Manager Accounting | ADNOC Group

A well-known and well-reputed Company  based in Abu Dhabi, United Arab Emirates is looking for an experienced, skilled, competent, mature, qualified, creative, and intelligent candidate with significant knowledge and relevant working experience for the position of  “Manager Accounting”.

JOB PURPOSE:

• Manage and control the financial accounting function to ensure the timely preparation of consolidated financial statements in accordance with company’s financial policies and International Financial Reporting Standards (IFRS), laws, regulations and best practices in the industry. Manage and control the fixed assets and inventory of company in line with ADNOC GAS & Shareholders’ policies and IFRS.
• Manage and control accounts payables to ensure timely and accurate processing vendor invoices in line with the contractual obligations and the company employees in line with policy entitlements.

KEY ACCOUNTABILITIES:

Financial Accounting

• Manage the accurate and timely preparation of the company’s Balance Sheet, Cash Flow Statements and other relevant statements and reports. Ensure that HQ system is also updated with financial statements data and required disclosures.
• Provide company Senior Management and Shareholders with timely and accurate financial information to aid planning and decision making.
• Oversee the maintenance of General Accounts’ journals, ledgers and ensure the accuracy of financial data required for the preparation of financial statements and reports in line with IFRS and company policies.
• Manage monthly and year-end closing programs during the year to ensure timely closing of accounts.
• Manage and ensure the periodic General Ledger Control Accounts covering Accounts Receivable on HQ and Group Companies, booking of the bank receipts and cash calls, Asset Management and inventory.
• Manage and ensure timely preparation to Statistics Center Of Abu Dhabi (SCAD) for all information pertaining to General Accounts.
• Ensure that awareness sessions of year-end requirements are provided for concerned staff for financial closing purpose.

International Financial Reporting Standards

• Ensure compliance with the Company financial policies, international accounting standards, International Financial reporting Standards and best practices.

Fixed Assets Accounting

• Manage the proper maintenance of the fixed asset register and accounting to ensure accuracy and integrity of the assets, including but not limited to:
• (a) data relating to the stewardship and control of fixed assets.
• (b) costs related to the acquisition and disposal (including transfers and retirement) of fixed assets.
• (c) expenditures related to fixed assets.
• (d) depreciation charges.
• (e) impairment charges.
• Ensure the accurate compilation of asset under construction (AUC) project costs into fixed asset accounts, and close out those accounts once the related AUC has been completed.
• Ensure the accurate tracking of existing fixed assets and implement and monitor the periodic physical verification review process.
• Investigate if conditions of potential impairment of fixed assets exist and implement and monitor the annual impairment review process and the resulting adjustments in accounting entries.
• Investigate the potential obsolescence of fixed assets and implement and monitor the annual useful life review process.
• Coordinate with property appraisers to ensure that property values are complete and accurate.
• Perform analysis for fixed assets on a regular basis and oversee the proper maintenance of financial records in accordance with company policies
• Support the capital budgeting activities, including reconciliation of actual expenditures against budgeted amounts and budget performance analysis conducted by a finance team.
• Manage the physical verification of assets in line with AGP Agreement to ensure assets availability.
• Knowledge expert on SAP Fixed Asset Module and asset settlement processes, and assist with the maintenance of fixed asset ledgers within the SAP fixed asset management module, which includes configuration, master data maintenance, depreciation calculations and reporting
• Manage the monthly accounting for, fixed assets, depreciation and amortization are in line with company financial policies. Activities include but are not limited to:
• Posting depreciations, impairments, revaluations, asset retirement obligations (AROs) and AUC project costs;
• Reviewing and updating detailed schedules including annual additions and disposals, accumulated depreciation, and roll-forward tables;
• Closing out accounts at year-end and supporting reconciliation of accounting balance of fixed assets;
• Preparing audit schedules relating to fixed assets, assisting in the preparation of financial statements and footnotes, and assisting auditors in their inquiries;
• Maintaining fixed asset sub ledgers including data entry or import of capital equipment into fixed asset sub ledgers and review of supporting documentation, as needed;
• Confirm the accuracy and completeness of fixed asset records including system updates, manual journal entries, account reconciliations, and analyses. Oversee the process for writing off fixed assets including obtaining management approval and timely and accurate accounting of sales proceeds.
• Provide guidance on accounting policies, processes and procedures related to assets and inventory.
• Provide support for capital budget
• Continuous review of capitalisation and write off policies and ensure that Job Officers are provided with necessary awareness session for the maintenance of fixed assets.
• Ensure that all data requested for Assets insurance coverage are provided on time

