Duties and Accountabilities
The FMS is expected to assume the following duties and responsibilities:
Assess the adequacy of the Borrower’s project financial management systems and their ability to manage and monitor clients financed projects. This includes activity planning and budgeting, policies and procedures, internal controls, funds flow, accounting, financial reporting and auditing;
Carry out implementation support work to ensure that project financial management systems are functioning appropriately, including the review of periodic interim financial reports;
Assess the selection and engagement of auditors, ensuring their suitability including their independence, and competence to perform; and ensure that the borrower provides auditors with all the relevant information (including Terms of Reference and Bank requirements) necessary to carry out their engagement;
Review audited financial statements received, monitor the Borrower’s compliance with financial covenants including audit compliance, ensure adequate communication with the Borrower and the project implementing agencies with respect to audits and provide advice to Bank teams, management and borrower as appropriate;
Monitor and review project interim reports, audit reports, and other FM related communication and exchange between the Bank and the borrower, and maintain and update the information systems regularly.
Produce reports on portfolio FM status on a regular basis and as needed; and communicate with the task teams and management team as appropriate.
Provide advice and support to Borrower and the client Task Teams on matters related to all aspects of financial management;s
Provide financial management guidance for the development of technical assistance programs and evaluate and monitor their implementation;Assess the financial and operational viability of implementing entities (e.g. with respect to revenue earning entities), and to advise on the design and use of financial performance covenants;
Contribute with other members of the GGOAC Team to governance operations, policy dialogue and analytical/advisory services, especially in the field of Public Financial Management; and
Undertake other activities, as appropriate and as requested by the PM.
The candidate should be a professional accountant (CPA, CA or equivalent membership of an internationally recognized professional accounting institute) with a Bachelor’s degree in accounting, business, finance, economics or related subject. The CPA requirement may be substituted with an Advanced Degree in a relevant discipline (e.g. Public Sector Finance) and significant experience (5+ years) in public financial management. The ideal candidate should also have:
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