Cost Controller JIS115530

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.

Please share updated resume on unnati@m3consultant.net or connect on +91 6351389863