vacancy List

Position Title: Sr. Lead – GL and Financial Reporting

JOB PURPOSE:

To supervise, manage and monitor the work of GL&FS employees and ensure that they carry out their tasks and responsibilities as per instructions; issue instructions to them as appropriate on financial accounting, maintenance of trial balance, systems and accounts within the limits of internal control procedures and ensuring compliance with all relevant regulatory and legal requirements. In charge of preparation and monitoring the monthly, quarterly and annually financial statements for all the companies including the consolidated financial statements and ensuring compliance with all relevant regulatory and legal requirements.

KEY ACCOUNTABILITIES: 

Core Responsibility:

• Supervision of Subordinates
• Organize and supervise the activities and work of subordinates to ensure that all work/ activity within the section are carried out in an efficient manner which is consistent with operating procedures and policy.
• Establish appropriate procedures and controls within the department, which ensures that all financial transactions are accurately recorded in the books on a timely basis and are adequately supported.
• Ensure the presence of adequate internal control procedures for financial accounting and compliance with the established policies and procedures.
• Ensure that the monthly closing activities are well managed and ensure that it covers the following quality aspects: completeness, accuracy & timely submission of the financial reports.
• Ensure that all GL entries are done in accordance with the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and local legal framework.
• Financial Accounting (General Ledger) Duties
• Supervise the execution of standard accounting functions such as the preparation of statements, the posting to and reconciliation of accounts in the various ledgers, ensuring they are compliant with Company procedures.
• Custodian of the Chart of Accounts of all companies and in all systems.
• Review all TB for all group companies to ensure that the accounting records reflect the true & fair financial position of the companies.
• Ensure that all the requirement for IFRS 9, 15 and 16 are developed and complied for.
• Hedging, MTM and all loan related transactions, templates and entries are done accurately and on time.
• Asset Management
• Ensure that the company’s assets have been properly accounted for in compliance with the International Accounting Standards and used in accordance with management authorization.
• Ensure that the fixed asset register of the company is well developed, maintained up to date; take periodic measures to ensure that the information contained in the fixed assets register is validated against physical presence of assets.
• Ensure that regulatory requirements (financial and accounting) and requirements of other agreements are compiled with properly and on a timely basis.
• Test the company assets for Impairment as required by IAS/IFRS.
• Dividend Distribution
• Calculate the dividend amounts to be declared by the SPCs and Omani Companies.
• Liaise with lenders/shareholders to Complete all requirements in order to allow OSC to distribute dividends to shareholders of all SPC’s and Omani Companies
• Liaise with treasury and lenders/shareholders to send the financial statements to comply with the loan covenants.
• Financial Accounting Duties and Supervision of Subordinates
• Ensure the presence of adequate internal control procedures for financial accounting and compliance with the established policies and procedures
• Supervise the preparation of monthly, Quarterly and annual financial statements for the group companies
• Ensure that financial statements are prepared in accordance with the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and local legal framework.
• Supervise the execution of standard operating procedures are complied with during the preparation of statements.
• Review all TB for all group companies to ensure that the accounting records reflect the true & fair financial position of the companies.
• Preparation of the Group Consolidated Financial Statements.
• Auditing by Internal, External and State Audit
• Responsible to prepare the up to date financial statements word documents with all the notes and attend all the changes requested by the company external auditor.
• Ensure along with the Senior Manager - Financial Planning & Reporting that the financial statements of the company are audited smoothly and within the stipulated time.
• Act as a focal point with the statutory audit and resolve as possible audit related issues.
• Coordinate and Co-operate with external auditors to ensure they have full access and support throughout the audit process to minimize the likelihood of disruption or unnecessary discrepancies.
• Coordinate the preparation of Letter of Representation (LOR) and its final submission to the auditors and shareholders.
• Prepare all the documents required for the Annual General Meeting and assist to ensure smooth AGM are held on time.
• Policies, Systems, Processes & Procedures
• Follow all relevant departmental policies, processes, standard operating procedures and instructions so that work is carried out in a controlled and consistent manner.
• Assist in the development and update of relevant SOPs to financial reporting and monthly closing.
• Updating of Finance Manual and Procedure to bring them in line with the best industry practice and in accordance with the IFS/IFRS
• Continuous Improvement
• Contribute to the identification of opportunities for continuous improvement of department systems, processes and practices, cost reduction and productivity improvement.

 

Minimum Qualifications:

• Bachelor’s Degree (preferably with ACCA, CFA, CMA or CPA accreditation, or a Master’s degree holder)

 

• Minimum 8-10 years experience in a similar role in an accounting function.

