Financial Specialist

Organisation
Climate Resilience Execution Agency for Dominica (CREAD)
Reference
VAC-39201
Contract Type
Contract
Industries
Accounting & Finance
Location
Roseau, Dominica
Salary
Competitive Salary
Date Posted
23/11/2021
Expiry Date
08/12/2021
The Climate Resilience Execution Agency for Dominica (CREAD) invites applications for a Financial Specialist to serve as a member of the Implementation Support Team (IST) to the World Bank supported projects.

 

Background

  1. The World Bank portfolio currently consists of eight projects focused on the housing, energy, infrastructure, digital technology, health, agriculture and financial sectors. The portfolio includes three emergency investment projects, that require international implementation support: (i) the Disaster Vulnerability Reduction Project (DVRP), which focuses on resilient infrastructure and climate data collection; (ii) the Housing Recovery Project (HRP), which will contribute both to the recovery of housing for households affected by Hurricane Maria and improve the application of resilient building practices in the housing sector; and (iii) the Emergency Agricultural Livelihoods and Climate Resilience Project, which addresses the first phase of agricultural sector’s recovery. Each project has a Project Implementation Unit (PIU), within the respective portfolio Ministry, responsible for project implementation.
  2. The day-to-day technical management of DVRP and the HRP was delegated to Climate Resilience Agency of Dominica (CREAD) to remove bottlenecks and increase the implementation progress. Support for the three emergency projects is provided by a stand-alone Implementation Support Team (IST) under the CREAD which provides specialist procurement, safeguards and fiduciary support to the respective PIUs. The PIUs coordinate and work closely with the IST, drawing on the resources and expertise housed within. The IST serves as a shared resource across all World Bank financed projects. IST staff will mentor and train the staff of the PIUs to build capacity within the ministries. This aligns with the GoCD’s directive of strengthening in-house capacity for project implementation and execution.

 

Objectives of the assignment

  1. Supporting the Treasury Department
    1. Processing of all payments generated through the Financial Management System SMARTSTREAM under the World Bank Financed Projects,
    2. Ensuring that all transactions are verified, processed and approved in a timely manner,
    3. Ensuring that reports generated are accurate and records are compliant with Government financial Regulations.
    4. Other tasks as required by the Accountant General and/or Financial Secretary.
  2. Supporting the MoF and PIUs’ with their financial management responsibilities under World Bank Projects.
    1. Monitor Financial Management performance and action plans.
    2. Coordinate and facilitate the implementation of outstanding Financial Management actions to enhance the performance of the portfolio. Examples include: (i) supporting the integration of the Project’s financial reports into Smart Stream, (ii) supporting the reconciliation of financial statements as per IFR with Smart Stream, (iii) establishing a financial management manual, etc.
    3. Support the implementation of technological tools with the objective of enhancing internal controls. Examples include: (i) Inventory System under Agriculture Project, (ii) World Bank supported tools such as GEMS, etc.
    4. Support the process of preparing for and implementation of Contingent Emergency Response Component (CERC).

 

Scope of Work

Under the supervision of the Accountant General and in close collaboration with the Project Implementation Managers, the incumbent will perform the following tasks:

 

General Administration

  1. Serve as the direct liaison between Projects Implementation Units and the Accountant General on issues related to fast-tracking of financial and accounting transactions, including the processing of funds payment requests from the PIUs.
  2. Assist in administering, controlling the disbursement of funds within the approved budgetary allocations, in accordance with established regulations and procedures and within the established delegation of authorities.
  3. Assist in the design of a practical accounting and finance management system that will provide financial reports based on data generated through SMARTSTREAM.

 

Monitoring of Expenditure

  1. Establish internal controls and monitoring mechanisms, in order to oversee the maintenance of cash and bank books and reconciliation with bank statements, including periodic control of disbursements and balancing of books and ledgers;
  2. Monitoring each project’s expenditures in compliance with applicable World Bank’s and Procurement Guidelines/Regulations, the provisions of the Legal/Financing Agreements, and the National Government laws and regulations;
  3. Maintaining day-to-day financial transactions of projects under the portfolio through the Financial Accounting System “Smart Stream”;
  4. To verify funds availability for Projects activities implementation based on approved work plan and budgets;
  5. Coordinating with project implementation units (PIUs) in using project funds and ensuring that proper financial management procedures are followed;
  6. Monitoring payments related to project expenditures and ensuring proper documentations are kept in file.

