Project Cost Controller - EPC

Description:

Job Title: Project Cost Controller

Qualifications: CWA/CMA with 8 years of experience in EPC Industry must.

HO (8 Hours Working) - CMA , Accounting - SAR.

Status Key Responsibilities:

Project Cost Analysis and Control:

- Monitor, analyze, and report on project costs for large-scale EPC projects.

- Track costs across engineering, procurement, and construction phases, ensuring alignment with budgets.

- Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.

- Validating the Petty Cash and Non-PO Based Expense of Projects, Supplier assessment, advance to suppliers, utilization of credit facility and credit period.

Progress Monitoring and Reporting:

- Collaborate with project teams to track progress and update percentage-ofcompletion calculations as per IFRS 15.

- Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.

Contract and Cost Compliance:

- Ensure compliance with contractual agreements and project-specific financial regulations.

- Validate costs in line with the contract terms and identify any cost overruns or savings opportunities.

- Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.

Inventory and Procurement Cost Management:

- Work with procurement to control and analyze material and service costs.

- Ensure proper valuation of inventory used for EPC projects and implement strategies to minimize waste and cost.

Risk Management and Cost Optimization:

- Identify potential risks related to project costs, including scope changes, delays, or unexpected expenses.

- Recommend strategies for cost reduction, such as value engineering or efficiency improvements, manpower management, material management, reducing idealness.

Fixed Assets Management at Project Site:

- Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and maintenance.

- Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards(e.g., IAS 16 for Property, Plant, and Equipment).

- Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.

Financial Reporting and Forecasting:

- Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.

- Generate monthly, quarterly, and annual reports for COO, Project managers, detailing variances, expected cost overruns, and other key financial metrics.

- Collaborate with the finance department to support overall financial reporting.

Required Skills:

- Knowledge of Standards: Familiarity with all IFRS, particularly IFRS 15 (Revenue from Contracts with Customers), IFRS 9, IFRS 16 and IAS 16.

- Industry-Specific Knowledge: Understanding of EPC project lifecycle, cost drivers, and risks.

- Technical Proficiency: Familiarity with project management and accounting software (SAP, Oracle).

- Analytical Skills: Strong skills in cost analysis, budgeting, and variance analysis.

- Communication Skills: Ability to present cost information and insights effectively to management.