DEPARTMENT: ADMINISTRATION SECTION
JOB TITLE : FINANCE DIRECTOR
GRADE : J (M340, 632.00 p.a. — M405, 024.00 p.a.)
NO OF POSTS: ONE (1)
LOCATION: MASERU
RESPONSIBLE TO: CHIEF ACCOUNTING OFFICER
MAIN PURPOSE OF THE JOB
Under the general supervision of the Chief Accounting Officer the incumbent is responsible for managing and controlling expenditure, overseeing revenue collection, managing and controlling of cash, consolidating annual budget estimates and preparing annual financial statements for the Ministry and for submission of the same to the treasury for purposes of consolidation. He/she is responsible for supervising the accounting staff and for managing the payment cycle. The incumbent also acts as the key advisor on financial management at the Ministry.
MAIN DUTIES
1. To participate, as may be required from time to time, in reviewing and analysing the laws, regulations and policies
1.1 Reviews the existing laws and policies against the present situation to identify areas that
require improvements.
1.2 Analyses information obtained and makes changes to the laws and policies.
1.3 Undertakes consultations with relevant stakeholders to discuss and agree on changes.
1.4 Finalises the changes and submit for consideration and approval.
1.5 Submits to the Law Office to draft the laws.
2. To administer implementation of financial laws, policies, guidelines, procedures and standards
2.1 Conducts meetings with management and staff to inform them about financial laws, policies, guidelines, procedures and standards
2.2 Monitors the Ministry’s financial operations to ensure adherence to financial laws, policies, guidelines, procedures and standards
2.3 Provides advice on financial issues
2.4 Provides feedback on implementation of financial laws, policies, guidelines, procedures and standards
3. To oversee implementation of systems, procedures and controls to enhance the financial service delivery
3.1 Identifies areas of concern and recommends measures for improvement
3.2 Establishes the internal controls and ensures that they are followed
3.3 Participates in integration and implementation of systems and processes.
4. To coordinate the development of the Ministerial budget
4.1 Advises on the preparation of the Budget Framework Paper
4.2 Coordinates preparation and consolidates budget estimates
4.3 Oversees the recording of the Estimates into the system
4.4 Runs and reviews budget reports
4.5 Reports on the financial performance against the budget regularly
4.5 Advises on Ministerial budget requirements in budget discussions
5. To coordinate preparation of Cash Flow Forecast
5.1 Initiates preparation of cash flow forecast based on approved estimates to support the release of warrant through the system
5.2 Submits forecast to the Chief Accounting officer for approval
5.3 Submits approved forecast to the Budget Office and Treasury department for warrant release and monitoring of cash respectively.
6. To oversee management of warrants and funds
6.1 Facilitates distribution of approved warrant
6.2 Facilitates allocation of approved warrant to items based on the cash flow forecast
6.3 Withdraws funds from and reallocates funds to items where funds are insufficient
6.4 Applies for Budget reallocation virement where there is insufficient Budget
7. To oversee management of payment processes and revenue collection
7.1 Establishes control measures to enforce compliance with Treasury Regulations and other relevant pieces of legislation
7.2 Monitors timely payments
7.3 Administers custody of trust monies
7.4 Monitors collection and banking of Revenue
8. To oversee reconciliation of expenditure and revenue
8.1 Reviews the trial balance report
8.2 Monitors reconciliation of payables and receivables with general Ledger
8.3 Requests approval for processing of journal entries to make adjustments
8.4 Runs a reconciliation report and submits to the Chief Accounting Officer for approval and then to the Treasury Department
9. To oversee preparation of financial statements and reports
9.1 Monitors preparation of monthly, quarterly and annual financial statements and reports to the Chief Accounting Officer for approval.
9.2 Submits monthly, quarterly and annual financial statements and reports to all stakeholders
10. To administer provision of custody and control of all accountable documents
10.1 Puts in place measures for safeguarding accountable documents
10.2 Manages procurement and distribution of accountable documents
10.3 Establishes procedures and systems to maintain stock levels and disposal of accountable documents
11. To provide strategic leadership and management
11.1 Advises the Chief Accounting Officer on efficient use of financial resources to achieve optimum output
11.2 Advises the Accountant General on operating systems for improving financial efficiency
11.3 Oversees development and implementation of sectional annual operational plan.
11.4 Reinforces team building in implementation of departmental plans.
11.5 Holds regular meetings with staff to facilitate planning and reporting on financial activities.
11.6 Conducts annual performance appraisals on individual supervisees to assess their performance against the set standards and to identify training and development needs.
11.7 Oversees preparation and implementation of sectional budget.
11.8 Maintains discipline amongst the accounting staff.
JOB SPECIFICATIONS
Education and Training
Chartered Accountant/Master’s Degree in Accounting/Finance/Financial Management plus 4 years working experience at a managerial position in accounting and finance environment
OR
General Accounting/CIPFA Advanced Diploma/Bachelor’s Degree in Accounting/Business Administration/CIS plus CIPFA Diploma plus 5 years working experience at managerial position in accounting and finance environment
NB: Must be a member of a recognised Accounting or Finance Professional Body.
Other Relevant Knowledge
• Knowledge of Public Sector Accounting is an added advantage.
• Familiarity with the Public Finance and Accountability Act 2011 and related regulations is an added advantage.
• Knowledge of Generally Accepted Accounting Practice, especially the International Public Sector Accounting Standards or International Financial Reporting Standards, is essential.
• Computer literacy is a must.
• Familiarity with IFMIS operations or any computerized accounting system is an added advantage.
Personal Competencies
• Ability to work with colleagues from varying backgrounds.
• Strong analytical, problem solving and conceptual skills.
• Solution and results focused.
• Ability to work under pressure and deliver results within strict deadlines.
• Attention to details and time conscious.
Other competencies Applicants must pass a competency assessment test.
Applications on relevant forms G.P. 104 for serving officers and G.P. 103 for job seekers (duly accompanied by certified copies of educational certificates, transcripts and appropriately filled Performance Appraisal Forms for serving officers) should be addressed to:
P. 0. Box 20
Maseru 100
Not later than 31st October 2021