Cost Controller – Finance

Job Description

Job Title : Project Cost Controller

Qualifications : CWA/CMA with 8 years of experience in EPC Industry must.

Job Location : Dammam, Saudi Arabia

Key Responsibilities

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.

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.

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.

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.

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.

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.

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:

• 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.

Desired Candidate Profile

Indian, Pakistani, Sri Lankan

Secondary School(Academic / General), Bachelor of Arts

Male