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Overview of the session

Financial Management for Africa Centers of Excellence Project Presented by Patrick Umah Tete , World Bank on May 20, 2014 during the launch of the project in Abuja, Nigeria. Overview of the session. What is good Financial Management Practice for an ACE? Submitting Withdrawal Applications

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Overview of the session

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  1. Financial Management for Africa Centers of Excellence ProjectPresented by Patrick UmahTete, World Bank on May 20, 2014 during the launch of the project in Abuja, Nigeria

  2. Overview of the session • What is good Financial Management Practice for an ACE? • Submitting Withdrawal Applications • Project Implementation Plan Financial Management Contents • Addressing ACE Financial Management Gaps • Benefiting from Financial Management Disbursement Linked Indicators (DLIs)

  3. Good FM Practice for ACE • Have a work plan that shows how you plan to use ACE funds. • Have a budget which costs the annual work plan. The budget should be approved before the year of its operation and monitored at least every quarter comparing actual expenditure with the budget and taking action on any significant variances. • Accounts should be prepared monthly and every quarter, you need to send an Interim Financial Report to the Ministry of Education and World Bank within 45 days after the end of the quarter. • Having a computerized accounting information system is an advantage compared to a manual accounting system as accounts are prepared efficiently with minimal errors.

  4. Good FM Practice for ACEs • Compliance with International Public Sector Accounting Standards or International Financial Reporting Standards is highly recommended. • Having a good Financial Management Manual, Operations Manual and Project Implementation Manual provides financial discipline as it defines the mode of operation. • Having an internal audit department that audits the ACE regularly based on a risk based approach and writes reports that are acted upon by management is a very strong internal control system. • Having an audit committee made up of non executive members and meets at least every quarter to follow up on both internal and external audit issues and actions taken by management is also a very strong internal control system.

  5. Good FM Practice for ACEs • Regularly submitting withdrawal applications to the Bank to ensure the ACE is well funded to operate effectively. • Having the annual financial statements prepared within 3 months after the end of the financial year and submitting them for audit. • Appointing the external auditors in time to conduct the audit or communicating to the Supreme Audit Institution to plan for the audit is highly recommended. • Submitting the audit report to the Ministry of Education and World Bank within 6 months after the end of the financial year.

  6. Submitting Withdrawal Applications • Do read the Disbursement Letter – example shared. • Submit withdrawal application as guided by the Disbursement Letter, Project Appraisal Document and Project Implementation Plan. • Accounts supporting disbursement reimbursements should be supported by Eligible Expenditure Programs (Salaries for ACE staff plus operating expenditure). • During implementation, withdrawal applications should be submitted with interim financial reports showing how ACE funds are being used (comparing actual expenditure with the budget). Example to be shared. • Should you have any challenges submitting withdrawal applications please get in touch asap with the Country Financial Management Specialist at the World Bank.

  7. Project Implementation Plan – FM Contents • It should refer to the accounting policies and procedures in the University or ACE or Government FM Manual (Institutional Manuals) to be used for the project . • It should cover the gaps between the existing institutional FM Manuals and the Financing Agreements with the World Bank. These areas include: • Detailing how the ACE funds (US$8 million) will be used. Should include an account for ACE revenue generated. • How the financing covenants on ensuring satisfactory FM systems are maintained through out the project, Interim Financial Reports and annual audit reports are submitted on time to the Ministry of Education and World Bank will be complied with. • Describe in detail the funds flow arrangements and the signatories for the ACE project. Reference to the PAD to be made. • How ACE FM action plans will be addressed. • How FM DLIs will be implemented.

  8. Addressing ACE FM Gaps

  9. Addressing FM ACE Gaps

  10. Addressing ACE FM Gaps

  11. Benefiting from FM DLI#3 These are: • ACEs submitting timely withdrawal applications supported by financial reports showing how funds have been utilized. • Universities under the university council having functioning audit committee that will amongst other assignments follow up audit issues related to the ACE. • Universities having functioning internal audit units that will support the ACEs. • ACEs publishing annual work plans, budgets, interim financial reports and audited reportson their websites to promote transparency and accountability.

  12. Thanks for listening to me. Email contact: pumahtete@worldbank@org

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