Financial Reporting Analyst (FRA)

Job description / Role

The Financial Reporting Analyst (FRA) will have primary responsibility to facilitate the ATS Manager in execution of the AZAQ Group IFRS Convergence project. The position will need to maintain thorough documentation of IFRS Convergence Project from inception to the end and ensure seamless transition from existing SOCPA compliant financial statements to IFRS compliant financial statements for AZAQ Group subsidiaries and the Holding Company at standalone and consolidated level. Furthermore, on an ongoing basis the FRA will support the ATS Manager in managing and discharging his responsibilities.

Key Responsibilities

IFRS Convergence Project
• Prepare a comprehensive gap analysis exercise to diagnose gaps in accounting policies and disclosure requirements between SOCPA and IFRS across AZAQ subsidiaries and the Holding Company
• Preparation of technical accounting working papers on the identified gaps identified
• Reviewing and analyzing accounting policies / options / treatments under IFRS to assist senior management in selecting the most suitable option
• Development of Group Accounting Policy Manual in line with IFRS requirements
• Computation of resultant adjustments for affected financial statement line items for each subsidiary and holding company
• Preparation of required reconciliations under IFRS 1 between SOCPA and IFRS Financial Statements
• Closely working with IT teams across the Group to identify the necessary changes to be made in the ERP to reflect revised accounting policies identified as a result of IFRS Convergence
• Acting as liaison between IFRS consultant and External auditor to ensure that there are no surprises at the end
• Analyzing the impact of the IFRS conversion on business processes and suggest possible changes for senior management approval
• Partnering with finance teams of subsidiaries across AZAQ Group to ensure delivery of IFRS compliant Financial Statements
• Assisting the ATS Manager in preparation of IFRS compliant financial statements
• Closely working with the FP&A team to suggest changes required in the in-house Monthly Management Reporting (“MMR”) packs as a result of IFRS convergence

Financial Accounting
• To support ATS Manager and finance teams of all subsidiaries in all complex accounting matters especially consolidation at group level in relation to IFRS adoption
• To support ATS Manager in all investment accounting aspects
• Review and ensure all payments are timely processed with proper supporting documents
• Review and ensure timely recording of JVs / Receipt vouchers / monthly adjusting entries
• Ensure timely intercompany reconciliation and follow-up on outstanding payments
• Maintain and update the fixed assets register
• Ensure monthly system closing is carried out on a timely basis

Reporting
• Prepare AZAQ consolidated management reports, quarterly, half yearly and annually
• Prepare management reports for AZAQ entities
• Prepare various management reports as and when required
• Preparation of management reports for board meetings
• Review and circulate investment reports

Budgeting
• To assist ATS Manager in the budgeting process for AZAQ entities and AZAQ Group

External Audit
• Audit schedules, arrangement of bank confirmations, balance confirmations of affiliates, etc.
• Preparation of audited financials and schedules for external audit of AZAQ entities
• Review management accounts and schedules for external audit of other group companies which are handled at the holding company level
• Submission of AZAQ entities financials to Ministry of Commerce and Industry (MOCI)

Zakat and Statutory Requirements
• Review and ensure timely communication to Tax and Regulatory Affairs team
• Providing information in response to Department of Zakat and Income Tax (DZIT) queries
• Arabic books of accounts maintenance and audit
• Ensure suitable archiving of books and records

Requirements

• Bachelors in Accounting / Finance or equivalent
• Professional accounting qualification i.e. CA / CPA with IFRS implementation (SOCPA to IFRS) experience

Skills and knowledge:
• Strong understanding of IFRS / SOCPA
• Strong understanding of SOCPA IFRS Convergence
• Financial Planning & Forecasting skills
• Strong report writing, presentation and documentation skills
• Advanced spread sheet skills (Microsoft Excel)
• Planning and Organization Skills
• Networking/ Man-Management Skills
• Strong communication and interpersonal skills
• Zakat and Tax Knowledge - Desirable
• Companies Law & Corporate Governance Regulations knowledge - Desirable

Mandatory Job Requirements:
• At least 4 - 5 years of post-qualification experience (with a Big Four background) of which at least 2 years in preparation of IFRS compliant financial statements and SOCPA to IFRS convergence. The candidate would have worked as Chief Accountant / Senior Accountant / Senior Associate roles in a well-established MNC / established regional group / Big Four Auditing firm.
• Good command of English language
• Qualified Chartered Accountant / CPA / ACCA
• 2 years supervisory experience

About the Company

Ali Zaid Al-Quraishi & Brothers Co Ltd. (AZAQ) was founded in 1958 as a family owned diversified company. Today, with more than 4,500 employees on its payroll, prolific market activities all over the Kingdom, and long established associations with a several world-class brands and international corporations, AZAQ is a leading business group in the region.

The Group today is firmly based in the marketing and distribution field, representing top brand names in leisure goods, household products, watches, office furniture, telecommunications, electronics, electrical equipment and motor vehicles. It is also involved in manufacturing of electrical products and transformers and switchgears.