Purpose And Role In The Business:

This role is mainly responsible for safeguarding the assets of the company and ensuring sound financial controls around the acquisitions and disposals of the assets. One must also maintain an up-to-date Fixed Asset Register compliant with IFRS. It must be noted that all disposals and acquisitions are approved by EXCO through the Asset and Liabilities Committee and aligned to the Board approved Delegation of Authority (DOA) framework.

Key Responsibilities:

Fixed Assets:

• Participate in the development and implementation of long, medium- and short-term strategic plan for the finance department.
• Coordinate and consolidate the Fixed Assets (Capital expenditure) budget for the organisation.
• Prepare the budget Vs actual reports monthly for discussion with the HoDs.
• Obtain variance explanations from the HoDs on a monthly basis.
• All monthly reports must be submitted by the 8th of each month.
• Coordinate the acquisition of the assets through the Assets and Liabilities Committee or as per the Board approved DOA.
• Maintain the fixed asset register on a monthly basis as per IFRS.
• Evaluate assets acquisitions using the developed Fixed Asset Case study Evaluation.
• Be conversant with the calculations of the Net Present Values.
• Record fixed assets by creating a system of procedures, forms, and controls.
• Recommend any updates to accounting policies affecting fixed assets to management.
• Allocate tag numbers to fixed assets to effectively track them from time to time.
• Implement a sensor-based tracking system for high value items.
• Record in the accounting system newly acquired fixed assets and those disposed.
• Track, compile, and record project costs in fixed asset accounts; close out the accounts at the completion of the projects.
• Perform reconciliation of fixed asset subsidiary ledger balance (Work breakdown structures) with summary-level account in the general ledger.
• Perform depreciation calculation for all fixed assets.
• Ensure that wear and tear calculations for tax purposes are maintained
• Assist in the confirmation of deferred tax balances associated with fixed asset accounting
• Perform revision and update on the detailed schedule of accumulated depreciation and fixed assets.
• Perform asset retirement obligation (ARO) calculations for ARO applicable assets.
• Find out fixed assets’ obsolescence potential.
• Carry out periodic reviews on intangible assets’ impairment.
• Carry out periodic inventory counts of fixed assets physically.
• Recommend fixed assets that should be disposed of to management.
• As may be requested by management, perform fixed asset related analyses.
• Create fixed asset related audit schedules and collaborate with auditors on their assignments.
• Serve as company representative at any audits relating to fixed assets.
• Track Company’s fixed asset spending in relation to its capital budget, as well as management authorizations.
• Ensure that all records are audit ready at all times. Be able to provide all the audit information within 3 days of the request for information.
• Attend to all audit queries timeously.
• Prepare the costs per ton for the Open Pit and reconcile diesel, and stockpile for the pit.