Request For Expressions Of Interest
Consulting Services
 
ENHANCING QUALITY OF FINANCIAL REPORT PROJECT
 
Consulting Service-Firms Selection
 
For
Technical assistance in filing and publication of statutory financial statements
AL-EQ-FINREP/III.2/CS/CQ
 
 
ALBANIA
Project: Enhancing Quality of Financial Report (EQ-FINREP)
Project ID: P152567
Assignment Title:Technical assistance in filing and publication of statutory financial statements
Ref. No:AL-EQ-FINREP/III.2/CS/CQ
 
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.
Under this assignment the selected Consulting Company is expected to:review the Albanian legislation to identify the possible gaps with EU legislation in the disclosure and filing of the financial statements and other related reports, i.e. audit report, management report; prepare an aassessment of current status in filing and disclosure of financial statements and providing proposals for its improvement based on the good European/international practices; design  an upgraded system for filing and disclosure of financial statements, accompanied with technical specifications, cost estimation and application guidelines; and prepare a dissemination of the information about the new filing system emphasizing its benefits.
 
The Central Finance and Contracting Unit in the Ministry of Finance of Albania invite eligible Consulting Companies to indicate their interest in providing the Services.
 
Short listing criteria are
 

• At least 5 year’s experience in providing legal and financial consultancies to build the capacities of public entities/institutions.
• At least 5 year’s experience in providing legal and financial consultancies in drafting of legal acts (laws and by-laws) and institutional processes and procedures
• At least 4 key project team member, with necessary qualifications and experience to run and manage the assigned project. The Consultant staff engaged on this assignment should have the following qualifications:

- Legal Expert: with at least 5 years of professional experience  in reengineering of regulations and processes, as well as capacity building of public institutions, as well as being fluent in English and Albanian.
- Financial Reporting Expert, with at least 5 years of experience and expertise in preparing and disclosing financial statements/audit reports, as well as being fluent in English and Albanian.
- IT Expert: with at least 5 years experience and expertise in designing functional specifications and development of software applications, including technical specifications for hardware implementation, as well as being fluent in English and Albanian.
- PR Expert with at least 3 years of experience and expertise in awareness campaigns and organization of public launch events, including promotion through TV as well as other promotion channels,  as well as being fluent in English and Albanian.
 

The maximum effort level is 200 working days spread during the project implementation period up to 12 months.

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. 
 
The Consultant will be selected in accordance with the Consultant’s Qualification 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.minfin.gov.al.
 
Expressions of interest must be delivered in a written form to the address below in person, or by mail, or by e-mail within April 25^th, 2016.
 
Manol Simo, 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]