CONSULTANCY FOR THE REVIEW AND REVISION OF THE FINANCIAL MANAGEMENT POLICY AND PROCEDURES MANUAL - African Institute of Biomedical Science and Technology (Aibst)

BACKGROUND

The African Capacity Building Foundation (ACBF) is implementing a program onStrengthening Institutional Capacity for Strategic Partners (SPIA). The program supportsselected Africa-based institutions working in biomedical science research to strengthen theirinstitutional capacity and enhance their contribution to drug discovery, development, andinnovation on the continent.

Through this program, ACBF is supporting the African Institute of Biomedical Science andTechnology (AiBST) to strengthen its institutional governance, operational systems, andmanagement frameworks. As part of this initiative, a Capacity Needs Assessment (CNA) wasconducted at AiBST to evaluate the effectiveness of its institutional systems and operationalpractices. The assessment identified several gaps requiring corrective action, includingweaknesses in financial governance. In particular, the existing Financial Management Policyand Procedures Manual was found to be outdated and not fully aligned with currentoperational requirements and best practices.

Strengthening financial governance systems is essential for ensuring transparency,accountability, sound internal controls, and compliance with donor requirements. To addressthis gap, AiBST intends to engage a qualified consultant to review and update the FinancialManagement Policy and Procedures Manual to align with international best practices and theneeds of a growing research institution managing donor-funded programs.

OBJECTIVE OF THE ASSIGNMENT

The objective of this consultancy is to review, update, and modernize the FinancialManagement Policy and Procedures Manual of AiBST in order to strengthen financialgovernance, improve internal controls, and ensure transparency and accountability in themanagement of financial resources. The revised manual should provide clear policies,procedures, and operational guidelines to support sound financial management within theinstitution.

Key Responsibilities

• Review Existing Financial Policies and Procedureso Conduct a comprehensive review of the existing Financial ManagementPolicy and Procedures Manual.
• Identify gaps, outdated provisions, and inconsistencies with best practices.
• Assess Current Financial Management Systemso Review financial planning, budgeting, accounting, and reporting processes.
• Assess internal control mechanisms and financial oversight structures.
• Benchmark Against Best Practiceso Review financial management frameworks used by comparable researchinstitutions, universities, and international organizations.
• Ensure alignment with internationally accepted financial managementstandards and Private Voluntary Organisations Act (Chapter 17:05)
• Revise the Financial Management Policyo Update financial governance structures and responsibilities.
• Define financial authority levels and approval thresholds.
• Update Financial Procedureso Budget preparation and management.
• Cash management and banking procedures.
• Financial reporting, documentation and accountability procedureso Asset and inventory management.
• Internal and external audit procedures.
• Grant and project financial management.
• Strengthen Internal Controlso Define segregation of duties.
• Establish financial risk management procedures.
• Safeguards for online payment processing platforms (VISA/ Credit card use)o Improve compliance mechanisms.
• Stakeholder Validationo Present the draft revised manual to AiBST management and relevant staff.
• Incorporate feedback and finalize the document

Requirements

• An advanced degree in Accounting, Finance, Business Administration, or a relatedfield
• Professional certification such as ACCA, CPA, or equivalent
• At least 10 years of experience in financial management systems development
• Proven experience developing or reviewing financial management policies andprocedures manuals
• Experience working with research institutions, NGOs, or donor-funded organizations
• Strong analytical, facilitation, and report-writing skills

How to Apply

The consultant will be selected based on an assessment of both the technical proposal andfinancial offer. The consultant may be required to participate in a one-on-one videoconferencing assessment as part of the technical evaluation process. The Expression ofInterest (EOI) should include:

• A proposal responding to the points in this TOR with references for at least threesimilar assignments
• A proposed work plan and timeline
• Curriculum Vitae (CV) of the consultant(s)
• A detailed financial proposal including cost breakdown. The financial proposalshould be guided by the deliverables table in section 4. It should be passworded
• The proposal should not exceed five (5) pages.

SUBMISSION

The proposal together with the requested documents should be submitted to:

**The email and documents should be marked:”Revision of Financial Management Policy for AiBST.”**

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