*DOWNLOADABLE REOI WITH ANNEXES and TOR at End
REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES)
Republic of the Marshall Islands
Strengthening Public Financial Management II
Loan No. /Credit No. / Grant No.: IDA – E5100
Assignment Title International US GASB Advisory Firm
Reference No. (as per procurement plan): MH-PFM PMO-576102-CS-CQS
The Government of the Republic of the Marshall Islands (RMI) faces structural and institutional capacity constraints in sustaining effective public financial management and service delivery. Strengthening accounting, financial reporting, and audit readiness remains a national priority to improve fiscal transparency and accountability.
With financial support from the World Bank, the Government of RMI is implementing the Strengthening Public Financial Management II (PFM II) Project. The Project Development Objective is to strengthen the reliability, quality, and timeliness of public financial reporting, supported by modernized systems and sustained institutional capacity.
Under Component 1: Improving PFM Practices in Budget Execution and Financial Reporting, Sub-component 1.1 focuses on developing sustainable in-house capability within the Ministry of Finance, Banking & Postal Services (MOFBPS), Budgetary Central Units (BCUs), and selected Component Units (CUs) to prepare Annual Financial Statements (AFS) compliant with U.S. Generally Accepted Accounting Principles (GAAP) accounting standards.
MOFBPS has made progress in strengthening its financial reporting capacity and has engaged an embedded GASB Specialist and accounting personnel to progressively support strengthening of financial management and reporting practices. Additional specialized advisory support is required to assist the Ministry during the annual financial statement preparation cycle, address complex accounting and consolidation matters, enhance the current Chart of Accounts (CoA) to a unified CoA covering all government budget entities, strengthen Component Unit financial reporting and its integration with the Government FMIS to support consolidated reporting and audit readiness, and provide technical quality assurance.
RMI has implemented the BISAN Financial Management Information System (FMIS) as the primary platform for budget execution, accounting, and financial reporting. RMI is also in the process of enhancing the FMIS with additional functionalities that will include budget planning, FMIS interface with external systems, and improvements in financial reporting. While the FMIS is operational, preparation of the Annual Financial Statements continues to require manual processes and adjustments outside the system. MOFBPS intends to progressively strengthen and automate the generation of GASB-compliant financial statements and supporting reports directly from the FMIS.
Scope of Services
Under the general guidance of the PFM II Project Manager and in close coordination with MOFBPS, the Firm shall provide specialized technical assistance in the following areas:
3.1 Annual Financial Statement Preparation and Technical Support
The Firm shall lead and provide hands on technical support to MOFBPS for the timely preparation and completion of the GASB compliant Annual Financial Statements for the Primary Government and agreed material Component Units, including:
• Compilation and preparation of the government wide and fund financial statements, notes, disclosures, supporting schedules, reconciliations, consolidation adjustments and elimination entries for Fiscal Year 2026;
• Assist the RMI to develop a detailed year end close and financial statement preparation calendar, including identification of milestones, roles and responsibilities, and required adjusting and conversion entries;
• Technical advice and quality assurance on complex accounting treatments, adjustments, applicable GASB requirements, prior-period matters, and accounting-related audit findings;
• Review and strengthening of year-end close procedures, financial statement templates, working papers, and supporting schedules where material gaps are identified;
• Targeted surge support during agreed critical periods of financial statement preparation and external audit;
• Provide technical advice on Chart of Accounts enhancements and related financial reporting requirements, as required by MOFBPS.
The Firm shall work alongside the PFM II GASB Specialist, the Reform Coordination Unit, and MOFBPS accounting staff and shall use existing work products wherever appropriate. MOFBPS shall retain ownership and formal approval of the Annual Financial Statements. The Firm shall document the compilation process and transfer knowledge and practical tools to enable MOFBPS and relevant Component Units to lead subsequent reporting cycles.
3.2 Component Unit Financial Reporting and Audit Readiness
The Firm shall provide hands on technical support to agreed material Component Units for the compilation and completion of GASB compliant financial statements and preparation of information required for consolidated government wide reporting, including:
• Support the preparation of GASB-compliant financial statements, reconciliations, disclosures, supporting schedules, and consolidation information for Fiscal Year 2026 and other outstanding prior years;
• Provide technical advice on mapping Component Unit trial balances and reporting information to the Primary Government reporting structure and Bisan FMIS, where relevant;
• Assessment of CU financial reporting and audit readiness, including accounting records, reconciliations, year-end close, audit documentation, recurring audit findings, systems, and relevant staff capacity;
• Establishment of an audit readiness baseline and a Prioritized Component Unit Financial Reporting Improvement Plan;
• Targeted technical assistance to priority CUs to address identified accounting and audit-preparation gaps; and
• Development of standardized reporting templates, checklists, procedures, and timelines to progressively enable CUs to harmonize their financial reporting and provide information required for consolidated government wide reporting and audit preparation.
The assessment and support shall remain focused on financial accounting, financial reporting, year-end close, and external audit readiness and shall not extend to broader operational, procurement, grants-management, or general compliance matters.
