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PROFESSIONAL QUALIFICATIONS SUMMARY

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  • 1. PETER EDWARD WELCH PeterWelch@ContractualCFO.Com Mobile: 703-609-9306 116 Galway Dr. Apt. 206 Office: 1-800-976-2236 Mooresville, NC 28117 Fax: 1-866-509-2570 SENIOR LEVEL INTERNATIONAL ACCOUNTING & FINANCE CONSULTANT– TRAINING AND EDUCATION – SOX 404 – IFRS/IAS TRAINING ERP SYSTEMS IMPLEMENTATION/FUNCTIONAL CONSULTING PROCESS REENGINEER EDUCATION Graduate Student, Online Program {MS—Taxation: Bentley College, Massachusetts} MS—Finance, (Distinction): Bentley College, Massachusetts, 1988 ACCA (Equivalent to BS-Accounting and CPA), London, UK, 1979 EMPLOYMENT CHRONOLOGY 2001-Present ContractualCFO Inc. and SoxInternational Inc.—Accounting/Financial Consultant— Mr. Welch’s expertise in areas such as accounting, auditing and finance enabled him, as President and Founder, to build and manage a successful independent consulting firm specializing in Sox404, organizational restructuring, process engineering, IT solutions design and projects management, training, and interim executive services for startup to medium-sized enterprises operating in a wide range of industries. Consulting assignments include: • Metromedia International Group, Inc. Project Consultant—Assigned to a team responsible for developing (Sarbanes-Oxley) Sox 404, completing testing phase (Order to Pay and Business Insurance cycle), and managing all supporting documentation. • Bearing Point, Inc, Consultant (Revenue-Recognition Project)—Assigned to a team responsible for auditing Bearing Point client(s) contract binders. • NII Holdings, Inc. (Nextel International) Treasury Consultant—Developed Corporate Treasury pre- implementation fit-gap documentation binder and Visio process flow analysis. • Baxter International, Inc., Polaroid Corporation and Ascential Software (Sarbanes-Oxley 404 Consultant/Auditor)—Responsible for analyzing and documenting all existing internal controls and procedures, and identifying any internal-control weaknesses in the areas of: Revenue (Order to Cash); Accounts Receivables and Cash Collections; Consolidations, Financial Statement Closing process; and Legal Litigation Issues and Accruals and Liabilities (including systems related internal controls; J.D Edwards and SAP/Hyperion Consolidations reporting package direct upload/interface). Team-leader (Ascential Software) for the Order-to-Cash SOX 404 testing phase, developed audit program, identified test samples and documented results. • USAID Projects: Tbilisi, Georgia (2002) and Bosnia-Herzegovina (2003)—Contracted to develop/instructionally design international accounting, IAS-based material, in support of (UK) ACCA (CPA) final-level and assess financial sustainability of local Georgian program/local standard-setting (GFPAA) institution. Also contracted to guide the development of process reengineering/information mapping within the local Public-sector Municipalities (Republic of Srpska) under the Local Government Support Activities program. 1
  • 2. 1993-2001 Independent Consultant and Entrepreneur. Key consulting assignments: • Nobel Limited—Interim CFO—Mr. Welch’s was retained to create a finance organization; establish all controls, processes, analysis models, budgets and reporting procedures; negotiate a line of credit with an ACH facility, and design the company’s treasury/cash management model. • FedEx International (Europe, Middle East and Africa), Dubai U.A.E.—Financial Planning and Analysis Manager. 1998.1999 PeopleSoft, Inc.—Professional Services Senior Consultant/Senior Curriculum Developer—Mr. Welch contributed as a member of engagement teams (fit gap analyses and led presentation on activity-based management to the CFO and other key executives of a major manufacturing company). Led portions of sales presentations/demos, consulted with internal customers in application development/refinement Created the educational curriculum for the Treasury/EPM Analytical Applications (FTP and risk weighted capital). 1988-1993 Paul Revere Insurance Group—Actuarial (Financial Products) Division Controller and Director of Investment Accounting—Mr. Welch led a team of five cross-functional managers/supervisors, delivered critical financial information to the Portfolio Managers (fixed income, equity, real estate and mortgage portfolios). Developed Asset-Liability Management Analysis utilizing a Profit-Testing model and SAS. Managed fit-gap analysis and Request for Proposal (RFP) for conversion to an advanced Investment Management (PAM) Software. 