REQUEST FOR EXPRESSION OF INTEREST

Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFSP is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure management. The project is designed with five components: (i) Strengthening Macroeconomic and Fiscal Management; (ii) Improving the Efficiency of Public Financial Management; (iii) Enhancing Financial Sector Stability; (iv) Strengthening the Social Protection System; (v) Project Management and Monitoring. The objectives are to strengthen fiscal responsibility and implement the relevant policy measures; improve fiscal discipline; strengthen the resiliency of the banking system; improve public expenditure quality in social protection; and provide support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities, respectively. For more details, please refer to the Project Appraisal Document Report No.PAD2269 .
The Ministry of Finance developed and adopted regulations concerning accounting and financial reporting for budget entities and all these are on the basis of modified accrual. In accordance with the revised guidelines of 2003, since 2004 the Government has been preparing annual consolidated financial statements, getting the statements audited by the Mongolian National Audit Office and submitting the audited financial statements to the Parliament. While the first Consolidated Financial Statements of the Government of 2004 covered approximately 3000 budget entities, the 2015 Consolidated Financial Statements included some 6000 budget entities and 81 state-owned enterprises with 100% Government ownership. The state-owned enterprises prepare their financial statements on the accrual basis and their chart of accounts is different from the budget entities’.
Even though the improvement of accounting of public sector entities with corporate governance is successful in certain areas, (i) Government accounting basis is not full accrual, (ii) International Public Sector Accounting Standards (IPSAS) are not implemented fully, and (iii) the  quality and importance of the Government’s consolidated financial statements are undermined because state-owned enterprises with less than 90% ownership but are material to the financial statements are not consolidated into the Government’s consolidated financial statements.

SCOPE OF THE ASSIGMENT

The objective of this assignment is to assist the Accounting Policy Department of the Ministry of Finance (APD, MOF) in formulating policy on public sector accounting and auditing. During the assignment, the consultant will prepare a mid-term plan to strengthen the public sector accounting and auditing, and a methodology document for the MOF to improve the public sector consolidated financial reporting practices in relation to the changes to the International Public Sector Accounting Standards (IPSAS).  

The consultant will perform the tasks including the following, but not limited to, with close cooperation with an international consultant and a national consultant (team member):

1.Review the existing regulations and develop a new procedural guidance related to the public sector consolidated financial statements;        
a. Review the existing procedures and guidance for consolidating financial statements of line ministries, state-owned enterprises (including state-owned banks and credit insurance fund) into the government’s consolidated financial statements in compliance with the IPSAS;
b. Analyze the current practice of consolidating financial statements of the fully-owned state-owned enterprises and enterprises with more than 90% state-ownership into the government’s consolidated financial statements in compliance with IPSAS;
c. Consultant will coordinate the work to conduct a comparative research on international best practices of consolidating fully state-owned enterprises and enterprises with less than 90% state-ownership in compliance with IPSAS, applicable to Mongolia;
d. Develop procedures and accounting methodologies to prepare government consolidated financial statements including fully owned state-owned enterprises and enterprises with less than 90% state-ownership in accordance with IPSAS (including a guidance on the government’s consolidated financial statements, on identifying the entities for consolidation, and on filling out the standard forms that are used for preparing the government’s consolidated financial statements, etc); and

e. Supervise conducting of a pilot on implementing the accounting methodology document for consolidating financial statements of state-owned enterprises into the government’s consolidated financial statements (the government’s annual consolidated financial statements for the period ended December 31, 2017);

2. Prepare a mid-term plan covering a period of 4 years to strengthen the public sector accounting and auditing:
a. Conduct research on the current status and context of public sector accounting and auditing and identify priorities;
b. Prepare the mid-term plan to strengthen the public sector accounting and auditing;

3. Review and finalize the draft accounting glossary in English and Mongolian prepared by a national consultant (the team member);

4. Provide support in the approval process for the draft policy and methodology documents, through carrying out the following activities in collaboration with APD, MOF:
a. Establish a working group comprising relevant stakeholders;
b. Organize discussions and consultations on the draft documents amongst specialists in the field and relevant stakeholders;
c. Prepare training and awareness materials covering the accounting methodologies on preparation of the government’s consolidated financial statements as well as the mid-term plan to strengthen public sector accounting and auditing;
d. Assist in promoting the policy and methodology documents listed above to the extent permitted under the assignment; and  
e. Respond to the related ad hoc consultations made by APD, MOF and perform any other tasks as reasonably assigned by MOF.

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:

To be considered eligible, candidates should have all the eligibility criteria listed below:

Education and Knowledge:
- A suitable candidate must have a master’s degree in finance, accounting and management at the minimum and a bachelor’s degree in accounting;
- Professional qualifications such as ACCA/CPA/CIMA or similar will be desirable;
- Proven knowledge of the International Public Sector Accounting Standards (IPSAS) and the International Financial Reporting Standards (IFRS) and;
- Deep knowledge of preparing consolidated financial statements in accordance with to the related international standards;
- Excellent technical skills as a lecturer and a researcher would be an advantage;
Experience:
- Incumbent should have at least 7 years of direct relevant experience in the accounting and finance sector;
- Previous experience in a similar capacity of developing an accounting policy document and other policy and methodology documents will be considered a plus;
Language skills:
- Fluent written and spoken in English and Mongolian.
Other skills:
- Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment and high integrity and accountability;
- Be proficient in PC based applications such as Word, Excel and data management, and have excellent web research and navigation skills;

CONTRACT DURATION:

The consultant’s assignment is expected to commence in April 2018. The duration of the assignment is 12 months on a full time basis.The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents in person:
Cover letter indicating why she/he considers her/himself suitable for the position,
Detailed CV highlighting relevant skills/experience,
Copy of diplomas or certificates and,
2 reference letters from previous last two employers no later than 11:00 A.M, May 15, 2018 in person.

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582