Summary
First Abu Dhabi Bank is hiring a VP, Financial Reporting in Abu Dhabi. The role manages financial reporting and accounting activities, including IFRS 9 requirements, month-end processes, reconciliations, variance analysis, disclosures and support for quarterly and annual financial statements. The successful candidate will advise on accounting issues, respond to auditor queries and support finance systems, model validation and reporting projects. The posting prefers a qualified ACA or CFA, or 5–8 years of financial reporting experience, with IFRS, audit and reporting experience; experience with a Big 4 audit firm is also required.
The posting
As published on bankfab.com. Pulled from the employer's site and shown as they wrote it.
Responsibilities
JOB PURPOSE:
The Group Reporting & tax team comprises of Group reporting teams (Financial & regulatory), Financial control and tax team. The team supports. The unit falls under the Group Finance department and reports to the CFO.
Key priorities of this role under Group Financial Reporting team include:
- Managing all the requirement of IFRS 9 project like accounting, reporting, reconciliation etc.
- Providing world class financial reporting & support services, adding value through providing professional, independent & objective financial advice which assist in the achievement of business objectives whilst complying with Group policies and standards, and external statutory obligations.
The Group financial reporting is responsible for managing accounting and financial reporting of the Bank. The group is also responsible for producing monthly, quarterly & annual financial statements. The group engages with various stakeholders during the process and deals with the external auditors to meet their audit related requirements.
This role is focused on the day-to-day tasks related to financial reporting team like accounting, managing end to end, performing various analysis and provide commentary for reporting purpose, preparing financial disclosures, dealing with auditors, understanding the country specific requirements for IFRS 9, provide assistance for any new accounting standard.
The candidate will be responsible for providing support not only within the reporting team but also to the various functions within Group Finance, to understand reporting requirements.
The candidate will be a key member of the Finance Systems working group by understanding finance system infrastructure and communicating to the group the GM business reporting requirements.
KEY ACCOUNTABILITIES:
- To ensure smooth run of month end process which includes preparation & review of adjustments, reconciliations, preparing an audit trail, adherence to schedule, data management, exception resolution and maintaining the tracker for exceptional item etc.
- To ensure proper accounting under IFRS and related standards at group level including country specific requirements, non-compliant entities as well.
- To perform various reconciliation like derivatives, term borrowings, stage 3 numbers, ECL numbers, write off/recovery numbers, Impairment numbers etc
- To perform variance analysis and to provide commentary for the variances in the key balance sheet and profit and loss numbers and ratios for monthly financial reporting pack.
- To prepare critical disclosure in the financial statements related to cash flow movements, derivatives, Term borrowings, IFRS 9, movements in provisions, Impairment note etc
- To provide explanation to the queries raised by statutory/internal auditors.
- To provide support for the in preparing the quarterly and annual financial statements including comparison of accounting policies with industry practices, review of financial statements, investor’s presentations and press releases of peers.
- To provide technical and practical advice on how to resolve complex accounting issues arising from the application of new accounting standard and issues arising from day to day developing events and transactions
- Keep abreast of technical developments relevant to the new accounting standards in order to provide support for new accounting standard requirements and various adhoc accounting advices.
- To provide assistance in all aspects of model development and validation including data extraction and pre-processing, modular model development, user acceptance testing and model performance assessments.
- To provide assistance with the development, management and implementation of all financial reporting and accounting related matters within the bank in order to ensure alignment and compliance with external standards and internal policies and procedures.
- To participate in the projects and new product requirements and address the requirements related to Financial reporting.
- To ensure regularisation of audit adjustments not only for the Group but also for subsidiaries and branches.
- To understand the country specific requirements for IFRS 9 and provide assistance in developing the process for accounting, reporting and reconciliations.
To provide support to the overseas branches and subsidiaries for their accounting and IFRS requirements and resolving the auditors queries.
QUALIFICATIONS & EXPERIENCE:
Minimum Qualification
- Qualified Professional (ACA / CFA) preferred or 5-8 years’ experience in a Financial Reporting Function
- Experience in accounting and reporting under IFRS related areas, audit, reporting etc.
- Experience of working with Big 4 audit firm.
- Experience in developing Financial and other MI reporting, automating processes.
- A proven ability to operate effectively at various organization levels & a willingness to adopt a hands-on approach to problem solving where appropriate.
- Understanding project plans and ability to clearly articulate roles, goals and timelines. Adhere to project plans defined by project management.
- Good relationship management skills are essential in this role as the candidate will be working closely with internal stakeholders to constantly improve operational performance.