Sound governance and capable institutions are essential for achieving shared prosperity and sustained reductions in poverty. A rapidly-growing body of analytic work demonstrates that there are clear linkages between good governance and growth. Countries that improve governance are able to use their human and financial resources more efficiently with fewer losses and distortions. They are able to attract higher levels of foreign and domestic investment and, on average, grow more rapidly; and more importantly build trust between citizens and the state through effective service delivery, openness and functioning systems of accountability.
The Governance Global Practice (GGP) supports countries in building open, effective and accountable institutions for inclusive development. The Practice brings together professionals in procurement, financial management, revenue and expenditure management, public sector performance, regulatory policy, open government and transparency, digital governance, law and development, anticorruption, and citizen engagement to develop innovative, integrated solutions to complex institutional problems. The practice utilizes a problem-driven, diagnostic approach, combining global knowledge of reform successes and failures with an understanding of the institutional challenges and opportunities of supporting policy reform in developing countries.
Specifically, the GGP provides support through three Directorates that report to the Senior Director, Governance:
▪ The Directorate for Financial Accountability and Reporting helps strengthen the management and reporting of public expenditures; augmenting budget and accounting systems; and provides fiduciary support on World Bank operations.
▪ The Directorate for Public Sector and Institutions supports both core agencies and line departments to improve performance and effectiveness through reforms in public financial and expenditure management, domestic resource mobilization, human resource management, performance monitoring, regulatory reform, ICT solutions and innovative delivery approaches, citizen engagement, open government and judicial and legal reform.
▪ The Directorate for Solutions and Innovations in Procurement supports countries to build open and competitive procurement systems; strengthen country procurement institutions; and provides fiduciary support on World Bank operations.
Financial Accountability and Reporting Group
The GGP Financial Accountability and Reporting Group assists World Bank member countries in developing and implementing strategies to reduce poverty and promote sustainable development through lending and non-lending, advice and analytical work, and promotion of global public goods, with a focus on transparency, financial accountability, and financial reporting in the private and public sectors. It covers accountability institutions, oversight bodies and regulators, as well as financial management functions of Bank-funded operations. A unit within the FAR Group, called Oversight, Reporting and Accountability, brings together cross-cutting functions including the Public Expenditure and Financial Accountability Secretariat (PEFA) and the Centre for Financial Reporting and Reform (CFRR-Vienna).
Centre for Financial Reporting Reform
The Centre for Financial Reporting Reform (CFRR) in Vienna, Austria performs diagnostic assessments, provides technical advice and assistance, convenes stakeholders and policymakers from client countries to share knowledge and experience, offers training and capacity development, and performs a variety of other services, all aimed at supporting reform, institutional strengthening and dissemination of good practices in the area of financial reporting and auditing.
The CFRR has built a team of experts including former senior officials from preeminent institutions and entities operating in areas such as audit oversight and quality assurance, accounting and auditing education, professional accountancy organization, and assurance services. The Centre offers specialized technical knowledge of international good practices in areas including:
• legal and regulatory frameworks governing accounting and auditing;
• accounting and auditing education (at the university and professional level);
• audit regulation and oversight;
• development of professional accountancy organizations;
• internal controls over financial reporting; and
• accounting, auditing, and their supervision in the financial sector.
Part of the World Bank’s Governance Global Practice, the CFRR was originally created to support client countries in the Europe and Central Asia region to adopt and implement high-quality financial reporting standards as a key element of strong corporate governance systems. The CFRR has accumulated a wealth of knowledge and experience from its work in Europe and Central Asia and will continue to operate substantially in the region. But the CFRR is now expanding its geographic reach to provide its services globally. Moreover, the CFRR has broadened its range of services to include reform initiatives for public sector accounting and support for improving reporting and related governance of State-Owned Enterprises (SOEs).
Client demand for World Bank assistance in the field of corporate sector financial reporting has been growing strongly. Client countries recognize the contribution of improved financial information to private and financial sector development, to the regulatory and tax-raising capacity of the state, and to enhanced transparency and governance more generally. The global financial crisis, whose impact lingers in many client countries, has led to additional focus on the contribution of financial reporting to financial sector prudential supervision and financial stability.
The Centre is part of the GGP, and its Head reports to the Practice Manager for Oversight, Reporting and Accountability. In carrying out its activities, the Centre collaborates closely with other colleagues forming part of the GGP, regional staff working in other Global Practices, various networks within the Bank, and other parts of the Bank Group, including IFC and MIGA,.
