Санхүүгийн тайлагналын зорилгоор үнэлгээ хийх журам, аргачлалыг боловсруулах, үнэлгээний компаниудын үнэлгээний чанарын хяналтыг сайжруулах чиглэлээр Сангийн яаманд дэмжлэг үзүүлэн ажиллах дотоодын зөвлөх сонгон шалгаруулна
Урилгын дугаар: B21/CS/033
Захиалагч: Сангийн яам
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 2022-09-06
Дуусах огноо: 2022-09-20 15:00:00  

Зарын урилга

A. BACKGROUND OF THE PROJECT AND THE ASSIGNMENT

Mongolia has been implementing the Strengthening Fiscal and Financial Stability (SFFS) Project with a credit financing from the International Development Association (IDA) for. The objective of the SFFS Project has been to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project has been designed into five components: (i) Strengthening Macroeconomic and Fiscal Management; (ii) Improving the Efficiency of Public Financial Management; (iii) Enhancing Financial Sector Stability; (iv) Strengthening the Social Protection System; (v) Project Management and Monitoring. The objectives are to strengthen fiscal responsibility and implement relevant policy measures, improve fiscal discipline, strengthen the resiliency of the banking system, improve public expenditure quality in social protection, provide support for Project implementation, coordination, monitoring, and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement, and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269 . 

Subcomponent B2 of the SFFS project aims to increase budget comprehensiveness and transparency through better control, reporting and expansion of the government’s integrated financial management information capabilities. Under the subcomponent, the Accounting Policy Department (APD) and the Treasury Department of the Ministry of Finance (MOF) have been undertaking an agenda towards improving public sector accounting and reporting.

Good accounting and financial reporting practices, which meet international standards, can serve as the basis for good governance and the provision of high-quality financial information to users of financial statements (government, citizens, development partners, international investors, etc.). Mongolia has been working for the last 20 years with the support from international donor organizations to achieve compliance with the international accounting and auditing standards since the requirements were legalized in 1993. The most recent amendments to the Law on Accounting in 2015, as well as the approval of the Law on Integrated Budget in 2011, reinforced the requirement to comply with the international standards.

Even though efforts to improve accounting and reporting for public sector entities have been successful in certain areas, the following issues still remain: (i) the government’s accounting basis is not yet full accrual, (ii) IPSASs are not fully implemented, and (iii) the quality and importance of the Government’s consolidated financial statements are undermined because SOEs with less than 51% ownership, but are material to the financial statements, are not consolidated into the Government’s consolidated financial statements in accordance with the IPSASs.

One of the challenges that must be resolved for transitioning to full accrual based accounting and financial reporting in accordance with the IPSAS and IFRS is the development of the legal environment which enable assets to be measured and reported at fair and reasonable value in accordance with requirement of the IPSAS and IFRS. After the Law on Valuation was first approved in 2010, the new revision of the Law on Valuation was approved by the Parliament of Mongolia in 2022 which was an important event in accelerating the development of the sector. In connection with the latest approval of the amendment of the Law on Valuation, as a next step towards addressing legal environment-related challenges, APD plans to develop and update relevant regulations and methodologies on the valuation, its organization, and quality control matters for the further development of the valuation service and ensuring the implementation of the law. 

Particularly, the MOF recognizes the need to i) develop a draft regulation and methodology on the valuation for financial reporting; ii) formulate a draft regulation on the valuation quality control of the valuation firms as there has not been any regulations with this regard in Mongolia.; and iii) improve and update a regulation on the standard fee for the valuation service as the existing document has not been revised since 2010.

B. OBJECTIVE OF THE ASSIGNMENT

The objective of this assignment is to provide support to the MOF’s efforts in i) developing a draft regulation and methodology on valuation for financial reporting purposes; ii) formulating a draft regulation and methodology on valuation quality control of valuation firms; and iii) improving and updating the regulation on the standard fee for the procurement of valuation services to ensure the implementation of the latest amendment of the Law on Valuation and the compliance with the IFRS and International Valuation Standard (IVS).

C. SCOPE OF THE WORK

The consultant will undertake tasks including, but not limited to, the in close cooperation with the officials of the MOF and the other national consultants:

Task #1: Develop a draft regulation and methodology on valuation for financial reporting purposes in accordance with the IFRS and IVS to ensure the implementation of the provision 7.2.1 of the latest amendment of the Law on Valuation. 

  • Develop a draft regulation and methodology on the valuation for financial reporting including valuation approaches and methods for financial reporting concerning all types of asset classification in accordance with IVS and having regard to Mongolia’s accounting policies for asset valuation (having regard to IPSAS and IFRS);
  • Organize meetings and consultations with the MOF and other relevant stakeholders and present the draft regulation and methodology on the valuation for financial reporting to receive their comments and suggestions for the improvement of the draft regulation and methodology; and
  • Based on the findings of the consultations with stakeholders, revise and improve the draft regulation and methodology on the valuation for financial reporting.

Task # 2: Formulate a draft regulation and methodology and approach on carrying out valuation quality control of valuation firms to ensure the implementation of the provision 21.1.2 of the latest amendment of the Law on Valuation.  

