Project Cost Controller

4 weeks ago


Dubai, United Arab Emirates Avoir HR Recruitment Full time

**Job duties and 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.

**Job qualifications/requirements**
- At least 8 years of experience working in a similar position within the EPC industry.
- **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.

**Job Types**: Full-time, Permanent

Pay: AED10,000.00 - AED12,000.00 per month

Application Question(s):

- Do you have experience working in a similar position within the EPC industry ?



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