Expression Of Interest External Audit For The Financial Year 2024 97 views

    Terms of References (ToRs) for External Auditors Annual audit 

Regarding the performance of audit of accounts that includes activities funded by the Education Out Loud project. 

1. The auditor shall be selected by the organization’s administrator through a rigorous  procurement process, ensuring the acquisition of competitive and independent quotations. 2. The auditor must hold the designation of a chartered accountant or possess equivalent  qualifications and credentials recognized in the respective country. Additionally, the auditor  must be capable of performing the audit in compliance with both national laws and the  International Standards on Auditing (ISA). 

 OBJECTIVE OF THE AUDIT 

1. The objective of the audit of the GRANTEE financial statements is to enable the auditors to express  an independent professional opinion on the financial position of GRANTEE and to verify that the  funds allocated for activities funded by the Education Out Loud (EOL) initiative have been utilized in  accordance with their intended purposes. 
2. The GRANTEE’s financial statements are prepared based on its maintained books of accounts, which  comply with legal requirements. The GRANTEE has ensured the maintenance of proper books of  accounts, adequate internal controls, and comprehensive supporting documentation for all transactions. 

SCOPE OF AUDIT 

The scope of audit is the project audit of the EOL grant agreement for the 2024 calendar year. The  organisation management must provide the auditor access to the grant agreement and all related documents  (annexes, reports, and any other relevant documents that the auditor may deem important to the audit). 

3. The audit of financial transactions will involve a thorough examination of the quality of voucher  materials and their accurate recording in the financial records, with a focus on assessing their  relevance, significance, and associated risks. 
4. The auditor shall verify:

4.1. that the accounts and reconciliations are correct and accurate and do not contain significant  errors or omissions 

4.2. that the financial provisions (accounting policies) contained in agreements with local  regulations and Oxfam have been complied with 

4.3. that the transactions comprised by the accounts are in conformity with the conditions and  general objectives for the grants as agreed with Oxfam DK and the budget.  

5. The following are examples of the performance areas that the organisation must practise satisfactorily,  and that the auditor will inspect as well as do checks sufficiently. 

5.1. The procedures and control mechanisms related to approval of vouchers are satisfactory.  The approval of a voucher must ensure that the voucher is based on thrift.  

5.2. Payroll costs for individual staff are reasonable when compared with relevant comparable  organisations, salary statistics, established policies and procedures for compliance and other  accounting routines. 

5.3. If the organisation has multiple donors, its shared costs should be reasonably allocated to  OC1 when compared with other grants. 

5.4. Competitive quotations are being obtained in relation to procurement of goods and services. 5.5. Available assets are being kept in an appropriate manner and according to rules and  regulations. 

5.6. Project materials and equipment such computers and phones are properly recorded,  maintained in Asset register and it is included in annual audit report. 

6. Additionally, the auditor will assess and comment on any exchange rate gain or loss generated at the  end of the calendar year. 
7. Due diligence: 

The auditors are to assess the grantee’s progress on closing due diligence findings since the last  assessment, either by the previous audit or as conducted by the Regional Management Unit.  

8. Presentation of financial figures in local currency and USD 

The financial statement is to be presented in the grantee’s local currency with corresponding figures  in USD. As for the foreign exchange rate, EOL has used fund transfer rate for reporting, fundamentally  the FIFO method.  

9. Languages 

The audit report is to be submitted in English and in other official or business language, such as French,  Spanish or Portuguese as applicable.

10. Legal barriers to making financial documentation available online

EOL would like the auditors view of whether there is anything preventing EOL demanding from  grantees to make financial documentation available online, such as in a cloud storage solution. The  grantee can continue to keep a hard copy archive, which is very likely also demanded by national law. 

11. The organisation’s management is required to provide the auditor with any information that may be  considered material for assessment of the accounts and of the organisation’s administration of the  grant. Similarly, the organisation management should provide the auditor access to initiating any other  examination that s/he considers necessary and ensure that the auditor receives the information and  assistance needed for performing the audit. 

Audit Duration 

The audit work shall be completed within 3 weeks of commencement date, and deliverables presented within  5 business days thereafter. 

Audit Deliverables 

1. The Auditors on completion of the audit work will submit 2 (two) original copies of the Audit Report  appended to the Financial Statements along with the reports. 
2. Management letter in accordance with the scope of work described here in the TOR. The auditor’s statement must be issued in accordance with the ISA 700 or 800 (Revised).

Please note that the proposals will be evaluated based on the above requirements and the contract will be awarded to the firm with the most responsive proposal .

All Questions and correspondence should be directed to the National coordinator Education for All Campaign Network The Gambia A123 Kanifing Housing Estate.  Email: efanetgambia@gmail.com or fa2_86@yahoo.com. 

Telephone : 2947717 or 3038101. We look forward to receiving your proposals on or before the 30th of December 2024 at 12.00pm.