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Title:  Senior Assistant Manager - Consolidation




Requisition ID: 156749

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.



The Consolidation team manages and oversees many critical processes in the preparation of the Bank's consolidated financial statements and provides information and analysis to senior Finance management and other areas of the Bank.  processes and analysis relate to areas such as foreign exchange; equity accounting; carrying value of subsidiaries; balance sheet analysis, consolidation adjustments, closing entries and reconciliations; and elimination entries. To carry out these activities, the consolidation team must communicate and coordinate with many areas including Business Line Finance teams, reporting and booking units, Global Accounting Policies and Procedures and Global Finance Technology.

The Senior Assistant Manager, Consolidation reports to the Senior Manager, Consolidation and is one of the leaders of the Consolidation team.

This position requires an eager, self-motivated, organized, efficient and detail-oriented individual with strong leadership skills and good accounting and financial acumen. The incumbent manages the balance sheet team within Consolidation. This involves reviewing and performing many critical components of the Bank’s monthly and quarterly closing activities and reviewing reports and analysis. The Senior Assistant Manager also oversees ongoing project work related to departmental operation, efficiency and risk reduction, including the implementation of management and shareholders reporting requirements, systems changes and enhancements and resolution of any audit issues.


Key Accountabilities

  • Provide direction to the team and monitor key monthly and quarterly deliverables to ensure reporting deadlines are met and issues potentially affecting the Bank’s results are resolved prior to closing the books. This includes dealing with operational and personnel issues; addressing queries from team, other areas of Finance and internal and external auditors; and, communicating any significant items to the Sr. Manager and/or higher.
  • Responsible for completing monthly and quarterly balance sheet commentary for VP FAR and Chief Accountant and other stakeholders.
  • This report and related processes are a key oversight control and includes detailed variance analyses of the balance sheet, other assets, and other liabilities, OCI and LTD CTA. It also serves as the basis for MD&A commentary.
  • Responsible for ensuring the completeness, accuracy and timely completion of the foreign exchange rates which are loaded to the EGL system and published on the Finance website.
  • Responsible for the execution of several key controls during the monthly and quarterly close including but no limited to:
    • Monitoring internal unrealized gains/losses for derivative contracts between two internal trading units of the Bank offset or that are not resolved timely to a tolerable limit.
    • Monitoring the timely clearing of GL suspense accounts.
    • Monitoring that foreign subsidiaries' P&L in minor currencies are closed out properly to the functional currency and that the forex amount is booked accurately before P&L is closed for the month. Also monitors that the PCO GL account is used accurately and closed properly.
    • Monitoring that the position accounts reflect valid balances.
    • Reviewing and ensuring accuracy of monthly and quarterly entries to the Consolidation ledger.
  • Oversee the balance sheet team’s quarterly and annual shareholder reporting requirements and note disclosures.
  • While working with the Sr. Manager, take a lead role in the coordination and production of midmonth balance sheet for Annual CDIC Valuation Testing.
  • Oversee and manage special projects as required to develop and implement processes improvements to enhance efficiency and effectiveness of internal controls and reporting or to meet new reporting requirements.
  • Participate in Finance related projects as a business resource.
  • Stay up to date on accounting requirements and assess impact of new requirements on the operations of the Balance Sheet team.
  • Provide support for other Consolidation activities/deliverables as requested.
  • Execute system maintenance activities including regular maintenance of Business Unit EGL tree due to new business units, ownership changes and name changes.
  • Update SOX documentation for relevant processes in accordance with SOX Office requirements and support management signoffs and audit testing.Manage human resources, which includes ensuring that a high level of productivity is maintained, hiring of qualified staff, development, training and providing opportunities for advancement.


Experience / Education:

  • Very good understanding of accounting, consolidation principles and ability to understand financial statements and their components.
  • Understanding of the Bank's accounting systems and procedures.
  • Excellent analytical, problem solving and communication skills. A motivated self-starter and a team player.
  • The incumbent should be flexible in dealing with changes in processes and operations due to new requirements or overall enhancements to Finance systems and processes.
  • Ability to multi-task and deliver within tight schedules to meet Quarter-end and project deadlines.
  • Proficient PC skills, including Excel, Word, and EGL/OBI/SmartView.
  • Undergraduate degree in commerce or post-secondary education business and accounting
  • Preferably has or is pursuing a CPA designation.
  • Experience in financial accounting and reporting with a large organization.


Location(s):  Canada : Ontario : Toronto 

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.  

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.

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