Overview
The Financial Monitoring & Compliance Expert will review and verify financial reports from Implementing Partners, assess financial management systems, and ensure compliance with UNIDO financial rules.
Key Responsibilities
- Review and verify financial reports submitted by Implementing Partners (IPs), ensuring that expenditures are eligible, properly justified, and supported by original documentation and costs are incurred within the approved project period;
- Coordinate regularly with UNIDO project team (HQ and field) to ensure effective communication, timely reviews, and follow-up on any financial verification issues;
- Assess the adequacy and effectiveness of IP financial management and internal control systems, including expense tracking, payment processes and authorization procedures;
- Provide clear recommendations to UNIDO and IPs on strengthening financial controls and compliance, and support IPs in improving related SOPs where required;
- Support the implementation of risk mitigation measures recommended under the HACT assessment and UNIDO requirements, including strengthening internal controls, financial procedures, and reporting to ensure compliance with regulations and policies.
- Verify the existence, condition, and ownership of project-funded assets, and ensure that all assets are recorded in a complete and accurate asset register;
- Review narrative (technical) reports and confirm consistency with financial reports and supporting documentation;
- Conduct periodic spot checks of IP activities to ensure that activities are properly implemented and supporting documentation is complete and accurate;
- Verify that all expenditures comply with UNIDO financial rules, including: (i) no double funding of costs (ii) exclusion of VAT from eligible expenditures (iii) no inclusion of profit margins, mark-ups, or indirect cost allocations and (iv) application of correct UN Operational Exchange Rates;
- Maintain a tracking log of any identified issues and discrepancies, recommendations issued, and status of implementation by IPs.
- Document key lessons learned and recurring compliance issues from financial verification exercises and spot checks, and support the design and implementation of improved financial monitoring, reporting, and internal control systems to strengthen efficiency, transparency, accountability, and risk mitigation.
Required Experience
At least five (5) years of progressive professional experience in a financial or accounting role in the public or private sector, is required. Demonstrated experience in financial monitoring and verification of expenditures and supporting documentation, with assessment of cost eligibility in line with donor requirements, for implementing partners, grants, and/or subcontracts in Somalia is required. Experience in working with the UN system, international organizations or non-governmental organizations and with the donors community, is desirable. Experience developing and managing stakeholder relations is desirable.
Qualifications
Advanced University (Master’s or equivalent) in business administration, accounting, management, finance, or relevant discipline is required.
