Director of Asset & Debt Management

Title: Director of Asset & Debt Management

Hiring Agency: Office of Accountant General

Category: Accountant

Reporting to: Accountant General of SSC Khatumo

Workstation: Las’anod, SSC-Khatumo State of Somalia

Background

1.       Purpose of the Position: The Director will be responsible for overseeing and managing the State’s assets, ensuring their proper accounting, maintenance, and optimization to enhance operational efficiency and accountability of physical, intangible, and financial assets and will oversee the organization’s entire asset lifecycle from acquisition to retirement.The Director will lead the development, implementation, and management of the debt strategy for the office of the Accountant General, ensuring the effective management of the state’s debt portfolio. The position will involve overseeing debt issuance, monitoring debt performance, advising on borrowing strategies, and ensuring compliance with debt management policies. The Director will also manage risks associated with the state’s debt obligations and ensure optimal financial performance for the government.

A.      Asset Management: The Director will ensure that all physical and financial assets are recorded, valued, safeguarded, and utilized efficiently in alignment with relevant legislation and policies. Oversee the entire acquisition process, from identifying asset needs, procuring assets, and managing supplier relationships to negotiating contracts and ensuring compliance with procurement guidelines. Ensure that all assets are properly recorded in the financial system at acquisition, capitalized in accordance with applicable accounting standards, and tracked within the asset register. Keep and properly maintained and safeguarded the following documents such Title Deeds for land or property, Vehicle Registration Certificates for proof Registration of state-owned vehicles, Vehicle Maintenance Records for showing service history and repairs made to vehicles and for equipment., Purchase Invoices/Receipts for Official purchase of vehicles, office furniture and equipment, Software Licenses to use software such as licensing agreements, Bank Statements/Investment Statements showing the performance and history of State-owned financial assets, Lease Agreements for Contracts detailing terms and conditions for leased assets, Lease Payment Receipts for the Proof of payment for leased assets, Sales or Transfer Agreements for Contracts formalizing the sale or transfer of State assets, Deeds of Assignment for Legal documents transferring ownership of an asset, Depreciation Schedules for Documents indicating asset depreciation rates and schedules, Asset Disposal Records for Documentation of asset sale or donation, including relevant financial details, Insurance Policies for Documentation covering assets against loss, damage, or theft and finally Risk Assessment Reports for Documentation identifying potential risks and mitigation strategies for managing assets.

B.      Debt Management: The Director should keep the following Key Documents for Debt Murabaha

Agreement or Contract (for Trade Financing), Musharakah Agreement (for Partnership Financing), Mudarabah Agreement (for Profit-Sharing Financing), Ijara Agreement or Contract (for Leasing): Sukuk Issuance Documents (Islamic Bonds) are Islamic financial certificates similar to bonds but structured to comply with Sharia law. Sukuk issuance documents include the prospectus, offering documents, and sukuk terms, including the asset-backed nature, profit-sharing features, and redemption terms, Debt Restructuring Documents (if applicable) these are Documents relating to the restructuring of debt, ensuring that the restructuring is conducted in a Sharia-compliant manner. This may involve adjusting payment terms, substituting assets, or using alternative financial structures like rescheduling or refinancing, Wakala Agreement (for Agency Financing) In this arrangement, the agent is given authority to invest funds and the profit is shared according to the terms of the agreement, Takaful Agreements (for Risk Management) Islamic insurance agreements that may be relevant in the context of managing risks related to debt financing. These agreements may include risk-sharing mechanisms between parties involved in the financing, Sharia Compliance Certificates Certifications provided by Sharia advisors confirming that the debt contracts and all related financial activities comply with Islamic principles, particularly the prohibition of riba (interest) and gharrar (excessive uncertainty), Profit and Loss Sharing Documents:Detailed records of profit-sharing arrangements in structures such as Mudarabah or Musharakah, including the allocation of profits and risks, as well as any distribution policies, Debt Payment Records:Records of payments made toward the debt, including principal repayment, profit-sharing (instead of interest), and the final settlement of debt obligations, Default and Recovery Documents: Documentation related to default on Islamic financing agreements, including efforts to resolve the situation in compliance with Sharia law. These may involve restructuring the financing terms or seeking alternative dispute resolution mechanisms.

