Title: Controller (WORD version)
Industry: Petroleum
Function: Accounting & Finance
| Value-Added Results | Performance Standards |
| Timely and accurate financial information | • SEC and statutory reporting and audits are filed on time.
• External auditors issue clean opinions, except when there is an accounting change. • New budgeting and consolidation package is selected and implemented by year end. • Cash flow projections by country are provided. |
| Paid bills | • Invoices are paid within 30 days.
• Discounts are taken or early payment whenever possible. • Appropriate use/sales tax is paid. • Payments are in compliance with procedure. |
| Useful financial reporting systems | • Y2K compliance is completed by year-end. Exceeds = 6/20XX.
• No downtime during monthly closing cycle. |
| Consistent company-wide accounting policies | • New accounting policies and practices are agreed to by all unit controllers, relevant corporate accounting managers and are in compliance with GAAP.
• Any differentiation from the norm is for a business reason and agreed to by the Controller. |
| Effective system of internal controls | • External audit firm finds no internal control weaknesses to report to the audit committee.
• Internal auditing reports show no significant weaknesses in internal controls. |
| Changes to corporate culture
|
• All officers agree to a measurable/verifiable definition of a "changed corporate culture" by 6/20XX.
• Baseline data for these measures is collected by 12/9X. • All officers agree to a measurable/verifiable definition of a "diverse work force" by 6/20XX. • Baseline data for these measures is collected by 12/9X. |
| Improved employee "bench strength" | • All key positions in accounting have qualified replacements identified and a development plan in place.
• X individuals are rotated between units and accounting departments. |
| Strategic plan | • CEO, CFO and Board are satisfied that the plan:
• Covers a 5-year time frame and contains assumptions and implications that look forward 10 years. • Defines reasonable goals and business objectives with which they agree, and which are justified with data. • Actual implementation matches the plan. • If changes are required due to failed strategies, they are noticed and learned from early rather than after the Company has invested more money in the error. |
| Consistent new corporate policies/practices | • New policies/practices are agreed to by all executives and are consistent unless the CEO and CFO finds a business reason for differentiation. |
| Collaborative strategic decisions
|
• CEO and CFO are satisfied that input from all relevant players was sought out for all strategic decisions.
• CEO and CFO are satisfied that accounting provides accurate and well researched input on the accounting. |
| Motivated and productive employees | • CEO is satisfied that:
• All employees continuously know how they’re doing compared to their standards. • All employees receive written documentation of their performance. • Employees offer alternative plans in response to negative results. • A reward and recognition system is being used. • Successes are celebrated. • Merit salary increases are differentiated based on performance. • Surveyed employees say: • They understand their role in achieving these goals. • They understand specifically what their supervisor expects of them. • They continuously understand how well they are performing and where they need to improve. • They have the necessary tools and resources to accomplish their work. Where they do not have what they need, they understand why. • They have the skills and knowledge they need to do their jobs or a plan to obtain them. • Their good performances are acknowledged and appreciated. |