Job Purpose
Review, oversee, and manage the preparation of NDF Group Consolidated Financial Statements, SEs financial policies and procedures in line with IFRS, and SEs Closing Balance cycle. This is required to ensure that all the SEs compliant with the internal/external regulations, also this is key milestone for NDFs credit rating to become a DFI.
Managerial Accountabilities
- Contribute to the formulation of strategic objectives and plans for the Statutory Reporting & Oversight Department.
- Manage the execution of operational plans within the Statutory Reporting & Oversight Department as per plan and expectations.
- Contribute to drafting the Statutory Reporting & Oversight Department policies, processes and procedures, in line with local regulations and leading international practices.
- Work closely with the Risk and other control functions effectively to identify and mitigate relevant risks, protecting NDF interest.
- Develop regular and ad-hoc reports to the senior management as needed.
- Provide inputs into the Statutory Reporting & Oversight Departments workforce plan to ensure the availability of the right resources in coordination with the HR department.
- Mentor, coach, motivate and challenge team members providing opportunities for growth and development.
Functional Accountabilities
Statutory Reporting:
- To validate SEs submissions given the different nature of accounting entries which require closely monitoring and interaction with the SEs to ensure that their submission are in line with the Group Financial Reporting and in line with IFRS
- To develop the consolidated financial statements upon completion of the above as per IFRS and share it with NDF executive management and the Board/Subcommittees. This is a key requirement for the credit rating agencies which shall be reviewed and developed on quarterly basis.
- To conduct Quarterly Financial Performance Analysis of the SEs and NDF. This includes financial ratios, commentaries, and trend analysis with visual tools on the Income Statement, Balance Sheet, and Cashflow statements on SE standalone as well as NDF Group level.
- To oversee the journey of implementing IT solution for the consolidation of financial statements as per best practices and similar to other top-tier organizations in the market
- Engaging with external parties/regulators to provide the required support of financial information for NDF and SEs in line with regulatory reporting requirements.
- Manage and oversee all requests coming from internal departments regarding analysis or details of the financial information.
- Handle various reports or reviews including ad-hoqs requested by the management and/or external authorities (ie., MoF, etc).
Functional Accountabilities
Statutory Oversight:
- To direct the closing balances cycle of the supervised entities through reviewing audited financial statements and the General Court of Audit (GCA) observations, responses of the respective SEs Board.
- To liaise and obtain the required approvals from NDF Board/Subcommittees to raise it to the Council of Ministers (CoM) for final approval and representing NDF in meetings held by the Bearu of Experts (BoE) for the SEs closing balances along side GCA and MoF to discuss the observations raised by the stakeholders and ensure closure to recommend it for the CoM for approval.
- To handle IFRS Desk/Advisory role including but not limited to providing advisory for NDF and SEs when it comes to critical accounting treatments (i.e,. investments & excess liquidity transfers, government initiatives & grants, guarantees, etc as per IFRS), also assessing the impact of these accounting treatments as well as the write-offs accounting implication in NDF and SEs balance sheets, and presenting it to NDF executive management and Board as and when required
- To provide the needed Support to NDF representatives in SEs Board/Subcommittees and reviewing its packs for all financial audit matters on quarterly basis (i.e., Financial Statements, Financial accounting policies, external audit observations, General Court of Audit observations, etc..) and provide comments and suggestions to be incorporated into these documents.
- Supporting the SEs with their issues/challenges with their external auditors related to accounting matters, and also attending meetings and issuing the required supporting documents to the external auditors/SEs.
Functional Accountabilities
- Controllership to ensure that internal controls have been implemented and that internal processes are being followed, while being aware of recent changes to financial reporting practices, overseeing the financial statement preparation process to ensure it has been accurately prepared as per IFRS or other accounting standards that might be required by governmental bodies.
- Reviewing the accounting/financial policy for the SEs on regular basis and obtain the approvals from NDF Board/Subcommittees as and when required. Also developing accounting policy for certain transactions/incident for NDF Group.
- Ensuring the regulatory/external reporting or filing deadlines are met and that specific changes imposed by external regulatory agencies have been followed.
- Leading the engagement of the NDF Group external auditor to ensure financial reporting compliance.
- Oversee the ECL methodology of supervised entities and whether its in line with IFRS standards and reflected accurately in the financial statements.
Qualifications (Education & Certifications)
Minimum: Bachelors degree in Accounting, Finance, Business Administration, or any related field.
Preferred: Professional Certificates (CPA, SOCPA, etc..)
Experience
8 - 10 years of relevant experience in Financial Audit/one of the big 4 auditing firms and/or other known organizations with expertise in consolidation, IFRS, and financial audit.
