Financial Control Officer

Asian Development Bank , Manila, Philippines

Skill Required:, Finance and Accounts
Preferred Experience: 
7 to 10 Year
Closing Date for Applications: 
4th August, 2021


Job Description

Job Purpose

The Financial Control Officer will be responsible for directing, controlling, coordinating, and carrying out activities with respect to administrative matters. He/she will establish, maintain and oversee the updating of accurate and complete accounting records and sound accounting/internal controls related to investments, borrowings and related derivatives and foreign exchange transactions. The incumbent will report to an International Staff and will supervise Administrative Staff.

Responsibilities

  • Reviews and analyzes data, transactions and reports for accuracy, consistency and compliance with policies or established practices. Reviews and oversees the preparation and analysis of the Bank's periodic accounting reports related to investments, borrowings and related derivatives and foreign exchange transactions. Ensures the fairness and correctness of accounting reports in compliance with the Generally Accepted Accounting Principles of the United States (US GAAP) or other applicable standards.
  • Carries out analytical work, i.e., valuation and analyses of fixed income investment and/or borrowings, and other types of financial instruments.
  • Conceptualizes, develops, implements, and enhances accounting and financial internal controls to ensure its appropriateness and adequacy and the completeness, validity and accuracy of accounting data and transactions for the preparation of related financial reports. Takes appropriate action to ensure uniform, consistent, and timely recording and reporting of transactions in compliance with applicable policies and generally accepted accounting principles or other applicable standards. Monitors all accounts subject to reconciliation, ensuring all accounts are reconciled on a timely basis for review by designated international staff, and follow up all outstanding reconciling items. Compiles, reviews, and approves vouchers under authority.
  • Contributes actively to the implementation of new systems or enhancements of existing systems. Reviews, identifies, and provides suggestions for enhancements in systems and processes for effective and efficient operations. Ensures the accuracy and reliability of systems processes. Coordinates changes and revisions to existing systems with IT Department and Treasury Department through the Specialist in charge. Maintains/updates procedural/accounting manuals. Recommends changes and improvements as required to ensure correct, complete, and timely accounting in compliance with applicable policies and generally accepted accounting principles, as appropriate.
  • Participates in study and implementation of new accounting standards and principles introduced by authoritative Accounting Bodies that may have an impact on accounting for investments, borrowings and derivatives instruments.
  • Contributes actively to assessing risks on the adequacy of internal control over financial reporting in the work area. Contributes actively to carrying out compliance testing of processes as and when needed as part of ADB's effort in providing a Management Assertion over the adequacy of internal control over financial reporting.
  • Supervises junior staff, including allocating work to maximize the efficiency and productivity of the work area, providing appropriate instructions, resolving conflicts and evaluating the performance of subordinates. Contributes actively to procedural and organizational review and makes recommendations as appropriate and the formulation of the Section’s goals and objectives and the related plans and programs.
  • Other duties that may be assigned as reflected in the incumbent’s workplan.

Qualifications

Relevant Experience & Requirements

  • Bachelor's degree in Business Administration, major in Accounting/Finance; Certified Public Accountant (CPA) qualification. An MBA or MSc in Finance or CFA/FRM qualification would be advantageous.
  • At least 8 years relevant experience in accounting with a supervisory capacity, preferably in a computerized environment in a large organization; and experience in the accounting and analysis of fixed income securities and derivative instruments.
  • Proficient with computer software in common use at the Bank and its interfaces with other Bank systems and work areas, particularly MS Excel and Word, and large accounting software (e.g., Oracle ERP, SUMMIT).
  • Good understanding of Bank accounting policies, practices and systems and Bank wide policies, procedures, guidelines, and reporting requirements.
  • Excellent understanding of general accounting concepts and principles (US GAAP) related to fixed income securities, derivative products, investments, and the application thereof. Knowledge of IFRS would be desirable.
  • Has good understanding of the interaction between different business units, relevant workflows and their purpose, and business knowledge of relevant areas for appropriate application of accounting concepts.
  • Good understanding of the concept of internal controls and their application.
  • Analytical and systematic with strong numerical skills and attention to detail. An added advantage if the candidate has strong mathematics background.
  • Ability to plan and coordinate schedules to meet deadlines.
  • Proven supervisory and interpersonal skills with ability to provide feedback to subordinates.
  • Effective report-writing and strong oral and written communication skills in English.
  • Please refer to the link for ADB Competency Framework for National Staff levels 1-2.

Source:https://www.adb.org/careers/210330


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