Institutional Capacity Building Project

REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES – FIRMS SELECTION)

 

Country: Republic of Uzbekistan

Project name: Institutional Capacity Building Project

Credit No.: IDA 6431-UZ

 

Assignment Title: Provision of services for Improving the financial reporting system of JSC “UzgazTrade” in accordance with the requirements of the International Financial Reporting Standards (IFRS); introducing Budgeting Methodology and Risk Management Framework.

 

Reference No.: UZASSETS-UZSGAZTRADE-CQS

 

The Ministry of Economy and Finance of the Republic of Uzbekistan has received financing from the World Bank toward the cost of the Institutional Capacity Building Project and intends to apply part of the proceeds for the provision of services for Improving the financial reporting system of JSC “UzgazTrade” in accordance with the requirements of the International Financial Reporting Standards (IFRS); introducing Budgeting Methodology and Risk Management Framework. (“Services”).

 

The Consultant is being requested to support the transformation of state-owned enterprises (SOEs) in Uzbekistan by providing advisory services in financial reporting, budgeting, and risk management. This includes assisting in the transition to International Financial Reporting Standards (IFRS), optimizing accounting information systems, and training staff on new practices. The Consultant will evaluate and enhance existing budgeting processes, develop a new budgeting framework integrated with the ERP system, and assist in creating the fiscal year 2025 budgets. Additionally, the Consultant will assess current risk management practices, develop a comprehensive risk management framework, and provide training on new risk management tools and guidelines.

 

The Ministry of Economy and Finance of the Republic of Uzbekistan now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services by submitting directly to the piu_mof@mail.ru.

 

The Qualification requirements for the Consultants are:

• Experience and proven experience in accomplishment of works on IFRS reporting and auditing based on ISA for at least 10 years.
• Experience in auditing the public companies and advising in the area related to the assignment.
• Experience in the reorganization of accounting processes in the large organizations with a complex structure. The Consultant will have to work with at least 3 companies similar to the Group or its largest economically significant subsidiary enterprise in terms of size and complexity of assignments, including redesign of processes (specify organization, prior experience).
• The key staff of the Consultant who will be involved in the implementation of the terms of reference must have an internationally recognized qualification as a member of the International Federation of Accountants (i.e. ACCA Membership, CPA, ICAEW) with at least 10 years of work experience and be available for this assignment and travel to Tashkent field work. The company must have experience in auditing and advising the companies.
• Experience in implementing Budgeting and Risk Management Policies.
• A consultant is expected to have a capability to involve international experts in the case if the firm has no local experts with required knowledge and experience.
• Experience in implementing ERP systems is an advantage.
• The working language (written and oral) for all tasks listed in this assignment will be Russian.

 

Given the nature of the Services, it is desirable that the consultant firm shall have a physical presence in Uzbekistan.

 

The attention of interested Consultants is drawn to Section III of the World Bank’s “Procurement Regulations for IPF Borrowers” July 2016 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.  In addition, please refer to the following specific information on conflict of interest related to this assignment: Consultants shall not be hired for any assignment that would be in conflict with their prior or current obligations to other clients, or that may place them in a position of being unable to carry out the assignment in the best interests of the Ministry of Finance of the Republic of Uzbekistan.

A Consultant will be selected in accordance with the Consultant Qualification Selection (CQS) method set out in the Procurement Regulations.

Further information can be obtained at the address below during office hours from 9:00 a.m. to 18:00 p.m. Tashkent time.

Expressions of interest must be delivered in a written form in English, Russian or Uzbek languages to the address below (in person, or by mail, or by e-mail) by September 26, 2024.

 

Project Implementation Unit under the
Ministry of Economy and finance of the Republic of Uzbekistan

Attn: Sirojiddin Imanov, Manager of the Project

Uzbekistan, 100017, Tashkent city, 29, Istiklol St.

Tel: +998901741711

E-mail: piu_mof@mail.ru

 

 

 

 

 

 

 

As part of the EOI, the consultant should include the following information:

 

• Consulting Firm Information

 

Date:	Country of Incorporation:
Consultant Name:	Acronym:
EOI Submission Authorized by:	Position

 

• Associations (Joint Venture or Sub-consultancy)

 

Consultant	Acronym	Country of Incorporation	Joint Venture (JV) or Sub-consultant	EOI Submission Authorized By	Position

 

Present the rationale for and benefits of working in association (JV or Sub-consultant) with others rather than undertaking the assignment independently (as appropriate). Describe the proposed management and coordination approach of the association and the role of each firm.

