Terms of Reference (ToR) for provision of Financial Consultancy Services for Ethiopian Veterinary Association (EVA)CC 14 views

Background

The Ethiopian Veterinary Association (EVA) is a non-profit organization established in 1974 with a license and registration number 0495. Dedicated to enhancing animal health and veterinary science, EVA works to improve veterinary services, support public health, and promote a competitive livestock industry in Ethiopia. It advocates for high standards in animal health and production, benefiting both veterinarians and the broader community.

To support transparent, compliant, and efficient financial operations, EVA is looking for a Financial Consultant. This consultant will offer overall expert guidance on routine accounting procedures, financial policy, management, and reporting practices, ensuring EVA adheres to best practices in financial governance. By strengthening these processes, EVA aims to improve its overall operational effectiveness, meet compliances and maintain the trust of its stakeholders.

Objectives of the Assignment

• The primary objective of this consultancy is to:
• Ensure that EVA’s routine financial and accounting operations align with internal policies, national regulations, and donor requirements.
• Provide expert guidance on improving financial policies and processes, ensuring transparency, and enhancing operational efficiency.
• Support compliance with tax laws, audit requirements, and financial reporting standards.

Scope of Work

• The Financial Consultant will discharge the following duties and responsibilities:

Monthly Accounting and Financial Oversight

• Review the financial manual to reflect current EVA development and government policies.
• Develop an accounting system distinguishing between EVA and Project incomes and expenses; and guide overall accounting transactions
• Provide overall guidance on accounting transactions and review monthly reconciliations.
• Ensure the proper use and documentation of petty cash and bank transactions.
• Assist in maintaining an accurate general ledger and chart of accounts.
• Monitor accounts receivable and payable, ensuring timely payments and collections.

Financial Reporting and Compliance

• Ensure timely preparation and submission of monthly, quarterly, and annual financial reports.
• Provide advice on compliance with Ethiopian financial policies including tax regulations, including VAT, withholding tax, and payroll taxes.
• Provide advice on the segregation of expenditures to comply with 80:20 ACSO regulations
• Assist with donor reporting, ensuring compliance with grant requirements and funding agreements.
• Provide support during external audits and ensure audit recommendations are implemented.

Budgeting and Financial Planning

• Review EVA’s quarterly and annual budget.
• Review project budgets to ensure alignment with organizational goals and funding agreements.
• Provide cash flow forecasts and recommend strategies for optimizing use of resources.

Internal Controls and Risk Management

• Review existing internal controls and install any improvements to minimize financial risks.
• Develop and implement financial procedures and guidelines to enhance accountability.
• Train staff on financial policies, accounting systems, and compliance requirements as and when required.

Systems and Technology Advice

• Evaluate the efficiency of existing accounting software and provide recommendations for improvements, as appropriate.
• Assist in the adoption of such automated financial tools and systems.

Deliverables

• The consultant is expected to deliver the following:
• Reviewed EVA’s financial manual
• Monthly financial performance review reports (including bank reconciliation).
• Quarterly compliance and tax advisory reports.
• Established internal financial Control system in a form appropriate
• Cash flow projections and budget monitoring reports.
• Final consultancy report summarizing activities, outcomes, and recommendations.

Duration and time frame

• The consultancy will be for an initial period of 6 to 12 months, with the possibility of extension based on performance and fund availability of funds.
• The consultant is expected to provide 5 days per month for in-office per month and 15 days quarterly

Reporting and Supervision

• The consultant will report directly to the Chief Executive Officer of EVA.
• Regular updates will be provided to the administration and Finance head and Executive Board of EVA, as deemed essential.
• The consultant will work closely with the EVA finance team and other relevant staff.