Organizational Structure and Key Responsibilities

The principal functions of the departments and units operating under the Financial Affairs Management are outlined below.

Financial Affairs Advisor

Anti-Money Laundering (AML) Working Group Secretariat

Responsibilities include:

• Coordinating with the Secretariat of the Supreme Anti-Money Laundering Council.
• Implementing obligations stipulated under anti-money laundering legislation, including the preparation and issuance of directives and circulars.
• Monitoring the establishment and effectiveness of internal control systems and evaluating procedures for detecting suspicious transactions.
• Preparing and implementing annual AML compliance programs.
• Receiving, reviewing, and reporting suspicious transaction reports submitted by customers, employees, and financial software systems.
• Monitoring the national AML reporting system and taking necessary action on uploaded directives and instructions.
• Supervising employee training programs related to AML laws and detection methods.
• Maintaining physical records of financial transactions and customer identification documents related to the sale of goods and services.
• Responding to inquiries from independent auditors and statutory inspectors during financial audits.
• Responding to correspondence and inquiries from the Supreme Audit Court.

Other Responsibilities

• Representing Financial Affairs in the Administrative Integrity and Anti-Corruption Working Group and responding to related inquiries.
• Representing Financial Affairs in Organizational Excellence initiatives.
• Handling correspondence related to corporate social responsibility (CSR) activities within the oil industry and other related matters.

Contract Finance Affairs

Responsibilities include:

• Securing financing from domestic and international sources.
• Calculating and monitoring financing costs associated with obtained facilities.
• Preparing accounting entries related to financing arrangements and communicating them to beneficiary companies.
• Managing the issuance and control of participation bonds.
• Corresponding with banking institutions regarding financing arrangements.
• Preparing reconciliations with related companies, including NICO and Persian Gulf Star Oil Company.
• Preparing financial statement disclosures related to financing activities.
• Reviewing foreign exchange transactions associated with financing and repayments.

Financial Information Technology and Computer Services

Responsibilities include:

• Supporting NIORDC's integrated financial management system.
• Designing and implementing new software subsystems required by Financial Affairs.
• Developing interfaces between financial systems and external systems, including banks, NIOC, and government platforms.
• Managing and maintaining the Financial Affairs internal network.
• Obtaining necessary software certifications and regulatory approvals.
• Supporting financial operations such as budget allocation and bank reconciliation processes.
• Exchanging financial information with the National Iranian Oil Company.
• Supporting treasury operations through government financial platforms.
• Configuring access to government electronic systems.
• Performing regular backups of all financial information and databases.

Central Accounting Department

The Central Accounting Department performs its duties through the Document Review Unit, Contract Affairs Unit, Financial and Consolidated Accounting Division, General Accounting Division, Tax Affairs Unit, Treasury Unit, and Employee Accounting Unit.

Document Review and Contract Accounting

Key responsibilities include:

• Reviewing payment documents related to operating expenses and contracts.
• Examining contractor payments and maintaining contract accounting records.
• Verifying supporting documentation, approvals, tax compliance, procurement regulations, and authorized signatures.
• Recording and reporting transactions through the seasonal tax reporting system.
• Reviewing financial aspects of draft contracts.
• Examining employee mission expenses, medical expenses, educational incentives, and employee welfare costs.
• Coordinating with the Social Security Organization and obtaining clearance certificates.
• Registering contracts with tax authorities.
• Handling matters related to the Government Electronic Procurement System (SETAD).
• Maintaining records of incoming and outgoing documents.

Financial and Consolidated Accounting Division

Responsibilities include:

• Supervising the preparation and maintenance of statutory accounting records.
• Reviewing and approving financial reports.
• Preparing consolidated financial statements for NIORDC and its subsidiaries.
• Coordinating with internal auditors, independent auditors, statutory inspectors, and oversight bodies.
• Maintaining corporate information in government financial reporting systems.
• Obtaining confirmations of receivables and payables from counterparties.
• Monitoring and improving internal control systems.

Financial Accounting

Responsibilities include:

• Preparing consolidated and standalone financial statements.
• Preparing interim financial reports.
• Submitting audited financial statements to relevant authorities.
• Responding to inquiries from supervisory and regulatory bodies.
• Managing intercompany accounts and transactions.
• Monitoring outstanding and long-term balances.
• Preparing management reports on receivables, liabilities, revenues, and expenditures.
• Recording accounting transactions and maintaining statutory books.
• Reporting information through government financial reporting systems.
• Recording government dividend payments.
• Preparing settlement reports related to crude oil and condensate feedstock purchases.

