Job Description

JOB INFORMATION
Requisition ID: 7816
Number of Vacancies: 1
Department: Finance (20000042) - Finance & Treasury-Department Head & Sta (30000069)
Salary Information: $123,377.80 - $154,281.40
Pay Scale Group: 12SA
Employment Type: Regular
Weekly Hours: 35, Off Days: Saturday & Sunday Shift: Day
Posted On: May 26, 2023
Last Day to Apply: June 18, 2023
Reports to: Executive Director - Finance

The Toronto Transit Commission (TTC) is North America\'s third largest transit system and has been recognized as one of the top places to work in the GTA. Guided by a forward-thinking strategic plan, the TTC\'s vision is to be a transit system that makes Toronto proud. The TTC\'s recruitment efforts are directly aligned to its mission of providing "a reliable, efficient, and integrated bus, streetcar and subway system that draws its high standards of customer care from our rich traditions of safety, service and courtesy."

General Accountability

Reporting to the Executive Director, Finance, this position is responsible for providing strategic leadership and effective management of teams responsible for performing statutory financial reporting, capital project and asset accounting, and sustainment of TTC\'s financial system; developing, maintaining and monitoring compliance with established accounting policies and standards; and providing counsel to senior management to ensure key decisions are informed by applicable accounting policies, standards and leading practices.

Key Job Functions

• Ensuring accounting policies, procedures and controls for financial processes are documented and continuously reviewed, meet legislative and regulatory requirements, and are consistent with accounting standards
• Leading the planning, management and continuous improvement of period-end and year-end financial close processes, including reporting on progress, reviewing major journal entries and statements, working with other stakeholders to ensure key transactions, accruals and issues are appropriately accounted for, and providing direction and counsel to various stakeholders as needed
• Proactively monitoring the TTC\'s financial position on key balance sheet accounts
• Directing management and control of all accounts, internal orders, transactions and records related to capital assets creation, acquisition, depreciation, disposal and project billing
• Ensuring staff are reviewing projects for capitalization of construction in progress and closure and creating the new capital assets in financial reporting systems
• Directing investigations of unusual and/or material postings to evaluate potential reporting errors, conducting root cause analysis and developing recommended solutions, including collaboration with the Business Partner Support sections to revise procedures or educate users to prevent further errors
• Partnering with the Costing & Financial Modelling team to analyze and prepare various provisions and directing the actuarial assumptions used by third parties to prepare supporting reports and analysis
• Overseeing the calculation and allocation of all indirect and overhead charges against capital projects
• Directing the preparation, review and approval of monthly subsidy billing statements in an accurate and timely manner
• Leading the preparation of the periodic, annual and/or consolidated financial statements of the TTC, Wheel-Trans and subsidiaries
• Directing, reviewing and approving accounting and financial reporting adjustments, notes and summaries, and accounting treatments of contingent claims and liabilities
• Directing all aspects of the external audit of TTC\'s financial statements, ensuring subordinate staff provide deliverables, clarification of policies and procedures, and resolution of major audit issues in a timely manner
• Reviewing and approving Notes to consolidated financial statements in accordance with leading practice, responding to audit & management letter concerns and developing action plans to address the concerns raised
• Overseeing sustainment, control, improvements and upgrades to the SAP General Ledger (GL), capital accounting and asset inventory systems, and related systems
• Reviewing and advising on policies, procedures, training and controls to maintain consistency in the use of cost elements, cost centres, work breakdown structures, internal orders, asset categories and inventory data, depreciation methods, etc.
• Directing the creation, development, maintenance and distribution of SAP financial reports and supporting dashboard development that utilizes SAP data
• Overseeing staff responsible for planning and/or coordinating the completion of all activities required to meet the Revenue Standard (PS 3400), Asset Retirement Obligation Standard (PS 3280) and other new accounting standards as they are pronounced

Key Job Functions continued

• Researching, consulting and/or guiding staff on technical accounting, legislative or regulatory changes, and accounting treatments for novel or unique situations leveraging leading practice, external consulting, external legal counsel, etc.
• Developing high-performing teams; ensuring effective teamwork, high standards of work quality, accuracy, timeliness and organizational performance; encouraging continuous learning and innovation in others
• Managing, training and coaching staff in their knowledge, development and application of accounting and other key policies, legislation, analytical and procedural techniques, information and reporting requirements, in order to optimize financial control, and use of corporate systems & tools that facilitate analysis, consolidation and reporting of TTC\'s financial position
• Promotes a respectful work and service environment that supports diversity, inclusion, and is free from harassment and discrimination. Provides leadership in the development and implementation of inclusive and accessible policies, programs and/or services for employees and customers in accordance with TTC\'s commitments and obligations under the Ontario Human Rights Code (OHRC) and Related Orders, the Accessibility for Ontarians with Disabilities Act (AODA), and TTC\'s policies.