 

• Technical competence

Project References - highlight the technical qualifications of your entity/consortium in undertaking similar assignments. Provide details of past experiences working with similar project authorities

 

• Geographical experience

 

Project References, present experiences in similar geographic areas.

 

• Management Competence

• Describe standard policies, procedures, and practices that your entity has to assure quality interaction with clients and outputs. Please state if your company is ISO certified.
• How your firm/consortium handles complaints concerning the performance of experts or quality of the reports submitted for previous and future assignments? What internal controls are in place to address and resolve complaints.
• How you ensure the quality of your firm’s/consortium’s performance over the life of assignments.

• Projects references

Present relevant projects to demonstrate the firm’s technical qualifications and geographical experience (maximum 10 projects).

N	Project	Period	Client	Country	Firm
1
2
3
4

 

• Summary for the Projects listed above

 

Project Title
Country / Region
Start Date
Completion Date
Continuous / Intermittent
Client
Funding Source
Description	(indicate your role and input in man-months)

 

• Eligibility

 

We, the undersigned, certify to the best of our knowledge and belief:

 

• We have read the advertisement, including the terms of reference (TOR), for this assignment (YES/NO)

 

• Neither the consulting firm nor its JV member or sub-consultant or any of its experts prepared the TOR for this activity (YES/NO)

 

• We confirm that the project references submitted as part of this EOI accurately reflect the experience of the specified firm/consortium. (YES/NO)

 

• Ensuing assignment resulting from our work product under this assignment, our firm, JV member or sub-consultant, and the expert(s) will be disqualified from short-listing and participation in the assignment.

 

• The lead entity and JV member or sub-consultant are NOT currently sanctioned by or other MDBs. Neither the consulting firm nor the JV member or sub-consultant has ever been convicted of an integrity-related offense or crime related to theft, corruption, fraud, collusion or coercion.

 

 

Terms of Reference

for provision of services for Improving the financial reporting system of JSC “Uzgastrade” in accordance with the requirements of the International Financial Reporting Standards (IFRS); introducing Budgeting Methodology and Risk Management Framework.

 

Background information

The Government of Uzbekistan (GoU) has set as one of its goals to significantly reduce the degree of state presence in the economy, by using privatization as one of the main tools for achieving this objective. The Uzbek economy is dominated by state presence across all sectors. State-owned enterprises (SOE) and enterprises with a predominant share of the state in the economy of Uzbekistan dominate and have a significant impact on the functioning of most sectors of the economy, including the extraction of natural resources, energy, manufacturing, telecommunications, and transport.

"UzAssets" JSC is committed to the transformation of state-owned enterprises (SOE) in Uzbekistan. This transformation is directed towards enhancing profitability, efficiency, and adherence to robust environmental, social, and governance (ESG) principles, thus improving their overall performance and investment attractiveness in the global market.

In response to the directives from the President of the Republic of Uzbekistan to enhance the efficiency and transparency of State-Owned Enterprises (SOEs), "UzAssets" JSC is initiating projects to adopt International Financial Reporting Standards (IFRS), advanced budgeting methodologies, and comprehensive risk management systems. These initiatives are essential for providing the necessary information environment for foreign investors and accessing international financial markets, thus ensuring the sustainable development of these enterprises.

Initiatives on improving overall performance within State-Owned Enterprises (SOEs) are pivotal for improving the economic landscape and increasing the global competitiveness of Uzbekistan’s industrial sectors.

 

 

 

 

Objectives

The assignment objectives are:

Financial Reporting. i)  Providing support in the development of a plan of the transformation of group reporting for the period of 2021–2023 and maintain of the transformation of the financial statements of the group for the period of 2021–2023 taking into account the development of a methodology of the transformation of accounting in accordance with IFRS (financial statements should be prepared on December 31, 2023 for the first time with comparative information for 2022); ii) assist the management of JSC “Uzgastrade”, taking into account subordinate enterprises – subsidiaries (hereinafter referred to as the “Company” or “Group”) in reforming the accounting and financial reporting system in accordance with IFRS requirements, in developing and implementing accounting policy and practices aimed at preparing the financial statements of the Group in accordance with IFRS requirements at the group level and; and iii) Group financial statements for the year ended December 31, 2023 and for the year ending December 31, 2024 should be prepared in accordance with IFRS and set ready for audits.

Budgeting. Assist the management of Group in introducing adequate budgeting methodology for the Group; budgeting should be integral part of the ERP system and FY2025 Budgets should be developed in accordance with new Budgeting Methodology.

