Consultancy for Development of SOEs Assets Tender - 43966510

Procurement Summary

Country: Liberia

Summary: Consultancy for Development of SOEs Assets Verification and Valuation (AV&V)

Deadline: 31 Jul 2020

Posting Date: 06 Jul 2020

Other Information

Notice Type: Tender

TOT Ref.No.: 43966510

Document Ref. No.: IPFMRP/FR/2.1.6-AfDB

Competition: ICB

Financier: African Development Bank (AfDB)

Purchaser Ownership: -

Tender Value: Refer Document

CPV Classification

79410000 - Business and management consultancy services

Purchaser's Detail

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Tender Details

Expression of Interest are invited for Consultancy for Development of SOEs Assets Verification and Valuation (AV&V).
Republic of Liberia

MINISTRY OF FINANCE AND DEVELOPMENT PLANNING

P.O Box 10-9016

Intersection of Broad and Mechlin Streets

Monrovia, Liberia
(REQUEST FOR EXPRESSIONS OF INTEREST - SELECTION OF A FIRM)
NAME OF PROJECT: Integrated Public Financial Management Reform Project, II
Assignment Title: Consultancy for Development of SOEs Assets Verification and Valuation (AV&V)

Financing Agreement reference: 2100155034068

Project ID No.: P-LR-K00-014

Reference No. IPFMRP/FR/2.1.6-AfDB

Issue Date: July 3, 2020

End Date: July 31, 2020
1. INTRODUCTION
The Government of Liberia (GoL) has been implementing a wide range of Public Financial Management Reforms, including strengthening the fiscal management of State-Owned Enterprises (SoEs) and mitigating their associated risks. The overarching goal is to assist participating SOEs to understand and apply the principles of effective corporate governance and the applicable legal frameworks.
The SOE Financial Reporting Unit at the Ministry of Finance and Development Planning continues to make strides in evaluating SOEs- performance based on information contained in the financial statements presented by their respective management teams. A close analysis over the years has shown that the financial information provided in these statements are usually incomplete, with the absence of a balance sheet and a cash flow statement. This makes it difficult to comprehensively ascertain the types of assets for each SoE and to assess associated risks. A centralized asset register that contains information on all SoEs- assets is yet to be put in place. Maintaining a complete asset register is a central and important duty for each SoE, especially where the asset forms the core element of the business operation of the SoE. Asset register stores all relevant information such as the cost of acquisition/production of each asset, net book value, depreciation cost, residual value, and useful life. It also includes information on basic technical data and asset location among others.
The Government of Liberia through the Ministry of Finance and Development Planning received funding for the Second phase of the Integrated Public Financial Management Reform Project (IPFMRP-II) funded by the African Development Bank. The project primary objective is to improve accountability and transparency in PFM systems. The project is composed of many subcomponents, and one of them is to strengthen the State Owned Enterprises Financial Reporting Unit. The project intends to apply part of the proceeds of the funding for eligible payment under the contract to hire a consulting firm to develop SoEs Asset Verification and valuation Registry.
2. OBJECTIVE OF THE ASSIGNMENT
The objective of the assignment is to hire a consulting firm to develop a centralized SoE Asset Registry for tracking and recording fixed assets of SOEs in accordance with International Financial Reporting Standards (IFRS), using a user-friendly, secure, scalable and web-based Fixed Asset Registry capable of integrating seamlessly with other third-party Database Applications.
3. SCOPE OF THE SERVICES TO BE PERFORMED
The consulting firm is expected to work closely with the SOE Financial Reporting and Coordination Unit at the MFDP and various SOEs to fulfill the following activities:
• Verify coding, plating and location of each asset of SOES, for inclusion in the database
• Identify assets which cannot be verified and thus require proof of title and value must be determined by the consultant
• Assess, value and revalue assets that have fully depreciated over the years but are still useful economically;
• Review/update the business processes pertaining to Fixed Assets Management of the SOEs
• Verify the existence, location and ownership of the Fixed Assets of SOEs
• Identify the custodian of each fixed asset for accountability purposes
• Appropriately tag and code the fixed assets for inclusion into the Assets Registry
• Ascertain appropriate valuation of the fixed assets based on International Financial Reporting Standards (IFRS)
• Assess, value and revalue assets that have fully depreciated over the years but still have economic value
• Develop a multi-company and multi-currency SOEs Assets Registry capable of accommodating an unlimited number of fixed assets analyzed by class, category, etc.
• Assist to upload the fixed assets to the Assets Registry
• Train the users of the Fixed Assets Registry System
• Prepare an Operations Manual for the Fixed Assets Registry
• Provide on-going support for the Fixed Assets Registry
4. DURATION OF THE ASSIGNMENT:
The assignment shall be completed within Three (3) months after signing of the contract.
5. REPORTING REQUIREMENTS
The firm will report to the head of the SOE Financial Reporting Unit, who will be responsible for technical oversight and supervision of the consulting firm on all technical aspects of the assignment and to the Project Manager on all contractual issues. All documents/reports will be issued in English, submitted in both hard and electronic copies: The reports to be submitted are:
1. Inception Report: Firm will produce an inception report on the assignment to be undertaken (including Work Plan and Risk Assessment).
a) Monthly Progress Reports: The Firms shall prepare monthly and concise reports highlighting progress and achievements and emerging issues that need management attention;
b) Final Report: Before the end of the assignment, the Firm shall submit a final report detailing all the activities undertaken. The report will outline achievements and issues and lessons learnt. The head of the SOE Financial Reporting Unit will approve all reports.
6. EXPECTED OUTCOMES/DELIVERABLES
The following are the expected assignment deliverables:
i. An Assets Verification & Valuation Registry in accordance with International Financial Reporting Standards of each individual SOE, and consolidated assets valuation Report of the entire sector.
ii. A fully operational web-based fixed assets register that meets the minimum requirements specified in (D) above
iii. An Operations Manual for the Fixed Assets Registry
7. QUALIFICATIONS REQUIREMENTS FOR THE FIRM
Interested firms must meet the following Minimum Qualifications Requirements:
i. At least ten (10) years- experience in designing and implementing information system;
ii. At least two (2) experiences in designing an Asset Registry or Database over the past five (5) years, including training of users and provision of support and maintenance services.
8. KEY EXPERTS QUALIFICATION REQUIREMENTS
Key Expert 1: Team Leader
Level of Effort: (2 Months) PLUS (1 Month within a year), total 3 Months
Minimum Qualifications Requirements:
i. Education: Master degree in Economics, Accounting, business administration, Computer Science, Information System or an equivalent university degree with minimum of 12 years of experience in designing information systems and managing information systems.
ii. General Experience: At least ten (10) years of experience in managing government projects with proven experience in developing information system, understanding of ICT system and implementation issues.
iii. Language: Fluency in English, spoken, read and writing.
Key Expert 2: Information Communication Technology Expert Level of Effort: 2 Months
Minimum Qualifications Requirements:
i. Education: Bachelor degree in Information Technology, Computer Science or equivalent. Bachelor-s degree in Mathematics, Economics, Accounting, Business Administration;
ii. General Experience: At least ten (10) years of experience in Information Technology;
iii. Similar Experience: At least two (2) similar experience in designing and developing Asset Registry or Asset Database for the public or the private sector, and must have knowledge of international best practices on Asset Database.
iv. Professional Certification: shall be certified ICT professional;
v. Language: Fluency in English, spoken, read and writing.
Key Expert 3: Accounting Expert