 

Processing of Transactions

  1. Review and verify compliance of all requests for payments for project activities;
  2. Review and verify accuracy of information on payment vouchers;
  3. Verify and ensure the availability of funds before payments are processed;
  4. Manage Project expenditures, ensuring full compliance with project rules and procedures (as per the Project Operational Manual and IDA Project Guidelines) agreed between the Bank and GoCD for the Project;
  5. Review receivables and payables and ensure prompt settlement of payables to the Projects’ suppliers/contractors/consultants;
  6. Liaise with Accountant General during the preparation of the Annual Financial Statements and other financial project matters as necessary.

 

Preparation of Reports

  1. Assisting with timely preparation of project reports to Financial Secretary, PIUs, and other necessary stakeholders;
  2. Maintaining appropriate financial records and documentation of all projects income, expenditures and other transactions that meet donor and audit requirements;
  3. Prepare and submit –in coordination with the PIU Project Managers, a financial report of disbursements/payments to suppliers/consultants/contractors;
  4. Review, verify and certify monthly and special financial statements and reports, including expenditure reports and Bank Reconciliation Statements.

 

Meetings

  1. Attend Project review meetings with donor agencies and Implementing Agencies;
  2. Report and liaise with the Financial Management Specialists of the concerned PIUs;
  3. Any other duties assigned by the Accountant General.

 

IV.       Qualifications and Experience Required

QUALIFICATIONS:

  1. Must possess a Bachelor Degree in Accounting, Finance, Business Studies, Commerce, or related fields.
  2. Professional Accounting Qualifications would be an asset.

 

EXPERIENCE

  1. Knowledge of the Government Accounting System SMARTSTREAM;
  2. Minimum of five years experience as an accountant or related fields of finance;
  3. Experience in handling the Finance and Administration management functions for international donor institutions or NGOs;
  4. Knowledge of computer applications and financial accounting knowledge of financial management and accounting softwares;
  5. Fluency in English and ability to work in a team and independently.

 

Desired

  1. Relevant and recognized professional accounting qualifications;
  2. Experience working in a donor funder project or organization;
  3. Demonstrates ability to work in a job that requires attention to detail and methodical record-keeping;
  4. Ability to establish and maintain effective working relationships with employees, other departments, vendors and the public.

 

Reporting Station

This post will be served within the Ministry of Finance and reports to the Accountant General.

 

Terms of the Assignment/Contract Duration

The post is expected to be awarded for duration of one year and may be renewed subject to agreement of the parties. The assignment is expected to commence in Nov 2021 and may be renewed annually. The awarded applicant shall be engaged on a full-time basis, eight hours a day, and five days a week.

 

Expression of Interest

Interested applicants whose qualifications and experience are in line with the Terms of Reference are invited to submit their CV and a letter of motivation/application stating suitability for the role.

 

 

Annex B:

Consultant’s Reporting Obligations

Consultant’s Reporting Obligations

These are quarterly reports that will need to be submitted to the Client’s Coordinator and to the World Bank on a timely basis. The Consultant may also be required to produce and submit additional reports to the Climate Resilience Agency of Dominica for governmental analysis and monitoring.

 

1.        Performance Assessment

1-A. An inception report, including an updated work and implementation plan, within six (6) weeks after beginning of the period of performance, for the purpose of assessment of performance

1-B. A monthly progress report on consultant’s own activity which is to be submitted at the end of each month.

1-C. A general report on own consultants activity, to be submitted at the end of month six (6) and month twelve (12) after commencing the assignment, for the purpose of assessment of performance.

1-D. A contract completion report within one month of the end of the period of performance of the contract containing achievement versus expectations, difficulties encountered, prospects for sustainability, and recommendations on continued assistance and management of the project(s)

 

2.        Project Planning

2-A. Project Plan Updates

 

3.        Project Progress

3-A  Quarterly Project Monitoring Reports

 

Annex C:

Fraud and Corruption

(Text in this Appendix shall not be modified)

 

Guidelines for Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers, dated July 2016, revised November 2017 and August 2018 (“Procurement Regulations”):

 

1.   Purpose

1.1 The Bank’s Anti-Corruption Guidelines and this annex apply with respect to procurement under Bank Investment Project Financing operations.

