Consultant on Financial Policy Review
- Career Category: Consultancies
- Location: Phnom Penh
The Consultant is for Short term
Purpose of the consultancy:
To review and update existing financial policy, strengthen financial management and ensure transparency and accountability in the use of funds. The review will include assessing current policies, identifying gaps, and revising policies to align with organizational needs and applicable financial requirements in current situation. The review would also provide valuable feedback and recommendations to improve and update our financial policies and procedures. It may help identify gaps, risks, or areas requiring additional resources, including potential updates to the Financial Policy. The Financial Policy Review funded by Quaker Service Australia(QSA).
Specific Objectives
The review aims to:
- Assess existing financial policies, procedures, and the Financial Policy to determine their relevance, effectiveness, and adequacy in addressing current organizational and operational needs.
- Identify gaps, weaknesses, and potential financial management risks, including areas related to budgeting, expenditure management, procurement, cash management, accounting, financial reporting, and internal controls.
- Review existing financial procedures to ensure compliance with applicable financial regulations, accounting standards, organizational requirements, and donor funding conditions.
- Update and strengthen financial policies and procedures to ensure clear roles, responsibilities, approval authorities, and accountability mechanisms.
- Improve transparency and consistency in financial transactions, documentation, reporting, and monitoring of organizational and project funds.
- Develop practical recommendations to improve financial management practices, address identified risks, and ensure the efficient allocation and utilization of resources.
- Strengthen staff understanding and application of the updated financial policies and procedures through orientation, consultation, and knowledge-sharing sessions to EC and staffs.
Eligibility
- A bachelor's degree in Finance, Accounting, Business Administration, Financial Management, or a related field.
- Experiences:
- Consultancy of relevant professional experience in financial management, accounting, auditing, or financial policy development and review.
- Proven experience in reviewing, developing, and updating financial policies, financial procedures, and organizational Financial Manuals.
- Experience working with NGOs, civil society organizations, development organizations, or donor-funded projects.
- Good understanding of donor financial management requirements, financial accountability, and compliance procedures.
- Expected Outcomes: Updated financial policies, improved financial controls, clearer financial procedures more effective use of resources and staff get more detail on updated policy.
- Timeline: The review is expected to be completed within three months of receiving the funding, including assessment, consultation, revision, and final approval of the updated policies.