1987-1988 Schooner (Venture) Capital—Director of Accounting 1982-1987 John Hancock Mutual Life Insurance Company—Senior Manager/Research TEACHING EXPERIENCE Golden Gate University, San Francisco New Hampshire College, U.S. Naval Station, Ceiba, Puerto Rico; Dubai, UAE • Instructor for professionals in the accelerated MBA program and students in graduate and undergraduate programs; • Taught courses in Finance and Accounting: Entrepreneurial Management, Investment Basics; • Valuation Concepts, Fixed Income and Equities, Capital Structure and Risk Management, Management; • Forensic Accounting/Activity-Based Costing and Cost Behavior analysis. PROFESSIONAL ORGANIZATIONS • Financial Executive Networking Group, Chair of International sub-group; • Financial Executive International; • Institute of Internal Auditors 2
  • 3. PROFESSIONAL QUALIFICATIONS SUMMARY A dual U.S. and British/EU citizen, Peter Welch is a highly experienced analyst, financial manager, senior consultant/project manager, entrepreneur, accountant and auditor as well as part-time Accounting College Professor (adjunct faculty). His 25 years of experience spans assisting organizations with multi-billion dollar budgets to small start-ups implementing changes to financial systems (i.e., establishment of benchmarks). Mr. Welch has expertise in process reengineering/information-flow mapping and curriculum design; he was dispatched to Tbilisi, Georgia (2002) on a USAID project to develop international accounting, IAS-based material, in support of (UK) ACCA (CPA) final-level examinations. His report was employed for formulating academic development options within the Commonwealth of Independent States. Using benchmarking/other criteria, his paper focused on the extent to which local Self-Regulating Organizations (SRO) would continue to need USAID assistance. The paper discussed the appropriateness of using a UK (Chartered Certified Accountants) model within the CIS given the infancy of the local economy. Mr. Welch’s business acumen was called upon to assess the financial sustainability of the local Georgian accounting program/local standard-setting (GFPAA) institution. The Development Associates implemented project was intended to capture the gains of an earlier USAID initiative that focused on the education of the local business owners as well as establishing a foundation to build a professional accounting body. Mr. Welch’s www.ContractualCFO.Com is one of the few firms that offer training in the area of IAS/IFRS. In Brcko, Bosnia-Herzegovina (2003), he was again contracted by USAID to guide the development of process reengineering/information-flow mapping in support of the Local Government Support Activities program. In 2004, as a spin-off from CCFO, he launched Sox International Inc., (www.SoxInternational.com) to address Section 404 auditing compliance (internal controls) for U.S. corporations—specifically those with overseas subsidiaries/operations. He has taught graduate/undergraduate level Accounting and Finance at the University of Southern New Hampshire and Golden Gate University, California. Mr. Welch has taught accounting in Dubai (UAE) and Egypt (Cairo). His teaching focused on the fundamentals of accounting theory, the economic-analysis of businesses and the criticalness of financial transparency with respect to capital sources and the investor community. He was trained and educated as an Accountant in England and has a U.S. Masters Degree in Finance, graduating with distinction. Mr. Welch’s background includes a period working for the British Diplomatic Corp., at the Foreign and Commonwealth Offices in London. He has worked in Bermuda, Puerto Rico, Egypt, United Arab Emirates, Georgia and Bosnia as well as Japan and India. He is an active member of the Financial Executives Network Group (FENG) and is Chair of the International Special Interest Group within the FENG and also a member of the Financial Executives International (FEI). OTHER RELEVANT INFORMATION (E.G., PUBLICATIONS) • USAID final paper, delivered to the U.S. Embassy, was used during a subsequent meeting in Tashkent, Capital of Uzbekistan, discussing accounting developments within the former Soviet Union countries. Using benchmarking/other criteria, this paper focused on the extent to which local Self-Regulating Organizations (SRO) would continue to need USAID assistance. The paper discussed the appropriateness of using a UK (Chartered Certified Accountants) model within the Commonwealth of Independent States (CIS) given the infancy of the local economy. • Interviewed for the January/February 2006 cover story for Canada’s Certified General Accountants Magazine. The article discusses the Canadian movement towards implementing effective internal controls over financial reporting. 3