Risk Management. Assist the management of Group in systematizing the process of identifying, analyzing, and responding to risks via developing and introducing comprehensive risk management framework.

Scope of Work

1. Financial Reporting

During the accomplishment of this assignment, the Consultant performs the following tasks:

a)       Assist the Group in preparing for the transition and the preparation and fair presentation of the Group's financial statements in accordance with IFRS and increase the accountability at the expense of improving financial reporting.

b)       Assist the Group in strengthening the institutional framework through training and capacity building of key employees in the field of financial accounting.

Task 1:        Determination of the structure of the group with the view of preparing and presenting the group's financial statements in accordance with IFRS. Under Task 1, the Consultant should:

a)       Assist the management of the Group in preparing the structure of the group, indicating the list of all controlled entities and their share in the total assets of the group in order to determine economically significant subsidiary enterprises. All controlled subsidiary enterprises subject to the requirements of IFRS consolidation should be identified separately. Also, the Consultant should include into the Group Structure those entities over which Group has significant influence.

b)       The list of subsidiary enterprises to be supported by the Consultant will be agreed with the Ministry of Economy and Finance and UzAssets prior to start of works.

Task 2: Assessment of the accounting information system and automation of accounting at the level of the parent company.

With the view of optimization of the process of preparing and presenting the consolidated financial statements of the Group under Task 2 the Consultant should:

a)       Conduct performance evaluation of the accounting information system used by the parent company and subordinate enterprises, and based on the results of the evaluation, provide recommendations for optimizing and modernizing the accounting information system, if necessary. The recommendations should include technical specifications of new accounting software (shall the conclusion reached is to acquire a new accounting information system):

b)       Render expert assistance to the Company in purchasing an appropriate accounting information system and introduction of this system in the company.

c)       Render expert assistance to the Company in training up to 20 users of the accounting information system.

d)       Render consulting assistance to the company in entering primary data into the new accounting information system for 2023.

Task 3: Evaluation of accounting/financial reporting policies, processes and practices.

In accordance with the Presidential Decree PP-4611 dated February 2nd, 2020, joint stock companies are obliged to apply and report in accordance with IFRS. This Terms of Reference foresees that the selected Consultant will evaluate the existing accounting policy, guidelines and practices applied by the Group and its economically significant subsidiary enterprises in order to identify the gaps and deficiencies, developments and proposals of necessary changes.

In particular, under Task 3, the Consultant should:

e)       Examine existing accounting policy and practices applied by the Group and its economically significant subsidiary enterprises.

f)       Analyze the current process of consolidating the Group's financial statements, propose appropriate changes to optimize and modernize the process.

g)       Evaluate the relevance and compliance of the Group's current accounting policy with the most up to date version of IFRS.

h)       Develop a realistic action plan with indication of terms to improve corporate financial reporting and effectively apply IFRS at the group level.

i)        Develop and propose changes/updates necessary to bring existing accounting policy in line with the current version of IFRS and propose the consolidation procedures for subsidiary enterprises.

Task 4: Increase accountability following improving financial reporting and disclosure

During this assignment, the Consultant will work with the Company on the preparation of a complete set of annual financial statements in accordance with IFRS, including evaluation, identification, assessed valuation, the performance of all necessary procedures normally performed at the end of an accounting period, and the preparation of financial statements, including appropriate disclosure of information. Particularly, Group financial statements for the year ended December 31, 2023 and for the year ending December 31, 2024 should be prepared in accordance with IFRS and provided to external auditors.

Under Task 4 the Consultant should:

a)       Assist the Group in conducting all necessary procedures on closing the reporting financial year and preparing the consolidated financial statements for 2023.

b)       Provide methodological recommendations and render practical assistance in the annual inventory and evaluation of property, plant and equipment in accordance with IAS 16, as well as the inventory and evaluation of the Group's inventories as of the reporting date in accordance with IFRS 2.

c)       Render assistance in reconciliation of accounts receivable and accounts payable with counterparties of the Group. Advise on the issues of evaluation of accounts receivable based on the analysis of the credit worthiness of counterparties and the analysis of the periods outstanding.

d)       Render assistance to the Group if any adjustments are necessary to correct discrepancies or reflect an appropriate evaluation, including the calculation and evaluation of the reserves for doubtful debts, reserve for obsolete inventory, reserves for vacation, deferred tax assets/liabilities, etc.

e)       Propose procedures on preparing disclosure of information in financial statement, including, but not limited to, Contingent liabilities, Property, plant and equipment, Related party transactions, Risk management notes and Events after the balance sheet date.

f)       Analyze and propose the procedures on the preparation of a complete set of consolidated financial statements in accordance with IFRS, including the statement of financial position, statement of profit or loss and other comprehensive income, capital statement and cash flow statement, and disclosure notes on financial statements, including a summary of major provisions of accounting policy. If necessary, propose the procedures for converting information from National Accounting Standards to IFRS for the purposes of consolidation (with the possibility of their introduction in accounting software, where possible).

