Associate Financial Control Officer

Job Posting Organization:
The Asian Development Bank (ADB) is an international development finance institution that was established to foster economic growth and cooperation in the Asia-Pacific region. Headquartered in Manila, Philippines, ADB was founded in 1966 and currently comprises 69 member countries, with 50 of these members located in the Asia and Pacific region. ADB's mission is to alleviate poverty and promote sustainable development, and it aims to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. The organization combines finance, knowledge, and partnerships to fulfill its expanded vision under Strategy 2030, which emphasizes the importance of eradicating extreme poverty. ADB is committed to creating an inclusive work environment and encourages applications from all qualified candidates, regardless of their background, gender, or abilities. Women are particularly encouraged to apply for positions within the organization.

Job Overview:
The Associate Financial Control Officer position is situated within the Accounting Division of the Controller's Department at ADB's Headquarters in Manila, Philippines. This role is pivotal in providing analytical support for treasury accounting tasks and performing various administrative functions. The officer will be responsible for establishing and maintaining accounting controls and records for ADB's ordinary capital resources, Special Funds, Trust Funds, and the Staff Retirement Plan. The position involves preparing accounting reports related to investments, borrowings, derivatives, and foreign exchange transactions, as well as conducting fair valuations or revalidations of complex treasury products. The Associate Financial Control Officer will also review financial data for accuracy and compliance with policies, prepare financial statements in accordance with US GAAP and International Financial Reporting Standards, and support risk assessments to ensure adequate internal controls over financial reporting. This role requires a proactive approach to monitoring and reconciling accounts, approving vouchers, and enhancing knowledge to align with evolving accounting standards.

Duties and Responsibilities:
The duties and responsibilities of the Associate Financial Control Officer include reviewing financial data, transactions, and reports for accuracy and compliance with established policies. The officer will prepare financial statements and reports in accordance with US GAAP and International Financial Reporting Standards. Additionally, the role involves supporting risk assessments and ensuring adequate internal controls over financial reporting, including controls for accounting reports, treasury transactions, and derivatives. The officer will conduct process compliance testing to support Management Assertion regarding the adequacy of internal controls. Responsibilities also include monitoring and reconciling assigned accounts, approving vouchers, reviewing fair value assessments, and ensuring the accuracy of supporting documents. The officer will assess IT needs to improve efficiency, suggest system updates, and recommend manual workarounds for any system issues. Furthermore, the Associate Financial Control Officer will provide technical guidance to other staff on treasury-related products and accounting for derivatives and structured products, and perform any other assignments as reflected in their workplan.

Required Qualifications:
Candidates for the Associate Financial Control Officer position must possess a Bachelor's degree in business administration with a major in accounting or finance, and preferably have advanced training in the field. A Certified Public Accountant (CPA) qualification is required. Additionally, candidates should have at least 5 years of experience in auditing or accounting, including some supervisory experience in a computerized environment. Familiarity with US GAAP and its application to treasury investments, borrowings, and derivative products is essential, along with experience in accounting policies and reporting requirements. Proficiency in computer software commonly used at ADB and similar multilateral development banks, as well as large accounting software such as Oracle ERP and SUMMIT, is necessary. Candidates should also have experience with internal controls and their application, proficiency in numerical analysis, and the ability to work cohesively with peers and clients while providing guidance and feedback to team members. Strong report writing skills in English and the ability to meet deadlines are also required.

Educational Background:
The educational background required for the Associate Financial Control Officer position includes a Bachelor's degree in business administration, specifically with a major in accounting or finance. Advanced training in accounting or finance is preferred, and candidates must hold a Certified Public Accountant (CPA) qualification, which demonstrates a high level of expertise and knowledge in the field.

Experience:
The position requires at least 5 years of relevant experience in auditing or accounting, with some supervisory responsibilities in a computerized environment. Candidates should have experience with US GAAP and its application to treasury investments, borrowings, and derivative products, as well as their valuation. Familiarity with accounting policies and reporting requirements is also necessary, along with experience in internal controls and their practical application in financial reporting.

Languages:
Proficiency in English is mandatory for this position, particularly in report writing and communication. While not explicitly stated, knowledge of additional languages may be considered beneficial, especially in a diverse and multicultural environment such as ADB.

Additional Notes:
This appointment is a fixed-term position for an initial period of 3 years, with the possibility of extension for up to 2 additional years, conversion to a regular appointment, or termination at the end of the initial period based on ADB's needs and the employee's performance. ADB offers a competitive salary and a comprehensive benefits package, including a retirement plan, medical and health benefits, paid leave (including parental leave), life and other insurance plans, and opportunities for staff development. The organization is open to both internal and external applicants and emphasizes the importance of creating an inclusive work environment.