Call for Consultancy Service for Implementation of International Public Sector Accounting Standards (IPSAS) Re-Advertised

Introduction:

The Ethiopian Pharmaceutical Association (EPA) was established in 1974 and has been in operation since then. EPA has been duly re-registered and accorded legal personality by Registry No. 0130 on June 26, 2019 as a local professional association in accordance with Civil Society Organization Authority Proclamation No.1113/2019.

As per theFinancial Reporting proclamation number 847/2014 and regulation number 332/2014 and Guidelines of The Accounting and Auditing Board of Ethiopia (AABE) EPA aims to convert its financial systems and financial management procedures into the International Public Sector Accounting Standards (IPSAS) by revising and updating the existing financial systems.

Therefore, EPA is seeking to employ a competent firm who is interested to carry out the IPSAS conversion.

Objective(s) of the Assignment

The main objectives of the assignment are:

• To support the implementation of IPSAS in preparing the annual financial statements of EPA by providing required technical assistance, detailed gap analysis building on previous experience, and developing a roadmap for IPSAS implementation.
• Providing required capacity building and recommending modifications in information system/software, policy, processes and other required changes as deemed necessary.
• Work with EPA in preparing the annual financial statements of EPA for FY 2015/ 2016 based on IPSAS.

General Scope of the Assignment

• Conduct a gap analysis and develop a roadmap for IPSAS implementation.
• Train EPAfinancial employees on IPSAS adoption.
• Exercise a detailed diagnosis and identify gaps for IPSAS adoption.
• Analyze all relevant aspects capacity, policies, procedures, regulatory, information system/ software etc. including review of existing chart of accounts and alignment with IPSAS adoption.
• Develop a comprehensive roadmap with specific actions, timeline incorporating all relevant aspects mentioned above.
• Further support EPA in consultation with external auditors and get an unqualified audit opinion with regards to IPSAS conversion including standards that are not effective yet and can allow early adoption and thereafter incorporate the comments given and finalize the financial statements.
• Review the existingfinancial manuals/ guidelines/ templates/ checklists as required to guide IPSAS implementation.
• Assist EPA in preparing IPSAS based annual financial statements for EFY 15/16 with required opening balances/ conversions.
• Align EPA financial policy with Ethiopia financial policy as per IPSAS

Consultants Qualifications and Experience

Consulting Firm: -The consulting firm should have the following qualifications and experience to carry out the assignment:

• The consultant shall have the necessary team of experts to fulfill the requirements.
• The consultant shall have experience in carrying out similar assignments (IPSAS conversion)
• Renewed Company/Firm/Business registration certificate
• VAT registration
• Chartered Accountant, CPA, ACCA or equivalent.
• IPSAS professional qualification from the Chartered Institute of Public Finance and Accountancy (CIPFA) or similar recognized body
• The consultant must have a good work certificate
• At least of 10 years experience in the field of financial accounting and auditing of which at least 5 years in the public/private sector.

Deliverable

• Detailed diagnosis, diagnostic report including gap analysis
• DraftIPSAS based accounting policies/manuals/ guidelines/templates/checklists
• Prepare IPSAS based final reports
• Ongoing support and updates up to the closing of the financial statements (Sene 30, 2016) rectifying external auditors comments and secure an unqualified audit report with regards to IPSA conversion
• Closure report with a summary of activities carried out, lessons learnt and recommendations
• The consultant will make itself available (at a date to be agreed mutually with EPA) for a bilateral meeting to discuss on the assignment outputs, at the EPA office.