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TERMS OF REFERENCE (TOR) FOR ACCOUNTING SPECIALIST

TERMS OF REFERENCE (TOR) FOR ACCOUNTING SPECIALIST

 

1. What we are looking for?

1.1 The Bureau of the Asian-Pacific Postal Union is seeking advice on current practices and reporting for accounting work it undertakes involving both USD and THB.

2. What are the key financial facts for our business?

2.1 The Bureau has two lines of business viz.,

(i) an Administrative Section (AS)
       ◦ total annual income: US$ 210,000 (all received in USD)
       ◦ total annual expenditure: US$180,000
              ▪ annual expenditure actually paid out in USD: US$80,000
       ◦ cash reserves: US$300,000 (held in USD)

(ii) a Training Section (TS)
       ◦ total annual income: US$ 800,000 (90% of which is received in USD)
       ◦ total annual expenditure: US$800,000
              ▪ annual expenditure actually paid out in USD: US$200,000
       ◦ cash reserves: 20,000,000 THB (held in THB)

 

3. What are our problems?

3.1 We are having difficulty understanding General Ledger (Journal) documentation and Audit reports where gains and losses on exchange rates are identified. We think that some of these gains or losses are not really a gain or a loss – but just a simple way to record them in accounting documentation.

 

3.2 There are other accounting transactions that seem to be genuine gains or losses on exchange rates, but the recording and reporting is not easy to follow, and we are not sure if we really understand this process.

 

3.3 The AS is managed and audited in USD. The TS is managed and audited in THB. If we wanted to manage and audit both lines of business in THB, we need to know if there are any risks in doing that.

 

3.4 We have recently implemented a foreign exchange management (FEM) system. It is already working well in the TS. We would like an external review of the FEM.

 

3.5 The person who has been managing our financial transactions for the last 20 years will retire at the end of 2022. We need advice on whether the desk files, job breakdowns, accounting documentation etc is “fit for purpose” i.e., is it up-to-date, thorough, complete and can easily be used to train and support a new person recruited to take over the work.

 

3.6 The link between financial accounting and management accounting is ad hoc and based on Excel spreadsheets. Standard reports are available for some basic, routine activities. However, when reports are required for other analyses (not basic, not simple), data re-entry is required (with the usual issues of time and errors). This situation is partly the result of the business not using or developing a reliance on management accounting reports in the past. It is also, perhaps, the result of not being aware of the usefulness of management accounting reports to a business. Suffice to say that the business will benefit from knowing what management accounting systems are available that would suit the needs of the Bureau (essentially, a system that is a one-time data-entry and then able to produce a variety of management reports to meet the needs of the business).

 

4. Description of assignment

4.1 The objective of the assignment is to develop a general understanding of:

  1. the financial system – how it operates, systems, practices, processes, how it compares to a “best-in-class” system; and

  2. the six problems that the business is seeking advice and assistance with.

 

4.2 For the items identified in paragraphs 3.1 to 3.4, the requirement is to review 2019 and 2020 in detail and produce the following:

  1. an analysis of transactions involving foreign currencies for the AS and TS

  2. a report on gain or loss from exchange rate changes during each of the two years (including a cross-reference to the exchange rate lines in the respective Audit reports). The report should indicate all relevant information about the gains or losses, including whether realized or unrealized

  3. indicate problems and solutions regarding the foreign exchange management practices of both sections

  4. analyze problems and solutions regarding the accounting system (Journal/bookkeeping) for both sections

  5. prepare an interim report on findings, including proposals for improvements / changes

  6. implement the proposals after consultation with the Bureau and approval

  7. evaluate the implementation and summarize the outcome in a report

  8. make an assessment of exchange rate outcomes (gain / loss, realized / unrealized, etc) for the period 1 January – 31 December 2021, and prepare a report on this for the Bureau.

 

4.3 For the matters set out in paragraphs 3.5 and 3.6, these are to be evaluated and discussed with the Bureau. This discussion will provide further guidance on action required.

 

5. Requirement

5.1 The ideal person will have the following skills and experience.

  1. Be able to identify advantages and disadvantages in keeping funds in different currencies for the Bureau activities

  2. Be able to analyze audit reports

  3. Be experienced in bookkeeping

  4. Have a strong background in working with foreign currencies from an accounting viewpoint.

  5. Experienced in financial reporting

  6. Experienced in working with new recruits

  7. Good knowledge of management accounting systems

 

 

6. Contract period

6.1 The timing for the work is four months from 15 August to 31 December 2021. However, it is not envisaged as being a full four months’ work and may be considerably shorter if unforeseen issues do not arise.

7. Working schedule

7.1 The successful candidate is expected to work in the office twice a week during Monday – Friday. However, if there is a limitation of using transportation or travelling due to COVID-19, working remotely could be an alternative option. Online meetings are essential to discuss and share information.

8. Duration, time schedule, and payment

8.1 This assignment is envisaged to be completed over a duration of approx. 4.5 months from August to December.

8.2 Tentative time schedule and payment details.

Assignment

Submission date

Payment

4.2 (i – ii)

30 September 2021

10%

4.2 (iii – iv)

15 October 2021

15%

4.2 (v)

30 October 2021

15%

4.2 (vi)

30 November 2021

15%

4.2 (vii)

15 December 2021

15%

4.2 (viii)

End of December 2021

30%


 

8.3 Timesheet on hourly basis is required to release the payment.

9. Application

9.1 CV

9.2 Timesheet or estimated number of working hours required to implement the assignment successfully

9.3 Interested applicants are requested to send their CVs by 29 July 2021 via kwanjai@appu-bureau.org

Contact : kwanjai@appu-bureau.org


บัญชี / Accountantการเงิน / Financier

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