Terms of Reference for the Review, updating and implementation of Finance Policy Manual: Legal Resources Foundation (LRF)
Consultancy, Research Jobs
- Legal Resources Foundation
- Expires 05 Aug 2022
- Bulawayo
- Full Time
Job Description
Location of Assignment: Harare
Duration of Assignment: 5 month (Part time)
Dates: 1 August to 31 December 2022
Reports to: Legal Resources Foundation Director and Finance Manager.
The Director and Finance Manager will provide both substantive and logistical (e.g assistance in setting up meetings) support to the consultant. The evaluation Focal Point should ensure that the review of the finance manual is conducted as per the plan and in line with this ToR.
This TOR shall be the basis upon which compliance with assignment requirements and overall quality of services provided by the consultant/s will be assessed by the LRF.
Background
LRF is a not-for-profit organisation registered in 1984 that works to promote access to justice and promote human rights in Zimbabwe through:
Providing legal and civic education/information
Offering legal services
Responding to human rights abuses
Training service providers in the justice system and public sector
Promoting law and policy reform
Promoting citizen participation in governance.
The organisation’s work is carried is carried out in different parts of Zimbabwe from the head office
in Harare working through its provincial chapters.
In 2020 LRF migrated to a new accounting package Pastel Evolution (through support from SIDA) as part of its goal of strengthening financial systems. Among others, the new package can run a full set of accounts per donor, can run specific donor reports enabling tracking expenditure per donor, centre and per activity which is needed given the decentralised nature of the organisation. In 2021, management drafted standard operating procedures (SOPs) covering the payments cycle, receivables cycle and monthly closure & reporting procedures however they were not fully commissioned nor implemented (and not aligned with the outdated LRF Finance manual from 2009).Management also presented a number of separate policies which would form part of a Finance manual (e.g. Internal Audit Charter, LRF signatory arrangements, procedures for resignation of trustees and staff, procedures for selection of external auditors).
The LRF Finance & Audit Committee has therefore commissioned management team to revamp the Finance manual needed to strengthen internal controls around the new package in order to assure
accurate and timely delivery of financial information while concurrently enhancing internal controls to minimise risks and enhance accountability for organisational and project funds.
This review will also factor in the risks inherent in working with multiple donors/projects implemented in decentralized settings but working with a system that retains centralized processing of accounting data, subject to multiple regular project + institutional audits.
Duties and Responsibilities
Purpose
LRF seeks the services of an experienced Financial management and Internal control specialist that will facilitate the review and implementation of the LRF Finance Policies and procedures in order to align it with new risks, operating procedures and the system upgrade implemented recently. This will involve the following steps
1. Review and finalise the draft SOPs covering procurement cycle, payments cycle, receivables cycle assuring adequate controls for mitigating risks associated with a decentralised operation and assuring full compliance with donor requirements (such as value for money, adequate supporting documents, segregation of functions, approval, proof of delivery)
2. Review and finalise the draft SOP for monthly batch processing closure procedures & financial reporting at both projects and organisational level (assuring completeness of data capture and all associated reconciliations, leading to consistent reliable monthly reports from Evolution)
3. Consolidate the SOPs and the old Finance Manual and recently drafted Finance policies into one complete LRF manual with clear Finance policies and procedures for approval by the LRF Board
4. Identify the top 15 Controls (Internal Control framework) that require full compliance to deliver on LRF Financial objectives and how these controls can be verified monthly (to assure operating effectiveness)
5. Facilitate training and re-orientation of Staff on the new ways of working (change management) to assure higher levels of compliance and outputs
The Consultancy will lead to the following outputs (short term) and outcomes (medium term)
Improved internal control and compliance (with operating procedures)
More efficient projects and organisation audits
More reliable and accurate monthly reports
Reduced management & internal audit observations
Auditor reliance on Internal Controls (desired medium term goal)
Methodology
The assignment will be attained through review LRF’s current finance policies, SOPs, audit reports; consultative meetings/interviews with relevant stakeholders; Drafting the Finance Policy Manual; Training of Staff and providing oversight on implementation of the new manual.
Deliverables
1. Revised LRF Finance Policy Manual (including a summarised Internal Control framework or listing of the top controls)
2. Orientation training on the Finance Policy Manual
3. Oversight on implementation over 4-month period
4. Introduction of reliable and consistent monthly reporting
Qualifications and Experience
Scheduling
August 2022 – December 2022
Payment
The organisation shall pay the Consultant a monthly fee based on the agreed number of work days and approval of the scheduled deliverables for that month. Final payment shall be paid after the successful completion of the task and submission of an approved Finance Policy Manual.
Role of LRF
Provide the consultant with all the necessary documents and support
Reporting
The consultant will perform their tasks under the general supervision of the LRF Director and Finance Manager. Monthly progress reports will be approved by the FRAC Technical team. (comprising FRAC Chair and 2 Technical members of the Finance Risk Audit Committee).
Eligibility
This call is open to individuals and organisational consultants with requisite academic and professional qualifications and experience with drafting and implementing finance manuals and policies or Internal control frameworks.
Requirements for Experience and Qualifications
Academic Qualifications:
Bachelors degree in accounting, Master’s degree in accounting/finance/business administration, chartered accountant.
Professional Qualifications:
Should possess any of the following professional qualifications ACCA/CIMA/CIS Relevance of experience:
Minimum of 5 years of work experience in auditing or financial management in a technical role
Previous experience in the development and review of finance manuals, is strongly desired;
Strong analytical skills and strong ability to communicate and produce a detailed finance manual.