 

2.   Requirements

2.1 The Bank requires that Borrowers (including beneficiaries of Bank financing); bidders (applicants/proposers), consultants, contractors and suppliers; any sub-contractors, sub-consultants, service providers or suppliers; any agents (whether declared or not); and any of their personnel, observe the highest standard of ethics during the procurement process, selection and contract execution of Bank-financed contracts, and refrain from Fraud and Corruption.

 

2.2 To this end, the Bank:

a.     Defines, for the purposes of this provision, the terms set forth below as follows:

i.     “corrupt practice” is the offering, giving, receiving, or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party;

ii.     “fraudulent practice” is any act or omission, including misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain financial or other benefit or to avoid an obligation;

iii.     “collusive practice” is an arrangement between two or more parties designed to achieve an improper purpose, including to influence improperly the actions of another party;

iv.     “coercive practice” is impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party;

v.     “obstructive practice” is:

(a)   deliberately destroying, falsifying, altering, or concealing of evidence material to the investigation or making false statements to investigators in order to materially impede a Bank investigation into allegations of a corrupt, fraudulent, coercive, or collusive practice; and/or threatening, harassing, or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation; or

(b)   acts intended to materially impede the exercise of the Bank’s inspection and audit rights provided for under paragraph 2.2 e. below.

b.     Rejects a proposal for award if the Bank determines that the firm or individual recommended for award, any of its personnel, or its agents, or its sub-consultants, sub-contractors, service providers, suppliers and/ or their employees, has, directly or indirectly, engaged in corrupt, fraudulent, collusive, coercive, or obstructive practices in competing for the contract in question;

 

c.   In addition to the legal remedies set out in the relevant Legal Agreement, may take other appropriate actions, including declaring misprocurement, if the Bank determines at any time that representatives of the Borrower or of a recipient of any part of the proceeds of the loan engaged in corrupt, fraudulent, collusive, coercive, or obstructive practices during the procurement process, selection and/or execution of the contract in question, without the Borrower having taken timely and appropriate action satisfactory to the Bank to address such practices when they occur, including by failing to inform the Bank in a timely manner at the time they knew of the practices;

d.     Pursuant to the Bank’s Anti- Corruption Guidelines and in accordance with the Bank’s prevailing sanctions policies and procedures, may sanction a firm or individual, either indefinitely or for a stated period of time, including by publicly declaring such firm or individual ineligible (i) to be awarded or otherwise benefit from a Bank-financed contract, financially or in any other manner;1 (ii) to be a nominated2 sub-contractor, consultant, manufacturer or supplier, or service provider of an otherwise eligible firm being awarded a Bank-financed contract; and (iii) to receive the proceeds of any loan made by the Bank or otherwise to participate further in the preparation or implementation of any Bank-financed project;

e.     Requires that a clause be included in bidding/request for proposals documents and in contracts financed by a Bank loan, requiring (i) bidders (applicants/proposers), consultants, contractors, and suppliers, and their sub-contractors, sub-consultants, service providers, suppliers, agents personnel, permit the Bank to inspect3 all accounts, records and other documents relating to the procurement process, selection and/or contract execution,, and to have them audited by auditors appointed by the Bank.

 

1  For the avoidance of doubt, a sanctioned party’s ineligibility to be awarded a contract shall include, without limitation, (i) applying for pre-qualification, expressing interest in a consultancy, and bidding, either directly or as a nominated sub-contractor, nominated consultant, nominated manufacturer or supplier, or nominated service provider, in respect of such contract, and (ii) entering into an addendum or amendment introducing a material modification to any existing contract.

2  A nominated sub-contractor, nominated consultant, nominated manufacturer or supplier, or nominated service provider (different names are used depending on the particular bidding document) is one which has been: (i) included by the bidder in its pre-qualification application or bid because it brings specific and critical experience and know-how that allow the bidder to meet the qualification requirements for the particular bid; or (ii) appointed by the Borrower.

3  Inspections in this context usually are investigative (i.e., forensic) in nature. They involve fact-finding activities undertaken by the Bank or persons appointed by the Bank to address specific matters related to investigations/audits, such as evaluating the veracity of an allegation of possible Fraud and Corruption, through the appropriate mechanisms. Such activity includes but is not limited to: accessing and examining a firm's or individual's financial records and information, and making copies thereof as relevant; accessing and examining any other documents, data and information (whether in hard copy or electronic format) deemed relevant for the investigation/audit, and making copies thereof as relevant; interviewing staff and other relevant individuals; performing physical inspections and site visits; and obtaining third party verification of information. 

 

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