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Financial Management Specialist Job in Kenya

Republic of Kenya

Ministry of Energy and Petroleum

 Financial Management Specialist

Following the successful discovery of crude oil and natural gas in the country’s sedimentary basins and on the basis of the current heightened interest in petroleum exploration activities, there exists promising prospects for more discoveries in the country’s four sedimentary basins of Lamu, Mandera, Anza and Tertiary Rift.
The Ministry of Energy and Petroleum in collaboration with the World Bank has rolled out the Kenya Petroleum Technical Assistance Project (KEPTAP) for Capacity Building in the Oil and Gas sector to enable the Country to prudently manage its Petroleum resources and revenues in order to make it possible for Kenyan citizen and the country at large to benefit from the resources along the whole value chain.

The Ministry would therefore like to recruit a Financial Management Specialist for the Management of the KEPTAP funds on the following terms of reference:

Responsibilities and Tasks
  • Ensuring effective operation and maintenance of the project financial management system;
  • Ensuring that the project financial management and accounting procedures and routines as detailed in the Project Financial Management Manual are compiled by the PlU staff and subcontractors i.e., cash and bank books, Chart of Accounts, journals, various ledgers, trial balance, voucher formats, standard internal checks/controls such as delegation and separation of duties, authorization of transactions, physical custody of assets, periodic and regular reconciliation, etc.;
  • Implementing the system for preparation of short and long term financial forecasts based on projected work programs and actual performance;
  • Expensing of funds, processing and maintenance of all financial records of the Project;
  • Monitoring the progress of all Project Sub-Components in order to regularly update budget forecasts;
  • Participating in the elaboration of the Project financial plans;
  • Monitoring the Project preparation and implementation expenditures and costs;
  • Preparation of the contract payment terms and all financial arrangements, purchase orders and other financial documents (together with Project Coordinator), supervision of their conformity with project preparation and implementation requirements and project budgets;
  • Revision of proposed financial arrangements in all bidding documents and contracts prior to their submission for the approval of the World Bank and other institutions;
  • Preparation of all disbursement requests from special accounts and submit them for signature to the persons entitled to sign disbursement requests for withdrawal from the special accounts;
  • Overseeing the special bank accounts operations;
  • Preparation and submission of the Statements of Expenditure to the authorized signatories;
  • Preparation of all regular financial reports required by the World Bank and other project related institutions;
  • Submitting financing plans and proposed changes in project budget to the Project Coordinator, and the World Bank for approval;
  • Participating in organization of project audits and preparation of requisite information for project audits.
  • Updating of project accounting documents/ ledgers (e.g. purchase orders, cash receipt book, etc.);
  • Maintaining the fixed asset register;
  • Preparing the fixed asset spreadsheet including calculating depreciation;
  • Preparation of source documents (receipts, invoices, etc,);
  • Updating cash receipts and disbursements book, petty cash disbursements listing.
  • Manage all PIT accounting activities in accordance with International Accounting Standards and World Bank requirements
  • Review information technology issues including computerization of accounting records;
  • Ensure payments are made to suppliers, contractors and consultants in timely manner and in accordance to contract agreements;
  • Prepare quarterly Project Management Reports (PMR5) and annual Project Financial Statements for the Ministries and the World Bank (quarterly PMR5 will include financial reports, progress report and procurement management report); and arrange for audits in a timely manner.
Autonomy: The Project Financial Management Specialist reports directly to the Project Coordinator.
Key Contacts/Relationships
  • Internal: Project Coordinator, Project Procurement Specialist and MEP Finance Department.
  • External: Vendors, relevant World Bank staff.
Working Conditions
  • Based at the Ministry of Energy and Petroleum in Project Management Unit Office, Nairobi;
  • Exceptionally the Financial Management Specialist may be required to work more than usual office hours including weekends or holidays
Duration of the Assignment: Financial Management Specialist will perform the assignment under the present ToR based on the labor contract concluded with him/her by the Project Coordinator. The contract will be for two (2) years, renewable, subject to satisfactory performance.

Qualification and Key Competence

  • Degree in Business with specialization in Accounts or Finance
  • Professional qualification in Accountancy - ACCA, CPA (K)
  • Practical experience of over 3 (three) years in handling financial aspects of a donor funded project preferably World Bank
  • Acquaintance with World Bank disbursement manual
  • Knowledge in Government Financial Management and Accounting procedures
  • Computer literacy in Ms Office, Excel and Internet applications
  • Formal training in Financial Management under World Bank loans /credits
  • Excellent communication skills in written and spoken English
  • Excellent organizational skills and attention to details
  • Advanced interpersonal skills and ability to form and maintain team work relations with colleagues
Submit your completed form and detailed CV to Nyayo  24th floor at the Tender Box

Principal Secretary
Ministry of Energy and Petroleum
Nyayo House - off Kenyatta Avenue
P.O. Box 30582-00100

The deadline for submission of forms and CV’s will be 30t September, 2014

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