3.3 FMIS Financial Statement Automation and Enhanced Chart of Accounts Support
The Firm shall provide accounting and functional advisory support for the progressive automation of GASB-compliant financial statements and supporting reports through the FMIS, including:
• Review, testing, and validation of FMIS-generated financial statements and supporting reports against GASB requirements and approved reporting formats;
• Support for implementation of the enhanced CoA, including technical discussions/workshops, an implementation strategy, training, and rollout support across relevant RMI budgeting entities;
• Accounting and functional guidance to the FMIS Specialist, Graduate GASB Trainees, MOFBPS accounting staff, FMIS service provider, and other relevant technical teams on financial reporting configurations and enhancements; and
• Recommendations to progressively reduce manual financial statement preparation and increase reliance on validated FMIS-generated reports.
The Firm’s role shall focus on accounting requirements, functional specifications, testing, validation, and quality assurance of the ongoing FMIS Enhancements. Technical programming, software development, and system administration shall remain the responsibility of the FMIS technical team and/or service provider.
3.4 Audit Support, Capacity Building and Knowledge Transfer
Throughout the assignment, the Firm shall:
• Support MOFBPS and priority CUs in preparing audit-ready working papers and responding to accounting and financial reporting matters raised by external auditors where feasible;
• Provide specialized training and technical coaching on complex GASB requirements, Component Unit consolidation, audit readiness, and validation of FMIS-generated reports, building on the ongoing mentoring provided by the GASB Specialist;
• Develop practical financial reporting guidance, templates, procedures, and reference materials for areas covered by the firm’s assignment; and
• Transfer knowledge and responsibilities to strengthen sustainable in-house financial statement and audit-preparation capacity.
Duration, Location and Conditions of the Assignment
• Duration: Eighteen (18) months, with the possibility of extension subject to satisfactory performance, continued project requirements, availability of financing, and applicable procurement and contractual requirements.
• Mode: Primarily virtual, supplemented by in-country missions proposed by the Firm and agreed with MOFBPS in the approved work plan.
• The technical and financial proposals shall state the proposed number, duration, timing, and cost assumptions for in-country missions. Missions should, where practicable, coincide with critical periods of the annual financial reporting cycle, Component Unit engagement, FMIS reporting work, year-end close, audit preparation, and targeted training.
• MOFBPS will facilitate reasonable access to relevant financial information, FMIS reports, audit documentation, and designated counterpart personnel required for performance of the assignment.
The detailed Terms of Reference (TOR) and REOI with Annexes for the assignment can be obtained at the email address given below.
Ministry of Finance, Banking and Postal Services, MIR room 219
or E-mail: rf.rmipfm@gmail.com
The criteria for selecting the Consultant are:
| Evaluation Criteria | Description | Maximum Score |
| At least five (5) years of experience in GASB / U.S. GAAP financial statement preparation and quality assurance | Demonstrated experience preparing or quality-assuring government-wide and fund financial statements, notes, disclosures, and reconciliations compliant with GASB/U.S. GAAP, including advising on complex public-sector accounting and reporting issues | 30 |
| Experience in consolidation, year-end close, and audit readiness | Experience supporting Primary Governments and Component Units, public authorities, or comparable entities in consolidation, year-end close, audit preparation, and clearing audit backlogs or recurring audit findings | 20 |
| Experience in FMIS/ERP financial reporting and Chart of Accounts reform | Experience translating accounting and reporting requirements into FMIS/ERP functional specifications, testing and validating system-generated financial statements, and supporting Chart of Accounts enhancement or rollout | 15 |
| Experience in capacity building and knowledge transfer | Experience providing structured technical assistance, mentoring, and training to government accounting teams, and developing templates, procedures, and transition plans that enable in-house preparation | 15 |
| Experience with development partner-financed projects | Experience delivering public financial management assignments financed by the World Bank, ADB, or other development partners | 10 |
| Experience in Pacific Island and U.S. GAAP jurisdictions | Experience in Pacific Island Countries or other small jurisdictions applying U.S. GAAP, including familiarity with the RMI public financial management environment | 10 |
| Total | 100 | |
Evaluation Process
All Expressions of Interest will be reviewed and scored against the above criteria. The firms with the highest scores may be shortlisted. In accordance with the Consultant Qualification Selection method the firm with the most appropriate qualifications and experience will be invited to submit a combined technical and financial proposal and negotiate the contract.
Submission Requirements
The attention of interested Consultants is drawn to paragraph 3.14, 3.16 and 3.17 of the WB’s Procurement Regulations for IPF Borrowers under Investment Project Financing dated February 2025 (“the Regulations”), setting forth the WB’s policy on conflict of interest. A consulting firm will be selected in accordance with the Consultant Qualification Selection method set out in the Procurement Regulations.
Expressions of Interest must be submitted electronically by 5:00 pm Majuro time on October 23, 2026.
Interested consulting firms should submit the following information to demonstrate their qualifications and relevant experience.
- Cover letter expressing interest in the assignment using the template provided Cover Letter Template attached (Annex – 1)
- Completed application form using the template provided Application Form attached (Annex – 2).
- Curriculum vitae of proposed key experts relevant to the assignment
- Proof of company registration or legal incorporation
Incomplete submissions may not be considered during the evaluation of Expressions of Interest.
Subject line
International US GASB Advisory Firm
The submission must be addressed to:
PFM II Project Manager
Ministry of Finance Banking and Postal Services
Republic of the Marshall Islands
Eugene Amor
PFM II Project Manager
Eamorfsm@gmail.com
And cc the following:
Robert Fitzpatrick
PFM II Assistant Project Manager
Rwfitz727@gmail.com
Jerry Nathan
CIU Program Manager
Jerrynathan09@gmail.com