Inventory Accounting

• Manage the monthly accounting for inventory including timeliness, accuracy, and completeness of period end close activities for inventory, including journal entries, account reconciliations and roll-forwards in accordance with reporting deadlines
• Manage the calculation of Slow-Moving Stock and Obsolete Inventory and ensure proper accounting entries are being made.
• Coordinate with inventory management and other stakeholders on the process for identifying obsolete inventory, write-off and accounting for sales process. Monitor inventory accounting and related system reports for accuracy and completeness

Processing Fee

Ensure the timely and accurate preparation of monthly processing fee debit notes to Shareholders to ensure the timely reconciliation of Shareholders’ statements and execution of back-charges.

External / Internal and Government Audit

• Manage and ensure provision of answers and clarifications to external/internal and government auditors and ensure timely completion of audits.
• Ensure implementation of audit recommendations to maintain internal control and effectiveness of Departmental related activities in the Finance.

Reconciliation

• Manage the monthly accounts reconciliation process of Vendors as well as employees in order to keep track of financial transactions and to manage Cash effectively.
• Ensure the Vendor Statement reconciliation is carried out on a quarterly basis to confirm all third party balances and identify actionable items.
• Ensure that the Accounts Payables liability matches with the balance in the General Ledger to determine any discrepancies and initiate corrective action.
• Lead the monthly reconciliation of the employees’ accounts and salaries in order to ensure the accurate update of the General Ledger (GL) with the actual cost report.

Vendor Payments and Back Charges

• Manage the process of obtaining, analysis and validation of the supporting documents necessary to process invoices including Projects in order to ensure compliance with accounting policies, financial delegation of authority and contractual terms and conditions
• Manage the processing of invoices in order to ensure accurate cost allocation and timely authorization of payments in compliance with contractual terms and conditions.
• Manage the timely receiving and releasing on Bank guarantees in line with set policies and procedures.
• Ensure the analysis and validation of supporting documents in order to efficiently participate in the arbitration of disputes pertaining to Liquidated Damages.

Payables

• Review and advise on the Financial and Accounting provisions of contracts and contractual documents prior to their finalization to ensure to protect Company versus potential risks related to third party performance (operational, financial, legal, etc.) through adequate financial instruments, to clearly define payment schedules and to align contractors’ accounting to Company policies.
• Lead the translation of projects cash flow forecasts and to coordinate with Finance Division to ensure proper cash management and timely availability of financial resources.
• Oversee the maintenance of project accounting records, to perform closeout and capitalization of completed projects, and to ensure that projects liabilities / costs are reflected in the financial books of the Company to guarantee accuracy of Company’s financial records at all times.
• Manage the generation and distribution project accounting data/report to concerned Divisions/Managers to support them in the execution of their assigned tasks (e.g. generation of closeout budgets, etc.).

Operational Plans

• Develop consistent and realistic long and short term operational plans for the Department in line with the Division objectives and manage the implementation of the approved long and short term plans and ensure they are effectively converted into its performance objectives to realise the Division Objectives and established service levels.

Budgets and Cost Control

• Develop and manage the Department annual budget in line with the Division’s business objectives and operational plans ensuring that adequate funding provision is made for all Department activities.
• Monitor expenditure against approved Department budget on a regular basis; investigate, highlight and reconcile any significant variances to ensure effective performance and cost control.

Policies, Systems, Processes & Procedures

• Develop and implement appropriate Department policies, processes, systems, standards, procedures and internal controls, Company guidelines in order to support execution of the Division’s work programs in line with Company and International standards.