  • 4. • Interviewed for the July 2006 issue of Strategic Finance (Institute of Management Accountants) magazine. The article (COSO at a Crossroad) discusses that The Committee of Sponsoring Organizations of the Treadway Commission (COSO) labored long and hard to produce its Enterprise Risk Management Integrated Framework, but is this model at risk of being shunted aside by nimbler, more popular competitors. • Partnered with Global Extend Financial Services to develop opportunities in the Asian market from providing the core accounting and financial management system to sophisticated financial processes consulting in Japan to the training and development of accounting capabilities in China. • In 2004 launched Sox International Inc., a corporation created to address Sarbanes-Oxley, Section 404, auditing compliance (internal controls) for U.S. corporations, specifically those with overseas subsidiaries/operations. Date Location Company Position Description 2007 USA Taxpayer Advocacy Panel TAP Member The Taxpayer Advocacy Panel or TAP is a group of volunteers dedicated to helping the IRS identify ways to improve customer service and satisfaction. The panel is a Federal Advisory committee established under the authority of the Department of the Treasury. TAP members serve a three-year term and generally spend between 300 and 500 hours a year on member activities. They meet in Washington, DC during the fall of the year for an annual meeting, have at least one face-to-face meeting in their geographic area (sub- committee), and hold monthly conference calls. Each committee is empowered to work directly with the IRS to provide observations or recommendations on the issue before them, monitor the status and progress on the issue, and identify concerns in design and implementation of the issue. 2007 USA CISRI-ISP Steering Committee Based in Italy, CISRI-ISP is an intergovernmental institution which acts as a catalyst in the fight against malnutrition and extreme hunger. It is the aim of the CISRI-ISP Permanent Observer Mission to The United Nations Economic and Social Council (ECOSOC) to build intergovernmental support for the Treaty on the Use of Microalgae Foods Against Malnutrition, as a way to take concrete steps to alleviate malnutrition and extreme hunger. 2007 Sudan ES-KO (UNMIS) Project Accountant Assigned to set up reporting structures for cash management, invoice processing and inventory 2006 USA Scholastic Inc. FASB Accounting Involuntary conversions, software capitalization Drafting white papers, new Consultant accounting pronouncements and documenting impact to the Company. 2006 USA Metromedia International, Consultant Assigned to a team responsible for developing (Sarbanes-Oxley) NC Sox 404, completing testing phase (Order to Pay and Business Insurance cycle), and managing all supporting documentation. 2005-2006 USA BearingPoint, VA Auditing Consultant Responsible for analyzing and documenting all existing internal controls (Revenue Recognition and procedures, and identifying any internal-control weaknesses. Project) 2005 USA Nextel International Treasury Consultant Developed Corporate Treasury pre-implementation fit-gap documentation binder and Microsoft Visio process flow analysis. 2004 USA Ascential Software, MA Auditing Sox 404 Responsible for analyzing and documenting all existing internal controls Consultant and procedures, and identifying any internal-control weaknesses. 2004 USA Polaroid Corporation, MA Auditing Sox 404 Responsible for analyzing and documenting all existing internal controls Consultant and procedures, and identifying any internal-control weaknesses. 4
