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Accounting Policy & SOX Compliance Manager

Location Boston

The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.

Our highly skilled team of 220 is diverse, innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.

Position Summary

The Accounting Policy and SOX Compliance Manager oversees and has overall responsibility for the development, implementation and administration of accounting policies for the Bank and the development and maintenance of the Bank’s SOX 404 and 302 compliance activities. The position manages the implementation of new accounting standards and reporting requirements with accounting personnel and functional departments. Provides guidance for financial reporting and general Bank accounting issues. Evaluates new/proposed products or transactions for appropriate accounting treatment. The position manages one direct report, the Senior SOX Compliance Analyst. With the Senior SOX Compliance Analyst, the position works with business process owners on the continued refinement, timely completion, and ongoing maintenance of all SOX 404 and 302 activities. Evaluates and concludes on the severity and materiality of any identified accounting errors or internal control deficiencies. Assesses business processes to identify internal control strengths and weaknesses. Liaises with external and internal auditors to ensure compliance with rules and interpretations of SOX guidelines.

This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time will be expected in the office to support onboarding initially.

Specific Responsibilities

Accounting Policies and Procedures

• Develop and maintain accounting policies for the Bank which are consistent with GAAP and SEC requirements.

• Evaluate new GAAP and SEC requirements as issued to determine the impact on the Bank and develop or modify the Bank’s accounting policies as necessary.

• Monitor the Bank’s ongoing compliance with its accounting policies and disclosure requirements.

• Manage the update process for the Accounting Control department’s Policies and Procedures manual.

• Communicate accounting policies throughout the organization as necessary.

SOX 404 and 302 Compliance

• Continuously improve the SOX processes to comply with the Sarbanes-Oxley Act by maintaining an understanding of SOX requirements, COSO and PCAOB standards, guidelines, new developments and trends. Develop, implement, and administer SOX policies and procedures for the Bank.

• Evaluate any identified accounting errors or internal control deficiencies and conclude on the severity and materiality of the deficiency. Oversee remediation activities for control deficiencies.

• Develop and maintain the Bank’s disclosure controls and procedures, consistent with the requirements of Sarbanes-Oxley, and ensure that the disclosure procedures are properly documented, communicated, implemented and enforced.

• Prepare a disclosure checklist in conjunction with the preparation of the annual and quarterly financial reports to ensure that the financial statements, footnotes and disclosures of the Bank are complete and consistent with applicable requirements.

Technical Accounting Research and Other Responsibilities

• Effectively manage the work performance and professional development of this role’s direct report(s).

• Research and document technical accounting inquiries and issues as needed and present findings and recommendations.

• When the Bank undertakes any new or modified business activity, prepare a written analysis of the accounting and/or disclosure treatment for the activity, citing relevant standards, pronouncements, and regulations.

• Monitor changes and developments in accounting requirements by the Financial Accounting Standards Board (FASB) and the SEC. Provide periodic updates to management and others throughout the Bank.

• Provide training and education to Bank staff on relevant new accounting guidance and on emerging accounting developments undertaken by the FASB and the SEC.

• Participate in FHLBank System-wide subcommittees related to accounting policy or SOX compliance matters that are relevant to the Bank and participate in drafting of comment letters to relevant accounting standards setters.

• Monitor significant Bank Technology projects to track capital expenditures and provide guidance to appropriately allocate project costs between capital expenditure and operating expense in accordance with GAAP and the Bank’s fixed assets policy.

• Assist the SVP, Controller and Chief Accounting Officer with accounting and oversight functions, including the ability to perform back-up and review functions for other areas within the Accounting department.

• Other duties, as assigned.

Knowledge/Skills

• Thorough knowledge of GAAP with an emphasis on accounting for financial instruments, as well as SEC reporting requirements.

• Understanding of and practical experience with Section 404 of the Sarbanes-Oxley Act.

• Experience in banking or other financial services accounting functions preferred.

• Strong analytical and problem-solving skills.

• Excellent oral and written communication skills.

• Ability to work well independently.

Education

• Bachelor’s degree with a major in Accounting is required.

• Certified Public Accountant credential required.

Experience

• 7-10 years of broad-based accounting experience, preferably with a mix of public accounting and corporate accounting experience. Specific emphasis on SEC reporting required.

• Current or prior people management experience is expected.

As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.

Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.

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