 countries
– I was hired to replace the Internal Audit Manager, for 9 month period.
– I was hired to replace the Internal Audit Manager, for 9 month period.
FINDINGS
– lack of proper IA procedures, planing, documentation
– old-fashioned substantial testing approach
– old-fashioned substantial testing approach
WORK DONE / SOLUTIONS IMPLEMENTED
– Led operational and financial audit engagements, managed whole team on the global Internal Audit projects (Asia, US, and Europe), presente the final repart, verified the post-audit remediation steps.
– Initiated change of the audit approach onto risk-based audits (control reliance strategy) + use of automated audit tools (ACL)
– Diagnosed the lack of standardized audit evidence. Initiated works for new Internal Audit evidence standards
– Initiated change of the audit approach onto risk-based audits (control reliance strategy) + use of automated audit tools (ACL)
– Diagnosed the lack of standardized audit evidence. Initiated works for new Internal Audit evidence standards
BUSINESS IMPACT - KEY BENEFITS
– increased amount and the gravity of audit findings (+86%)
– less disruptive and more efficient audit engemenents (reduction of the staff by 20%, and fieldwork time reduction by 10%)
– better identification of issues = better solutions implemented
– less disruptive and more efficient audit engemenents (reduction of the staff by 20%, and fieldwork time reduction by 10%)
– better identification of issues = better solutions implemented
Global Leading engineering, contracting and service company
Replacement of the existing FD in Russia & Azerbaijan to change the disfunctional finance dep’t
CLIENT PROFILE AND SITUATION
– this was in fact 2 consecutive project – each for 10 months in Russia (Moscow) and Azerbaijan (Baku), for a global US PLC,
– I have been hired to replace the fired FDs, as a result of Fraud and the lack of proper control
– for both entities there was a risk that Internal Audit may suggest to close them as a result of wrong processes and controls
– I have been hired to replace the fired FDs, as a result of Fraud and the lack of proper control
– for both entities there was a risk that Internal Audit may suggest to close them as a result of wrong processes and controls
FINDINGS
– lack of proper month closing procedures (transition from local GAAP onto US GAAP)
– significant errors in US GAAP reporting + wrong revenue recognition.
– lack of the controlling tools and procedures
– big delays in booking th invoices, and errors in book keeping evidence
– lack of proper delegation of authority and the formalised processes
– significant errors in US GAAP reporting + wrong revenue recognition.
– lack of the controlling tools and procedures
– big delays in booking th invoices, and errors in book keeping evidence
– lack of proper delegation of authority and the formalised processes
SOLUTIONS IMPLEMENTED
– Rebuilt of the local accounting dep’t and control and reporting environment in Russia and Azerbaijan from a scratch to ensure it is fast, precise, transparent and valuable to the functional users.
– Reorganized the systems, processes, and controls (sales, purchases, month-closing, payroll),
– Built and anchored a control culture in TYCO RUSSIA and CIS, by establishing solid relationships with executives and involving them in promoting internal controls, Code of Conduct and FCPA (Foreign Corrupt Practice Act),
– Reorganized the systems, processes, and controls (sales, purchases, month-closing, payroll),
– Built and anchored a control culture in TYCO RUSSIA and CIS, by establishing solid relationships with executives and involving them in promoting internal controls, Code of Conduct and FCPA (Foreign Corrupt Practice Act),
BUSINESS IMPACT - KEY BENEFITS
– both legal entities have been saved from closure (Audit report had been positive)
– reduction of the staff and increased business effifciency,
– Improved Working Capital KPIs -, AR (-$200k), Stock (-$250), standardized AP payment terms (to be 45 days)
– reduction of the staff and increased business effifciency,
– Improved Working Capital KPIs -, AR (-$200k), Stock (-$250), standardized AP payment terms (to be 45 days)
Global provider of IT personnel outsourcing
interim CFO for Global Operations
CLIENT PROFILE AND SITUATION
– A family company 250m USD sales – global provider of IT personnel outsourcing, started its global expansion, and reqested me to organise: accounting, reporting, treasury dep’ts as well as the optimal business processes fore foreign offices.