Performance Management

• Contribute to the development of the Division’s KPI’s and ensure proper cascade of the Performance objectives within the Department and establish monitoring mechanisms to ensure delivery of these objectives and promote a performance driven culture.
• Manage the implementation of the Company Performance Management System for individuals within the Department in accordance with Company approved guidelines.

People Development

• Develop knowledge, competencies and innovative spirit in the Department and support the establishment of Personal Development Plans (PDP’s), Succession Planning and Talent pipeline within the Department in coordination with the Human Capital to continuously develop employees with emphasis on UAE Nationals to meet Emiratization targets.

Organisation Structure and Development

• Review, develop and recommend the appropriate organisation structure for the Department that will best utilise human capital while proactively incorporating sustainability into the on-going work practices to meet the business objectives.

Risk Management

• Contribute and support establishment of a Corporate Integrated Risk Management System within the Department, while identifying and assessing relevant domain risks and implement measures to manage and mitigate all identified risks within the Department.
• Communicate corporate business ethics and Company’s Code of Conduct to employees within the Department and ensure compliance to the Corporate Policies and guidelines.

Innovation and Continuous Improvement

• Promote an organisation culture that encourages innovation, enhances employee motivation and supports initiatives for implementation of Change Management to continuously improve the Department operations and services.
• Recommend improvements in internal processes against best practices in pursuit of greater efficiency in line with best Industry standards in order to define intelligent solutions for issues confronting the Department.

Health, Safety, Environment (HSE) and Sustainability

• Support the institution and implementation of an HSE culture and ensure compliance with relevant HSE policies, procedures, systems & controls and applicable legislation and sustainability guidelines across the Department in line with international standards, best practices and ADNOC GAS Code of Practices.
• Ensure adequate HSE training and induction for all Department employees to meet HSE standards.

Management Reports

• Ensure that all Department MIS and progress reports are prepared to provide accurate and timely reports and necessary information to Company Management to effectively manage the business.

COMMUNICATIONS & WORKING RELATIONSHIPS:

Internal

• Regular work related contact with (CFO) and occasional contacts with CEO.
• Contacts with SVP’s and VP’s as required, peer Department Managers and team members on matters related to Operations, Administration, People, HSE and Integrity and domain specific issues.
• Frequent contact with VPs and SVPs of all Company groups on matters related to concerned Groups.
• Regular contact with Internal Auditors performing auditing duties.

External

• Contacts with counterparts of the ADNOC GAS Group, as required.
• Regular contact with shareholders, ISO Auditors, External, Government and Supreme Petroleum Council (SPC) Auditors.
• Contact with Government organisations and entities to maintain relationships or to obtain necessary clearances.

QUALIFICATIONS, EXPERIENCE, KNOWLEDGE & SKILLS:

Minimum Qualification

• Advanced University (Masters or equivalent) Degree in Accounting, Financial Management or an equivalent Professional Qualification. A first-level university degree in combination with additional twelve years of qualifying experience may be accepted in lieu of the advanced university degree.

Minimum Experience & Knowledge & Skills

• 12 years of progressive experience in financial accounting, including 6 years of managerial experience.
• Thorough knowledge and experience in IFRS accounting standards and practices.
• Experienced in managing the closing of monthly general ledger, including
• the preparation of the financial statements, consolidated reporting, cash flow forecasts
• and monthly financial statement forecasting.
• COSO certified and experienced in internal controls over financial reporting, and financial policies to ensure conformance and compliance to laws and statutory requirements.
• Experienced in performing ad hoc financial modelling to support existing and new business decisions
• Experienced in managerial role with strong leadership skills in delivering results
• Sound knowledge of accounting terminologies commonly used in the Oil & Gas industry.
• Conversant in SAP Microsoft Office applications, , Accounting Tools.
• Ability to make financial decisions by establishing, monitoring, and enforcing policies, procedures and internal financial controls.

Professional Certifications

• CA, ACCA, CPA, CMA, CIMA (Preferable)