 

Job-Specific Skills:

• Leadership
• Computer (Excel)
• Presentation
• Organisational
• Planning

 

COMPETENCIES:

• Achievement Orientation
• Analytical Thinking
• Impact and Influence
• Information Seeking
• Teamwork

 

Frameworks & Authority:

• Sr. Lead – GL and Financial Reporting reports to the Manager - Financial Planning & Reporting and confers with the latter on critical and strategic issues.
• The jobholder is expected to draw up plans and strategies for accounts operations and ensure their implementation.
• Key decisions having significant impact on the Sr. Lead – GL and Financial Reporting function are referred to the Finance Director or CFO for approval before implementation.
• The jobholder exercises financial authority as per the level established by OSC’s Manual of Authority

 

Position Title: Lead – Financial Modelling and Budget Control

 

To ensure all financial reporting of MIR, budget performance etc. are up to date. To develop, update and monitor the budget and financial modelling. To ensure the consolidated cash flow forecast model is up to date and ready for review and sharing for decision making. Also, to ensure the investment calculation are presented in a professional manner and as per company requirement and shipping practices.

 

Core Responsibility:

Reporting Duties:

• Preparation and Review of Monthly MIR (Actual vs. Budget and Latest Estimates)
• Responsible of all reports or explanation about the financial figures requested by the departments or management.
• Prepare Shareholders, Government reporting, and any other ad-hoc report.

 

Management Accounting (Budgeting & Control) Duties

• Annual Budget: preparation of OSC consolidated annual Budget (incl. Balance Sheet, Income Statement and Cashflow Statement).
• Annual Budget: preparation, changes and review of SPCs standalone annual budget.
• Monthly Budget & Control reporting and review.
• Benchmarking with other shipping companies in terms of revenue and costing.

 

Strategic Planning, Investments and Financial Modelling

• Monitor and report quarterly the financial performance of a given area of activity and OSC business segments versus budgets/project economics so that areas of unsatisfactory performance are identified and rectified promptly, and potential performance improvement opportunities are capitalised upon.
• Preparation of financial Models/calculations, quarterly updating of cash flow forecast to be used for investment decisions.
• Development of different investment calculation to be presented in a professional manner as per company requirement and shipping practices for review.
• Development of templates and reports for the review and assessment of the departmental KPIs.
• Assist Sr. Lead in preparing OSC’s Consolidated 5 years business plan.

 

ERP and system supervision

• Maintain chart of accounts of OSC group and make any adjustments (add, edit, delete) as per instruction.
• Create and update when required the layout of financial statements in the system and other reporting templates.
• Help Finance staff work with the system and report system errors to IT Administrator & system provider.
• Actively co-operate with other Departments in order to ensure the implementation and the linkage between Finance modules and other departments’ modules and to help other departments to understand how the information flow in the system.
• Attend all staff questions on time and report any errors related to the ERP system.
• Works as a system analyst with key personnel to help define user needs and develop data processing solutions.
• Initiate procedures to ensure integrity of ERP system and databases.

 

Policies, Systems, Processes & Procedures

• Follow all relevant departmental policies, processes, standard operating procedures and instructions so that work is carried out in a controlled and consistent manner.

 

Any other task assigned By Manager e.g.

• Reconciliation of major accounts (payables or receivables).
• Short-term projects.
• Covering for in the areas of Financial Reporting and Accounts Payables when required.

 

Continuous Improvement

• Contribute to the identification of opportunities for continuous improvement of department systems, processes and practices, cost reduction and productivity improvement.
• Assisting Sr. Lead in setting KPIs.
• Preparing and follow up on the Account Section KPIs as per the requirement of Finance Director and after his approval.

 

Minimum Qualifications:

• Bachelor’s Degree (preferably with ACCA, CFA, CMA or CPA accreditation, or a Master’s degree holder)

 

Minimum Experience:

• Minimum 6 - 8 years’ experience in a similar role in an accounting functions out of which at least 2 years in reporting/Budget function and investment related.

 

Job-Specific Skills:

• Leadership
• Computer
• Presentation
• Organisational
• Planning
• Financial modelling – Advanced excel skills

 

COMPETENCIES:

• Achievement Orientation
• Analytical Thinking
• Impact and Influence
• Information Seeking
• Teamwork

 

Frameworks & Authority:

• The Lead report’s to the Sr. Lead – Budget and Investment and confers with the latter on critical and strategic issues.
• The jobholder is expected to draw up plans and strategies for the accounts section and ensure their implementation.
• The Lead function is responsible for the planning and implementation of the departmental strategies and keeping all OSC’s systems abreast with the latest technologies.
• Key decisions having significant impact on the Lead function are referred to the his line manager or Finance Director for approval before implementation.
• The jobholder exercises financial authority as per the level established by the OSC management.