2.       Key Responsibilities and Duties: Asset Management

•       Establish and oversee a consolidated fixed assets management framework.

•       Establish a centralized recording system for adequate control over all Khatumo State of Somalia’s (KSS) fixed assets.

•       Supervise and inspect all KSS public offices where assets are held, administered, or maintained

•       Maintain a consolidated fixed assets register.

•       Approve requests for the disposal or write-off of fixed assets.

•       Prepare a report on fixed asset disposals and write-offs for submission to the Accountant General.

•       Ensure all vehicles and their fuel requisitions and issuance are recorded in the Khatumo Integrated Financial Management system (KIFMIS) Asset Register.

•       Obtain details of all KSS financial assets and obligations to compute the KSS net debt position for the financial statements.

•       Oversee asset lifecycle management, from acquisition to disposal, ensuring proper accounting and compliance with relevant laws and regulations.

•       Ensure that asset procurement processes are cost-effective, meeting budget constraints while maximizing quality and value.

•       Oversee the tracking and monitoring of assets throughout their lifecycle to ensure optimal usage, maintenance, and value realization.

•       Establish preventive maintenance schedules, coordinate repairs, and ensure that assets are maintained in good working condition to extend their useful life.

•       Ensure timely and accurate calculation of asset depreciation according to accounting standards, and that depreciation is tracked in the asset register and reflected in financial reports.

•       Implement systems for monitoring asset performance and ensuring that assets are delivering the expected value.

•       Identify potential risks related to asset management, such as operational, financial, or compliance risks, and develop strategies to mitigate these risks.

•       Ensure compliance with all relevant regulations, industry standards, and internal policies regarding asset management and reporting.

•       Oversee the decision-making process for asset retirement, ensuring that assets are decommissioned or disposed of when no longer needed or economically viable.

•       Coordinate asset disposals, including sales, donations, scrapping, or transferring assets, and ensure proper documentation and compliance with applicable disposal policies.

•       Ensure proper accounting for asset disposal, including recognition of any gain or loss from the sale or write-off, and ensure the asset register is updated accordingly.

•       Prepare and present regular asset management reports, including asset valuations, performance, maintenance schedules, depreciation, and asset acquisition/disposal activities to Accounatant General of SSC Khatumo and other relevant stakeholders.

•       Oversee asset valuation processes, ensuring that asset values are accurately reflected in the financial statements and updated periodically as necessary.

•       Coordinate with internal and external auditors to ensure that asset management practices and records are in compliance with accounting standards, laws, and regulations.

Educational Qualifications: A Bachelor’s degree in Accounting, Finance, Economics, or a related field. Professional certification (e.g., ACCA, CPA, CFA, or equivalent) is highly desirable.

Work Experience: At least 4-5 years of experience in financial reporting, accounting, or auditing, with significant experience in public sector financial management. Proven experience in preparing financial statements, implementing financial reporting systems, and ensuring compliance with accounting standards. Experience working with government agencies, international organizations, or donor-funded projects is an advantage.

Skills and Competencies: In-depth knowledge of public sector accounting, financial reporting frameworks, and applicable international standards (e.g., IPSAS). Proficiency in financial software (ERP systems, Microsoft Excel, etc.) and financial management tools. Strong leadership and management skills, with the ability to lead and motivate teams. Strong communication skills with the ability to present financial information to both financial and non-financial stakeholders. Exceptional attention to detail, organizational, and problem-solving skills. Ability to work under pressure and manage multiple priorities while meeting deadlines.

Deadline: 25th of Jan, 2025,

Apply via this emailL: oag.mof@kh.gov.so