Job Description
Objective and Purpose of the Assignment
Raise awareness and improve compliance with ADB’s financial reporting and auditing requirements
- A review of the Lao PDR portfolio indicated that compliance with ADB’s financial management (FM) requirements is a challenge. While SERD is planning to conduct trainings with the executing agencies/implementing agencies (EAs/IAs) to strengthen understanding of FM requirements, supervision and “handholding” support to EA/IA staff is necessary to complement ADB’s efforts to strengthen institutional capacity and awareness of best FM practices.
- ADB requires the submission of audited projects financial statements (APFS) within 6 months from the end of the fiscal year and audited entity financial statement (AEFS) within one month from approval of the approving authority, for certain projects. Entities in Lao PDR have a fiscal year from 01 January to 31 December. Project financial statements are prepared covering this period, which are then audited by private external auditing firms. The deadline for submission of APFS to ADB is by June 30 of the succeeding year .
- This engagement aims to: (i) raise awareness of ADB FM requirements, and (ii) improve the FM compliance of Lao PDR’s project portfolio by engaging a national consultant based in Dili to build capacity of the EA/IAs in the preparation and audit of project financial statements.
Update and monitor the implementation of FM Action Plans
- FM Action Plans summarize the measures agreed on by the EA/IAs and the project teams to mitigate project FM implementation risks identified during the financial management assessment. FM Action Plans should be regularly updated during project implementation to reflect realities on the ground and monitored closely for compliance.
- Existing projects in Lao PDR have an FM risk rating of either substantial or high. This suggests that close monitoring of the FM Action Plans is imperative. This engagement will help address this need.
Scope of Work
The National FM Specialist will be responsible for:
- 1. Raising awareness and improving compliance with ADB financial reporting and auditing requirements
- 2. Updating and monitoring the implementation of FM action plans
Detailed Tasks and/or Expected Output
The National FM Specialist will be responsible for the following tasks:
- 1. Review and provide detailed guidance to EA/IAs’ staff and consultants in the preparation of project financial statements and entity financial statements to ensure compliance with ADB’s requirements;
- 2. Facilitate the understanding of EA/IAs on ADB’s requirements on financial reporting and auditing through coaching and supervision;
- 3. Provide guidance to EA/IAs to facilitate understanding of audit reports issued by private auditing firms;
- 4. Review APFS and AEFS submitted by the EAs/IAs to take note of issues on financial reporting, auditing, and non-compliance with ADB requirements and discuss with relevant stakeholders to resolve issues;
- 5. Facilitate or assist in ADB’s FM trainings and workshops;
- 6. Coordinate with ADB staff in the resident mission, project teams and consulting teams to ensure consistency of guidance and approach;
- 7. In coordination with project teams, monitor the implementation of agreed FM Action Plans and facilitate discussions with relevant EAs/IAs;
- 8. Propose remedial actions to address capacity gaps and other FM-related concerns of the portfolio; and
- 9. Undertake any other work or activity that may be assigned during the term of the engagement.
Minimum Qualification Requirements
- 1. Bachelor’s degree in accounting, finance, or a related field; preferably with Master’s degree or equivalent
- 2. Professional accountant qualification (CPA, CA, ACCA or equivalent) with public accountancy and audit experience (i.e. an internationally recognized designation by the International Federation of Accountants) is highly preferred.
- 3. At least 8 years of relevant professional experience, including financial reporting, audit and financial due diligence
- 4. Knowledge of ADB FM requirements is an advantage
- 5. Advanced and broad knowledge on: (i) acceptable international financial reporting standard and international standards on auditing; (ii) Lao PDR’s accounting and auditing standards and practices in the public sector; (iii) Lao PDR’s public financial management system; and (iv) design of FM arrangements including but not limited to internal control, information and reporting systems and staffing requirements
- 6. High level of proficiency in the local and English language is required.
Minimum General Experience 8 Years
Minimum Specific Experience (relevant to assignment) 8 Years
Project Officer Vijay Kumar Akasam
Designation Principal Portfolio Management Specialist
Asian Development Bank
Email vakasam@adb.org
