Asset Costing Section Head Job Jeddah area,Saudi Arabia,Finance & Banking

Key Accountability Areas Asset Management

Develop and implement process improvements and internal controls.
Maintain highest standards of professional conduct, ethics and integrity in the provision of services in the section.
Assist the Manager in overseeing the implementation of procedures and controls in the section and in meeting set targets and objectives as well as the financial performance of the section.
Build and maintain strong and effective relationships with all other related units to achieve the section's goals/objectives.
Keep the Manager informed of significant fixed asset-related issues that may jeopardize the achievement of the organization's goals.
Stay abreast of the latest applicable finance and accounting leading practices.
Execute capitalization policy and provide functional support to relevant stakeholders.
Ensure high standards of confidentiality to safeguard commercially sensitive information.
Recommend names of employees to the Manager for the physical asset verification team and plan to conduct the physical asset verification.
Preparing budgets and forecast for all financial obligations of the section's work related to costing of assets tasks, depreciation, ROU and leasing.

Reporting and documentation

Review fixed assets month-end reports and the soft close for the period.
Initiate the Revaluation Preview Report and valuation results and seek the necessary approvals as per the Delegation of Authority (DOA).
Provide timely and accurate information to the external and internal auditors as and when required.
Develop periodic reports highlighting results of performed reviews / audits on SANS' owned assets
Supervise the preparation and generation of reports relevant to fixed assets.
Provide an item list (without quantity) from the system to the physical count team to reconcile physically with the items.

Operational Responsibilities

Supervise accounting operations related to fixed asset additions, transfers, retirements, and depreciation.
Assist the Manager as and when required on Fixed Assets-related requirements.
Liaise with the Enterprise Asset Management team to resolve process matters and ease / automate the flow of financial transactions.
Review Depreciation report and coordinate with Fixed Assets analyst for required changes, if any.
Review FA transfer requests and ensure the financial impact of the transaction is correctly captured on the system.
Review the list of assets to be reconciled from the Physical Inventory Comparison report and coordinate with the Fixed Assets Officer to resolve any errors in judgment.
Review list of assets to be updated in the system.
Review Fixed Asset Discrepancy List and write-off recommendation prepared by the Fixed Assets analyst.
Oversee lease accounting activities including ROU asset recognition under IFRS 16.
Review journal entries, reconciliations, and reports before submission.
Maintain Fixed Assets Master Data to ensure proper control of assets.
Liaise with the Finance function to ensure alignment of fixed assets register's information.
Comply with the organization's set policies, procedures, management and regulatory requirements, and International Financial Reporting Standards (IFRS).
Ensure that all financial accounting transactions comply with organization's policies, procedures, regulatory requirements, and international financial and accounting reporting standards.
Oversee the fixed assets period-end close including accounts analysis.
Ensure the accuracy of Fixed Assets transactions and ongoing integrity of General Ledger (GL) interfaces.
Ensure that the fixed assets book of accounts is kept up-to-date and that accounting transactions are properly checked and reviewed to ensure accuracy of records.
Oversee the maintenance of the Fixed Assets Master Data. Identify the changes for a single asset or multiple assets and perform the required changes in the Asset Workbench (for single asset) or Mass Reclassification window (for multiple assets) in Fixed Assets (FA) module.
Review and recommend for approval the Fixed Assets Account setup / amendments.
Review assets details entered in Asset workbench.
Review and endorse the mass additions report and coordinate…


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