  • 5. Date Location Company Position Description 2004 USA Baxter International Inc. IL Auditing Sox 404 Responsible for analyzing and documenting all existing internal controls Consultant and procedures, and identifying any internal-control weaknesses. 2003 Bosnia and PADCO Consultant Contracted to guide the development of process reengineering/ Herzegovina information mapping within the local Public-sector Municipalities (Republic of Srpska) under the Local Government Support Activities program (development of One-Stop shopping concept) 2002 Georgia DAI Consultant Contracted to develop/instructionally design international accounting, IAS- based material, in support of (UK) ACCA (CPA) final-level and assess financial sustainability of local Georgian program/local standard-setting (GFPAA) institution. 2001 USA UMass Memorial, Health Consultant Developed Peoplesoft Nvision reports and provided staff Alliance. training on Peoplesoft t Queries. Developed inventory management, staffing and cost control reports. The solution developed encompassed using Peoplesoft NVision reports, Excel and Pivot Tables and other creative modeling techniques. 2001 USA Fleet Bank Boston Consultant Analyzed and evaluated human resource contractor vendor Technology Resources. financial statements from a cash flow and risk perspective. 5
  • 6. Date Location Company Position Description 2001 USA Nobel Communications Interim CFO Retained, as Interim CFO, to create a finance organization; establish all controls, processes, analysis models, budgets and reporting procedures; negotiated a line of credit with an ACH facility, and designed the company’s treasury/cash management model using QuickBooks. 2000 Egypt Al Ahram Beverage Strategic-Marketing Developed creative stock option executive-level compensation models, Consultant marketing research and a 5-Year Business Plan encompassing Production engineering concepts/DCF financing analysis for this $335+ million, privately held brewery/ manufacturer. 2000 USA TravCorps / Cross Country Consultant Developed cash flow/monthly analytical spreadsheets and PeopleSoft Staffing. NVision Analysis Reports utilizing PeopleSoft GL, Queries and Tree Manager. Functioned as interim Cash Manager. Developed ad hoc reports. 2000 USA Robert Half International, Consultant Developed major systems improvements and automated internal Inc. reconciliation procedures at RHII Corporate Offices 1999-2000 USA Golden Gate University Adjunct Faculty Taught courses in finance and accounting: Entrepreneurial Management, Investment Basics, Valuation Concepts, Fixed Income and Equities, Capital Structure and Risk Management, Management Accounting/ABC and Cost Behavior Analysis. 1998-1999 USA / Japan Peoplesoft Inc. Professional Services Responsible for implementation services/fit-gap analysis (was assigned to Senior Consultant/ Senior Nagoya Japan as part of the Treasury/Cash Management Development Curriculum Developer Team) as well as product specific consulting. Also responsible for development and design of Educational Curriculum for both Treasury and Enterprise Performance Measurement Analytical Applications (Funds Transfer Pricing/Risk Weighted Capital) including Teaching and Training the Trainers. 1998 USA Bronner Slosberg & Consultant Developed complex financial projection and cash flow analysis models that Humphrey were used to plan a major recapitalization. 1997 USA National Managed Health Consultant Developed profitability analysis models and projections of profitability using Care scenario analysis. 1997 Dubai (UAE) / India FedEx International Manager, Financial Managed a team of 3 analysts primarily responsible for budgeting/variance (Europe, Middle-East and Planning & Analysis analysis, target/list rate pricing and analysis in addition to manpower and Africa) capital analysis/justification. Developed a revised five-year budgeting model (India) and developed/presented training materials. 1996 USA The Ultimate Bagel Interim Controller Functioned as part-time Controller/Consultant for a Bagel Manufacturer/ Company Restaurant. 1995-1996 USA / Puerto Rico Start-up Venture Owner/CFO Built an entrepreneurial venture including hiring of employees. Developed and implemented a full financial/cash flow monitoring and reporting system and handled all accounting functions using accounting and database management. 1995-1997 USA / Dubai (UAE) New Hampshire College Adjunct Faculty Taught courses in finance and accounting: Entrepreneurial Management, Investment Basics, Valuation Concepts, Fixed Income and Equities, Capital Structure and Risk Management, Management Accounting/ABC and Cost Behavior Analysis. 1994 USA Securities Software & Project Manager Participated in new product release testing, researched/resolved conversion Consulting Technologies and installation issues for an Investment (CAMRA) Software Company. Developed and designed new suspense account functionality 1993 USA Scudder, Stevens & Clark, Consultant Developed Visio flowcharting of foreign currency trading procedures for internal control auditing purposes and developed/implemented new operating procedures incorporating PORTIA (Investment Accounting system). 6