Task 5: Strengthening the institutional framework of Group in the field of accounting and financial reporting: training and capacity building.

In order to ensure the sustainability of the results of the work of the Consultant, the staff of JSC “Uzgastrade” and its subsidiary enterprises will need to understand the revised procedures, be able to apply them in practice and pass the necessary training in relevant areas.

Under the Task 5, the Consultant carries out the following activities in relation to the JSC “Uzgastrade” and its economically significant subsidiary enterprises:

a)       Analyze the current capacity of accounting department in JSC “Uzgastrade” and its subsidiary enterprises, the conclusions and recommendations of the capacity evaluation report and develop detailed training plans of accounting department with indication of terms. The plan shall identify key areas of training in accordance with current gaps identified by the Consultant and ensure that trained personnel are tested and certified upon completion of training.

b)       Determine the key positions for company’s approval who are responsible for accounting and financial reporting in JSC “Uzgastrade” and its economically significant subsidiary enterprises for conduction of training on IFRS and consolidation procedures.

c)       Conduct training, including on-the-job training in line with identified gaps and detailed training plans with indication of time.

d)       Conduct a specialized IFRS training course for all approved accounting and finance personnel with a duration of at least 40 hours. The training will cover at least themes related to Inventories (IAS 2); Accounting policies, Changes in Accounting Estimates and Errors (IAS 8); income tax (IAS 12); Property, Plant and Equipment (IAS 16); Leases (IFRS 16); IFRS 9 (Financial Instruments), including the scope of the analysis based on the maturity of accounts receivable; IFRS 15 (Revenue from contracts with Clients); Employee benefits (IFRS 19), Impairment of assets (IFRS 36), Consolidated financial statements (IFRS 10) and other examples of the practical application of indicated standards to the activities of the transport sector;

e)       Evaluate the knowledge gained by the employees during testing and provide the certificates confirming passed training and testing.

f)       Determine an appropriate professional qualification or internationally recognized diploma (e.g., ACCA) and assist with logistics related to registration, training and exams. All related expenses should be covered by the Consultant under this agreement.

1. Budgeting

Task 1: Evaluation existing Budgeting processes and practices.

a)       Examine existing Budgeting policy and practices applied by the Group and its economically significant subsidiary enterprises.

b)       Analyze the current process of Budgeting, propose appropriate changes to optimize and modernize the process.

Task 2: Strengthening the institutional framework of Group in the field of Budgeting: training and capacity building.

1. 1. Develop new Budgeting framework, tools and application guidelines
   2. Conduct training to the Group employees including on-the-job training on practical application of the new Budgeting framework. This implies development of FY 2025 Group Budgets in accordance with new Budgeting framework together with Group employees.
2. Risk Management

Task 1: Evaluation existing Risk Management practices.

a)       Examine existing Risk Management practices applied by the Group and its economically significant subsidiary enterprises.

b)       Analyze the current process of Risk Management, propose changes to systematize the Risk Management Process.

Task 2: Strengthening the institutional framework of Group in the field of Risk Management: training and capacity building.

1. 1. Develop Risk Management Framework, tools and application guidelines.
   2. Conduct training to the Group employees including on-the-job training on practical application of the Risk Management framework.

Required Results of works

The Consultant shall provide the following results:

 

An initial work plan with detailed and timed activities, activities, training and results of works to accomplish the tasks included in this assignment. The plan will be agreed with JSC "Uzgastrade" and the Ministry of Economy and Finance and UzAssets and can be changed with their consent. At this stage the Consultant together with the Company is obliged to:

• Determine and approve the composition of the project team on the part of the Client;
• Conduct activities on mobilization of the project team of the contractor and the Client;
• Form a working group on the project from among the specialists of the Client and the contractor;
• Develop and agree the project execution plan;

 

Financial Reporting.

