Summary
Date Posted: Monday, November 11 2024, Base Salary: Not Disclosed

JOB DETAILS:
Job Summary
The Financial Management Specialist will be responsible for ensuring sound financial management of the PIU and implementing financial systems that ensure transparency, accountability and compliance with the financial management policies and guidelines. She /She shall ensure effective use of project finances and that the financial management related to planning. budgeting, fund flow accounting, internal control (including internal audit), financial reporting, and external auditing are adequate. The position shall also be responsible for monitoring and identifying emerging risks.

Duties And Responsibilities
• Develop and implement financial management policies and systems.
• Prepare and monitor the programme’s budget, ensuring funds are allocated efficiently.
• Ensure that financial plans align with the programme’s objectives, disbursement plans, and operational needs
• Monitor budget implementation, ensuring efficient use of funds and compliance with approved budgets.
• Conduct periodic budget reviews and adjust forecasts as necessary to reflect changes in programme implementation.
• Prepare accurate financial reports for internal stakeholders, donors, and government authorities.
• Provide timely financial updates to programme management for informed decision-making,
• Maintain a comprehensive financial management system for the SCT Programme ensuring that all financial activities are recorded accurately and on time.
• Oversee the preparation of financial reports, including monthly, quarterly, and annual financial statements
• Prepare and submit Interim Financial Reports (IFRS) and Financial Management Reports (FMRS) to the World Bank and other cooperating partners.
• Ensure regular preparation of withdrawal applications for replenishment of the Designated Account or direct payment.
• Complete the Control 99 monitoring tool for tracking movement of funds from the USS DA to the project operational account.
• Monitor the distribution of funds to ensure there are no leakages or mismanagement.
• Maintain an efficient cash flow management system to ensure that there are sufficient funds for programme implementation at all times.
• Ensure compliance with donor agreements, local laws, and programme guidelines.
• Coordinate external and internal audits and respond to audit queries.
• Implement recommendations from audits to improve financial management practices.
• Ensure compliance with the financial management guidelines and national laws governing public financial management.
• Develop and review manuals and guidelines for financial management for use by staff at all levels.
• Ensure that financial records are in compliance with the World Bank financial management policies and International Financial Public Sector Accounting Standard (Cash Basis).
• Design and implement robust internal control systems to minimize financial risks, including fraud, misuse, or inefficiencies.
• Ensure internal audit is regularly carried out to assess the efficiency and effectiveness of the financial management systems and its internal controls.
• Coordinate with the SCT Payment Specialist to ensure that funds for cash transfers are disbursed accurately to beneficiaries
• Ensure that funds are used for their intended purposes and in line with donor and national guidelines.
• Prepare annual financial statements for the project and provide all necessary information required by External Auditors so as to facilitate smooth auditing of the Project’s annual financial statement.
• Respond to issues raised in the audit Management letter and follow up on actions listed.
• Provide training and capacity-building support to regional and district finance teams to ensure that they understand and follow the financial guidelines of the SCT Program Offer technical support to provincial and district staff on financial matters.
• Supervise provincial accountants to ensure accountability and prudent financial management.
• Work closely with program managers, procurement officers, and other stakeholders to align financial management with programme goals.
• Liaise with donors, financial institutions, and government bodies on financial matters.
• Work closely with the SCT Coordinator, SCT Payment Specialist, and other key staff within the PIU to ensure seamless integration of financial management within the overall programme framework.
• Collaborate with cooperating partners, including the World Bank, to address financial management concerns and provide updates on financial matters
• Ensure effective coordination with the Procurement Specialist to align financial and procurement processes.
• Manage contracts with vendors and service providers, ensuring financial terms are clear and followed.
• Identify financial risks, fraud, or mismanagement risks within the programme.
• Develop and monitor financial procedures and guidelines to ensure accountability and transparency in the use of SCT Program funds
• Conduct regular risk assessments and implement appropriate mitigation measures
• Ensure that any irregularities in financial transactions are identified and addressed in a timely
manner.
• Identify risks and put measures in place to mitigate financial irregularities.

Tasks And Academic Qualification
• Full Grade 12 Certificate or Equivalent
• Bachelor’s degree in Accounting/ finance and a holder of a professional accounting qualification such as ACCA (Association of Chartered Certified Accountants). CIMA (Chartered Institute of Management Accountants), (ZICA) Zambia Institute of Chartered Accountants or an equivalent.
• Should be a registered member of a recognized professional accounting body.
• Should have at least five (5) years post qualification professional experience in financial accounting and financial management.
• At least 2 years working experience as an accountant at a middle or senior management level in the public sector and at least another 2 years of experience working on projects financed by the world Bank or other Internal Financial Organizations is preferable.
• Competence in use of computerized financial management systems such as IFMIS, Navision etc.
• Excellent leadership, technical competence and professional skills for timely implementation, coordination and management of activities.
• Proven ability to effectively coordinate activities involving multiple discipline and organizational units, as well as to maintain high service standards under pressure and meet deadlines.
• Full English fluency, including report writing skills.
• Computer literary.
• Experience working with donor-funded projects, including those funded by the World Bank or other multilateral organizations is desirable.
• Strong knowledge of World Bank financial management guidelines and familiarity with public financial management principles.
• Proven track record in budgeting, financial reporting, intemal controls, and fund disbursements.
• Experience working in social protection programs is desirable.
• Excellent skills in financial management software and/or Microsoft Dynamics 365 Business Central.
• Strong organizational, communication and leadership skills.
• Ability to manage teams and work in multidisciplinary teams.

Duration and Location
• The assignment is expected to last for an initial period of two years, with the possibility of renewal based on performance and programme needs.
• Financial Management Specialist will be based at the Ministry of Community Development and Social Services Headquarters in Lusaka, with occasional travel to Provincial and district Offices for financial oversight.

Performance Evaluation
Annual performance evaluation will be conducted at the end of each year using established key performance indicators (KPI) based on targets as out in the AWPB. Project document and individual work plans.
The consultant will be expected to meet the performance standards as agreed. Failure to meet these standards may result in performance improvement plans or other disciplinary actions.
Reporting
The Financial Management Specialist will report directly to the SCT Coordinator
Procurement/Hiring method
The consultant will be hired and contracted as per the “Individual Consultant (IC)” Selection method of World Bank Procurement Regulation (PR), September 2023.

Work Hours: 8

Experience in Months: 84

Level of Education: Bachelor Degree

Job application procedure
• The Permanent Secretary,
• Ministry of Community Development and Social Services
• Private Bag W252
• Community House
• Lusaka.
• Expressions of interest must be delivered in a written form (hard copy) E-mail to the address below by 17:00 hours on 22nd November, 2024.

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