Project Cost Control

Client of MM Management Consultant

Job Description:

Job Title : Project Cost Controller

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

Nationality : India

Job Location : Dammam, Saudi Arabia


StatusKey Responsibilities

• Project Cost Analysis and Control
  • Monitor, analyze, and report on project costs for large-scale EPC
  • Track costs across engineering, procurement, and construction phases, ensuring alignment with budgets.
  • Prepare detailed variance reports, analyzing the causes of deviations between budgeted and actual costs.
  • Validating the Petty Cash and Non-PO Based Expense of Projects, Supplier assessment, advance to suppliers, utilization of credit facility and credit

Progress Monitoring and Reporting

• Collaborate with project teams to track progress and update percentage-of- completion calculations as per IFRS 15.
• Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.

Contract and Cost Compliance

• Ensure compliance with contractual agreements and project-specific financial
• Validate costs in line with the contract terms and identify any cost overruns or savings
• Conduct audits to ensure all costs are allocated accurately to their respective projects and phases.

Inventory and Procurement Cost Management

• Work with procurement to control and analyze material and service
• Ensure proper valuation of inventory used for EPC projects and implement strategies to minimize waste and cost.

Risk Management and Cost Optimization

• Identify potential risks related to project costs, including scope changes, delays, or unexpected
• Recommend strategies for cost reduction, such as value engineering or efficiency improvements, manpower management, material management, reducing

Fixed Assets Management at Project Site

• Track, record, and monitor fixed assets (e.g., machinery, equipment) at the project site to ensure proper utilization and
• Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards (e.g., IAS 16 for Property, Plant, and Equipment).
• Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.

Financial Reporting and Forecasting

• Prepare regular financial and cost reports, analyzing project expenses, and forecasting costs for project budgeting purposes.
• Generate monthly, quarterly, and annual reports for COO, Project managers, detailing variances, expected cost overruns, and other key financial
• Collaborate with the finance department to support overall financial

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
• Communication Skills: Ability to present cost information and insights effectively to