The current work program of the Centre comprises a mix of analytical activities funded by Bank Budget or through fee-based “Reimbursable Advisory Services” (for example, the assessments known as Accounting and Auditing Reports on Observance of Standards and Codes, or “A & A ROSCs”); several large multi-year programmatic technical assistance programs (donor-funded or RAS) for countries in Europe and Central Asia, combining both regional and national activities; two large multi-year technical assistance and knowledge programs respectively for the Western Balkans (known as “REPARIS”) and the Eastern Neighborhood countries (known as ‘STAREP”), combining donor-funded Bank-executed regional activities and recipient-executed national activities; and preparatory activities for an expansion of similar programs to Central and East Asian countries.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.
1. Task lead country-level analytical work, including A & A ROSC assessments, meeting fully the Bank’s standard of quality while ensuring cost efficiency and timeliness.
2. Task lead technical assistance projects arising from country-level analytical work and/or implemented as part of the above-mentioned regional programs, ensuring their timely delivery, technical quality, cost efficiency and effectiveness; provide technical support to similar activities led by other CFRR colleagues.
3. Managing the client relationship for several client countries (typically between two and four), ensuring close and smooth coordination with other Bank sectors and colleagues working in those countries, and fostering collaboration so that project activities achieve optimal successful outcomes; providing technical advice on financial reporting and auditing issues to other Bank colleagues working on these countries (e.g., The Bank’ Financial & Markets Global Practice).
4. Provide technical leadership on International Financial Reporting Standards (IFRS) or International Standards on Auditing (ISA), leading engagements with partner countries in these areas.
5. Build and maintain relationships with the relevant international standard-setting bodies, and professional or civil society organizations, academe, and the private sector on issues relating to IFRS or ISA and related methodologies and education aspects.
6. Maintenance of the CFRR’s knowledge base in relation to IFRS or ISA and the timely dissemination of related developments to other CFRR colleagues, client counterparts, and other Bank units and partners.
7. Development of new methodologies, approaches, and operations to meet demand for Bank assistance, with a special emphasis on Reimbursable Advisory Services and donor-financed accounting and auditing reform activities. Contribute to the regular maintenance and updating of Bank/CFRR methodology and analytical tools especially in relation to IFRS or ISA.
8. Development of strategies for corporate financial reporting activities and planning of the CFRR’s work program.
9. Support to other Bank colleagues working on analytical, technical assistance or knowledge projects involving corporate financial reporting, especially financial reporting or auditing standards, accountancy development and accounting education.
10. Efforts to mobilize donor financial support for CFRR-led projects.
11. Substantive technical inputs to systematic country diagnostics (SCDs), country partnership frameworks (CPFs), sub-national strategies, sector strategies, relevant policy and sector advisory notes (e.g., on financial sector development and private sector development), and Financial Management analytical work involving corporate financial reporting or public financial management.
12. Support to other regional FAR teams on projects and knowledge initiatives focusing on corporate financial reporting, especially IFRS or ISA.
• Established reputation for professional excellence in the field of financial reporting regulation.
• Prior work experience to cover a combination of professional practice, standard-setting, academic, and regulatory activities, at national, European, and international level.
• In-depth knowledge IFRS, ISA, relevant pronouncements of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and other key international requirements governing corporate financial reporting.
• Demonstrated ability to provide intellectual leadership in the field of corporate sector financial reporting and to conceptualize, design and implement reform initiatives, including credibility in conducting policy dialogue at the highest level.
• Demonstrated ability to provide intellectual leadership in the area of performance indicators, results, and monitoring and evaluation.
• Well-developed understanding of how corporate sector financial reporting links with other areas of private and financial sector development, and contributes to economic growth and good governance.
• In-depth knowledge and practical experience of the challenges faced in the implementation of international accounting and auditing standards.
• Familiarity with international debates on financial reporting regulation, and on the linkages between financial reporting and financial sector regulation financial stability.
• Ability to effectively liaise with and report to donors.
• In-depth knowledge and understanding of project management tools and methodologies, resource management, and stakeholder communications.
• Proven experience in guiding, mentoring and coaching staff on substantive as well as procedural issues.
• Proven client people skills, ability to listen and to influence.
• Demonstrated capacity to function as a member of a multi-disciplinary team; to search for common ground where appropriate; and to focus on solutions and deliver quality results on time. Ability to work flexibly on a range of assignments, and adjust to and prioritize a variety of complex evolving tasks.
• Excellent communication skills, including the ability to speak articulately and persuasively, and to write clearly and concisely.
• Demonstrated ability to work in diverse environments.
• English language skills essential. Other languages would be an advantage.
• Willingness and ability to travel.