Level of Effort: 2 Months
Minimum Qualifications Requirements:
i. Education: Master degree in Economics, Accounting, Business Administration, Computer Science, Information System or an equivalent university degree;
ii. Specific Experience: At least ten (10) years of experience in Public and Private Sector Accounting;
iii. Professional Certification: shall be certified Accounting professional (ACCA, CA, CPA, CMA, etc);
iv. Language: Fluency in English, spoken, read and writing. Further information and the detailed TOR can be obtained at the address below during office hours, i.e. from 0900 to 1700 hours (GMT), Mondays through Fridays.
The Project Management Unit (PMU) of the Ministry of Finance & Development Planning (MFDP) now invites eligible firms to express interest in providing the services by providing a list of similar assignments performed with references and submitting Curriculum Vitae (CVs) and copies of academic credentials of key and non-key experts, demonstrating experience in performing similar assignments with references and showing responsiveness to the qualification requirements outlined in this REOI. Eligibility criteria and the selection procedure shall be in accordance with the World Bank-s “Procurement Regulations for IPF Borrowers” July 2016, Revised November 2017 and August 2018 (“Procurement Regulations”). A firm will be selected using the Least Cost Selection (LCS) Method set out in the Procurement Policy Framework referenced above. Expressions of interest must be delivered in a written form or by email to the address below on or before 31st July, 2020 @ 1700 hours (GMT) and indicate in the Email subject line or on the outer envelope “C

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