Overview
The Project Associate (Finance & Accounts) role focuses on monitoring and evaluating financial information to ensure expenditure validity and compliance with regulations, and to ensure effective execution of financial procedures and transparent utilization of project resources.
Key Responsibilities
- Ensure strategic direction of Project finance management, focusing on the achievement of the project results.
- Establish or practice UNDP and Donor financial procedures.
- Maintain financial procedures complying with financial/accounting and procurement requirements.
- Continuous analysis and monitoring of the financial situation, presentation of forecasts.
- Prepare the Project’s Quarterly Report and monthly Cash Flow and annual Cash Flow Forecasts.
- Prepare a statement of sources and uses of funds.
- Ensure standard procedures in maintaining accounts, resources management and program.
- Manage the Project budget and organize an optimal cost-recovery system.
- Create the project budget in ERP System.
- Ensure entry of data into Quantum in the form of Annual Work Plans (AWPs), monitoring of their status, revisions, determination of unutilized funds, and operational and financial closure of Project.
- Ensure actual vs budget variance analysis on a monthly, quarterly and annual basis.
- Oversee the monitoring of quarterly financial expenditures and develop a strategy for smooth implementation of the work plan.
- Prepare multi-year output/component-wise budget and variance analysis.
- Assist in preparing budget revisions of the projects.
- Assist in the preparation of the AWP.
- Ensure uploading the annual Project Budget and Multiyear budget into ERP System.
- Ensure effective and accurate financial resources management and oversight.
- Financial analysis and oversight of the resources managed by the Project.
- Proper planning, and expenditure tracking of financial resources following full compliance with UNDP Programme Operations Policy and Procedure/ National Implementation (NIM), UNDP, and Donors’ rules and regulations.
- Maintain implementation of effective internal controls over all financial processes.
- Ensure all Quantum-related transactions and prepare necessary GLJE in ERP System.
- Ensure an effective information flow between finance and non-finance actors.
- Monitor the disbursement of funds periodically and implementation of activities in accordance Responsible Party Agreement/Long Term Agreement, UNDP and GoB rules and regulations.
- Review Financial Report, Funding Authorization and Certificate of Expenditure (FACE) and quarterly fund request of PNGOs/sub-recipient and process for advance/reimbursement following RPA.
- Reconcile Financial Report with Combined Delivery Report (CDR).
- Ensure the accuracy verification of CDR.
- Collection, review and verification of bills/vouchers from the field against the PCA in coordination with field-level project staff.
- Proper control of the supporting documents for payments, preparation of all types of vouchers for managing projects and PO vouchers.
- Maintenance of the internal expenditures control system.
- Petty cash management for the project.
- Strictly follow the Govt. Tax & VAT rules, regulation and ensure proper deduction & deposit to Govt. treasury.
- Closely work with project components to fulfill the requirement of PCA and other financial reporting.
- Ensure proper Financial Reporting, control of Project accounts and support to Audits.
- Facilitate the preparation of periodic financial reports following the donors, UNDP and the Government of Bangladesh on a timely basis.
- Prepare financial reports for Project Steering Committee, Project Board, and Project management.
- Assist GoB counterpart to prepare financial progress reports for ADP, IMED and ERD, CA&FO Offices), Cabinet and others.
- Complying with the internal expenditures control system.
- Ensure timely corrective actions on un-posted vouchers.
- Facilitate financial audits initiated by GoB, FAPAD, HACT Audit, UNDP OAI, UNBOA, Donor verifications and ensure that external auditors have all relevant information.
- Collaborate with Project Monitoring & Evaluation team in verifying the financial expenditure against the progress of output.
- Routinely monitors financial exception reports, if any, for unusual activities, and transactions, and investigates anomalies or unusual transactions.
- Inform supervisors of the results of the investigation when satisfactory answers are not obtained.
- Provide advice to the Supervisor and National Project Coordinator on troubleshooting and corrective measures where necessary.
- Preparation of annual and interim progress reports to UNDP and EU.
- Ensure facilitation of knowledge building and knowledge sharing on financial monitoring and evaluation.
- Organize and conduct financial training on relevant areas for field-level staff.
- Contribute to implementing the financial Knowledge Management and Learning Strategy of the project.
- Demonstrate good knowledge of information technology and apply it in assigned work.
- Compilation of lessons learned, and best practices identified in the field of Project Finance and replicate its use to others.
- Identify new and better approaches in improving working processes and incorporate the same in his/her own work.
- Accomplish the work assigned by the supervisor and NPC/NPD as and when required.
Required Experience
- Minimum 7 years (with Secondary Education) or 4 years (with bachelor’s degree) of relevant experience in the field of finance and accounting is required.
- At least 2 years of professional experience in planning and implementing development projects, including preparation of comprehensive budgets and Annual Work Plans aligned with Multi-year Budgets, Project Document, and TAPP, procurement, donor & government financial reporting, and project closure reports.
- At least one year of experience in an international organization or large-scale donor-funded projects as a Finance and Accounts professional.
- Demonstrated expertise in budget variance & financial analysis, financial monitoring, and payment process, ensuring the compliance/conformity of the supporting documents.
- Professional experience and technical expertise to effectively facilitate audit processes, ensure timely coordination, and prepare accurate and comprehensive audit responses.
Qualifications
Secondary Education with specialized certification in accounting and/or Finance. University degree in Finance or Accounting is desirable. Part-qualified accountants from an internationally accredited institute of accountancy will have a distinct advantage. Fully Qualified Accountant, from an internationally accredited institute of accountancy or Full Completion of the UNDP Finance Training and Certification Programme (FTCP). Candidates with no professional accountancy qualifications, but with degrees that major in accountancy and/or finance must complete UNDP Finance Training and Certification Programme (FTCP), if recruited. Candidate with no professional accountancy qualifications but with relevant experience must successfully undertake UNDP Accountancy and Finance Test (AFT) before shortlisting and must complete the UNDP Finance and Certification Programme (FTCP), if recruited.
