Financial Systems Reviewer
Jobs at:The Kaizen Company
Deadline of this Job:
11 February 2022
Date Posted: Thursday, February 10, 2022 , Base Salary: Not Disclosed
Financial Systems Reviewer
The Common Market for Eastern and Southern Africa (COMESA) is a Regional Economic Community comprised of 21 Member States, including Burundi, Comoros, The Democratic Republic of Congo (DRC), Djibouti, Egypt, Eritrea, Kingdom of Eswatini, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tunisia, Uganda, Zambia, and Zimbabwe.
The operations of COMESA are coordinated through its Secretariat, which is hosted by the Government of the Republic of Zambia in Lusaka, Zambia. The Secretariat is led by the COMESA Secretary General, who is supported by two Assistant Secretaries General, one for Programmes and the other for Administration and Finance. As part of continuous improvement and strengthening of its processes under the RIGO-SSA project, COMESA has requested support to review its Financial Management Systems and the entire Accounting Framework used by the Division of Budget and Finance.
The Sun Accounting software system has been utilized by COMESA for some time, but has not been used to its full potential and capacity. COMESA wishes to review its accounting processes that are not automated and the Sun Accounting functionalities in totality so as to determine whether:
• The Sun Accounting software which is in operation is being fully utilized;
• All Accounting or associated procedures can be automated using the Sun Accounting system
• To what extent automated systems in other business areas of COMESA could be interfaced to the Sun Accounting system.
International Organizations comparable to COMESA have adopted International Public Sector Accounting Standards (IPSAS) as their accounting framework. This is the preferred framework for public entities; COMESA adopted International Financial Reporting Standards (IFRS) as its accounting framework. However, many of its stakeholders have recommended that COMESA considers moving to IPSAS. As part of this consideration, COMESA would like a structured independent review of its accounting framework to determine the appropriateness of adopting IPSAS in comparison to IFRS.
Kaizen, A Tetra Tech Company, with funding from the USAID is therefore recruiting a team of two consultants to review the current Accounting Framework and to recommend which, between IPSAS and IFRS, is the most appropriate accounting standard for COMESA.
Consultant Scope of Work
The overall objective of this assignment is to perform two activities for the accounting function at COMESA:
1. To evaluate the level of Sun Accounting utilization and,
2. To determine IPSAS appropriateness in comparison to IFRS as the accounting framework for COMESA.
Evaluation of Sun Accounting System Utilization (Consultant # 1)
This component will cover the following:
• Identify manual processes that require automation to increase efficiencies in the Division of Budget and Finance;
• Establish the level of usage of the system to determine the required level of optimization
• Identify applications in other COMESA business units that require automated interface with the Sun Accounting system; and
• Prepare a report with recommendations for optimization of the current use of the Sun Accounting system and additional automation of current manual procedures in the Division of Budget and Finance
Evaluation of COMESA’s Accounting Framework (Consultant # 2)
This component will cover:
• Review of the reporting needs of COMESA. This will be done by engaging various stakeholders: Executive Management, Cooperating Partners, the Division of Budget and Finance and External Auditors.
• Development of a case for continuation of the usage of IFRS or adoption of IPSAS.
• Where IPSAS is recommended as the appropriate framework, advice on the necessary adjustments and infrastructure required for the adoption.
• Where IFRS is recommended as the appropriate framework, advice on the extent of compliance with the required IFRS after considering the items that COMESA reports on.
The Consultant shall be required to deliver the following promptly:
Inception report which will set out:
• Consultants’ interpretation of the Terms of Reference;
• A refined approach and methodology of undertaking the exercise; and
• Revised Work plan according to the refined TORs.
Consultant #1 – Sun Accounting Evaluation Report
• Review of manual accounting processes in the Secretariat;
• Review of the Sun Account Functionality;
• Review of automated functions in other COMESA business units; and
• Recommendations for improvement.
Consultant #2 – Evaluation of Accounting Framework Report
• Findings of engagement with stakeholders;
• Review of IPSAS and IFRS; and
• Recommendations for way forward including an implementation plan.
4. Closure Report
Timing/Level of Effort
The assignment is expected to take 60 working days spread over 3 months.
The Consultant will work primarily from their country of residence, but may be required for onsite meetings at the COMESA headquarters in Zambia throughout the duration of the contract. Therefore, applicants in the East Africa region are encouraged to apply.
• Degree/professional qualifications in Accounting or Financial Management
• Knowledge of accounting management, automated accounting applications, and accounting policies and procedures
• Experience in:
• Use of various accounting frameworks (IFRS, IPSAS, IFRS for SMEs and any other reporting framework);
• Preparation of financial statements compliant with accounting frameworks indicated in (i) above;
• Implementation of Automated Accounting systems;
• Report writing; and
• Prior Experience with Regional Intergovernmental Organisations
• Excellent presentation skills
Required Information (applications due February 18, 5pm East African time)
• Up-to-date CV
• Technical description of understanding of this assignment and proposed strategy with a description of the activities to be performed (please keep this brief and upload where specified in application)
• A financial proposal setting out all cost elements such as professional fees, accommodation and travel for 2 trips to Lusaka (if not located in Zambia – please upload in same document as #2)
Job Experience: No Requirements
Work Hours: 8
Level of Education: Bachelor Degree
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