  • Conduct a study on international best practice examples/approaches/methods on carrying out valuation quality control of the valuation firms in accordance with the IVS;
  • Review the latest amendment of the Law on Valuation approved by the Parliament of Mongolia in 2022 and other relevant materials for the requirements set for providing valuation service;
  • Based on the above-mentioned studies and reviews of the relevant materials, develop a draft regulation and methodology including approaches and methods on carrying out valuation quality control of valuation firms;
  • Organize meetings and consultations with representatives from the relevant governmental and non-governmental organizations, and valuation firms to receive their comments and suggestions for the improvement of the draft regulation and methodology;
  • Carry out a pilot valuation quality control of valuation firms using the draft regulation and methodology at selected valuation firms in order to test the draft regulation and methodology;
  • Based on the findings of the pilot valuation quality control, develop recommendations for further improving the regulation and methodology;
  • Present the report findings and recommendations and organize consultations with the MOF and other relevant stakeholders to receive their comments and suggestions; and   
  • Based on the findings of the studies, the consultations with stakeholders, and the pilot inspection, revise and improve the draft regulation and methodology on carrying out the valuation quality control of the valuation firms.

Task # 3: Improve and update the regulation for the standard fee for valuation service which was previously approved by the Ministerial order no.112 on May 13, 2010, to ensure the implementation of the provision 9.3 of the latest amendment of the Law on Valuation.

  • Conduct a study on the implementation status of the existing regulation concerning the standard fee for valuation service;
  • Conduct a study on international best practice examples/models on the development of the standard fee for valuation service;
  • Based on the above-mentioned studies and their findings, develop recommendations for further revising the regulatory and methodology documents;
  • Present the report findings and recommendations and organize consultations with the MOF and other relevant stakeholders to receive their comments and suggestions; and   
  • Based on the findings of the studies and consultations with stakeholders, revise and improve the regulation for the standard fee for valuation service.

D. DELIVERABLES 

Based on the contracted assignment and detailed contract implementation plan approved by the client, the consultant’s deliverables will be as follows:

Under task # 1:

  • A report with findings and recommendations for further improving the regulation and methodology on valuation for financial reporting purposes concerning all types of asset classification in accordance with IVS and having regard to Mongolia’s accounting policies for asset valuation (with reference to IPSAS and IFRS); and
  • Revised and improved final draft regulation and methodology on the valuation for financial reporting, which have incorporated the comments/inputs from the MOF and other relevant stakeholders.

Under task # 2:

  • A report on the study conducted on international best practice examples/approaches/methods on carrying out valuation quality control of valuation firms in compliance with the IVS;
  • A report with findings and recommendations of the pilot valuation quality control of valuation firms for further improving the relevant regulation and methodology; and
  • Revised and improved final draft regulation and methodology including approaches and methods which have incorporated the comments/inputs from the MOF and other relevant stakeholders.

Under task # 3:

  • A report on the study conducted on the implementation status of the existing regulations concerning the standard fee for valuation service;
  • A report on the study conducted on international best practice examples/models on the market-based procurement of valuation service;
  • A report with findings and recommendations for further improving the relevant regulation concerning the standard fee for valuation service; and
  • Revised and improved final draft regulation on the standard fee for valuation service, which have incorporated the comments/inputs from the MOF and other relevant stakeholders.

The Consultant will receive formal feedback and comments on each deliverable within 2 weeks after submission from the APD.

E. CONSULTANT’S QUALIFICATIONS/SELECTION CRITERIA

Education and Knowledge:

  • A suitable candidate must have a master’s degree in economics, finance, accounting and/or other relevant fields;
  • Proven knowledge of the IVSs will be required;
  • Proven knowledge of the features of the capital market and its legal environment will be required; and
  • Professional qualifications such as CFA/CPA/CIMA or similar will be an advantage.

Experience: 

  • Incumbent should have at least 5 years of direct relevant experience in the valuation service;
  • Previous experience in a similar capacity of developing metholdogy and guidance on valuation and quality control will be required; 
  • Research experience in valuation for 3 years at the minimum will be required;
  • Previous experience of providing consultancy services to government entities and international organizations will be an advantage.

Language skills: 

  • Excellent writing skills in both English and Mongolian are required.

Other skills

  • Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment and high integrity and accountability; and
  • Be proficient in PC-based applications such as Word, Excel and data management, and have excellent web research and navigation skills.

F.  INSTITUTIONAL ARRANGEMENTS

The MOF will provide an office space and equipment for the consultant as deemed necessary. The Consultant will have access to all the necessary data/information that the MOF could provide for this assignment. The Consultant will work in close cooperation and coordination of the APD, MOF. 

The Client will appoint officials to monitor the contract implementation. Appointed MOF officials will be responsible for the coordination of activities under the Contract, for reviewing and accepting Deliverables to be submitted by the Consultant.

G. SUPERVISION AND REPORTING 

The Consultant will report to the Director-General of the APD of MOF and will work on a daily basis with officials appointed by the APD and, as required, with officials from the MOF on technical matters relevant to the assignment.  

H.  CONTRACT DURATION 

The consultant’s assignment is expected to commence in September 2022. The assignment’s expected input is 5 months on a full-time basis. 


If you possess the above qualifications, please submit the following documents via email to procurement_sgm@sffs.mn:

1. Cover letter indicating why she/he considers her/himself suitable for the position.

2. Detailed CV highlighting relevant skills/experience.

3. Copy of diplomas or certificates; and,

4. Two (2) reference letters from the previous last two employers no later than 15:00 PM, September 20, 2022.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidate will be contacted.Address for submission of Expression of Interest: Attention to Ms.Oyunyam.M, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Address: Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement_sgm@sffs.mn

Холбоо барих

70120582

Хавсралт

СҮҮЛД ЗАРЛАСАН ЗАР
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Захиалагч: Сангийн яам

Төрөл: Зөвлөх үйлчилгээ


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Захиалагч: Сангийн яам

Төрөл: Зөвлөх үйлчилгээ


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