Accounting Officer

World Bank, Washington DC, United States

Skill Required:, Finance and Accounts
Preferred Experience: 
7 to 10 Year
Closing Date for Applications: 
25th October, 2019


Job Description

Established in 1944, the WBG is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $24 billion was concessional finance to its poorest members. It is governed by 188-member countries and delivers services out of 120 offices with nearly 16,000 staff located globally.

The WBG consists of five specialized institutions: The International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). The World Bank is organized into six client-facing Regional Vice-Presidencies, several corporate functions and thirteen Global Practices to bring best-in-class knowledge and solutions to regional and country clients.

The WBG Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD, IDA, and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client service function for the WBG’s administrative expenses and trust funds and ensures fiduciary responsibility for all disbursements related to Bank operations.

Organizationally, WFA comprises three functional departments: (1) WBG Corporate Accounting and Reporting (WFACA), (2) WFA Trust Funds and Loans (WFATL), and (3) WFA Financial Controls (WFAFC). These units, along with WFA Chennai and WFA Systems and Transformation divisions, report directly to the WBG Controller who heads the WFA Vice Presidency.

WFAFC is responsible for a broad range of activities and consists of four divisions: (1) WFA Accounts Payable, Quality Assurance, and Travel Accounting (WFATA), (2) WFA Accounts Receivable, Payroll, and Tax (WFAPT), (3) WFA Structured Finance (WFASF), and (4) WFA Valuation and Analytics (WFAVA).

WFATA is responsible for accounts payable, fixed assets and lease accounting, quality assurance program, and travel accounting. It also provides strategic leadership and guidance to business units across the WBG on developing and maintaining an effective system of internal controls over these functions.

The Quality Assurance (QA) program in WFATA monitors and strengthens controls, shares best practices and provides WBG Units’ management with an appropriate basis to support their annual assertions on the control environment of their units with regard to administrative expenses.

The Bank is currently seeking an Accounting Officer for the Quality Assurance Program in WFATA, based in Washington D.C., reporting to the team lead for QA and Travel in Washington D.C.

Position Overview

The Accounting Officer-Quality Assurance, within the QA and Travel team, functions as a technical staff and performs a variety of tasks, including, as needed, broader responsibilities of the Division. Primary areas of responsibility include leadership of the QA program and providing administrative and accounting policy guidance and recommendations to the Division management. The position closely interacts with the offshore QA team in Chennai in delivering the work program.

Specific Duties

  • Coordinates the activities relating to the formulation of the QA work program.
  • Responsible for developing the scope, sampling and review methodologies, designing relevant reports and other products in support of the QA function, and determining and delivering against product delivery timetables, closely liaising with the offshore team.
  • Continuously monitors changes in policies, systems and processes relating to administrative expenses, and ensures that (i) the appropriate risks are assessed, and (ii) timely and accurate information is provided to the VPUs. Proactively introduces modern techniques for identifying and assessing risks, and in performing the reviews.
  • Performs a key role in the assessment of control risks and ensures that adequate accounting and administrative controls are implemented with respect to the monitoring of WBG funds used for administrative expense purposes. Coordinates the ICFR Reviews for the Division.
  • Coordinates the review and dissemination of compliance reports containing the results of the testing of controls for WBG Units. Also responsible for developing recommendations for remediating control deficiencies relating to administrative expenses and monitoring and reporting on the implementation status of the respective Units’ action items.
  • Uses results of QA program to identify opportunities to strengthen the WBG’s internal controls through process improvements, policy revisions and system enhancements. Proactively develops plans and actions to implement such changes, coordinating with the respective functional process owners and stakeholders.
  • Functions as the primary liaison with the Bank Units’ Chief Administrative Officers (CAOs) and Resource Management, IFC’s Regional Financial Controllers (RFCs) and Finance staff, and MIGA’s Controllers, which includes providing guidance on the development and execution of an effective internal controls program to help foster a sound control environment. The position also has responsibility for actively engaging with the CAOs/RFCs to ensure the continuous improvement of the QA program and client satisfaction.
  • Proactively pursues the identification and development of new product and service offerings, benchmarks best practices and employs emerging technologies to modernize the QA program.
  • Performs as a key resource in providing technical guidance to the CAOs/RFCs as they endeavor to further develop staff and management’s familiarity with the WBG’s policies and procedures over administrative expenses. This includes, but is not limited to, participation in Units’ meetings and delivering presentations and training at various fora, including the RM Forum and Regional Hub Learning events.
  • Performs periodic Quality Assurance Onsite Reviews at over 120 country offices on a rotational basis (approximately 15% travel) and trains other Division staff in performing such onsite reviews.
  • Partners with and provides guidance/support to the offshore team responsible for executing various aspects of the Quality Assurance program. Regularly communicates with and involves the team in QA activities, monitoring the program deliverables and timelines.
  • Designs and develops analytical reports necessary to effectively monitor the WBG’s administrative expenses from a financial statement as well as budget management perspective. Assesses the adequacy of monitoring reports and analytic/diagnostic tools, and designs new reports/tools to further the implementation of accounting and administrative controls.
  • Serves as a focal point and technical leader to Division staff responsible for performing QA reviews.
  • Provides technical assistance on and leads the review and resolution of the more complex accounting and control issues that relate to administrative expense processing in SAP, PeopleSoft and other related systems under the purview of WFAFC.
  • Supports the interpretation and application of professional/ authoritative literature such as statements issued by the FASB and the IASB to complex business issues. In addition, assists in formulating Bank-specific policies and procedures such as the relevant Directives/Procedures/Guidelines to ensure that the WBG’s recording of administrative expenses remains compliant with Generally Accepted Accounting Principles (GAAP).

Selection Criteria

Minimum:

  • Professional accounting qualification (ACA / ACCA / CPA or equivalent); and
  • Bachelor’s degree in Finance, Accounting with 7 years of relevant experience (or) Master's/MBA in Finance, Accounting with 5 years of experience
  • Solid understanding of Generally Accepted Auditing Standards (GAAS) and Generally Accepted Accounting Principles (GAAP). Understanding of International Financial Reporting Standards (IFRS and/or International Standards on Auditing (ISA) a plus. Knowledge of WBG-specific policies, processes and systems will be an advantage.
  • Demonstrated experience and ability to analyze process risks and compliance in a large organization, employing modern techniques leveraging technology and implementing control procedures to mitigate risks.
  • Solid knowledge of internal controls and procedures related to administrative expenses in an international and automated environment is required.
  • Extensive experience in auditing of, and reporting on, complex accounting transactions relating to administrative expenses and related processes is essential.
  • Demonstrated ability to understand and apply professional auditing standards and accounting statements, as well as internal accounting and administrative policies and procedures. Ability to support the translation of accounting literature into clear business instructions or guidelines.
  • Practical experience in analyzing large sets of quantitative and qualitative data, indentifying the underlying control risks employing leading-edge techniques and translating findings into the formulation of solutions.
  • Excellent communication skills and demonstrated ability to express views and opinion diplomatically and confidently. Ability to effectively communicate with clients and business partners to ensure quality results.
  • Proven ability to develop creative solutions to business problems.
  • Proactive, innovative and highly motivated.
  • Open and collegial work style and the ability to listen and integrate ideas from diverse views, create partnerships and collaborate with others.
  • Experience leading and managing projects and managing associated change.
  • Able to integrate and balance priorities, work activities and resources for the benefit of multiple key stakeholders.

Source:https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=4559&site=1


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