Financial Management Specialist (FMS)

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About the Organization

Government of Assam created the Assam Rural Infrastructure and Agricultural Services (ARIAS) Society in November 1998, as an autonomous body, headed by the Chief Secretary, Assam, as its President (Project Guidance Council) and the Agriculture Production Commissioner, Assam as the Chairman (Governing Body). The Project Coordination Unit (PCU) is the head quarter of the Society, which is headed by a State Project Director. The key mandate of the Society is to manage, coordinate, implement World Bank aided projects and any other externally funded projects as authorized by the State Government, and to monitor the implementation performance of the line departments of the projects.

Job Responsibilities

• Ensure that separate accounts for the project are duly maintained and that receipts and expenditures are duly segregated by financing source (e.g., ADB and counterpart funding).
• Support SWIFT PIU in preparing budget estimates for the project. Follow up with CPIUs, in preparing and providing annual and quarterly budget estimates / revised budget estimates on time.
• Monitor and ensure timely preparation/submission of withdrawal applications (WA) and in collection and filing of all supporting documentation in accordance with the relevant procedures outlined in the ADB loan disbursement handbook. Follow up with CPIU for submission of invoices and other documents / claims. Ensure that Withdrawal Applications are submitted regularly and on time in CPD.
• Assist in conducting quarterly reconciliation of the project disbursement records and ADB’s disbursement data available in the LFIS to ensure the completeness and correctness of the project records and financial reports/statements. Follow-up on any discrepancies to ensure these are resolved in a prompt manner.
• Assist in improving the FM systems including setting up and integrating the accounting software and automating the financial reporting required for ADB to the extent feasible.
• Provide necessary assistance to the SWIFT PMU and PIUs in all FM activities including budget preparation, monitoring, Invoice reviews and payment, accounting, and record maintenance. Review of monthly financial statements and assist in preparation of quarterly reports for consolidation in PMU.
• Support the PMU and PIU to improve and maintain robust internal controls.
• Assist in planning and implementing appropriate Chart of Accounts (CoA) in line with cost components documented in PAM.
• Ensure that (a) all payments are duly prepared, reviewed, authorized, and recorded in the accounting system correctly and in a timely manner; all expenditure items meet the eligibility criteria as defined in the ADB financing agreement, and are supported by adequate documentation (invoice, contracts, evidence of payments etc.) as outlined in the ADB loan disbursement handbook.
• Conduct periodic analysis of the execution of the procurement and disbursement projections and provide analysis of the any significant variances between planned vs actual expenditures.
• Assist the SWIFT Project team in preparing financial information and analysis to be included in the quarterly progress reports in an agreed format to be submitted to ADB.
• Assist the PMU in preparing the consolidated project financial statements in an agreed format to be submitted to ADB.
• Support PMU in getting the consolidated project financial statements audited and to ensure that the audit report, the audited project financial statements and the management letter(s) are submitted to ADB in a timely manner.
• Review both internal and external audit reports and support the PIU in addressing issues or recommendations identified during the audit.
• Implement internal and external auditors' recommendations to improve PIU’s financial processes and controls and regularly monitor the progress of corrective actions.
• Support the project team to ensure that all financial records are orderly filed and stored in a physically safe location and electronic backups are taken regularly.
• Assist the project in other tasks as assigned by the DoF cum APD.
• Support PIU in preparing budget estimates for the project.
• Assist in preparing withdrawal applications (WA) and in collection and filing of all supporting documentation in accordance with the relevant procedures outlined in the ADB loan disbursement handbook. Ensure that WAs are submitted regularly and on time.
• Assist PMU in improving the FM systems including setting up and integrating the accounting software and automating the financial reporting required for ADB to the extent feasible.
• Support the PIU & CPIUs to improve and maintain robust internal controls.
• Ensure that (a) all payments are duly prepared, reviewed, authorized, and recorded in the accounting system correctly and in a timely manner; all expenditure items meet the eligibility criteria as defined in the ADB financing agreement, and are supported by adequate documentation (invoice, contracts, evidence of payments etc.) as outlined in the ADB loan disbursement handbook.
• Conduct periodic analysis of the execution of the procurement and disbursement projections and provide analysis of the any significant variances between planned vs actual expenditures.
• Assist the team in preparing financial information and analysis to be included in the quarterly progress reports in an agreed format to be submitted to ADB.
• Coordinate with the Cluster PIU Accountants and collecting all financial information of the clusters as per the prescribed format shared with them.
• Lead PIU in preparing consolidated PIU and cluster PIU’s project financial statements in an agreed format to be submitted to PMU for further consolidation at a project level.

Education Qualification/Required Skills & Experience

• Masters in Commerce/ MBA Finance or related field.
• At least 7 years’ relevant experience in financial management, accounting, auditing with professional firms, government agencies.
• Experience in externally funded projects/programs financed by ADB or World Bank and a sound knowledge of relevant ADB procedures/policies

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