JOB PURPOSE

The jobholder is responsible to execute core accounting processes and activities related to valuation, verification, quantity assessment, movement and state of fixed assets and inventories of Borouge ADP to ensure efficient and effective administration of these assets while adhering to the controls in line with ADNOC & Shareholders\xe2\x80\x99 policies and IFRS.

The key challenge in performing this role is gather accurate details required by Accounting from Project Managers with regards to asset componentization and their expected useful life at the time of project capitalization.

KEY ACCOUNTABILITIES

Fixed Assets Administration

• Perform accounting activities to ensure accurate and timely accounting and monitoring of company\xe2\x80\x99s fixed assets as well as providing in-depth analytics.
• Record transactions related to additions, transfers and impairment of fixed assets and ensure depreciation and amortization calculations are in line with company\xe2\x80\x99s accounting policies.
• Prepare schedules required for month-end closing such as Asset Register, Asset Movement, Accumulated depreciation, Depreciation expense and CAPEX impairment accrual.
• Prepare FA disclosures for reporting to Consolidation team and external auditors on quarterly basis.
• Provide support to asset custodian to prepare Capital Asset Disposal (CAD) form for those assets which are considered for impairment.
• Follow Delegation of Authority (DOA) to obtain approvals for asset write-off as per Net Book Value (NBV) and book asset retirement in timely manner.
• Prepare monthly Assets Under Construction (AUC) Register for follow-up with Investment Controllers and Project Managers to ensure timely capitalization of capital projects.
• Provide awareness sessions to Project Managers to inform them about the steps to be taken for timely closure of capital projects.
• Conduct physical verification of assets to ensure their availability and determine the condition of fixed assets.
• Conduct Ruwais Plant useful life reassessment program according to the stipulated timeframe in coordination with Plant Reliability team.
• Provide internal and external audit requirements and ensure adherence to all audit activities and communications to ensure compliance with the approved policies and standards in the company.
• Provide data for yearly asset valuation exercise to Enterprise Risk Management (ERM) team and provide clarifications regarding additions and deletions to consultants.

• Perform year-end Asset Accounting Ledger closing for MEA company codes.
• Continuous review of Borouge PLC Asset Accounting procedure and align with ADNOC Asset Accounting policy.
• Manage FA risks within the ADNOC approved Risk and Control Matrix (RACM) and ensure internal controls are effective through periodical Test of Design (TOD) and Test of Effectiveness (TOE). Remediate any gaps based on approved remediation plan with strong collaboration with other stakeholders.

Inventory Administration

• Calculate Slow Moving and Obsolete Inventory to ensure proper accounting entries are being made every half-year in co-ordination with Material Management team.
• Prepare the Net Realizable Value (NRV) report for Finished Goods and book provision as required.
• Prepare Inventory balance report for finished goods, raw materials and spare parts on monthly basis.
• Prepare for quarterly and annual audit performed by external auditors, including preparation of Inventory Movement, Inventory Comparisons, Inventory write-off provision and FS notes and schedules.
• Conduct annual stock count for Finished Goods at UAE Gateway and Overseas warehouses in collaboration with various warehouse teams and Logistics Service Providers (LSP).
• Reconcile warehouse stock-in-hand with stock as per balance sheet as of the date of stock count.
• Conduct annual stock count for Spare Parts in collaboration with Material Management team.
• Check randomly the inventory for monomers and raw material along with the external auditors during year-end to ensure the audit needs are fulfilled.
• Manage Inventory Accounting risks within the ADNOC approved Risk and Control Matrix (RACM) and ensure internal controls are effective through periodical Test of Design (TOD) and Test of Effectiveness (TOE). Remediate any gaps based on approved remediation plan with strong collaboration with other stakeholders.

Borouge Corporate Responsibilities

• Understand and keep abreast about Borouge\xe2\x80\x99s vision, mission, main strategies and objectives and to live and exercise Borouge\xe2\x80\x99s values with all colleagues and stakeholders.
• To keep abreast and knowledgeable about his / her role contribution towards the areas of Health, Safety & Environment (HSE), Sustainability, Energy Management, Ethics & Regulations, and Quality Management and its respective policies, frameworks, procedures, and objectives.
• Comply, support and enrich the culture and understanding of it through his / her communications with the internal and external contacts
• Participate and contribute in the design, development and establishment of an Integrated Risk Management Framework within the Unit while identifying and assessing relevant domain risks and implement measures to manage and mitigate all identified risks within the function.
• Ensure corporate business ethics and Company\xe2\x80\x99s Code of Conduct are communicated to employees within the function in compliance to the Corporate Policies and guidelines.

Departmental Plans

• Plan, organize and coordinate all activities in the assigned tasks and respective procedures to meet departmental objectives.
• Keep aware and knowledgeable about the respective processes\xe2\x80\x99 owners, policies, procedures, forms, and other relevant information.
• Support in the reporting of the respective section / department budgets and any cost-related activities
• Contribute to the reporting of the approved Performance Objectives for the section / department in line with the company\xe2\x80\x99s performance framework, and KPIs
• Analyse and address any significant variances to support effective performance and cost control
• Draft, prepare, and recommend the required reports on work activities, projects, processes, etc. to next level manager in line with business requirements.

Processes & Systems

• Implement approved the respective policies, processes, systems, standards and procedures in order to support execution of the work programs.
• Perform the procedures / SOP in line with the respective processes and activities to ensure timely processing.
• Provide timely information to the internal / external contacts in line with the approved policies and procedures.
• Provide with feedback on updating and implementation of new tools and techniques to improve the quality and efficiency of processes.
• Make sure full compliance to Quality Management System\xe2\x80\x99s controlled documents and implemented practices in line with ISO standards to ensure consistency in the respective processes.

QUALIFICATIONS, EXPERIENCE, KNOWLEDGE & SKILLS

Minimum Qualification

• University degree in Accounting, Finance, or any related discipline
• Fluent in English language; spoken and written

Minimum Experience & Knowledge & Skills

• Minimum 7-10 years of related experience in accounting, preferably in a manufacturing company
• Computer literate with experience in working with SAP S4Hana
• Knowledge of financial practices and statutory requirements

Professional Certifications

• CMA, ACCA, ACA is an advantage

ADNOC