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TA-9923 REG: Strengthening Project Readiness, Procurement and Financial Management in Southeast Asia (LAO-FM National Consultant) (53363-001)

TA-9923 REG: Strengthening Project Readiness, Procurement and Financial Management in Southeast Asia (LAO-FM National Consultant) (53363-001) has been closed on 24 May 2022. It no longer accepts any bids. For further information, you can contact the Asian Development Bank

Bellow, you can find more information about this project: 

General information
Donor:
Asian Development Bank
Industry:
Not available
Status:
Closed
Value:
30000
Timeline
Published:
04 May 2022
Deadline:
24 May 2022
Contacts
Name:
Vijay Kumar Akasam
Phone:
Not available
Email:
Not available
Description
https://www.adb.org//node/792891
1.	Raise awareness and improve compliance with ADB’s financial reporting and auditing requirements

A review of the Lao PDR portfolio indicated that compliance with ADB’s financial management (FM) 
requirements is a challenge. While SERD is planning to conduct trainings with the executing 
agencies/implementing agencies (EAs/IAs) to strengthen understanding of FM requirements, supervision and 
“handholding” support to EA/IA staff is necessary to complement ADB’s efforts to strengthen 
institutional capacity and awareness of best FM practices.  

ADB requires the submission of audited projects financial statements (APFS) within 6 months from the end 
of the fiscal year and audited entity financial statement (AEFS) within one month from approval of the 
approving authority, for certain projects. Entities in Lao PDR have a fiscal year from 01 January to 31 
December. Project financial statements are prepared covering this period, which are then audited by 
private external auditing firms. The deadline for submission of APFS to ADB is by June 30 of the 
succeeding year .  

This engagement aims to: (i) raise awareness of ADB FM requirements, and (ii) improve the FM compliance 
of Lao PDR’s project portfolio by engaging a national consultant based in Dili to build capacity of the 
EA/IAs in the preparation and audit of project financial statements.

2.	Update and monitor the implementation of FM Action Plans

FM Action Plans summarize the measures agreed on by the EA/IAs and the project teams to mitigate project 
FM implementation risks identified during the financial management assessment. FM Action Plans should be 
regularly updated during project implementation to reflect realities on the ground and monitored closely 
for compliance. 

Existing projects in Lao PDR have an FM risk rating of either substantial or high. This suggests that 
close monitoring of the FM Action Plans is imperative. This engagement will help address this need.
The National FM Specialist will be responsible for:
1.	Raising awareness and improving compliance with ADB financial reporting and auditing requirements
2.	Updating and monitoring the implementation of FM action plans
The National FM Specialist will be responsible for the following tasks:

1.	Review and provide detailed guidance to EA/IAs’ staff and consultants in the preparation of project 
financial statements and entity financial statements to ensure compliance with ADB’s requirements; 
2.	Facilitate the understanding of EA/IAs on ADB’s requirements on financial reporting and auditing 
through coaching and supervision;
3.	Provide guidance to EA/IAs to facilitate understanding of audit reports issued by private auditing 
firms;
4.	Review APFS and AEFS submitted by the EAs/IAs to take note of issues on financial reporting, 
auditing, and non-compliance with ADB requirements and discuss with relevant stakeholders to resolve 
issues;
5.	Facilitate or assist in ADB’s FM trainings and workshops;
6.	Coordinate with ADB staff in the resident mission, project teams and consulting teams to ensure 
consistency of guidance and approach;
7.	In coordination with project teams, monitor the implementation of agreed FM Action Plans and 
facilitate discussions with relevant EAs/IAs;
8.	Propose remedial actions to address capacity gaps and other FM-related concerns of the portfolio; and
9.	Undertake any other work or activity that may be assigned during the term of the engagement. 
Minimum Qualification Requirements

1.	Bachelor’s degree in accounting, finance, or a related field; preferably with Master’s degree or 
equivalent
2.	Professional accountant qualification (CPA, CA, ACCA or equivalent) with public accountancy and audit 
experience (i.e.  an internationally recognized designation by the International Federation of 
Accountants) is highly preferred.
3.	At least 8 years of relevant professional experience, including financial reporting, audit and 
financial due diligence
4.	Knowledge of ADB FM requirements is an advantage
5.	Advanced and broad knowledge on: (i) acceptable international financial reporting standard and 
international standards on auditing; (ii) Lao PDR’s accounting and auditing standards and practices in 
the public sector; (iii) Lao PDR’s public financial management system; and (iv) design of FM 
arrangements including but not limited to internal control, information and reporting systems and 
staffing requirements
6.	High level of proficiency in the local and English language is required.
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