REQUEST FOR EXPRESSIONS OF INTEREST FOR AN INDIVIDUAL SENIOR CONSULTANT AFRICAN DEVELOPMENT BANK
Title of the assignment: Financial Reporting Specialists (Senior Consultants)
Brief description of the Assignment: ASSIST IN PREPARATION OF FINANCIAL REPORTS, MANAGEMENT REPORTS, FINANCIAL ANALYSIS AND PROJECT-BASED ASSIGNMENTS
Department issuing the request: Financial Control Department (FIFC)
Place of assignment: Abidjan, Cote d’Ivoire
Duration of the assignment: 6 months with possibility of extension
Tentative Date of commencement: 15 October 2018
Deadline for applications: 25 September 2018
Expressions of interest must be received by email no later than 25 September 2018, at 17h00 Abidjan time and explicitly mentioning Individual Senior Consultants for Financial Reporting Specialist
For the attention of: Kabir Agboluaje k.agboluaje@afdb.org
With a copy to: Jeremiah Chaphxanya j.chaphxanya@afdb.org
Terms of Reference Financial Reporting Specialists
- Introduction / Background
The African Development Bank is a regional multilateral development bank whose shareholders include the 53 countries in Africa and 25 non-African countries from the Americas, Asia and Europe. The Bank was established in 1964 with its headquarters in Abidjan, Côte d’Ivoire. The Bank’s primary objective is to promote the economic development and social progress of its regional member countries, individually and jointly.
The central goal of the Bank’s activities is promoting sustainable growth and reducing poverty in Africa. The Bank thus finances a broad range of development projects and programs
The Financial Reporting Division (FIFC.1) within FIFC is responsible for accounting and financial reporting of the Bank Group’s transactions and decisions. This includes the preparation, fair presentation and overall integrity of the internal financial reports and published financial statements. The Division contributes to the operational and financial strategies of the Bank Group through timely communication of financial reporting impacts of the Bank Group transactions and decisions to Management and the Board.
The Financial statements of the Bank are prepared in line with IFRS accounting standards.
- Duties and Scope of Work
The Financial Control Department is looking for a Senior Consultants that will provide support to financial reporting team on a series of key assignments. The consultants will work under the guidance of the Manager of the Financial Reporting Division.
The consultants will be responsible for the following tasks:
Participate in IFRS 9 project
- Develop and implement processes and controls for validating provisioning numbers produced by IFRS 9 Expected Credit Loss (ECL) engine, reconciling them with the regulatory provisions and recommending any necessary adjustments;
- Develop templates for additional financial reporting disclosures required under IFRS 9. Liaising with relevant stakeholders within the bank to obtain all necessary information required for disclosures;
- Provide support to teams to migrate/upgrade systems and interfaces integrations to facilitate the posting of accounting entries from ECL software to the SAP General Ledger.
Provide post-implementation support on newly deployed Private equity accounting software (e-Front)
- Work closely with the Private Equity Management team (PINS.2) to perform accounting reconciliations to streamline data migrated into e-Front Private Equity sub-system with the SAP General ledger. Liaise with PINS.2 to resolve outstanding issues;
- Liaise with the PINS.2 team to perform a detailed review of equity investments outstanding balances, including but not limited to capital calls, distributions, mark to market and callable capital;
- Work closely with PINS.2 to develop reporting templates for the production of Management reports on Bank’s equity investments from the installed e-Front software;
- Perform monthly reconciliation of SAP General Ledger balances with balances in e-Front private equity management sub-system.
Prepare timely and accurate management reports to stakeholders
- Provide input into the preparation of management reports and other ad-hoc reports for both internal and external clients (e.g. Risk management departments, rating agencies etc.);
- Perform critical review and analysis of the risk management reports and valuation schedules to determine the reasonableness of valuation of borrowings and derivatives.
Support financial reporting projects and change management
- Support the processes for converting the financial statements of the African Development Fund (ADF) from Special Purpose Financial statements into IFRS based financial statements;
- Propose changes to improve the cost-effectiveness and efficiency of Financial Reporting operations by identifying opportunities, creating or recommending solutions to speed up the accounting process through automation;
- Participate in audit review sessions, provide responses and implement solutions to address audit recommendations.
Preparation of financial statements for Trust Funds and Special Funds
- Prepare timely and accurate financial and management reports on Trust Funds and Special Funds administered by the Bank on behalf of donors.
- Perform any other duties as may be assigned.
- Qualifications and Experience Required
The consultants shall have the following qualifications and experience:
- Bachelors’ degree in Accounting and Finance plus 10 years of relevant experience or Masters’ degree in Accounting and Finance plus 5 years of relevant experience.
- Membership with a recognized professional Accounting board is required.
- Relevant experience and skills:
- At least five (5) years of relevant experience in Treasury accounting: hedge accounting, financial reporting of Treasury activities, accounting procedures, IFRS, etc.;
- Experience in accounting for complex Treasury products;
- Experience in applying and ensuring compliance with IFRS accounting standards;
- Knowledge of quantitative and qualitative methods for data analysis;
- Strong written and oral communication skills;
- Fluency in one of the two official languages of the Bank (French and English) including written and verbal communication, preferably with a working knowledge of the other language;
- Proficiency in Microsoft products including Word, Excel, PowerPoint, and Outlook. Experience using SAP is also an advantage.
- Remuneration
The consultants shall be paid a total monthly lump sum, comprising fee, subsistence and other incidentals, for the duration of the assignment and commensurate with the number of years of work experience. The Bank will cover travel costs to take up duty, and if relevant any field mission costs as per its Travel Policy.
- Selection
A shortlist of individual consultants will be established at the end the request of expressions of interest. The consultants on the shortlist will be judged on the following criteria on the basis of their updated resume.
General qualifications and suitability for the assignment (30%) Experience related to the assignment (40%)
Knowledge of IFRS (10%)
Experience with Treasury Products (10%) Experience with IT systems (10%)
The eligibility criteria, the establishment of a short list and the selection procedure shall conform with the Bank’s procedures for the acquisition of consulting services funded by the Administrative or Capital expenditure.
Please, note that interest expressed by a Consultant does not imply any obligation on the part of the Bank to include him/her in the shortlist.
Please attach updated Curriculum Vitae on the basis of the template below. MODEL CV