ICGFM Promotes Knowledge Transfer Among Public Financial Management Experts

Working globally with governments, organizations, and individuals, the International Consortium on Governmental Financial Management is dedicated to improving financial management by providing opportunities for professional development and information exchange.

Wednesday, July 28, 2010

Job Offer: The World Bank has an Opening for a Financial Management Specialist (FMS) Based in La Paz, Bolivia

Job descriptions and qualifications needed are detailed in the job announcements, posted on the World Bank's website: Financial Management Specialist based in La Paz, Bolivia -- Job # 101546

The Closing Date is August 9, 2010. For convenience, we provide the ICGFM readers with excerpts from the Job Announcement.

Duties and Accountabilities:

The Financial Management Specialist (FMS) will work from the La Paz Country Office and work on all financial management (FM) aspects related to the World Bank’s operations in Bolivia. This will include, but is not limited to: assessing the adequacy of project financial management arrangements, providing implementation support and supervising projects financed by grants and credits; ensuring compliance with the Bank’s audit and other fiduciary requirements, ensuring that the project operations are carried out in accordance with sound financial management practices, performing analytical work on financial management and accountability issues, and carrying out capacity building activities. The FMS will work with the country team, including Task Team Leaders, FMS, Procurement and other technical specialists, and Administrative and Client Service (ACS) staff.

The FMS is expected to assume the following duties and responsibilities:
• Assess the adequacy of the borrower’s project financial management systems and their ability to manage and monitor World Bank financed projects. This includes budgeting, policies and procedures, internal controls, accounting, financial reporting and auditing.
• Provide implementation support and carry out supervision work to ensure that projects financial management systems are functioning appropriately, including the review of periodic interim financial reports.
• Assess the selection and engagement of auditors, ensuring their suitability including their independence, and competence to perform audits; and ensure that the borrower provides auditors with all the relevant information (including Terms of Reference and Bank requirements) necessary to carry out their engagement.
• Review audited financial statements and other periodic financial reports received, monitor the Borrower's compliance with financial covenants including audit compliance, ensure adequate communication with the Borrower and the project implementing agencies with respect to audits and other financial reports, and advise as appropriate.
• Provide advice and support to Borrower and the World Bank Task Teams on project financial management matters.
• Provide guidance and advice to borrowers and Bank staff on capacity building in projects and with public sector accountability institutions.
• Assess the financial and operational viability of implementing entities (e.g. with respect to revenue earning entities), and advise on the design and use of financial performance covenants.
• Monitor implementation of the agreed action plans for public financial management (PFM) and/or corporate financial reporting reform initiatives, and provide technical advice to the Government in the implementation of reform actions.
• As requested by the RFMM, undertake other FM activities, as appropriate.

Selection Criteria:

• The candidate should be a professional accountant (CPA, CA or equivalent membership of an internationally recognized professional accounting institute) with a Bachelors degree in accounting, business, finance, economics or related subject.
• A minimum of 5 years of relevant experience in financial management.
• Language: Fluency in English and Spanish is required.

Technical and other skills:
• Knowledge of International Accounting Standards and International Standards on Auditing.
Experience in designing and assessing internal control systems and procedures, using internationally accepted control frameworks such as COSO.
• Knowledge in the application of accounting, auditing and financial reporting systems and software packages.
• Experience in evaluating audits, assessing auditor competence, and following up on issues raised by the audits.
• Experience in interpreting financial and project management reports and determining appropriate remedial actions.
• Knowledge of current issues in financial management, including relating to the public sector and relating to developing country issues.
• Ability to assess the quality of portfolio performance on financial management.
• Ability to understand cross-cutting issues beyond financial management (e.g. procurement, governance, public sector management) at sector/country level.
• Ability to conceptualize, design and implement country or sector level financial management capacity building initiatives. Ability to promote client/beneficiary participation and commitment to financial management and accountability.
• Ability to distill and disseminate financial management knowledge. Experience in advising clients on the design and implementation of financial management systems, including financial and management reports.
• Experience in financial statement analysis, their use in comparison with industry benchmarks and their application to particular circumstances.
• Strong planning, organization and time management skills to function in a team and contribute towards a common goal. Ability to manage multiple tasks and projects.
• Capacity to function effectively as a member of a multi-disciplinary team, to search for common ground, to resolve problems, and where appropriate, to recommend decisive action.
• Strong analytical capabilities and proven skills to deal with FM issues innovatively and independently.
• Ability to communicate effectively, in writing and orally, including situations requiring negotiation.
• Understanding of information systems and the application of new technology.
• Willingness and ability to travel frequently.