Financial Management and Accounting
Goals and Objectives
Design and implement
a Project Accounting System; a Project Financial Management System, Cash Flow
and Administration System, and; Train the Financial Officer (FO) and Staff of
the Project Coordination Unit (PCU) on the Effective Operation and Maintenance
of the Systems.
Typical
Work Program
RMC
maintains a project workplan over the duration of the project, showing the
planned work steps with expected timing and completion dates.
A.
Design and
Implement Project Accounting System
1. Define System Features and
Requirements and Relate to Hardware & Software
[ show details ]
- Define
information requirements for project monitoring and financial management by
Government and World Bank
- Convert
information needs into data needs, define sources
-
Identify new
input data
- Define
accounting, reporting, analysis and special features desired, further specify
hardware and software requirements
- Assist with
procurement of hardware and software, ensuring software compatibility.
2. Prepare and Implement
Accounting System Infrastructure
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- Prepare detailed
definitions of accounts and their content
- Prepare examples
of journal entries with definitions for all transaction types
- Design new data
collection systems, related forms and electronic collection methods
-
Design system
databases and data transfer systems
- Program data
input and data transfer systems
- Implement
accounting data collection, data entry and data transfer systems.
B.
Design and
Implement Project Financial Management, Cash Flow and Administration System
1. Design, implement and
produce financial management output reports
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- Design
recommended set of financial, cost and operational output reports to satisfy needs
of Government and World Bank
- Obtain Government
and World Bank approval of proposed reports
- Program the
output reports
- Test and debug
system over several months
- Create model report
sets for Government, World Bank and Project Component Coordinators and set-up
reporting schedule with due date for each report set
- Obtain Government
and World Bank approval of reporting models and schedules
- Implement
financial, cost and operational reporting systems.
2. Design and implement a
cash flow management system
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- Form design for
summarizing actual cash receipts and disbursements and cash flow Incorporate
recording of original estimates, current budgets and current forecasts on a
quarterly basis (monthly if warranted)
- Budgets and/or
forecasts of expenditures for at least four future quarters
- Calculate
budgeted or forecasted quarterly cash requirements for next twelve months and
initiate implementation of system.
3. Design and implement
Administrative System for PCU’s financial management function
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-
Establish set of
mandatory computer system back-up policies
-
Design and
implement centralized filing system for all accounting and financial management
documents to support systems and Annual Audit needs
- Establish and
document procedures for ensuring security of project assets and appropriate use
of funds for designated purposes
-
Assist with
design of budgeting and forecasting system and assist with implementation
- Prepare
comprehensive Financial Management Systems Manual
- Provide
assistance in reviewing, evaluating and selecting audit firm acceptable to
World Bank.
These diagrams illustrate typical databases
and financial reporting system proposed for the PCU.
C.
Provide
Training
-
Work directly and
continuously with PCU’s Financial Officer during entire design, development and
implementation stages of system, ensuring understanding of principles,
procedures and operations
- Train in the use
of World Bank forms for advances, withdrawals and reconciliation of loan and special
account
- Provide training to
ensure World Bank’s Financial and Auditing Handbook and Disbursement Manual are
well understood and incorporated into systems and procedures
- Provide periodic
training sessions for PCU Staff members, the PCC’s and for other Government
management or staff as required to ensure all stakeholders have good
understanding of the system and its capabilities
- Conduct systems
audit if sufficient time available.
Project
Communication
-
An Inception
Report is provided one month after commencement of project
-
A Monthly Progress
Report is submitted to Client by the 15th day of the next month
throughout the assignment.
-
A Draft of
the Financial Management Systems Manual is presented three months prior
to project completion. Draft is submitted to PCU and the World Bank for review
and feedback.
-
The Project
Completion Report summarizes results of the assignment in direct relation
to the original terms of reference. The Final version of the Financial
Management Systems Manual accompanies the Project’s Completion Report.
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