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  • Finance Entity Profile Jan 13

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    AkbarPurnomo
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    Finance Division is a supporting entity with the mission of supporting management and other entities in achieving the company's objectives. The main objective of Finance is Safe guarding company's asset, interest and operation. There are several main functions done by Finance entity: 1. Cash Management Perform cash management with the objective of minimizing balance cash on hand.

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    Finance Division is a supporting entity with the mission of supporting management and other entities in achieving the company's objectives. The main objective of Finance is Safe guarding company's asset, interest and operation. There are several main functions done by Finance entity: 1. Cash Management Perform cash management with the objective of minimizing balance cash on hand.

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    © All Rights Reserved
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    26 views5 pages

    Finance Entity Profile Jan 13

    Uploaded by

    AkbarPurnomo
    Finance Division is a supporting entity with the mission of supporting management and other entities in achieving the company's objectives. The main objective of Finance is Safe guarding company's asset, interest and operation. There are several main functions done by Finance entity: 1. Cash Management Perform cash management with the objective of minimizing balance cash on hand.

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    © All Rights Reserved
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    of 5

    FINANCEENTITYPROFILE

    FinanceDivisionisasupportingentitywiththemissionofsupportingManagementandotherentitiesin
    achievingtheCompanysobjectivesbyprovidingdata,adviceandassistanceintheareasofBudgeting,
    CostControlling,Reporting,Accounting,Taxation,Treasury,InternalControlandInsurance.
    Inadditiontotheabovemission,bydelegationoftheDG,Financeisanentityguaranteeinginternal
    controlinthecompany.
    ThemainobjectiveofFinanceDivisionisSafeguardingcompanysasset,interestandoperation.

    Inordertoachievethemainobjectiveabove,thereareseveralmainfunctionsdonebyFinanceentity:
    1. CashManagement
    Performcashmanagementwiththeobjectiveofminimizingbalancecashonhandtoavoid
    opportunitylossbymatchingbetweenCashIn(Partner,3
    rd
    partyandinternal)versusCashOut
    (Internal,3
    rd
    partyandGovernmentofIndonesia).

    2. Accounting
    Thereare2subfunctionsperformedwithinAccountingfunction:
    a. Invoiceprocessingfunctionwiththeobjectivetoensurecommercialandtaxinvoicerelated
    tomaterialandserviceprocurementaretreatedproperlyandprocessedaccordingto
    contractualterm.
    b. Bookkeepingfunctionwiththeobjectivetoensurethataccountingrecordsaremaintained
    andkepttrueinaccordancewithGenerallyAcceptedAccountingPrinciplesusedinthe
    internationalPetroleumIndustry,PSC/JOAobligations,IFRSandUSGAAPaswellasensuring
    theaccuracyandtimelinessofAccountingReport.

    3. Tax
    Taxfunctionwith2majorobjectives:
    a. ToensurethatCompanystaxobligationsaremetinordertopreventorminimizetax
    exposures.
    b. Toactasvocalpointforbothinternalandexternaltaxrelatedmattersincludingtaxaudit.


    4. BudgetandCostControlReporting&Analysis
    BudgetandCostControlReporting&Analysisfunctionobjectiveistoassistusersinallfinancial
    aspectsbothinDailyOperationandProjectImprovement.Thereare3subfunctionsperformed
    underBudgetandCostControlReporting&Analysis:
    a. Budgetfunctionwiththeobjectivetoelaborateandoptimizebudgettocoveralltechnical
    operationsandsupportingactivities.
    b. CostControllingfunctionwiththeobjectivetoensurethatallfinancialfiguresare100%
    reliablesothatallaspectsofoperationrunsmoothlytominimizeriskofauditfindingand
    issueswithotherrelatedparties.
    c. CostReportingfunctionwiththeobjectivetoprovidefeedbackandanalysistousersto
    enhancetheproperfollowupandefficiencyoftheiroperation.

    5. FinancialReportingtoHeadOfficeandGovernmentofIndonesia
    Ingeneral,thereare2majorstakeholdersofManagementReportproducedbyFinancialReporting
    function,externalparties(Governmentandotherparties)andHeadQuarter.
    TheobjectiveofFinanceReportingfunctionistoensurefinancialinformationiswellupdatedand
    availabletimelytoTEPIManagementaswellasHeadQuarterandexternalparties.

    6. RiskManagement
    RiskManagementfunctionobjectiveistoensurecompanysassetarewellprotectedandcontrol
    throughinsuranceservice.

    7. BusinessProcessImprovement
    Thereare3subfunctionsperformedunderBusinessProcessImprovementfunction:
    a. Controlfunctionwiththeobjectivethatinternalcontrolareperformedeffectivelyandin
    timelymannerwithintheEntityLevelControlframework.
    b. Reviewfunctionwiththeobjectivetoidentifyroomforimprovementandreviewany
    deficiencyinFinanceBusinessProcesses(MethodandProcedure)aswellasFinance
    BusinessSystem.
    c. Improvefunctionwiththeobjectivetoimplementanyimprovementidentifiedasadditional
    roomforimprovementandalsoimprovementduetoidentifieddeficiencyinFinance
    BusinessProcesses(MethodsandProcedures)aswellasFinanceBusinessSystem.


    FollowingareseveralreportsproducedbyFinanceEntity:

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