TERMS OF REFERENCE (TOR) Consultancy for the Review and Revision of the Financial Management Policy and Procedures Manual
Consultancy, Research Jobs
Job Description
1) BACKGROUND
The African Capacity Building Foundation (ACBF) is implementing a program on
Strengthening Institutional Capacity for Strategic Partners (SPIA). The program supports
selected Africa-based institutions working in biomedical science research to strengthen their
institutional capacity and enhance their contribution to drug discovery, development, and
innovation on the continent.
Through this program, ACBF is supporting the African Institute of Biomedical Science and
Technology (AiBST) to strengthen its institutional governance, operational systems, and
management frameworks. As part of this initiative, a Capacity Needs Assessment (CNA) was
conducted at AiBST to evaluate the effectiveness of its institutional systems and operational
practices. The assessment identified several gaps requiring corrective action, including
weaknesses in financial governance. In particular, the existing Financial Management Policy
and Procedures Manual was found to be outdated and not fully aligned with current
operational requirements and best practices.
Strengthening financial governance systems is essential for ensuring transparency,
accountability, sound internal controls, and compliance with donor requirements. To address
this gap, AiBST intends to engage a qualified consultant to review and update the Financial
Management Policy and Procedures Manual to align with international best practices and the
needs of a growing research institution managing donor-funded programs.
2) OBJECTIVE OF THE ASSIGNMENT
The objective of this consultancy is to review, update, and modernize the Financial
Management Policy and Procedures Manual of AiBST in order to strengthen financial
governance, improve internal controls, and ensure transparency and accountability in the
management of financial resources. The revised manual should provide clear policies,
procedures, and operational guidelines to support sound financial management within the
institution.
Duties and Responsibilities
3) SCOPE OF WORK
The consultant will undertake the following tasks:
1. Review Existing Financial Policies and Procedures
o Conduct a comprehensive review of the existing Financial Management
Policy and Procedures Manual.
o Identify gaps, outdated provisions, and inconsistencies with best practices.
2. Assess Current Financial Management Systems
o Review financial planning, budgeting, accounting, and reporting processes.
o Assess internal control mechanisms and financial oversight structures.
3. Benchmark Against Best Practices
o Review financial management frameworks used by comparable research
institutions, universities, and international organizations.
o Ensure alignment with internationally accepted financial management
standards and Private Voluntary Organisations Act (Chapter 17:05)
4. Revise the Financial Management Policy
o Update financial governance structures and responsibilities.
o Define financial authority levels and approval thresholds.
5. Update Financial Procedures
o Budget preparation and management.
o Cash management and banking procedures.
o Financial reporting, documentation and accountability procedures
o Asset and inventory management.
o Internal and external audit procedures.
o Grant and project financial management.
6. Strengthen Internal Controls
o Define segregation of duties.
o Establish financial risk management procedures.
o Safeguards for online payment processing platforms (VISA/ Credit card use)
o Improve compliance mechanisms.
7. Stakeholder Validation
o Present the draft revised manual to AiBST management and relevant staff.
o Incorporate feedback and finalize the document
EXPECTED STRUCTURE OF THE FINANCIAL MANAGEMENT MANUAL
The revised manual should include, but not be limited to, the following sections:
• Financial governance and oversight structure
• Budget preparation and management procedures
• Accounting policies and financial reporting
• Cash and bank management procedures
• Internal control framework
• Asset and inventory management
• Procurement–finance coordination
• Grant and project financial management
• Multi-currency accounting and reporting guidelines
• Financial documentation and record keeping
• Internal and external audit procedures
• Risk management and compliance
5) REPORTING ARRANGEMENTS
The consultant will report to AiBST Operations Manager and work closely with the finance
and administrative teams. Technical oversight and contractual obligations for the
assignment will be provided under the institutional strengthening support of African
Capacity Building Foundation (ACBF).
Qualifications and Experience
REQUIRED QUALIFICATIONS AND EXPERIENCE
The consultant should possess:
• An advanced degree in Accounting, Finance, Business Administration, or a related
field
• Professional certification such as ACCA, CPA, or equivalent
• At least 10 years of experience in financial management systems development
• Proven experience developing or reviewing financial management policies and
procedures manuals
• Experience working with research institutions, NGOs, or donor-funded organizations
• Strong analytical, facilitation, and report-writing skills
How to Apply
) SELECTION PROCESS
The consultant will be selected based on an assessment of both the technical proposal and
financial offer. The consultant may be required to participate in a one-on-one video
conferencing assessment as part of the technical evaluation process. The Expression of
Interest (EOI) should include:
• A proposal responding to the points in this TOR with references for at least three
similar assignments
• A proposed work plan and timeline
• Curriculum Vitae (CV) of the consultant(s)
• A detailed financial proposal including cost breakdown. The financial proposal
should be guided by the deliverables table in section 4. It should be passworded
•
The proposal should not exceed five (5) pages.
9) SUBMISSION
The proposal together with the requested documents should be submitted to:
submissions@aibst.edu.zw The email and documents should be marked:
“Revision of Financial Management Policy for AiBST.”
The deadline for the submission is 17 April 2026, at 17:00 CAT
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