Task 1: Group’s structure

 

Provide a draft version of the structure of the Group, which clearly identifies subsidiary enterprises that fall under the concept of a “component” of the Group in accordance with IFRS. The document must specify the criteria for recognizing enterprises as a “component” of the Group. The Consultant is also required to identify associated enterprises and have included them into the structure.

Task 2: Evaluation of the accounting information system and automation of accounting at the level of the parent company (1 month after the start of works)

1. Report on the performance evaluation of the accounting information system used by the parent company with recommendations for optimizing and modernizing the accounting information system, if necessary.
2. Technical specifications of new accounting software (subject to decision on changing the accounting system).
3. Training program and organization of training up to 20 users of the accounting information system (subject to decision on changing the accounting system).

 

Task 3: Evaluation of accounting/financial reporting processes and practices (3 months after the start of works)

1. Report on the evaluation of processes and practices of accounting / financial reporting
2. Draft following "accounting policies" of the Group in accordance with the current version of IFRS, including changes in the chart of accounts, accounting policy, if applicable:

 

 

1. 1. Financial accounting policy: Document containing the principles and procedures that govern the bookkeeping and preparation of financial statements in accordance with IFRS.
   2. Managerial accounting policy: Document containing guidelines and methods used for internal management purposes to assist in planning, controlling, and decision-making processes, developed considering the target operational model and KPI system.
   3. Tax accounting policy: Document containing the rules and procedures that a company follows to calculate tax liabilities, tax deductions and credits, and maintain documentation to support tax filings.
2. Recommendations on strengthening the accounting policy to optimize the process of consolidating the group's financial statements, preparing consolidated financial statements in accordance with IFRS and other issues related to the optimization of the process of accounting and financial reporting preparation.

 

Task 4: Increase accountability at the expense of improving financial reporting and publication (6 months after the start of works)

1. A plan of necessary activities and procedures for closing the reporting financial year and preparing consolidated financial statements for 2024.
2. Methodological recommendations on the annual inventory and evaluation of property, plant and equipment in accordance with IAS 16 and inventories in accordance with IFRS 2.
3. Comparison statement of reconciliation of accounts receivable and accounts payable with significant counterparties of the Group.
4. Table of methodology for evaluation of accounts receivable based on the analysis of credit worthiness of counterparties and the analysis of the periods outstanding in accordance with IFRS 9.
5. A table of adjustments to correct discrepancies or reflect appropriate evaluation, including the calculation and evaluation of the reserves for doubtful debts, reserve for obsolete inventory, reserves for vacation, deferred tax assets/liabilities.
6. Draft procedures on preparing disclosure of information in financial statement, including, but not limited to, Contingent liabilities, Property, plant and equipment, Related party transactions, Risk management notes and Events after the balance sheet date.
7. Draft procedures on the preparation of a complete set of consolidated financial statements in accordance with IFRS, including roles and responsibilities and a mechanism of interaction within the Group for the preparation of consolidated financial statements.
8. Draft methodology on converting information from National Accounting Standards to IFRS for consolidation purposes (with the possibility of their introduction in accounting software, where possible).
9. Guidelines on the closing of the reporting period (year) and the preparation of the Group's consolidated financial statements, including the organization of proper processes of inventory and evaluation of property, plant and equipment in accordance with IAS 16; calculation and evaluation of inventories in accordance with IAS 2, reconciliation of accounts receivable and accounts payables with counterparties, evaluation of accounts receivable based on analysis of credit worthiness of counterparties and analysis of the periods outstanding, making necessary final adjustments to eliminate discrepancies in evaluation of assets, correct reflection of estimated amounts, including calculation of reserves for bad debts, reserve for obsolete inventory, reserves for vacation, deferred tax assets/liabilities etc.
10. Preparation of the final draft transformed financial report for the year ended December 31, 2023 and its discussion with the relevant specialists of the Client;
11. Prepared full set financial statements of the Group for the year ending December 31, 2024, by applying new accounting policies which are in compliance with IFRS . Group financial statements for the year ended December 31, 2023 and for the year ending December 31, 2024, should be set ready for audits.
12. Guidelines on accounting of standard transactions and maintaining accounting transactions based on the revised accounting policy and methodological manuals provided to the personnel of the Group and its economically significant subsidiary enterprises (where applicable).

 

Task 4: Strengthening the institutional framework of Group and its economically significant subsidiary enterprises in the field of accounting and financial reporting: training and capacity building (12 months after start of works)

 

1. Detailed training plans of employees of the accounting department and its subsidiary enterprises with indication of terms.
2. Training on actual themes based on identified gaps and an approved training plan.
3. Certificate of registration, training and exam on a relevant professional qualification or internationally recognized diploma (for example, diploma "Finance and business management").

