Job Specification

Purpose of Position :

To provide senior accounting expertise/advice to support the Chief Accountant in the financial controllership function for the Financial Services Commission of Ontario (FSCO), Pension Benefits Guarantee Fund (PBGF) and for the secretariats of national inter-jurisdictional finance regulatory associations/bodies. To prepare financial schedules and financial statements for FSCO, and coordinate the annual internal/external financial audits for FSCO. To lead/conduct projects for the development/review of financial policies, procedures, processes and systems. To conduct ongoing financial monitoring/analysis of the financial position of FSCO, and provide financial advice and recommendations to the Chief Accountant and Director Strategic and Operational Planning on accounting, financial management and reporting issues.

Duties / Responsibilities :

1. Provides accounting expertise/advice to support the Chief Accountant in the development, implementation and ongoing monitoring of the financial controllership function, accountability framework, and delivery of corporate financial reporting, analysis, management, and control for multiple multi-million dollar business operations for FSCO with five distinct and separate regulatory business lines, and for the PBGF and the secretariats.

2. Conducts the ongoing analysis of the financial status of FSCO; identifies current/projected financial issues; and provides business advice/recommendations and solutions to the Chief Accountant and Director Strategic and Operational Planning Branch related to the financial position of FSCO and related financial management and reporting issues.

3. Prepares financial schedules, notes and relevant supporting documentation for financial transactions for FSCO for the Ontario Public Accounts in accordance with Public Sector Accounting Standards and policies issued by the Office of the Provincial Controller. Liaises with the staff of the Ministry of Finance, Controllership Office and the Office of the Provincial Controller and others related to the Public Accounts preparation and relevant accounting rules.

4. Coordinates the preparation of annual financial statements for FSCO in accordance with Generally Accepted Accounting Principles (GAAP). Consolidates and analyzes revenue and expenditure financial data submitted by the Finance Unit for the preparation of the financial statements.

5. Prepares and monitors audit plans for internal and external financial audits for FSCO. Consolidates audit documentation requirements and acts as the ongoing contact with auditors during the audit process related to information and interpretation of financial statements and background materials. Prepares financial records, schedules and reports for the auditors, and coordinates the research/preparation of materials as required by the auditors. Meets with the Chief Accountant, auditors and FSCO senior management to develop strategies for resolving areas of concern and/or emerging issues resulting from audits.

6. Provides technical advice, guidance and direction to other FSCO financial staff related to the interpretation and application of accounting methods/standards and financial analysis/reporting processes and procedures.

7. Provides technical accounting and financial advice/direction to FSCO program areas to ensure that regulations/policies/procedures meet current accounting standards.

8. Prepares GST filings and reconciliations for FSCO and liaises with the Ministry of Finance, the Canada Revenue Agency, and the external auditor on GST filing questions/issues.

9. Participates in the establishment of the Chart of Accounts of FSCO, PBGF, and the secretariats and ensures that FSCOs chart of accounts is in compliance with the related requirements of the Office of the Provincial Controller.

10. Provides advice and participates on I&IT systems development projects for the development and enhancement of new financial systems to support financial planning, management and control for FSCO, PBGF and/or the secretariats.

11. Analyzes new/changed legal requirements in new/revised legislation (e.g. Financial Administration Act) accounting rules/regulations (e.g. rules related to actuarial involvement in the audit process) and/or new/revised OPS corporate financial policies to identify the impact on accounting and financial management methods for FSCO and PBGF. Leads/conducts projects and provides technical leadership to project staff for the development, review and implementation, of new/revised accounting and financial management/control policies, procedures and processes to meet new legislative/policy/accounting rules requirements. Leads/conducts staff training and communication related to new/revised accounting and financial management policies, processes, systems and standards.

12. Conducts research and actively participates in activities related to the monitoring of the applicability and implementation of the International Financial Reporting Standards (IFRS) for FSCO, PBGF and the secretariats. Conducts analysis and provides input/advice on the on financial policy and implementation of IFRS. Leads and/or participates in the preparation of materials for the provision of training/advice to management related to IFRS.

