Consultancy -Financial and Legal Expert Consultant for Comprehensive Payroll Compliance Assessment

Title: Request for Proposal (RFP) – Financial and Legal Expert Consultant for Comprehensive Payroll Compliance Assessment

Introduction:

We are an International Non-Governmental Organization (INGO) situated in Iraq/Kurdistan Region, actively searching for the expertise of a highly qualified financial and legal consultant. The primary responsibility of this consultant will be to conduct a comprehensive examination of our payroll processes. The overarching objective of this review is to ascertain and ensure the full compliance of our payroll procedures with local labor laws. The specific areas of concentration will encompass income tax, social security employee contributions, and social security organization contributions.

Given that our organization operates in regions governed by both federal Iraq regulations and Kurdistan Region of Iraq (KRI) guidelines, it is imperative that the chosen consultant possesses a deep understanding and proficiency in both jurisdictions. The ideal candidate will bring forth a wealth of experience and knowledge in financial and legal matters, ensuring a meticulous review that aligns with the nuanced regulatory frameworks of both federal Iraq and KRI.

Scope of Work:

The consultant will undertake the following responsibilities:

• Conduct a meticulous examination of our existing payroll system and processes, aligning the assessment with the terms outlined in staff contracts.
• Evaluate the extent of compliance with local labor laws, specifically focusing on income tax, social security employee contributions, and social security organization contributions. This evaluation should adhere to both Federal Iraq law and Kurdistan Region regulations.
• Identify and document any discrepancies, errors, or instances of non-compliance with local laws.
• Review and adjust formulas within the payroll calculations, as necessary, to ensure precision and adherence to compliance standards.
• Offer guidance on compliance requirements unique to both federal Iraq regulations and KRI rules. This includes providing details on the official exchange rate from the Central Bank of Iraq (CBI) and the rate utilized for reimbursing social security and tax obligations to the government.
• Present a comprehensive report encompassing findings, recommendations, and proposed corrective actions.
• Supply a practical and streamlined payroll sheet that incorporates any required corrections and adjustments.

Qualifications:

Qualifications required for the prospective candidate/consultant include the following:

• Possession of a valid certification as a registered public accountant, accompanied by substantial experience in the realms of financial and legal consultancy.
• Profound expertise in the intricacies of local labor laws and regulations, with a specific emphasis on comprehensive understanding of income tax and social security contributions in both the federal Iraq and Kurdistan Region of Iraq (KRI).
• Demonstrated and documented success in undertaking comprehensive payroll compliance reviews, with a focus on organizations of comparable size and complexity.
• Exceptional analytical capabilities coupled with meticulous attention to detail.
• Effective verbal and written communication skills, underscored by a proven ability to generate insightful reports.
• Proficiency in working with efficiency and meeting established deadlines, reflecting a strong commitment to task completion and time management.

Deliverables:

Upon completion of the review, the consultant will deliver the following:

1. Detailed report outlining findings, including any discrepancies or non-compliance issues identified during the review.
2. Well-defined recommendations for corrective actions and enhancements, ensuring full alignment with local labor laws. This will encompass specific insights into official exchange rates.
3. An updated payroll sheet that incorporates essential corrections and adjustments to formulas, accompanied by clear explanations for each modification.
4. Any supplementary documentation or support materials relevant to the review process.
5. Assessment of the impact of changes retroactively for the past three months, per staff member, detailing any necessary retroactive adjustments.

Timeline:

The consultant is expected to complete the review within one week from the commencement date. The timeline should allow for thorough analysis and documentation of findings and recommendations.