  • 7. Date Location Company Position Description 1993 USA Home Grown Originals Consultant Developed financial models and cash flow projections for Start-up food manufacturer/distribution business. Audited set of assumptions and business strategy. Functioned as CFO and participated in Trade Shows. 1988-1993 USA Paul Revere Insurance Director of Investment Led a team of five cross-functional managers/supervisors, delivered critical Group Accounting / Actuarial- financial information to the Portfolio Managers (fixed income, equity, real Divisional Controller Estate and mortgage portfolios). Provided decision support to the executive committee, ensured compliance to GAAP, NAIC and statutory reporting requirements and tightened financial controls, upgraded IT systems. Succeeded in managing 20% increase in workload while reducing staffing requirements by 18%. Managed financial and administrative affairs related to changing custodial banks. 1987-1988 USA Schooner Capital Director of Accounting Managed the corporate accounting and financial reporting function for this (Privately-held Venture (Investment and Hydro- private venture capital firm specializing in early-stage companies, directed Capital firm) Electric Division} the preparation and analysis of financial statements and supervised a team of four. Led a complete reorganization of the accounting department (six entities including outside partnerships), redesigned and automated reporting systems (consolidated statements); designed a portfolio database investment model. 1982-1987 USA John Hancock Mutual Life Financial Reporting One of only six finance professionals selected as internal finance Insurance Company Manager consultants during an organizational restructure involving the setup and management of separate profit centers within this $30 billion enterprise. Further distinguished as the only consultant working simultaneously with the Controllers Department and two primary profit centers. Crossed over functional lines of operations to consult and advise on matters related to finance, GAAP/Statutory compliance and performance improvement. Managed a wide range of finance, accounting and analysis projects (e.g., consolidated cash flow statement, budgeting, profitability and cost analysis, expense analysis/reduction). Developed unique methodology for inter-/intra-company comparative analyses. 1980-1982 USA Haemonetics Corporation Consolidations Accountant Developed monthly financial consolidated results and supporting workpapers. Liaised with European subsidiaries controllers and staff; performed reconciliations, inter-co eliminations and analysis on key performance indicators. Produced monthly reports to senior management. 1979-1980 Bermuda American International Inter-Company Accountant Liaised with international reinsurance subsidiaries; performed reconciliations Reinsurance Company, Ltd and inter-co eliminations, maintained supporting documentation on (AIG) Bermuda reinsurance and retrocession treaties. Managed ceded premiums and commissions. World-wide accounting system team. Produced monthly reports to senior management locally and in USA (AIG, NY) 1979 UK British Aerospace (UK) Financial Accountant Developed business plan forecasts and analysis of UK government worldwide sales of military aircraft and equipment. 1977-1978 UK International Publishing Management Accountant Developed management accounting for publishing directories, fixed and Corporation variable expense analysis, unit costing and capital expenditures. Managed costing system allocations, machining, binding, compilation and production. 1973-1977 UK Rediffusion London Ltd. Accountant Accounting/Management trainee; rotated internally throughout the organization performing all functions over a 3-5 year period. 1969-1973 UK British Diplomatic Service / Accountant (Civil Service) Worked for British Department of Employment and Productivity and achieved Foreign & Commonwealth an internal promotion into the Diplomatic Corp. Assigned to Human Office, London, UK Resources and Financial Accounting departments. 7

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