13. Leads and/or participates on FSCO, division and branch committees and project teams.

Knowledge :

Sound knowledge of corporate accounting theory, principles, methods/practices, standards and rules, and complex accounting/financial reporting systems, financial audit processes, and financial control/analysis practices, methods and systems to conduct financial reporting, analysis, ongoing management and control of multiple business lines for FSCO. The position requires knowledge of Canadian GAAP and accounting practices, and PSAB, and government, MOF and FSCO financial control policies, directives and reporting requirements. Knowledge of financial audit methods and processes to coordinate internal/external audits for FSCO, liaise with auditors, and prepare audit materials. Knowledge of policy development/analysis methods to lead/conduct the research, development and implementation of financial management/control policies, processes and systems. Knowledge of the legislative framework, business mandate, objectives and business activities of FSCO, PBGF and the secretariats to support/advise the Chief Accountant in the financial controllership function and to provide financial management advice and recommendations. Knowledge of accounting/financial analysis and reporting systems requirements to provide business advice and/or participate on I&IT systems development projects for the development and enhancement of new financial systems. Knowledge of IFRS in the areas relevant for FSCO, PBGF, and secretariats to conduct research and analysis of IFRS, and recommend and implement related accounting policies/practices to meet IFRS requirements. Research, analytical and problem solving skills to conduct financial analysis of FSCO accounts; ensure effective financial management/control operations in accordance with accounting rules/standards and government reporting requirements; assess the effectiveness of current/proposed financial management policies, procedures and systems, and recommend, develop and implement new/revised policies, procedures and systems. Consultation, verbal communication and presentation skills to provide advice and recommendations to the Chief Accountant and FSCO management, provide technical guidance/direction to section staff and represent FSCO in meetings with internal/external auditors. Project management skills to lead staff teams on projects for the development, review and implementation of new and revised accounting/financial management policies, procedures and processes. Written communication skills to prepare briefings, working papers, reports and policy recommendations. Training skills to train section staff on financial policies, procedures, systems and processes and accounting rules/standards. Knowledge/skill in the operation of computer software including spreadsheet and word processing applications to produce reports and financial statements.

Judgement :

The position works under the direction of the Director, Strategic and Operational Planning Branch and the technical direction of the Chief Accountant and within government, MOF and FSCO financial management and control policies and procedures; Canadian GAAP and PSAB accounting methods and standards, and the legislative framework under which FSCO/PBGF and the secretariats operate. The position exercises judgement by establishing required public accounting schedules for FSCO and providing advice/support to the Chief Accountant for the planning and delivery of corporate financial reporting, analysis, management and control of business operations for FSCO, PBGF and the secretariats. The position exercises judgement by preparing schedules and financial statements for FSCO, and monitoring/analyzing financial/accounting issues and trends. The position monitors, analyzes and ensures that accounting and financial analysis/reporting systems and control operations are consistent with OPS/MOF policies and requirements, and meet sound current accounting methods/rules/standards. The position coordinates requirements to support the internal/external audit process for FSCO. The position exercises judgement by leading/conducting projects for the development of financial control procedures, processes and systems. The position provides financial analysis, technical advice and recommendations to the Chief Accountant and FSCO senior management. The position exercises judgement by providing training and support to client management and section staff on financial management, control and reporting policies, procedures and systems.

Accountability - Programs :

The position is accountable to provide accounting expertise/advice to the Chief Accountant to support the corporate financial reporting, analysis, ongoing management and control of the accounts for FSCO, PBGF and secretariats. The position is accountable for the thorough/accurate production of accounting schedules and financial statements for FSCO in accordance with Canadian GAAP, PSAB and directives, and accounting rules/standards, and the ongoing analysis of FSCO accounts and financial reports. The position coordinates internal/external financial audits for FSCO, and leads/conducts projects for financial policy, procedure and systems development and review.

Accountability – Personnel :

The position provides technical guidance, direction and training to unit finance staff, and leadership to assigned staff on a project basis.

Accountability - Finance and Materials :

The position prepares corporate/project financial statements for FSCO, and additional sets of business financial statements related to the five distinct FSCO business lines for regulated provincial financial service sectors, and provides advice to senior management on financial control and reporting issues.

Accountability - Impact of Errors :

Poor judgement or errors in the analysis of financial accounts, and the preparation of financial statements and reports could result in inaccuracies in the financial position of FSCO causing loss of credibility of FSCO management relating to the accurate management/control and reporting of finances.

Contact - Internal :

The position has frequent contact with the Chief Accountant and the Director, Strategic and Operational Planning Branch to provide briefings and advice on the financial position of FSCO and on financial management, control and reporting issues, and to recommend new/revised financial management policies, procedures and systems. Frequent contact with section staff to provide information, training and support on financial management and reporting policies, systems and processes. Frequent contact with MOF representatives to exchange information related to financial reporting for FSCO and to coordinate requirements for the internal audit of FSCO. Regular contact with counterparts in other ministries to exchange financial reporting information. The position leads and/or participates on FSCO committees and project teams.

Contact - External :

The position has regular contact with external auditors to coordinate the annual audit for FSCO and provide audit materials, records and information, and discuss audit results and the revision of financial control procedures/processes, as required.