Financial & Accounting Services Department (FASD)

The mission of the Financial & Accounting Services Department (FASD) of IPTO is to manage the financial activities and cash of IPTO, to draw up and monitor the budget and business plan of the IPTO group and the accounting and taxation management of its operation, while minimising any related financial risks.

The sectors included in the basic organisational chart of the Financial & Accounting Services Department (FASD) are:

Accounting Services Sector

Financing and Financial Management Sector

Financial Planning and Group Monitoring Sector

The framework of responsibilities of the three FASD Sectors is outlined below:

• Accounting Services Sector

1. IPTO’s bookkeeping in line with the IFRS.
2. Preparing annual and interim financial statements of the IPTO Group.
3. Managing and monitoring payables-receivables
4. Reviewing and approving financial transactions (tenders, contracts, invoices, etc).
5. Managing, monitoring and processing all tax matters and obligations of IPTO

• Financing and Financial Management Sector

1. Participating in the preparation and monitoring of the implementation of the Ten Year Network Development Plan.
2. Drawing up and monitoring the financing plan and monitoring progress of investment projects
3. Submitting proposals for financing from the European Union and monitoring financed projects
4. Managing and monitoring accounts of participants in the Electricity Market and issuance of tax documents
5. Taking the necessary actions for securing loans
6. Managing bank accounts and performing all types of payments
7. Implementing company's cash flow program

• Financial Planning and Group Monitoring Sector

1. Drawing up and monitoring IPTO’s strategic and operational plan at company level and group level.
2. Drawing up and monitoring annual budget of the IPTO Group.
3. Performing all costing works
4. Analyzing and investigating the financial impact of regulatory matters, business opportunities
5. Cross-checking correctness and data of company and subsidiaries and generating reports
6. Supervising intragroup transactions and contracts