Project Cost Controller
- Dammam, Ash Sharqiyah
- Permanent
- Full-time
and " "Job Title : Project Cost Controller
Qualifications : CWA/CMA with 8 years of experience in EPC Industry must.
Nationality : India
Job Location : Dammam, Saudi ArabiaKey Responsibilities
o Project Cost Analysis and Control
o Monitor, analyze, and report on project costs for large-scale EPC projects.
o Track costs across engineering, procurement, and construction phases, ensuring
alignment with budgets.
o Prepare detailed variance reports, analyzing the causes of deviations between
budgeted and actual costs.
o Validating the Petty Cash and Non-PO Based Expense of Projects, Supplier
assessment, advance to suppliers, utilization of credit facility and credit period.
o Progress Monitoring and Reporting
o Collaborate with project teams to track progress and update percentage-of completion
calculations as per IFRS 15.
o Provide insights and reports on cost performance, profit margins, and project cash
flow on a regular basis.
o Contract and Cost Compliance
o Ensure compliance with contractual agreements and project-specific financial
regulations.
o Validate costs in line with the contract terms and identify any cost overruns or
savings opportunities.
o Conduct audits to ensure all costs are allocated accurately to their respective
projects and phases.
o Inventory and Procurement Cost Management
o Work with procurement to control and analyze material and service costs.
o Ensure proper valuation of inventory used for EPC projects and implement strategies
to minimize waste and cost.
o Risk Management and Cost Optimization
o Identify potential risks related to project costs, including scope changes, delays, or
unexpected expenses.
o Recommend strategies for cost reduction, such as value engineering or efficiency
improvements, manpower management, material management, reducing idealness.
o Fixed Assets Management at Project Site
o Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project
site to ensure proper utilization and maintenance.
o Oversee asset capitalization, depreciation calculations, and ensure compliance with
relevant accounting standards (e.g., IAS 16 for Property, Plant, and Equipment).
o Conduct periodic asset audits and reconcile asset records to ensure accuracy and
prevent asset misplacement or misuse.
o Financial Reporting and Forecasting
o Prepare regular financial and cost reports, analyzing project expenses, and
forecasting costs for project budgeting purposes.
o Generate monthly, quarterly, and annual reports for COO, Project managers,
detailing variances, expected cost overruns, and other key financial metrics.
o Collaborate with the finance department to support overall financial reporting.Required Skills:
o Knowledge of Standards: Familiarity with all IFRS, particularly IFRS 15 (Revenue from
Contracts with Customers), IFRS 9, IFRS 16 and IAS 16
o Industry-Specific Knowledge: Understanding of EPC project lifecycle, cost drivers, and
risks.
o Technical Proficiency: Familiarity with project management and accounting software (SAP,
Oracle).
o Analytical Skills: Strong skills in cost analysis, budgeting, and variance analysis.
o Communication Skills: Ability to present cost information and insights effectively to
management.
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