E T Consultant

Req# : Req27608

Application Deadline : 29th May 2024

Description

Do you want to build a career that is truly worthwhile Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.

The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB's corporate expenses.

Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.

WFAPA:

Within WFA, WFA Accounts Receivable, Payroll and Tax division (WFAPT in HQ and WFAPA in Chennai) is responsible for ensuring that (i) accounts receivable are recorded, monitored, and collected in a timely and efficient manner, (ii) salary and benefit payments to the WBG staff are processed in a timely and efficient manner, and (iii) tax allowances to the WBG staff and retirees are processed in a timely and efficient manner. It also provides strategic leadership and guidance to business units across the WBG on developing and maintaining an effective system of internal controls over AR, payroll, and tax.

The WFAPA is currently seeking Extended Term Consultants for one year for its Payroll team in Chennai. The team is responsible for the processing of Salary and benefit payments to the Bank Group staff on a fortnightly basis. This includes ensuring proper control over the entire process and adhering to the Bank's policies and procedures. All tasks included in the payroll schedule need to be performed timely to ensure the accuracy of Payroll payments.

How your contributions will help us achieve our goals

The Extended Term Consultant will operate under the guidance of the Accounting Officer, offering essential assistance to accomplish the team's objectives. The individual will be engaged in Trial Balance reporting and Payroll processing, closely collaborating with the payroll team and various stakeholders, particularly in PAC and ITS. Identifying bottlenecks and areas for improvement in the process, the candidate will propose solutions to enhance efficiency.

What you will do:

At various stages of the payroll cycle, coordinate with ITS and the Staff receivable system (SRS) to ensure programs have been run; Coordinate with co-workers on the completion of work before moving to the next stage of the process.

Perform a secondary review of exception reports and review the exception items reported in the dashboard. Advise necessary corrections to the assistants and ensure the changes are made in the paycheck before finalizing payroll.

Review paychecks of all terminated staff who have a paycheck in the current pay cycle and ensure the benefits are calculated appropriately and there are no outstanding payments due from them.

Handle queries from staff through emails received on the service desk within the agreed Turn Around Time of 24 hours.

Finalize and release off-cycle payments and salary advances.

Continuously monitor all GL accounts and prepare periodic reconciliations relating to Payroll; follow up with clients and other units on aged and critical items.

Prepare monthly Trial Balance; analyze and explain variances, and aged items.

Prepare financial statements disclosures.

Provide inputs to Management Reporting and Analysis

Prepare and monitor KPIs metrics monthly with benchmark data; explain significant variances.

Prepare the unit's operational reports.

Prepare reports from the source system (SAP/BI) to develop the data analytics/trends needed to support the unit's reporting needs.

Implement and monitor relevant accounting policies and ICFR requirements of the Team.

Prepare and post General Ledger Accounting entries.

Lead or participate in the team's system projects affecting reporting function, including preparation of business requirements, and liaising with other units and ITS

Participate in the user testing (UAT) and implementation of any new systems, applications, tools, and reports for the team, to enhance efficiency, effectiveness, and standardization.

Identification of problems and areas of possible improvements and development of constructive recommendations for improvements in internal controls over the activities reviewed.

Mentor junior staff and provide input to senior-level staff to help optimize processing standards and improve productivity; identify process improvements and provide inputs to support management's initiatives to improve the process quality & process-related controls.

Troubleshoot and resolve system issues that affect payroll processing and financial reporting.

Answer queries and provide information/analysis requested by external auditors and internal auditors.

Update desk procedures for each business function.

Collaborate with colleagues, clients, and counterparts to resolve day-to-day accounting and reporting issues; provide guidance and solutions for accounting for transactions and internal control issues and support for the research and solutions on complex issues.

Participate in the Team's client engagement and outreach activities and perform certain Business Advisory functions.

Provide insightful data analytics using appropriate tools in delivering the work program.

Selection Criteria

What you will bring:

Education:

A master's degree in commerce.

Professional accounting qualification (Ex. CA, CPA, ACCA) not mandatory, but is a plus.

Experience:

Minimum of 5 years of work experience in the functional area.