Cost Controller JIS115530

2 days ago

Salem, Tamil Nadu, India KHIAR CONTRACTING COMPANY Full time

Job Title : Project Cost Controller

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

Job Location : Dammam, Saudi Arabia

Salary - SAR 15000 To 16000

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-of- completion 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.

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