Head Provident Fund Accounts and Payments Section
The incumbent of this post is responsible to the Chief Provident Fund Secretariat.
Primary Duties and Responsibilities
• Check and prepare a monthly summary of Provident Fund assets and liabilities, for main and conservative fund; accrue management and custody fees; calculate monthly and year-to-date net interest rate from Provident Fund investment, for main and conservative fund; liaise closely with the Provident Fund custodian and the Fund Managers on received accounting data and reports;
• Maintain the Provident Fund accounts, for main and conservative fund, by performing the following duties:
- Prepare financial records and statements and raise the necessary journal vouchers on a daily basis in accordance with IFRS accounting standards to ensure the overall quality and accuracy of accounting information, including the Provident Fund trial balance and other accounting reports;
- Keep abreast of latest issuances and developments in the financial accounting IFRS standards, by maintaining close contact with accounting regulatory bodies to ensure the best utilization of this information for the benefit of the Provident Fund;
- Prepare the monthly financial statements on the 7th working day of Provident Fund assets, liabilities and accruals, for the main and conservative fund;
- Reconcile accounts between Provident Fund and UNRWA on a monthly basis; report discrepancies to the Chief Provident Fund Secretariat; review the reconciliation reports of the asset value reported by the investment manager and the asset value reported by the global custodian;
- Provide a lead role in liaising with the ERP team in testing and proving that the accounting treatment of transactions in the “to be” developed new ERP solution is in all functional respects, IFRS compliant;
- Ensure policy and operational adherence to International Financial Reporting Standards (IFRS);
- Develop and maintain a close relationship with the Field Finance Officers agency wide.
• Supervise the work of PF Payments Officer and PF Accounting Control Officer; ensures the proper payment of PF entitlements for the separated and current members in the main and conservative fund and PF Humanitarian Repayable Withdrawals; review, modify, initiate and implement internal control procedures. Ensure that reconciliations between UNRWA and PF are prepared on a monthly basis for main and conservative fund, and funds are allocated/withdrawn from /to the appropriate fund;
• Assist the supervisor in preparation of summaries and schedules for distribution at PFC and IAC meetings;
• Assist in conducting training seminars for the local staff in investment principles and terminology used and in Provident Fund’s structure and investments;
• Prepare the yearly financial statements and notes of Provident Fund assets, liabilities and accruals, for the main and conservative fund;
• Assist the supervisor in monitoring the Provident Fund Humanitarian Repayable Withdrawals scheme and in preparing and monitoring the Provident Fund budget;
• Assist in preparing periodic educational materials, bulletins and leaflets on developments and trends in investments, for the main and conservative fund;
• Coordinate Provident Fund replies to internal and external auditors;
• Prepare analysis, correspondence and reports related to the above functions; maintain complete and adequate working papers;
• Liaise with Information Systems Division regarding the improvement and upgrade of Provident Fund systems.
Primary Duties and Responsibilities
• Check and prepare a monthly summary of Provident Fund assets and liabilities, for main and conservative fund; accrue management and custody fees; calculate monthly and year-to-date net interest rate from Provident Fund investment, for main and conservative fund; liaise closely with the Provident Fund custodian and the Fund Managers on received accounting data and reports;
• Maintain the Provident Fund accounts, for main and conservative fund, by performing the following duties:
- Prepare financial records and statements and raise the necessary journal vouchers on a daily basis in accordance with IFRS accounting standards to ensure the overall quality and accuracy of accounting information, including the Provident Fund trial balance and other accounting reports;
- Keep abreast of latest issuances and developments in the financial accounting IFRS standards, by maintaining close contact with accounting regulatory bodies to ensure the best utilization of this information for the benefit of the Provident Fund;
- Prepare the monthly financial statements on the 7th working day of Provident Fund assets, liabilities and accruals, for the main and conservative fund;
- Reconcile accounts between Provident Fund and UNRWA on a monthly basis; report discrepancies to the Chief Provident Fund Secretariat; review the reconciliation reports of the asset value reported by the investment manager and the asset value reported by the global custodian;
- Provide a lead role in liaising with the ERP team in testing and proving that the accounting treatment of transactions in the “to be” developed new ERP solution is in all functional respects, IFRS compliant;
- Ensure policy and operational adherence to International Financial Reporting Standards (IFRS);
- Develop and maintain a close relationship with the Field Finance Officers agency wide.
• Supervise the work of PF Payments Officer and PF Accounting Control Officer; ensures the proper payment of PF entitlements for the separated and current members in the main and conservative fund and PF Humanitarian Repayable Withdrawals; review, modify, initiate and implement internal control procedures. Ensure that reconciliations between UNRWA and PF are prepared on a monthly basis for main and conservative fund, and funds are allocated/withdrawn from /to the appropriate fund;
• Assist the supervisor in preparation of summaries and schedules for distribution at PFC and IAC meetings;
• Assist in conducting training seminars for the local staff in investment principles and terminology used and in Provident Fund’s structure and investments;
• Prepare the yearly financial statements and notes of Provident Fund assets, liabilities and accruals, for the main and conservative fund;
• Assist the supervisor in monitoring the Provident Fund Humanitarian Repayable Withdrawals scheme and in preparing and monitoring the Provident Fund budget;
• Assist in preparing periodic educational materials, bulletins and leaflets on developments and trends in investments, for the main and conservative fund;
• Coordinate Provident Fund replies to internal and external auditors;
• Prepare analysis, correspondence and reports related to the above functions; maintain complete and adequate working papers;
• Liaise with Information Systems Division regarding the improvement and upgrade of Provident Fund systems.
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