World Bank Group
Experience: 3 to 5 Years
Skill Required: Accounts and Finance
Apply By: 28-03-2023
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.
The World Bank Group Finance & Accounting Vice President Unit
The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the corporate reporting and internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client shared service function for the WBG corporate expenses and WBG trust funds, ensures fiduciary responsibility for all disbursements related to Bank operations.
WFA has three departments - WFA Corporate Accounting & Reporting (WFACA), WFA Financial Controls (WFAFC), and WFA Trust Funds & Loans (WFATL) - that each carry out a specific range of functions and corresponding activities and interact with a broad range of stakeholders across the WBG that enable it to fulfill its various responsibilities.
The WFA Financial Controls (WFAFC) department is responsible for providing corporate accounting services for the WBG entities. Activities include quality assurance, accounting, oversight and reporting of administrative transactions, managing various payment mechanisms to support payments to staff and vendors including the global payments program and global travel cards for WBG, and managing the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) program (for the Bank). The department consists of three divisions – WFA Accounts Receivable, Payroll and Tax (WFAPT), WFA Accounts Payable, Travel and Quality Assurance (WFATA) and WFA Country Office Accounting and Ask Accounting (WFACO) – with three separate managers.
Unit and Tax Team Overview:
WFA’s Accounts Receivable, Payroll and Tax division (WFAPT in HQ and WFAPA in Chennai), part of the Financial Controls Department, will be responsible for ensuring that (i) accounts receivable are recorded, monitored and collected in a timely and efficient manner, (ii) salary and benefit payments to the WBG staff are processed in a timely and efficient manner, and (iii) tax allowances to the WBG staff and retirees are processed in a timely and efficient manner. It also provides strategic leadership and guidance to business units across the WBG on developing and maintaining an effective system of internal controls over AR, payroll, and tax.
The Tax team in WFAPT administers tax allowances on World Bank Group compensation and tax supplements on Net Staff Retirement Plan pension payments in accordance with tax laws and WBG policies. Among other responsibilities, the Tax team is involved in the development and modification of tax policy, manages the Tax Allowance Budget, executes all tax payments, monitors corresponding financial data and actively participates in discussions and decisions on tax matters relating to the World Bank Group compensation and pension. The Tax team is also involved in the research of national tax laws and evaluation of World Bank Group agreements with member countries to determine the tax implications on World Bank Group emoluments and pension. Additionally, the Tax team ensures that the tax allowance/supplement policies are applied to staff members on a consistent and equitable basis.
Duties and Accountabilities:
The Senior Accounting Assistant’s responsibilities includes but not limited to the followings:
Core Technical Knowledge: