Financial Control Specialist

Job Vacancy | Monday, September 23, 2024

Join Our Mission to Foster Prosperity in Asia

Are you ready to make a lasting impact on the future of Asia and be a catalyst for positive change? We are thrilled to offer a unique opportunity to become an important part of the prestigious Asian Development Bank (ADB). At ADB, our mission is simple yet powerful: to alleviate poverty and promote sustainable development in the Asia-Pacific region.

Organizational Setting and Reporting Relationship

The position of Financial Control Specialist is assigned to the Financial Reporting and Control Section of the Accounting Division (CTAC) within the Controller’s Department (CTL). You will be based at our Headquarters in Manila, Philippines.

You will report to the Assistant Controller and will oversee National and Administrative staff.

Your Role

As a Financial Control Specialist, you will: (i) supervise, review and assess the annual assertion and attestation on internal controls over financial reporting to ensure ADB maintains sound internal controls as part of ADB’s management assertion over the adequacy of internal control over financial reporting (ICFR) process; (ii) assist in development of internal controls over sustainability reporting (ICSR) and support ADB’s alignment with internationally recognized sustainability reporting standards such as international standard-setting body (ISSB) and/or United States Securities and Exchange Commission (US SEC) climate reporting rules; and (iii) support the development of ADB’s accounting policy, ensuring ADB’s financial statements comply with US accounting standards and oversee the preparation of ADB’s financial and management reports.

You will:

• Review, analyze and assess the annual assertion and attestation on internal controls over financial reporting to ensure ADB maintains sound internal controls.
• Take proactive roles in assessing risks inherent in the business processes and supervise the testing team in carrying out compliance testing requirements as part of ADB’s effort in providing a management assertion over the adequacy of ICFR.
• Review and analyze business processes, including related systems to simplify and streamline the processes to achieve efficiency and good internal controls.
• Continuous review and assessment of the internal controls over financial reporting process and implement necessary changes for improvements to drive efficiencies and effectiveness of process.
• In coordination with affected CTL business unit, review all operational risk and internal control incidents and assist and collaborate with affected units to implement necessary changes/improvements to mitigate the risk.
• Assist in development of ICSR leveraging the current ICFR framework that is already in place.
• Review impact of new accounting standards to ADB; and assist in the development of related accounting policies, guidance and interpretations, detailed implementation plans identifying the required resources, milestones and deliverables, comprehensive impact analyses, and system and control implications, with the participation of relevant areas. Disseminate updated policies to other concerned departments/offices in ADB.
• Coordinate the accounting analysis related to ADB financial instruments and be departmental focal person in reviewing new initiatives and products to ensure accounting related implications are addressed.
• Contribute to the preparation of ADB responses to or comments on applicable exposure drafts from the Financial Accounting Standards Board and other relevant recognized international bodies.
• Represent CTL on ADB-wide activities, initiatives, working groups and committees as assigned. Participate in special projects and ensure timely submission of deliverables and within quality targets.
• Provide inputs in the preparation of financial statements, management reports, and other analysis based on the appropriate accounting standards, guidelines, or agreements.
• Participate in the implementation and enhancements of IT systems, specifically the accounting related modules.
• Provide timely and quality review, analysis and comments to draft board papers, policy papers, ADB procedures and guidelines, and financing agreements and other project related documents.
• Assist and provide inputs through research as part of internal working group developing ADB’s roadmap towards alignment with internationally recognized sustainability reporting standards such as ISSB and/or US SEC climate reporting rules.
• Lead the preparation and implementation of one of CTL’s technical assistance supporting the International Public Sector Accounting Standard through International Federation of Accountants and International Public Sector Accounting Standards Board.
• Serve as project leader and managed the event planning and communication of the Regional Forums on Public Sector Accounting with senior developing member country government officials and resource speakers and host events as a facilitator.

Qualifications

You will need:

• Master’s Degree, or equivalent, in Accounting, Finance, Business, or related fields, and with internationally recognized professional qualifications such as Certified Public Accountant (CPA)/Chartered Accountant (CA) or its equivalent. A university degree in Accounting, Finance, Business, or related fields combined with at least 5 years’ specialized experience in similar organization(s), may be considered in lieu of a Master’s degree.
• At least 8 years’ relevant experience in various accounting and control processes in banking/financial sector or international financial institutions, and international experience working in several countries.
• Proficiency and in-depth knowledge in ICFR and its application, familiarity with COSO (Committee of Sponsoring Organizations).
• Solid knowledge and experience in international accounting standards such as accounting standards generally accepted in US or International Financial Reporting Standards.
• Proficiency and knowledge in Information Technology, particularly in the use of an Enterprise Resource Planning system and Governance Risk Management and Compliance tools, and experience in quality assurance or audit would be a distinct advantage.
• Ability to utilize and share relevant knowledge to benefit the broader ADB community.
• Excellent oral and written communication skills in English.
• Ability to coordinate and liaise effectively with client groups within and outside the institution.
• Please refer to the link for ADB Competency Framework for IS4.

Benefits

ADB offers competitive compensation and a comprehensive benefits package. The salary will be based on ADB’s standards and comparator markets, taking into account your qualifications and experience.

• Paid leave (including parental)
• Medical and health benefits
• Life and other insurance plans
• Staff development
• Retirement plan
• Housing and education allowance (if applicable)
• Expatriate benefits (for international staff)

Additional Information

ADB will be rolling-out a new job grading structure on 1 January 2025, which may result in a change of the position grade and title with no change in the terms of reference. By proceeding with your application, you acknowledge and accept the possibility of such changes resulting from the new job grading structure.

About Us

Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.

ADB only hires nationals of its 68 members.

To view ADB Organizational Chart, please click here.

ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.

Visit ADB Careers FAQ for more information.

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