REQUEST FOR EXPRESSIONS OF INTEREST

AFRICAN DEVELOPMENT BANK

Financial Reporting Division (FIFC1)

Immeuble du HQ

Avenue Joseph Anoma

01 Boite Postale 1387 ABIDJAN 01

COTE D’IVOIRE

Title of the Assignment: Financial Accounting Consultant

Department/ Division issuing the request: FIFC/ FIFC.1

Place of assignment: Abidjan, Côte d’Ivoire

Duration of the assignment: 6 Months

Tentative Date of commencement: asap but not earlier than 15 August 2021

Detailed Terms of reference for the assignment: see below

Deadline for applications: 5 July 2021

Applications by email to be submitted to:

Mr Badejo Adeyemi: [email protected] or Mr James Onyango: [email protected]

Any questions and requests for clarifications may be sent to:

Mr Badejo Adeyemi [email protected]

About the Bank:

The African Development Bank (AfDB) is the leading development finance institution in Africa and the continent’s voice on global economic, financial, and development issues. It was established in 1963, with a mandate to further the economic development and social progress of African countries, individually and collectively. The AfDB’s primary goal is to reduce poverty and improve living standards by mobilizing resources in and outside Africa and providing financial and technical assistance for development projects and programs in Africa.

About the Hiring Department

The Financial Control Department (FIFC) is responsible for all controllership functions of the African Development Bank Group. As a critical element of the governance structure of the ADB Group, it maintains the primary responsibility for analyzing, recording, and reporting the financial consequences of all decisions and transactions of the ADB Group.

The Financial Reporting Division (FIFC1), one of the four divisions within FIFC, is responsible for the financial reporting of the Bank Group, the bilateral and multilateral funds, special initiatives, and the special funds. The primary goal of the Division is to ensure accuracy, relevance, timeliness, and transparency in the reporting of the financial consequences of all actions taken in the African Development Bank Group.

About the Role

The Bank recently signed a Framework Arrangement (FA) with the European Commission to manage the execution of the European Commission operations co-financed with the Bank under the Pillar Assessed Grant or Delegation (PAGODA).

An additional Framework Arrangement, the PAGODA Financial Instruments (FI) which is expected to provide guarantees, technical assistance and support to non-sovereign operations is under discussions and will be signed shortly.

The FIFC Division is seeking the services of an experienced Financial Accounting Consultant (Consultant) to support financial reporting around the two Framework Arrangements above. The main duties of the Consultant relate to the preparation of Financial Statements for projects financed under (PAGODA) Grants and (PAGODA) FI, in line with European Commission requirements.

Tasks and Deliverables:

Under the supervision and guidance of the Division Manager, the Financial Accounting Consultant will perform the following tasks:

  • Ensure complete, timely and accurate accounting for and reporting of all transactions for projects financed or co-financed under (PAGODA) Grants and (PAGODA) FI
  • Ensure effective internal control around the accounting activities of the (PAGODA) Grants and (PAGODA) FI, by ensuring that financial transactions reported on the accounts are proper and accurately recorded in the appropriate accounting period and systems
  • Provide decision useful on accounting and financial reporting to Management, Board of Directors, European Commission, and other stakeholders.

More specifically, the Consultant will perform the following tasks:

  • Participate in the overall evaluation of internal control around banking activities as far as they relate to (PAGODA) Grants and (PAGODA) FI activities
  • Prepare and submit quarterly and annual financial statements of the (PAGODA) Grants and (PAGODA) FI. This report may include other ad-hoc reports and financial statements on the PAGODA financial activities relevant to the European Commission
  • Accounting for Inter-Company transactions and reconciling intercompany receivable accounts between the Bank Group and (PAGODA) Grants and (PAGODA) FI
  • Accounting for contributions received from the European Commission
  • Carry out requisite reconciliation to ensure that all reports are an accurate reflection of the activities of (PAGODA) Grants and (PAGODA) FI activities
  • Carry out validity checks of receivable balances from one period to another with the view to justifying and reconciling significant movements
  • Liaise with FIRM/FIST and other operations departments to ensure the accuracy of:
  • The record of funds received as contributions in relation to (PAGODA) Grants and (PAGODA) FI
  • Total disbursements made during the reporting period
  • Additions to new projects and cancellation of projects
  • Budgets allocated to the projects.
  • Ensure the collection and archiving of financial related information on all projects
  • Ensure compliance with project implementation and reporting obligations in line with the specific results frameworks, applicable regulations and accounting standards
  • Liaise with task managers, implementing units, disbursement division (FIFC3), as appropriate, in order to ensure the financial reports are prepared in an accurate and timely basis reflecting the real disbursements made for each project
  • Liaise with internal and external auditors and provide them with all requisite information to explain and justify all transactions and complete their audit.

Qualifications and experience required:

  • The Consultant should hold at least a first degree/Bachelor’s degree in accounting, Finance, Audit, Business Administration, or Banking
  • Have a minimum of six (6) years of practical experience in an accounting firm or in an international financial organization. Experience in a Multilateral Development Bank and accounting for donor-financed projects is an added advantage
  • Professional qualification in accounting (e.g. CA, ACCA etc.) and knowledge of accounting regulations and requirements applicable in the context of European Commission-financed projects will be an added advantage
  • Ability to visualize, articulate and solve complex problems, concepts and make decisions that make sense based on all available information, particularly problem solving in an automated accounting environment
  • Ability to quickly analyze accounting data structures and data interrelationships and make recommendations on process, systems, and control improvements
  • Strong knowledge of accounting and International Financial Reporting Standards (IFRS) and a working knowledge of cash basis accounting
  • Strong interpersonal, communication [written and oral], innovation, creativity skills and ability to effectively communicate and articulate technical solutions and requirements to end users and management at different levels of organization hierarchy
  • Knowledge of SAP FI, IT systems and strong data analytics skills
  • Client orientation, team working and interpersonal relations skills
  • Ability to communicate effectively (in writing and orally) in English or French, preferably with a working knowledge of the other language.

The Financial Reporting Division (FIFC1), through this Request for Expression of Interest (REOI), invites Individual Consultants to indicate their interest in providing the above-described services. Interested Consultants shall provide information on their qualifications and experience demonstrating their ability to undertake this Assignment (must include supporting documents, reference to similar services, experience in similar assignments, etc.).

Duration of Assignment

The duration of the Consultant’s assignment is 6 months, renewable subject to satisfactory performance. The assignment will be carried out in Abidjan, Cote d’Ivoire and housed within the offices of the Bank, subject to the prevailing covid19 protocol. Otherwise the assignment may be completed remotely as appropriate. The estimated starting date is no later than August 15, 2021.

Remuneration  :

The remuneration will be in line with the Bank’s guidelines on remuneration of consultants. The consultant shall be paid a total monthly lump sum, comprising fee, subsistence, and other incidentals, for the duration of the assignment commensurate with the number of years of work experience. The Bank will cover economy class travel costs for the consultant who needs to travel to take up duty, and if relevant, any field mission costs as per its Travel Policy. Leave will also be granted in line with the Bank’s leave policy for short-term consultants. The consultant will be responsible for obtaining personal health insurance at their own cost.

Selection and Evaluation Criteria :

A shortlist of individual qualifying consultants will be established at the end of the request for expressions of interest. The consultants on the shortlist will be judged on the following criteria based on their customized, responsive CV/resume, which must be adapted to demonstrate how the candidate meets the requirements of this REOI.

  • General qualifications, experience related to the assignment and suitability for the assignment (30%)
  • Knowledge of Financial Reporting in general and European Commission accounting regulations and requirements in particular (35%)
  • Experience with accounting for Financial Instruments and lending Products including Grants (10%)
  • Knowledge and understanding of Internal controls (10%)
  • Experience with and working knowledge of SAP FI and related IT systems (5%)

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.