The RIFF project is an Investment Financing Project with funding from the World Bank to the Common Market for Eastern and Southern Africa (COMESA) and the Trade and Development Bank (TDB) . The TDB component will focus on provision of long-term credit to infrastructure projects in the region while the COMESA component is a grant component which will support the enabling environment for private infrastructure finance with a focus on building a regional off-grid energy market. It will allow the COMESA Secretariat to support: (i) the harmonization of policies and regulations for cross-border infrastructure trade and investment; (ii) regional integration activities on the off-grid energy sector and (iii) market development activities in the off-grid energy sector in Fragile, Conflict and Violence (FCV) countries.
The activities in support of the enabling environment for infrastructure finance are expected to include: (i) issuance of guidance notes and model documents for PPP in infrastructure sectors other than energy, such as transport and water; (ii) customization and dissemination of PPP screening tools to help countries improve their screening of projects that may be suited to be structured as PPP; (iii) policies, guidance and platforms to facilitate digital infrastructure and digital trading in the COMESA region.
To implement the project, the COMESA secretariat will set up a Project Implementation Unit to be based in the Infrastructure and Logistics Division.
SCOPE OF WORK
The Internal Auditor will be recruited for the purpose of strengthening COMESA internal Audit capacity. Under the direct supervision of the Chief Internal Auditor of COMESA, the Internal Auditor will be primarily responsible for the audit of accounts funded by Member States and Cooperating Partners. In addition, the Internal Auditor, as part of the COMESA internal audit team, will be responsible for undertaking systems, compliance and transaction audits of the COMESA Secretariat and its institutions, with strong focus on the World Bank RIFF project. Other responsibilities will include enhancement of the intemal control, govemance and risks management systems; ensuring that the Secretariat and its institutions adheres to the various Cooperating Partner agreements/Memoranda of Understanding entered into and ensuring adherence to relevant approved reporting standards.
The internal auditor will specifically lead the review of implementation of the RIFF project to verify that the funds have been utilized in an efficient and economical manner in line with the RIFF Project Financing Agreement and other project documents so as to provide assurance on the following:
- Adequacy and effectiveness of the financial management and internal control framework of the Secretariat.
- Compliance with the financial covenants and the project’s Finance and Procurement Manuals.
SPECIFIC TASKS/KEY RESPONSIBILITIES
The internal audits should be carried out in accordance with the International Standards for the Professional Practice of Internal Auditing issued by the International Internal Audit Standards Board (IIASB). It should include such tests and controls, as necessary for performance of the audits. With regards to the auditing of the RIFF Project, the audits will be performed on a semi-annual basis and the auditor is expected to undertake the following:
- An assessment of the adequacy of the project‘s financial management system, including internal controls. This would include aspects such as adequacy and effectiveness of accounting, financial and operational controls exercised by the project implementing unit, if any.
- Funds have been used in accordance with the relevant financial norms and financial regulations with due attention to economy and efficiency, and only for the purpose for which the financing has been provided.
- Generally accepted Accounting Principles are followed by all entities that are authorized to incur expenditure under RIFF.
- An assessment of efficiency and timeliness of funds flow and reporting based on the interim Financial Reports submitted on the utilization and implementation of project activities.
- Expenditure Statements submitted by the Project Implementing have been correctly accounted for and disbursements made to them are as the guidelines and norms prescribed under RIFF.
- An assessment of the adequacy of financial and administrative delegation and segregation of duties and controls. And, assessing expenditures incurred/advances provided are duly authorized as per the financial and administrative delegation approved by the responsible Officer.
- Expenditure incurred are in accordance with the financial norms prescribed in the RIFF framework, operational guidelines, legal agreement or any other clarifications issued from time to time.
- Expenditure incurred with reference to the budget allocation approved by the World Bank. In case the budget allocation is exceeded, proper re-appropriation duly approved by the competent authority has been obtained.
- Adequate and proper supporting documents, namely, purchase orders, tender documents, invoices, vouchers, receipts etc. are maintained and linked to the transactions.
- Goods, works and services financed have been procured in accordance with relevant provisions as per World Bank Procurement Procedures for procurements made under World Bank or Global Fund funding.
- The review of procurement process should also cover the progress on establishing grievance redressal mechanism and feedback provided to unsuccessful bidders.
- Reconciliation of Bank Statements and accounts is regularly carried out on a monthly basis and necessary corrections on account of Bank’s credits/debits and stale cheques are accounted for concurrently.
- Ensure completeness, existence, recording, safeguard and utilization for the purpose intended including, physical verification of sample of assets.
- Ascertain the reliability of integrity, controls, security and effectiveness of the operation of computerized system. Identify constraints, if any, in adhering to the internal control procedures.
- An assessment of the action taken by COMESA Secretariat on the recommendations related to procurement process made in the previous half-yearly audit reports.
- The scope of work will additionally include detailed review of the issue of advances, staff advances and cash payments for items purchased.
- The timing of the Audit and Submission of the internal audit reports will be in line with the following dates:
|Period of Audit||Submission to the World Bank|
|January – June||31 August|
|July – December||28/29 February|
The internal auditors should furnish a half yearly audit report (along with the checklists) to COMESA with an executive summary of the critical issues/findings that require attention of the management. This should be supported with an agreed action plan on the remedial actions to be taken going forward. A copy of the internal audit report with an action plan should be shared with the World Bank 60 days after the audit semester.
- Prepare schedules of audit activities pertaining to the approved annual work programme.
- Prepare Audit programmes for the schedules of audit activities to be undertaken.
- Carry out the audit work as outlined in the audit programmes.
- Prepare financial implementation manuals
- Ensure efficient and effective execution of audit work to enable timely completion of Reports
- Recommend areas in which controls could be enhanced in all systems.
- Liaise with extemal auditors and follow up on audit queries.
- Monitor and report on the effectiveness of the intemal control environment, including quality compliance, on management of budgetary and extra budgetary resources.
- Monitor and evaluate the programmes being undertaken by the Organization.
- Develop training and awareness initiatives to sensitise the staff on internal controls, governance and risks management and the benefits of compliance.
- Conduct special purpose audits from time to time as directed by the Chief Internal Auditor.
- Develop relations with focal points within the member States and other stakeholders.
- Conduct value for money audits on programmes being implemented.
- Review, appraise and report upon the extent to which the Institutional assets are accounted for and safeguarded against losses arising from fraud, waste, extravagance and inefficient administration.
- Assist COMESA to implement an Enterprise Risk Management System.
- Conduct financial systems assessment and audit that impact on COMESA.
- Conduct periodic reviews of the internal control system and advise on controls to be incorporated into the systems and procedures of the organisation.
- Offer advisory and consultancy services to management in order to add value to the operations of COMESA.
- Prepare interim financial/management reports.
- Initiate, review and regularly update audit policies and systems.
- Review disbursement transactions by verifying their compliance with relevant legislations and administrative decisions.
- Audit the payroll by verifying the accuracy of staff emoluments.
- Any other related duties that may be assigned by his/her superiors from time to time.
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Post expires at 6:00pm on Monday November 16th, 2020