Skills

Use office technology, software and applications

Apply accounting principles and practices

Apply analytical skills

Demonstrate specialized expertise and knowledge in the assigned field

Understand and apply relevant laws and regulations

Plan and organize activities / projects to meet section and organizational goals

Communicate in a variety of mediums

Education and Experience

• Post-secondary degree in Business Administration, Accounting, Finance, or a related discipline, combined with considerable experience performing duties related to the key objectives of the position, OR a combination of education, training and experience deemed to be equivalent
• Extensive financial reporting, accounting, and auditing experience, applying the principles of financial accountability, and adopting best practices to ensure financial sustainability and transparency for external stakeholders in a major public or private sector organization
• Extensive experience overseeing accounting & financial policies, processes, procedures and various internal controls (manual, general IT controls and application controls), and the development of related best practices for a large complex organization
• Extensive experience overseeing capital asset accounting, asset management and financial management related to capital project delivery
• Extensive experience in the budgeting and accounting for accounting provisions, including but not limited to employee benefits, pensions, accident claims, asset retirement obligations, environmental liabilities and any other related liabilities in a major public or private sector organization
• Strong knowledge and experience with actuarial standards, valuations, terms, methods and assumptions for accident benefits, post-employment, post-retirement and pension benefits
• In-depth experience with relevant legislation and standards related to governance, accountability frameworks and principles, financial planning, budgeting, management reporting and controls, employee and labour relations and occupational health and safety, preferably in a large public sector organization
• Experience leading organizational change; knowledge of change management principles and ability to advance organizational maturity and create service improvement and efficiencies
• A professional accounting designation is a requirement
• A graduate degree in a related discipline is preferred

Additional Requirements

• Advanced knowledge of current accounting & auditing principles and practices as described in the CPA Handbook, the Public Sector Accounting Standards, and other official pronouncements
• Senior level experience gained through progressively more responsible positions in the key functional areas of this position and an in-depth understanding of the service and financial issues facing the TTC
• Proven ability to apply strategic, analytical and conceptual thinking skills and understand complex service, operating and policy issues, evaluation frameworks, program interrelationships and the potential results and outcomes of policy actions
• Superior communication and interpersonal skills with the ability to facilitate, negotiate, resolve conflict, problem solve and interact with all levels of the organization to forge effective relationships
• Sound judgement with the ability to handle matters of a confidential, proprietary or sensitive nature as they relate to the TTC Board and senior staff
• Ability to manage competing priorities and demands in a rapidly changing environment
• Experience implementing and leveraging major technology platforms and tools to enable business and process transformation
• Proficient in Microsoft Office and other computerized applications and advanced functions related to budgeting, accounting, costing and cost control
• Demonstrated work experience with SAP is preferred
• Must have or rapidly acquire a comprehensive knowledge of the Ontario Human Rights Code and Related Orders including disability accommodation and accessibility requirements pertaining to passengers and employees

The TTC is committed to upholding the values of equity, diversity, anti-racism and inclusion in the delivery of its services and in its workplaces. The TTC is committed to fostering a diverse workforce that is representative of the communities it serves at all levels of the organization, and supports an inclusive environment where diverse employee and community perspectives and experiences bring value to the organization. The TTC encourages applications from all applicants, including members of groups with historical and/or current barriers to equity, including but not limited to, Indigenous, Black and racialized groups, people with disabilities, women and people from the LGBTQ(IA+) community. The TTC values and supports an inclusive and barrier-free recruitment and selection process. Accommodations for applicants are available upon request throughout the recruitment and selection process, including for those who identify as having a disability. Please contact Talent Management at (416) 393-4570. Any information received related to an accommodation will be addressed confidentially.

The TTC\'s policy prohibits relatives of current TTC employees from being hired, assigned, transferred or promoted into positions, where there is a conflict of interest due to a relationship. Should you be selected for an interview, you will be required to disclose the name, relationship and position of any relative who is a current TTC employee.

We thank all applicants for their interest but advise only those selected for an interview will be contacted.

Toronto Transit Commission