 

Final report, summarizing all works done on all four Tasks, the achieved results and recommendations for the Group and its subsidiary enterprises for the future.

 

Budgeting.

The Consultant shall provide the following results:

Task 1: Evaluation existing Budgeting processes and practices (1 month after the start of works).

Report on the evaluation of Budgeting processes and practices. The report should be clear on weaknesses of current Budgeting processes and include recommendations on improving the Budgeting; align with good practices and provide examples.

Task 2: Strengthening the institutional framework of Group in the field of Risk Management: training and capacity building (3 months after the start of works).

1. Draft Budgeting policy: Document should outline the principles and procedures for preparing, approving, and managing the Group’s budget for short, medium and long term according to the Group's operational and strategic objectives. The document should provide comprehensive framework for budget preparation (including standard deadlines), standard templates, and tools to estimate revenue and expenditures.
2. Training on application of budgeting policy and development of draft FY2025-FY2035 budgets together with the Company’s employees (budgeting team).

 

Risk Management.

The Consultant shall provide the following results:

Task 1: Evaluation existing Risk Management practices (1 month after the start of works).

Report on the evaluation of Risk Management practices. The report should be clear on weaknesses of current Risk Management practices and include recommendations on improving the Risk Management; align with good practices and provide examples.

Task 2: Strengthening the institutional framework of Group in the field of Budgeting: training and capacity building (3 months after the start of works).

1. As part of the risk management system, we need at least three documents developed. The below needs to be indicated as deliverables:

• Risk management policy: fundamental document for risk management system, which establishes goals, objectives, principles, perimeter, distribution responsibility of the system.
• Identification of risk appetite guide: the document which establishes order principles, tools for definitions of quality and quantitative parameters risk appetite.
• Risk management system guide: document which establishes order principles, tools for identification, assessment, management and monitoring of risks.
• Draft Risk management policy and guidelines: The document should provide well systemized approach for the risk management. Document as a minimum should have these sub-sections:

Risk management policy: the principles, processes, and responsibilities for risk the management; activities to ensure potential risks are systematically identified, assessed, and managed to minimize their impact on the strategic objectives.

"Risk appetite”: in consultation with the Group Management Consultant is expected to development a policy on the level of risk a company is willing to accept and justification that must be for the risks acceptance with clear approvals hierarchy i.e, acceptance of certain risks require departmental approval, certain risks can be accepted only if approved by the top management.

Risk management communication framework: Document that provides well-structured framework for the Group to follow to effectively identify, assess, manage, and disclose risks.

1. Training on application of Risk Management Framework) to the Group management, employees and detailed step by step guidance to dedicated risk management teams.

 

Qualifications

The consulting company (the “Consultant”) should have:

1. Experience and proven experience in accomplishment of works on IFRS reporting and auditing based on ISA for at least 10 years.
2. Experience in auditing the public companies and advising in the area related to the assignment.
3. Experience in the reorganization of accounting processes in the large organizations with a complex structure. The Consultant will have to work with at least 3 companies similar to the Group or its largest economically significant subsidiary enterprise in terms of size and complexity of assignments, including redesign of processes (specify organization, prior experience).
4. The key staff of the Consultant who will be involved in the implementation of the terms of reference must have an internationally recognized qualification as a member of the International Federation of Accountants (i.e. ACCA Membership, CPA, ICAEW) with at least 10 years of work experience and be available for this assignment and travel to Tashkent field work. The company must have experience in auditing and advising the companies.
5. Experience in implementing Budgeting and Risk Management Policies.
6. A consultant is expected to have a capability to involve international experts in the case if the firm has no local experts with required knowledge and experience.
7. Experience in implementing ERP systems is an advantage.
8. The working language (written and oral) for all tasks listed in this assignment will be Russian.

 

Duration of the contract and reporting

• Duration: Time-based contract for 12 months.
• Reporting: The Consultant will report directly to Ministry of Economy and Finance, UzAssets and the Project Implementation Unit (PIU) Coordinator.

 

Resources provided by UzAssets

UzAssets will provide:

• Access to relevant internal and external resources, data, and personnel.
• Support for engaging with stakeholders and executing strategic plans.

Help in establish project office within the JSC “Uzgastrade”, project office will be dedicated team of IFRS specialist and help the consultant in transforming the Group accounts.