– project based in Dubai with 50% of global travel
– project based in Dubai with 50% of global travel
WORK DONE
– Established/developed structures of Business in China, Poland, Canada, USA, Australia, Mauritius, Dubai
– Established Global reporting packages, budgets, forecasts and the balance sheet analytical review processes
– Led ongoing continuous improvement process, change management, implementation of a new ERP system
– Changed the Finance Department strategy to be able to more efficiently control international business,
– Moved the Accounting back in-house. Created the Shared Service, serving all international entities
– Established Global reporting packages, budgets, forecasts and the balance sheet analytical review processes
– Led ongoing continuous improvement process, change management, implementation of a new ERP system
– Changed the Finance Department strategy to be able to more efficiently control international business,
– Moved the Accounting back in-house. Created the Shared Service, serving all international entities
Global insurance & reinsurance company with $1,5b+ sales
Interim Head of Finance SSC (shared services center) EMEA
CLIENT PROFILE AND SITUATION
– New SSC (Shared Services Centre) for EMEA has been established in Poland,
– I have been hired to temporarily manage all the finance functions of the SSC and control the transitioning from local Entities to the EMEA SSC
– I have been hired to temporarily manage all the finance functions of the SSC and control the transitioning from local Entities to the EMEA SSC
WORK DONE
– Documented system of accounting policies and procedures P2P, R2R, O2C, (Flow charts, documentation, testing)
– Created the new service (called Legal Entities) – providing budgeting, GL processing, monthly reporting and yearly statutory reporting for other entities all over the world – in line with US GAAP, UK, GAAP and various local GAAPs
– Supervised the transition of the proceses from EMEA legal entities to the SSC (planning and execution)
– Created and Maintained the SSC control framework
– Led big multi-site and multicultural teams, up to 200 persons staff
– Created the new service (called Legal Entities) – providing budgeting, GL processing, monthly reporting and yearly statutory reporting for other entities all over the world – in line with US GAAP, UK, GAAP and various local GAAPs
– Supervised the transition of the proceses from EMEA legal entities to the SSC (planning and execution)
– Created and Maintained the SSC control framework
– Led big multi-site and multicultural teams, up to 200 persons staff
US global PLC- provider of Fire suppression systems
CONTROL & COMPLIANCE MANAGER EMEA
CLIENT PROFILE AND SITUATION
– Hired to provide risk and control input on group and general issues as required and to promote effective compliance throughout the EMEA region (~100 Business Units).
WORK DONE
– Developed and implemented the Compliance Operational Risk Framework globally
– Developed and delivered frameworks to support global best practice standards and procedures.
– Led the SOX compliance process, to assure no material weaknesses in controls, proper process documentation, controls tests evidence, and to promote the best practices within all TYCO staff throughout the EMEA region
– Supported the business and identified systematic risks, issues and reporting improvements.
– Liaised with global Audit and the Risk & Control teams and provided expert guidance to ensure operational risk management activities are implemented in line with global standards.
– Proactively reported on current issues as well as regulatory risks for Senior Management.
– Provided detailed oversight, advice and guidance on any significant specific compliance & operations risk issues that may arise across various business lines globally.
– Developed and delivered frameworks to support global best practice standards and procedures.
– Led the SOX compliance process, to assure no material weaknesses in controls, proper process documentation, controls tests evidence, and to promote the best practices within all TYCO staff throughout the EMEA region
– Supported the business and identified systematic risks, issues and reporting improvements.
– Liaised with global Audit and the Risk & Control teams and provided expert guidance to ensure operational risk management activities are implemented in line with global standards.
– Proactively reported on current issues as well as regulatory risks for Senior Management.
– Provided detailed oversight, advice and guidance on any significant specific compliance & operations risk issues that may arise across various business lines globally.
Global Leading engineering, contracting and service company
post-acquisitions integration of the local entity to with the global US PLC
CLIENT PROFILE AND SITUATION
– the local distributor in Turkey has just been acquired and my role was to ensure smooth and quick integration with the golobal structures
WORK DONE
– analysis of the accounting and finance process in the target company – to optimise the future dep’t structure and processes
– preparation of the integration plans (accounting and reporting software,business processes, staff)
– integrating the processes in a target company (software (SAP and HFM) implementation, staff training, processes reorganisation)
– ensuring smooth transtion process.
– verification of the processes after integration complete
– preparation of the integration plans (accounting and reporting software,business processes, staff)
– integrating the processes in a target company (software (SAP and HFM) implementation, staff training, processes reorganisation)
– ensuring smooth transtion process.
– verification of the processes after integration complete
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