Vumbuzi Impact Africa Foundation (VIA Foundation) is a non-profit financial intermediary registered in Rwanda, dedicated to accelerating and scaling restoration finance across the African member countries of the AFR100 Initiative. The foundation facilitates the flow of funds to land restoration projects, leveraging public and philanthropic funding to attract private sector investment. VIA Foundation works closely with governments, development partners, and local communities to create sustainable impact. 

Primary Areas of Work 

VIA Foundation operates in Kigali, Rwanda, providing financial and operational support for restoration projects across Africa, with an emphasis on Rwanda, Burundi, DRC, Ghana and Kenya. Its activities include managing multi-donor funds, facilitating grant processes, and coordinating and monitoring the impact of investments. 

Objective of the Assignment 

VIA Foundation seeks to procure external audit services to obtain an independent and objective opinion on whether its financial statements fairly and accurately present its financial position in all material aspects. The audit must be conducted in accordance with the International Standards on Auditing (ISA) and, in addition, the audit must also comply with any specific laws, rules, or auditing regulations required in Rwanda, such as those set by the Institute of Certified Public Accountants of Rwanda (ICPAR), national financial regulations, and other relevant regulations applicable in Rwanda. 

Audit Duration: 

The audit will cover the period of 2 years from September 2023 to September 2025. 

The goals of the assignment are to: 

1. Perform an audit readiness assessment. 
2. Perform statutory audits as required by Rwandan law and in accordance with ISA. 3. Evaluate compliance with legal and regulatory requirements and internal control systems.
3. Assess internal control systems and provide recommendations for improving internal controls and operational efficiencies.

Scope of Work 

The scope of the assignment is to cover the following: 

1. Internal control systems and policies review: Review and report on the effectiveness of the foundation’s internal control systems and financial management processes, including finance, human resources, procurement, and grant management systems, and provide recommendations for improving internal controls and operational efficiencies. 
2. Financial Statement Audit: Conduct a thorough and independent audit of the foundation’s financial statements in accordance with auditing standards of the IFRS (International Financial Reporting Standards) applicable to non-profit organizations. The audit should:

o Audit the financial statements for the period of 2 years from September 2023 to September 2025. 

o Review the accounting records, supporting documents and internal control procedures. o Assess that funds received by VIA Foundation have been used for their intended purposes and accounted for in compliance with donor agreements.

o Express an opinion as to reasonableness of the financial statements in all material respects 

o Identify any material misstatements or deficiencies in internal controls and financial management processes.

3. Compliance Audit: Ensure compliance with all applicable laws, regulations, and contractual requirements specific to non-profit organizations, as well as compliance with internal control systems.
4. Tax Services: Provide expert tax preparation recommendations to ensure the organization remains in full compliance with all relevant tax laws and regulations.
5. 5. Conduct entry and exit meeting with VIA Foundation’s Interim Chief Executive Officer (CEO) and Sr Manager, Finance and Operations.

The auditor shall provide: 

1. An Audit Report with an opinion on the financial statements. 
2. A Management Letter detailing findings, risks and recommendations. 

Functional Requirements 

Applicants must: 

1. Be registered and compliant with audit regulations in Rwanda.
2. Have at least 10 years of experience providing audit services, including for non-profit organizations.
3. Demonstrate expertise in auditing entities funded by donors and managing grants or multi-donor arrangements. 
4. Submit the following mandatory documents: 

o Certificate of incorporation/registration 

o Tax compliance certificate 

o Certificate of good standing with relevant auditing authorities 

o List of at least three clients with similar registration and operations as the VIA Foundation 

o CV of the members of the working group 

5. Provide a company profile, including a summary of past projects and relevant experience. 

Proposal Submission Guidelines 

Proposals should not exceed 5 pages and must include: 

1. Background of the firm, including size, client list, and areas of expertise. 2. Statement of interest and fit for the assignment. 
2. Proposed approach and deliverables. 
3. Detailed project timeline and work plan. 
4. Budget breakdown for services, including a justification for proposed fees. 6. Profiles of the proposed audit team. 
5. At least two relevant case studies. 
6. At least three references from past clients. 

Incomplete proposals will not be considered. 

Proposed Fees 

The firm should provide a detailed quote for the audit services outlined in this RFP. Proposed fees will be subject to negotiation if the firm meets all other selection criteria. 

Evaluation Criteria 

Proposals will be evaluated based on: 

1. Experience in auditing non-profits and donor-funded organizations. 
2. Demonstrated compliance with applicable audit regulations. 
3. Proposed methodology and alignment with the scope of work. 
4. Cost-effectiveness of the proposal. 
5. Capability and qualifications of the proposed audit team.
6. Ability to meet the proposed timeline. 
7. Completeness and professionalism of the submission.