AES Corporation is a Fortune 250 electricity generation and distribution company with 150 operations in 29 countries generation $16 billion in revenue.Responsible for redesigning, improving, and managing the Company’s 300+ person world-wide accounting organization’s assessment of accounting matters, policies, and processes regarding historical and prospective accounting and reporting matters.
·Management, coordination, and review of 300+ internal accountants located throughout 29 countries as well as external auditors and consultants throughout the restatement process at The AES Corporation for 2,500+ accounting assessments from 1995 to 2004, resulting in 75+ material errors and restatement of public consolidated financial statements.
·Reorganized, trained, and managed local and international accounting and finance professionals (300+) at The AES Corporation to improve efficiency, relevancy, and accuracy of accounting assessments and disclosures for historical and prospective transactions; GAAP knowledge; policies, procedures, and processes; financial controls and SOX remediation; and intra- and inter-departmental communications and cooperation. Implemented technology based solutions to achieve improvements.
Experience Highlights at The AES Corporation
·Re-designed and managed AES’s monthly, quarterly, and annual procedures and policies. Responsible for the oversight of 7 directors and 3 managers: 4 corporate regional directors (North America, South America, Asia/Middle East, Europe/Africa); director of SEC reporting; director of policy; director of mergers/acquisitions; 2 technical accounting managers; and 1 derivatives senior manager.Quarterly work load not limited to the following:
oManagement, review, and documentation of 80-100 material accounting matters;
oQuarterly SEC filings and 8-K matters for AES and 5 subsidiary registrants;
oPrioritization, review, and training of 5-10 policies;
oOversight and due diligence of 15-25 proposed mergers/acquisitions;
oReview of accounting controls;
o3-5 training seminars, and
oImplementation of new accounting standards.
·Technical liaison to the board of directors, audit committee, external auditors and regulatory agencies responsible for providing written and oral communications regarding all material accounting and disclosure matters.
·Developed and managed the corporate Disclosure Committee policy, procedures and processes by simultaneously enhancing and streamlining the communications among the following divisions:Treasury, Internal Audit, SOX, Legal, Business Development, Tax, Investor Relations, Risk Management and Accounting.
·Training of 300+ business global accountants regarding US GAAP and SEC reporting issues including development and management of monthly web-ex sessions in 29 countries, development of on-line training models, curriculum development and presentation at quarterly AES Financial Leadership programs at the University of Virginia’s Darden School of Business, and curriculum development and presentation at AES’s Annual Global Finance and Accounting conferences.
·Evaluation of internal controls for SOX including determination of material weaknesses and significant deficiencies and development and implementation of remediation plans in areas including accounting for derivatives, contract analysis, and foreign currency accounting.
·Centralized management of monthly accounting for derivatives and hedging activities improving record keeping and documentation, policy, valuations, and consolidation for 200+ derivative transactions.
·Key advisor to Chief Accounting Officer in determining direction of the Accounting organization including personnel policy, hiring, organizational structure, departmental goals, special projects, personnel development, and process and procedure improvements, all with an emphasis on enhanced service levels and efficiencies.
·Technical accounting analysis and policy on complex issues related to historic and prospective transactions include: revenue recognition, commodity & financial derivatives and hedges including embedded derivatives, foreign currency accounting, business purchase combinations, corporate and subsidiary financings including troubled debt financings, discontinued operations, stock-based compensation, consolidation analysis, capital and operating leases, investments in debt and equity securities, impairment analysis, pension and OPEB, sale of real estate, subsidiary capital transactions, asset retirement obligations, earnings per share, segment reporting, fair value accounting and valuations, capitalization of property/software/interest, cost and equity method investments, cost associated with exit or disposal activities, accounting for servicing financial assets, accounting for changes and errors, contingencies, income taxes, non-controlling interest, R&D, and regulatory accounting.