Enhancing Quality of Financial Report Project
Support POB in performing the responsibilities of the Technical Secretariat
Project: Enhancing Quality of Financial Report (EQ FINREP)
Project ID: P152567
Assignment Title: Support POB in performing the responsibilities of the Technical Secretariat
The Enhancing the Quality of Financial Reporting Project (EQ-FINREP), under which these Terms of Reference are issued, seeks to support the second phase of implementation of the CAP, in the context of an integrated programmatic approach to support improving financial reporting in Albania.
The Government of Albania has received financing in the amount of 1.850.000 Euro equivalent from the World Bank toward the cost of the Enhancing Quality of Financial Reports Project (EQ-FINREP), and it intends to apply part of the proceeds to payments for consulting services for "Reform international strategic consultant".
Corporate financial reporting is an important element of developing the Albanian market and its role is growing, along with the corporate sector development and an increase in direct foreign investment.The findings of World Bank' diagnostic assessment - Accounting and Auditing Report on the Observance of Standards and Codes (A&A ROSC) in 2006 has led towards need for programmatic approach to enhance the financial reporting in Albania. Based on the recommendations of the 2006 A&A ROSC The Country Action Plan to Enhance Corporate Financial Reporting in Albania (CAP) was adopted in February 2009, SC. The first phase of CAP has been implemented during The Corporate Financial Reporting Enhancement Project, which has contributed in improvement of legal and institutional framework for financial reporting in Albania. Beside of achievements of CFREP, still there are match to be done to enhance the financial reporting in Albania. Further legal changes are required in audit law to achieve full compliance with the EU acquiscommunautaire. Ensuring adequate funding and institutional arrangements for audit oversight and quality assurance remain also a critical issue and further improvement of audit methodologies and techniques is needed.
This consulting assignment of EQ FINREP aims improving of POB and financial regulators’ capacity in monitoring and enforcing higher quality of financial reporting based on IFRS prepared by financial institutions. The POB will be subject of changing of its membership and will set up a technical operational unit with supervisory and administrative functions. The supervisory function of the Technical Secretariat is in charge of quality assurance control and oversight of the statutory audit profession.
This technical assistance will consist in hiring of 2 (two) local experts, who will support the functions of Technical Secretariat.
The experts shall mainly work onsite (in the Public Oversight Body offices in Tirana) to support all project activities on a daily basis (full time) during this assignment. Duration of this advisory support is expected to continue for one year, but it may be extended subject to the Consultant’s successful performance during this assignment.
The Central Finance and Contracting Unit in the Ministry of Finance of Albania invite eligible Individual Consultants to indicate their interest in providing the Services.
Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The qualifications required are:
- Have completed university studies of the second level (Master’s degree) in the auditing, finance or accounting profile; and have at least 5 (five) years of experience in the statutory audit and financial reporting field;
- Hold the professional qualification in accounting and audit either qualification as statutory auditor in Albania or any other country qualification recognized in the EU.
- Have no conflict of interest between them and the statutory auditors or audit firm being inspected. Before starting the process of quality assurance have to complete a written declaration, where they declare that there is no conflict of interest;
- Have strong knowledge of English language;
- Preferably have knowledge about the quality assurance in the area of statutory auditing;
The experts employed upon satisfactory performance under this consultancy contract, will be invited in the recruitment process for positions to be open to recruit the staff of Technical Secretariat.
The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers (January 2011 edition, revised July 2014) ("Consultant Guidelines"), setting forth the World Bank's policy on conflict of interest.
A Consultant will be selected in accordance with the Individual Consultants (IC) method set out in the Consultant Guidelines.
Further information can be obtained at the address below during office hours from 08:00 to 16:00, Mondays to Thursdays, and from 08:00 to 14:00 on Fridays.
The complete Terms of Reference is posted on the website of CFCU: http://cfcu.financa.gov.al.
Expressions of interest (CV, Cover letter and documentary evidence for fulfilling the qualifications)must be delivered in a written form to the address below in person, or by mail, or by e-mail within February 1st, 2017, local time 14:00.
ManolSimo, General Director
Central Finance and Contracting Unit (CFCU)
Ministry of Finance
Blvd: Dëshmorët e Kombit, No. 3, Tirana, Albania
Tel: +355 4 24 51 180
E-mail: [email protected]
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Vota total: 750