When it comes to responsibility for core financial reporting and management processes in the Volkswagen Group in the four areas of Controlling, Accounting, Taxation & Customs and Treasury – you can count on us.
Group Finance and Controlling is responsible for the core processes of financial reporting and management within the Volkswagen Group. It is divided into four areas: Controlling, Accounting, Taxation & Customs and Treasury.
The Controlling department has an important role as business adviser to management at all levels of the company. With the initiation and coordination of the corporate planning process, preparation for decision-making with analyses and profitability studies as well as management-oriented reporting, targeted orientation of the entire company is guaranteed. The controlling functions are executed both centrally at Group level and at company level, with various focal points.
The division Group Accounting and External Reporting is responsible for financial accounting, i.e. the preparation and analysis of the monthly financial statements for the Volkswagen Group and for subsidiaries. Thus the division provides an essential basis for financial management and reporting. Our subsidiaries worldwide are supported by our central accounting department in Wolfsburg, the statements are prepared in accordance with the International Financial Reporting Standards (IFRS). For companies in Germany statements are also prepared in accordance with the German Commercial Code (HGB). We provide support to group companies worldwide for questions regarding the interpretation of the IFRS and develop standardized accounting guidelines which all companies must adhere to in the preparation of their financial statements. Other tasks include financial publication, the preparation of the annual and quarterly company reports for Volkswagen AG and continuous reporting to the Supervisory Board. Furthermore, Group Accounting is regularly involved in due diligences and the preparation of offering memorandums relating to capital market transactions.
The Taxation and Customs department acts as the internal tax and customs advisor for all Group companies and is also the contact for the relevant authorities. As well as compliance, the main tasks of this department are tax management and tax consulting. The department’s compliance-related activities include preparing tax returns and supporting the auditing process. Tax management involves tax planning and analysing the tax positions of the Group companies. Tax consulting primarily concerns assisting projects with tax-related matters and providing a prospective analysis of legislative amendments.
The department is also responsible for the Group’s foreign trade and customs processes.
The Treasury department is the interface between the Volkswagen Group and the financial markets. The Treasury concludes and manages external financial transactions. The key tasks of the Treasury department include company financing, liquidity management, processing payment transactions and hedging against foreign exchange and commodity price risks.