Financial Controller

2 weeks ago

Riyadh, Ar Riyāḑ, Saudi Arabia Arab Petroleum Investments Corporation Full time

JOB PURPOSE

  • 1. Ensure the soundness and integrity of TAEF's financial statements by formulating and implementing effective accounting and auditing policies and procedures in line with the various international accounting standards and regulatory requirements.
2. Oversee the preparation of the financial statements and periodic reports are accurate and of high quality.

  • 3. Provide valueadded information that supports decision making by the Executive Management and the Board of Directors.

DUTIES & RESPONSIBILITIES

1.
Operational & Strategic Planning
1.1. Contribute to the development and implementation of actionable objectives, planning processes, budgets and operational KPIs for the sub-unit.

1.2.

Oversee the sub-unit's on-going transactions and quality of its output and services, identify and initiate proposals/actions for further improvements and innovations.

1.3.

Oversee the Information Technology (e.g., T24 and Oracle) enhancements as they relate to accounting and reporting and technically lead the integration of the sub-units policies, procedures and work flow into the applicable systems.

1.4. Ensure that the services of the accounting and reporting sub-unit meet the expectations of internal and external stakeholders.

1.5. Contribute to innovation and the institutionalization of new initiatives in the Department.

2.
Account Management

  • 2.1. Oversee implementation of operational procedures to meet accounting, reporting and disclosure requirements of international accounting standards.
2.2. Maintain complete and accurate accounts for TAEF, including assets, liabilities, revenues and expenditures, and review all financial transactions.
2.3. Manage the Chart of Accounts of TAEF.
2.4. Review income accruals of investments, corporate finance and treasury assets as well as funding liabilities.
2.5. Facilitate periodic internal audits.
2.6. Manage monthly/quarterly and yearly closing of books of accounts and prepare financial statements.
2.7. Participate in analyzing and formulating measures to mitigate effects of abnormal shocks and market conditions.
-
3.
Financial Statements and Analysis
3.1. Prepare and review the financial statements for TAEF and calculate key financial ratios.

3.2.

Analyze in detail the sources of revenues, cost allocations, financial ratios, competitive trends relating to TAEF's financial position and offering recommendations that increase the preservation and enhancement of the financial strength of the Corporation.

3.3.

Assess the drivers of growth in the future and calculate the growth factor for different line items in the financial statements.

3.4. Lead technical research and analysis on relevant areas such as the impact of IFRS changes.

3.5.

Lead the provisioning and impairment calculations, in coordination with the concerned business unit, in accordance with the related accounting policy.

3.6. Manage interactions with external auditors and other parties relating to the financial statements.

***
4.
Policies and Procedures

  • 4.1. Review existing policies and procedures and recommend changes to benchmark them with international practices and standards.
4.2. Lead the formulation/update of the Accounting Manual and related policies, guidelines and procedures for TAEF on accounting and reporting.
4.3. Provide technical guidance on the interpretation of policies and procedures, relevant IFRS pronouncements and prudential/legislative regulations.
4.4.

Interpret complex disclosure requirements as per the latest standards to ensure conformance with the necessary audit requirements while preparing the financial statements.

4.5. Ensure strict compliance of policies and procedures with regards to accounting and reporting.
4.6.

Periodically review the internal control mechanisms and corporate governance guidelines and recommend improvements in order to properly safeguard the assets and manage the liabilities.
5.


Reporting and Communications

  • 5.1. Oversee generation of reports that relate to the financial position and performance of the Corporation to the Executive Management and the Board of Directors.
  • 5.2. Provide financial information, analysis, and documentation of the Corporation's financial position and performance as part of the rating exercise, funding activities, and the Annual Report.
5.3.

Prepare cut-off financial statements and facilitate the release of the relevant letters for the funding activities of TAEF as well as liaise with external auditors, investment banks, and lawyers.

5.4. Oversee and manage the preparation of periodic and ad-hoc reports as requested by the Executive Management.

5.5. Maintain productive and effective working relationship within APICORP and with external partners.

Skills:

QUALIFICATIONS & SKILLS
Dimension

Job Requirements (Essential Level)

Job Requirements (Desired Level)

Academic Qualifications and Background

  • Bachelor's degree in Accounting/ Finance

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