The objective of the consultancy is to provide advisory and technical assistance to them implementing agencies and to increase efficiency in managing and maintaining a sound financial and accounting system for the achievement of value for money and delivering on the project development objectives through:
Assessing the adequacy of project financial management arrangements for projects
Monitoring compliance with the Bank’s audit and fiduciary requirements
Ensuring that WBG-financed project operations are carried out in accordance with applicable FM policies, procedures, and instructions
Supporting analytical work on Financial Management and public financial accountability
Provision of direct and just-in-time technical financial support to the MOE, KPLC, and REA Project Accountant to enable them effectively carry out project activities.
Scope of the Assignment:
Provide guidance and assistance in financial management and accounting procedures in compliance with the World Bank financial management regulations and accounting procedures for Borrowers and as appropriate with the Government of Kenya financial management act specifically:
Observe, understand and implement all the project documents consistent with the Financing agreement
Provide support to implementing agencies for the maintenance of efficient and effective financial management policies, systems for the K-OSAP project in order to ensure that all project resources and finances are properly managed and controlled. These include budgeting, funds flow, accounting, internal control, financial reporting and audit.
Assist in the maintenance of a sound financial and accounting system in accordance with GOK procedures and support implementing agencies to annually prepare the projects accounts in accordance with International Public Sector Accounting Standards to meet the Project’s reporting obligations.
Monitor disbursements of the credit, and preparation of withdrawal applications, including required supporting documentation.
Assist the implementing agencies to prepare projected cash flows and reports, budgets, and other financial reports on the project required for effective control of the budget.
Ensure that all books and financial reports are prepared accurately and audited in a timely manner, help accommodate audit undertaken by the Office of the Auditor General (OAG), and advise on corrective action as well as future prevention of any accounting, procurement, and financial management mistakes, errors or shortcomings.
Assist the implementing agencies to prepare monthly Government reporting returns, quarterly unaudited Interim Financial Reports (IFRs) and annual project financial and ensure that they are submitted within the stipulated deadlines
Build financial management capacity in the Agencies through hands-on training to the Project Accountants.
Support the agencies to handle technical, commercial and legal aspects of financial management at all stages of the project cycle;
Provide operational advice to the agencies on concepts, policies and procedures for a sound financial management system and control.
Design and conduct workshops for project accountants in the Borrower executing agencies on the Bank's financial management and accounting procedure systems;
Any other duties as may be assigned by the Project Coordinator
TheFinancial Management Specialist will be required to submit reports as follows:
One copy of monthly progress reports highlighting both challenges and achievements;
One copy of quarterly progress on activities undertaken and solutions to challenges;
One copy of annual progress reports; and
One copy of project completion report after the completion of the Project.
Qualifications and Experience Requirements:
The successful candidate should be a professional accountant (CPA, CA or equivalent) with a Bachelor’s degree in Accounting, Business, Finance, Economics or related disciplines,
A Master’s degree with a major in a relevant discipline and relevant training in financial management.
At least eight (8) years of post-qualification experience in financial management Specialist or alternatively, having had responsibilities with a substantial content of his/her position in the Financial Management area in donor funded projects;
Good knowledge of all concepts and principles of and approaches to international financial management systems;
Knowledge and understanding of technical, commercial and legal aspects of financial management at all phases of Bank lending operations;
Demonstrated analytical clarity, problem-solving skills and negotiating skills with ability to balance project objectives and financial management requirements with client needs;
Exceptional degree of integrity, judgment and tact in handling the most sensitive, diverse and confidential material.
Understanding of Bank business objectives, policies and practices related to project/sector and critical links to financial management will be an added advantage.
Familiarity with public sector financial management would be -a distinct advantage