Republic of Marshall Islands
Project to Strengthen budget execution and financial reporting systems
Loan No./Credit No./ Grant No.: P163131
Assignment Title: US GASB Reporting Specialist
Reference No. (as per Procurement Plan): MH-PFM PMO-448834-CS-INDV
The Republic of the Marshall Islands Ministry of Finance, Banking and Postal has received financing from the World Bank toward the cost of the Project to Strengthen budget execution and financial reporting systems and intends to apply part of the proceeds for consulting services. The consulting services (“the Services”) include a three-month consultancy, with the possibility of extension, based in Majuro. Under the guidance of the Project Manager, the Consultant will
collaborate with senior officials within the Ministry of Finance (MoF), including the Secretary of Finance, Assistant Secretaries, and the Chief Accountant. The primary responsibilities include reviewing and analyzing GoRMI's Annual Financial Statements (AFS) for recent years in alignment with GASB Concepts and Standards, as well as developing comprehensive reports on their application to the GoRMI environment. Additionally, the Consultant will build MoF associates' capacity for achieving GASB-compliant financial reporting. The role involves close collaboration with other government officials and consultants to further
the understanding of GASB standards, developing self-assessment tools to validate compliance, and supporting the configuration of reporting templates in the Financial Management Information System (FMIS).
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Key deliverables include an inception report and work plan, an assessment of GASB compliance in the GoRMI financial statements, the development of GASB-compliant financial statements, and support for in-year budget execution reports.
The detailed Terms of Reference (TOR) for the assignment can be obtained at the address given below.
MIDB room 405 or E-mail: rachaelbaack@gmail.com
Majuro, Marshall Islands 96960
The Ministry of Finance now invites eligible individuals (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (attach curriculum vitae with description of experience in similar assignments, similar conditions, etc.). Firms’ staff may express interest through the employing firm for the assignment and, under such situation, only the experience and qualifications of individuals shall
be considered in the selection process. The criteria for selecting the Consultant are:
Qualifications/Experience
Education:
Master’s degree from an accredited college or university in Accounting, Business Management, Economics or a similar field
Qualified accountant (USA-CPA)
Knowledge of the Promulgations of the US – Government Accounting Standards
Board (GASB) and additional relevant International Standards and Norms Essential
Experience:
At least 10 years of relevant experience in providing advisory services across a
range of services in the area of public financial management, including design,
development and implementation of public financial management manuals, charts
of account, etc.
Demonstrated knowledge of government regulations in countries of work, donor
requirements and regulations would be an added advantage.
US CPA that practiced in a government entity in the US in the past 5 years or CPA who has recent consultancy experience with a government entity in the US
Must have knowledge/experience of Government FMIS particularly those developed/configured for entities subject to GASB Standards.
Strong understanding of GASB reporting requirements Desirable Experience
Experience in working with a Pacific Island Country. Experience in RMI is highly desirable.
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Experience in knowledge transfer activities, including the development of
competency-based assessment programs
Applied GFMIS knowledge and understanding
Experience in publications (i.e., Financial Reports ) design and distribution
The attention of interested Consultants (including firms) is drawn to paragraph 3.14, 3.16 and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers September, 2023 (available on www.worldbank.org) (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.
Further information can be obtained at the address below during office hours i.e. 0900 to 1700 hours.
Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by fax, or by e-mail) by 10 th December 2024. The email subject line should state: “US GASB Specialist - full name of the candidate"
PFM Training Room
Attn: Rachael Baack Acting Project Manager
Tel: +692 455 0566
E-mail: rachaelbaack@gmail.com
And cc the following:
CIU Procurement Office
ciuprocurement.gmail.com