Financial Reporting Accountant At International Organization for Migration

Position Title: Financial Reporting Accountant
Duty Station: Manila (Global) Administrative Centre (MAC)
Classification: Ungraded
Type of Appointment: Special Short-Term, Nine months with possibility of extension
Salary: Php 50,000 per month net of taxes (All-inclusive Salary)

Context:

Under the general supervision of the National Central Accounting Officer and direct supervision of the Financial Reporting Supervisor, the successful candidate will be mainly responsible for fixed asset accounting, which includes but is not limited, to the following key roles. This is in view of the importance of putting in place adequate internal control mechanisms to generate accurate asset information.

Core Functions / Responsibilities:

A. Fixed Asset Accounting

1. Monitor the full life-cycle of fixed asset accounting including asset acquisition, depreciation, retirement and transfer of assets.

• Regular reconciliation of the asset register against general ledger balances in Processes and Resources Integrated Systems Management (PRISM/SAP); and any discrepancies are to be adjusted. Coordination with PRISM team for any technical issues;
• Ensure that entries made to asset acquisition are valid, timely recognized and properly classified in accordance with IOM policies and procedures. Any significant items that should have been capitalized were not charged to expense:Review the calculation and application of depreciation and amortization if consistently applied. Implement regular review of useful lives;

Review asset disposal requests and justification received from offices for approval by the Chief, Financial Accounting Services, and advise offices as to the correct retirement type option to be used; and any retirement of fixed assets should be taken up in the accounts;
Review the entries of transfer of assets between offices or projects including asset creation; and
Ensure that fixed assets related transactions are properly analyzed and coordinated with offices to update the Fixed Asset Register within PRISM System; and
Make recommendations and improvement initiatives for an efficient and effective fixed asset accounting workflow programme as established.

2. Review annual asset stocktake submissions from offices to ensure that assets exist, owned by IOM and duly accounted for.

• Observe the yearly physical inventory of fixed assets from any recommended offices by Accounting Division to ensure fixed assets are properly identified and tagged; and document the observation for any inconsistencies with IOM policies and procedures;
• Ensure annual management reviews of all fixed assets for the existence, continued use, remaining life and obsolescence or impairments.
• Ensure that offices reconcile their annual physical inventory with the asset register; and update the records in PRISM. Any discrepancies should be explained by offices and properly accounted in PRISM system; and
• Ensure Chief of Missions sign off the certificate of physical count and the correctness of the asset register in PRISM system.

3. Assist with the preparation of IPSAS-compliant note disclosures relating to fixed assets.

4. Recommend changes and improvements to the assets management policy and procedures as necessary, consistent with IPSAS, to ensure that the necessary internal controls are in place to safeguard IOM assets worldwide.

5. Liaise with the PRISM team with respect to any required system changes to meet the needs of the organization.

B. Foreign Exchange

1. Analyze the realized foreign exchange transactions related to the mentioned accounts below to ensure correct forex rate was used upon postings based the list generated from the Foreign Exchange Exception report. Make necessary adjusting entries relevant to the noted differences in foreign exchange balances.

• Cash and Bank accounts
• Customer accounts (Accounts Receivable)
• Fixed Assets accounts
• Vendor Accounts (Accounts Payable)
• Other Asset and Liability accounts
• Revenue accounts
• Expense accounts

2. Provide findings and recommendations related on the analysis on realized forex exchange transactions to Regional Accounting Support for coordination with offices to correct any wrong practice or for any immediate actions.
3. Perform other related foreign exchange adjustments.

C. Special Donor Financial Reports

Multi-Partner Trust Fund (MPTF)

• Monitor endorsement of MPTF financial report, consolidate all endorsed financial reports, and upload in MPTF’s central database within established timeframes.
• Prepare any reconciliation reports required by MPTF.
• Prepare mission payment request for ended projects with unutilized funds and coordinate refunds with MPTF Portfolio managers.

United Nations Development Programme (UNDP) – Project Clearing Account (PCA)

• Maintain database of UNDP-PCA project portfolio and closely coordinate with PCST, Revenue Unit on PCA project code creation for appropriate GRANT assignment and maintenance of PCA projects in PRISM.
• Liaise with IOM Offices and UNDP HQ to request and receive quarterly funding for PCA and advances for UNDP projects
• Liaise/coordinate with IOM Offices, UNDP Country Offices and UNDP HQ for errors/issues encountered in the PDR upload.
• Monitor related customer accounts and reconcile with UNDP statements.
• Assist in preparing year-end reports per UNDP requirements.

D. Others

• Prepare and submit other special financial reporting requirements to the Donor.
• Provide requested internal reports, statistics and analysis which are within the scope of work responsibilities.
• Support during audits (internal and external) on preparation of schedules and help resolve queries on required information.
• Prepare the business specifications/requirements; and perform testing procedures during development stage for automation and enhancement of financial reports and procedures in PRISM in view of streamlining the business process related to asset accounting module and other accounting requirements.
• Provide training on IOM asset accounting, procedures and policies, as necessary.
• Perform other administrative and accounting functions as may be required.

Required Qualifications and Experience

Education

• University degree in Finance, Accounting or any related field from an accredited academic institution, with three years of relevant in the field of accounting, finance, budgeting, audit experience an advantage; or
• Completed High School degree from an accredited academic institution, with five years of relevant professional experience;
• Must be a Certified Public Accountant (CPA) or equivalent.

Experience

• Experience in the field of accounting (particularly in cost accounting or inventory management), finance, budgeting, audit experience an advantage
• Knowledge of International Public Sector Accounting Standards or International Financial Reporting Standards;
• Computer literacy including knowledge of SAP (particularly on AA and FI modules) and proficiency in MS Office applications especially MS Excel and MS Access;
• Good analytical and problem-solving skills.