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 ASSIGNMENT

The consultant will perform the tasks including the following, but not limited to, in close cooperation with the international consultant and under supervision of the team leader/national consultant:

I.       Review existing regulations and develop a new procedural guidance related to the public sector consolidated financial statements:

a.       Contribute to review of the existing procedures and guidance for consolidating of 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 IPSAS;

b.      Analyze the current practice of consolidating financial statements of state-owned banks and NGOs into the government’s consolidated financial statements in compliance with IPSAS;

c.       Carry out a pilot study on implementing the accounting methodology document for consolidating financial statements of state-owned enterprises (including banks and NGOs) into the government’s consolidated financial statements (annual financial statement of the government for the period ended December 31, 2017);

II.    Prepare the mid-term plan covering a period of 4 years to strengthen the public sector accounting and auditing:

a.       Assist in conducting research on the current status and context of public sector accounting and auditing towards identifying priorities to be included in the mid-term plan;

III. Produce a comprehensive accounting glossary in English and Mongolian:

a.       Conduct research and carry out selection of accounting terms for translation to be included in the glossary;

b.      Produce a draft accounting glossary in English to Mongolian and Mongolian to English;

IV. Provide support in the approval process for the draft procedures and policy and methodology documents, through carrying out the following activities in collaboration with APD, MOF:

a.       Establish a working group comprising the relevant stakeholders;

b.      Provide written translation support to the international consultant in submitting deliverables;

c.       Assist to organize discussions and consultations on the draft documents amongst specialists in the field and relevant stakeholders;

d.      Prepare training materials covering the accounting methodologies on preparation of the government’s consolidated financial statements;

e.       Assist in promoting the methodology documents listed above to the extent permitted under the assignment; and 

f.       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:

v  A suitable candidate must have a bachelor’s degree in a relevant field e.g. accounting and/or auditing;

v  Professional qualifications such as ACCA/CPA or similar will be considered a plus;

v  Good knowledge of preparing consolidated financial statements in accordance with the related international standards;

Experience:

v  Incumbent should have at least 4 years of direct relevant experience in accounting and finance sector;

v  Previous experience in translation of accounting documents would be an advantage;

v  Previous experience in developing an accounting policy document will be considered a plus;

Other skills:

v  Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment and high integrity and accountability;

v  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 will report to the Director-General of the APD of MOF through the team leader/national consultant and will work on a daily basis with officials appointed by the APD on technical matters relevant to the assignment. 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 10:00 A.M, May 21, 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