Petroleum Accounting

Responsibilities include:

• Preparing reports on crude oil, condensate, aviation fuel, and petroleum product deliveries.
• Preparing subsidy-related reports as required by law.
• Calculating VAT and associated charges related to petroleum product sales.
• Preparing reports concerning vacuum bottom exchange transactions.
• Reconciling production, delivery, and inventory balances.
• Managing accounting related to transactions with petrochemical companies.
• Reviewing feedstock sales contracts.
• Preparing management service agreements with refining and distribution companies.
• Preparing import and export reports.
• Reporting crude oil and condensate purchases.
• Preparing petroleum inventory reports.
• Producing management reports regarding receivables and liabilities with refining companies.

Tax Affairs

Responsibilities include:

• Preparing and submitting annual corporate income tax returns.
• Preparing and filing quarterly VAT returns.
• Managing tax assessments and official tax notices.
• Preparing tax defense documentation and representing the Company in tax proceedings.
• Reporting purchases and sales transactions in accordance with tax regulations.
• Coordinating with tax authorities during tax audits and reviews.
• Monitoring tax matters relating to subsidiary companies.
• Responding to tax-related inquiries from relevant authorities.

General Accounting Division

Responsibilities include:

• Supervising collection of domestic and export sales revenues.
• Monitoring company bank account balances.
• Controlling all company payments and cash disbursements.
• Approving domestic and foreign currency payments.
• Supervising payroll and other employee payments.
• Signing treasury-issued checks.
• Ensuring accurate recording of accounting transactions.

Treasury Department

Responsibilities include:

• Issuing checks and payment receipts.
• Maintaining bank guarantees, promissory notes, and certified checks.
• Preparing treasury account reconciliations.
• Performing bank reconciliations for foreign currency and local currency accounts.
• Managing contract records and documentation.
• Archiving and scanning payment documents.
• Processing cash payments and check deliveries.
• Managing foreign currency receipts and payments.
• Administering foreign exchange transactions and travel advances.
• Managing authorized bank signatory arrangements.
• Opening and closing joint bank accounts with contractors.
• Following up on collection of receivables.
• Implementing electronic treasury and banking systems.
• Managing treasury correspondence with government entities.
• Preparing daily cash flow and treasury reports.

Employee Accounting

Responsibilities include:

• Processing payroll and employee benefits information.
• Issuing salary-related payment documents.
• Reconciling payroll accounts.
• Preparing foreign mission payment documentation.
• Preparing intercompany notices.
• Responding to auditors and oversight organizations.
• Reporting payroll taxes and social security obligations.
• Reporting compensation information to government authorities.

Budget and Cost Control Department

Consolidated Budget and Cost Control

Responsibilities include:

• Preparing NIORDC and subsidiary budget proposals.
• Preparing proposed budget provisions for annual budget legislation.
• Revising approved budgets.
• Communicating approved budgets to subsidiary companies.
• Preparing reports comparing budgeted and actual performance.
• Calculating service fees payable by refining companies.
• Preparing financial statement disclosures related to budget performance.
• Managing requests for special budget allocations.
• Supporting responses to oversight authorities regarding budget execution.

Financial Resource Allocation and Funding

Responsibilities include:

• Managing funding requirements related to pension funds and employee welfare organizations.
• Providing operational and capital funding to subsidiary companies.
• Monitoring financial resources and expenditures.
• Preparing daily reports on revenues, expenditures, and subsidy-related transactions.
• Monitoring capital expenditures and investment projects.
• Managing financing obtained from domestic and international lenders.
• Preparing financing-related disclosures and management reports.
• Coordinating capital project funding and allocations.

Asset Control

Responsibilities include:

• Recording and maintaining company assets.
• Investigating and resolving asset discrepancies.
• Organizing assets by cost center.
• Issuing asset identification labels.
• Processing disposal and retirement of fixed assets.

Current Budget and Cost Control

Responsibilities include:

• Preparing annual and revised budgets.
• Allocating approved budgets among departments.
• Monitoring expenditures against budgets.
• Reviewing and approving funding requests.
• Providing budget performance reports.
• Funding employee-related expenditures and operational expenses.
• Supporting procurement funding requirements.
• Preparing cost and profitability reports.
• Preparing financial statement disclosures.

Financial Procedures and Regulations Coordination

Financial Procedures

Responsibilities include:

• Developing and updating financial procedures in accordance with accounting standards.
• Reviewing and proposing new financial regulations and instructions.
• Updating financial manuals and procedures based on regulatory changes.
• Communicating financial procedures and regulations to subsidiary companies.

Financial Regulations Coordination

Responsibilities include:

• Reviewing financial regulations, procedures, and accounting systems.
• Maintaining a comprehensive repository of financial regulations and Board resolutions.
• Developing short-term and long-term plans for improving financial systems and procedures.
• Incorporating industry best practices and approved recommendations into financial processes.