Case Study

European Supermajor Oil & Gas Company

Client challenge

  • Company partnered with a global outsourcer to handle a number of accounting tasks, including balance sheet reconciliations and journal entry write-ups with supporting documentation.

  • The Company was interested in moving move of that work from North America to the delivery centers, but were concerned about increasing the risk of financial misstatement if errors were made.

Solution

  • Evaluated all reconciliations developed at the 3rd party outsourcer and took a risk-adjusted view of the need to reconcile every account monthly.

  • Based on that risk analysis, we freed up resources at the 3rd party outsourcer to take on additional work from North America.

  • Reviewed existing reconciliations performed in North America to identify reconciliations that did not represent an undue risk of outsourcing.

Impact on client's business

  • Reduced the overall cost of the reconciliation function.

  • Freed up North American resources to focus on higher value-added activities.