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ACWA Power Group – Compilation of Financial Statements
September 20, 2024
About TAG Consulting
TAG Consulting is a leading provider of financial modeling, reporting, and auditing services, offering tailored solutions to companies in the energy and utilities sectors. Our mission is to streamline your financial processes, ensuring compliance and strategic insights, no matter the complexity of your portfolio. With an extensive presence across the Middle East, we specialize in serving multinational conglomerates like ACWA Power.
Challenge Faced by the Client
- ACWA Power required compilation of standalone and consolidated financial statements for numerous entities, including holding, project, and associate companies.
- The client needed the financial statements to adhere to international standards and be prepared within stringent deadlines for external audit purposes.
- The scope extended across KSA and International portfolios including countries like the UAE, Bahrain, and Oman, creating additional layers of complexity in handling diverse regulations and compliance standards.
How We Resolved It
- Financial Modeling Experts at TAG Consulting worked closely with ACWA Power’s in-house teams to compile accurate and timely financial statements.
- We implemented a structured approach to streamline data consolidation across multiple regions and entities while ensuring adherence to international financial reporting standards (IFRS).
- Custom reporting tools were developed to handle the consolidation of the Kingdom of Saudi Arabia (KSA) and international entities seamlessly, mitigating risks of data inconsistencies and delays.
What We Did
At TAG Consulting, we bring industry-specific expertise and a deep understanding of financial reporting. For ACWA Power, our team tailored their approach to meet complex financial consolidation challenges across multiple jurisdictions, ensuring compliance with both regional and international standards. Our bespoke financial services have helped power giants like ACWA optimize their financial transparency while maintaining operational efficiency across various global markets.
Results & Deliverables
- Delivered consolidated financial statements for both KSA and International Portfolios on time, meeting all external audit requirements.
- The client saw an improvement in the accuracy and transparency of their financial reporting, crucial for their investor relations and operational strategy.
- ACWA Power expressed satisfaction with the timeliness, attention to detail, and technical expertise that TAG Consulting brought to the table, helping them meet audit deadlines effortlessly.
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Clients Testimonial
TAG Management Consulting has been in the service sector for over a decade and has served some of the most renowned brand names of world over.
"The tailored financial advisory services offered by TAG have greatly improved our decision-making processes. Their expertise in VAT consultancy and compliance has been a critical factor in our operational success."
DP World
"TAG’s business assurance services have been instrumental in improving our risk management framework. Their deep industry knowledge and ability to offer practical solutions have elevated our operational standards."
Sharjah Electricity & Water Authority (SEWA)
"TAG’s ability to provide tailored accounting solutions streamlined our processes, allowing us to focus on key growth areas. Their support has been invaluable to our financial management team."
Etihad Airways
"TAG Management Consulting’s comprehensive audit services have helped us maintain compliance with stringent regulations while enhancing operational efficiency. Their team’s professionalism and attention to detail are truly commendable."
Dubai Islamic Bank
"TAG’s expertise in financial and operational reporting has been an asset to our operations. Their ability to provide detailed insights while ensuring accuracy in accounting processes has significantly improved our financial transparency."
Al Futtaim Group
"The staff secondment services provided by TAG were exactly what we needed to support our Accounting and Finance department. Their qualified professionals seamlessly integrated into our team, helping us meet critical project deadlines with ease."
Al Jomia Energy & Water
"TAG’s work in re-evaluating and upgrading our budgeting models provided us with enhanced clarity and efficiency. Their efforts in automating our accounting systems were invaluable, streamlining our operations and preparing us for future growth."
Engineering Associates
"TAG’s re-evaluation of our budgeting models and their upgrade of our accounting systems were a game changer. They provided a holistic view of our business, helping us to strengthen our offshore market share and improve internal operations."
Al Ain Mineral Water Company (P.J.S.C.)
"TAG's financial feasibility study for our agricultural investment project in Pakistan was critical to our decision-making process. Their financial modeling and projections gave us a clear understanding of the potential outcomes, making it easier to move forward with confidence."
Madar Holding
"TAG’s recruitment support was impeccable. From advertising to shortlisting and interviewing, they provided top-tier candidates that perfectly matched our requirements. Their hands-on approach ensured we secured the best talent for our needs."
Emirates Foodstuff and Mineral Water Company (AGTHIA)
"The expertise of TAG’s team, particularly in staffing our Finance & Accounting division during critical times, was instrumental. They perfectly complemented our knowledge base and provided much-needed support for the ERP implementation. Their professional support has been invaluable for our operations."
Agthia Group
TAG’s accounting and bookkeeping outsourcing services were nothing short of exceptional. Their attention to detail, combined with their knowledge of US-GAAP and IFRS, ensured that our quarterly and annual financial statements were accurate and timely. They’re a valuable partner for any accounting needs."
AIG Memsa Holdings
"TAG's professional staff deputation was key in balancing our Finance & Accounting division’s workload. Their expertise, especially in SOX compliance, ensured a smooth and effective implementation process, exceeding our expectations."
Al-Dahra Agricultural Company U.A.E
"TAG’s commitment to excellence was evident in their work on our HR and Operations Manuals. Their attention to detail ensured alignment with our corporate policies, setting the foundation for improved efficiency across all our divisions. We were impressed with their thorough evaluation of our Environmental Services Division as well, which provided crucial insights for operational improvements."
AIMS Group L.L.C.
"TAG Management Consulting demonstrated exceptional professionalism in compiling our financial statements across various entities, ensuring timely delivery for external audits. Their deep understanding of both local and international portfolios made the process seamless and highly efficient. We highly recommend their services for financial management needs."
ACWA Power Group
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