Terms of Reference for External Audit Services
Jobs at:KT Rwanda Networks Ltd
Deadline of this Job:
17 September 2021
Date Posted: Monday, September 06, 2021 , Base Salary: Not Disclosed
Overall Objective of the Assignment
The overall objective of this external audit is to review the effectiveness of the operations of KT Rwanda Networks Ltd and of the company’s accounting and Financial Management processes, as well as the correct use of company Finances and the transparency of the disclosed accounting and financial information.
Scope of the Assignment
The audit will be conducted in accordance with the internationally accepted standards of Auditing (ISA) and will allow for all verifications and controls the auditor will deem necessary in course of his/her work. The assignment will cover the quarterly financial review (Q1; Q2 and Q3) as well as annual comprehensive audit at the end of the financial year. The Audit is expected to cover all aspects related to Finance and accounting, including-but not limited to the following;
Cash and Bank Accounts Management and Reconciliations, cash management procedures, and their validity in terms of control
Loans and savings accounting processes, monthly reconciliation procedures
Control over payments, loan loss provisioning, loan write offs
Staff payroll preparation, accounting, and Budget control
Making quarterly reviews
Booking of funds received and compliance with the Financial procedures manual
The accounting Ledgers, vouchers, and other supporting documents
The Financial Statements (Balance Sheet, Profit& Loss Statement)
Adequacy and effectiveness of the internal control systems
Principles of orderliness (Financial Regularity)
Conformity with KT Rwanda Networks objectives and adherence to Economical conduct of business and effective use of the company’s financial resources.
Establish whether all necessary records, entries, and accounts are classified under different operations and are acceptable,
Establishing whether accounts have been prepared based on the systematic application of international accounting standards and IFRS.
The Auditors would employ all measures and methods to them arrive at an informed audit opinion2.Expected Output
A comprehensive financial audit Report comprising of detailed financial statements, all notes to the statements, and a comprehensive management letter commenting on the effectiveness of processes, procedures, controls and highlighting risks and all matters that need to be brought to the attention of management, has to be submitted to the Board of the Financial and Audit subcommittee of KT Rwanda Networks Ltd Board.
The final version of the management letter will include KT Rwanda Networks Ltd Management Response to the listed findings and to the recommendations.
Desk study and field visits are a must. The audit is expected to take a risk-based approach.
The entire annual audit assignments shall not exceed 30 man-days for each year to be audited.
Preparation and Presentation of Proposals
Bidders are requested to submit a technical proposal and a financial proposal.
In preparing the technical proposal, bidders are expected to examine all terms and instructions included in the documents. Failure to provide all requested information shall be at the bidder’s own risk and may result in the rejection of the proposal.
During the preparation of the technical proposal, bidders must give particular attention to the following;
The estimated number of key relevant professional staff required for the assignment must be indicated and their profiles attached.
Proposed staff must have experience in related industries and as much as possible experience of different countries.
Technical proposals shall provide the following and any other additional information, relevant to the assignment;
Education Requirement: No Requirements
Job Experience: No Requirements
Work Hours: 8
Job application procedure
CVs recently signed by the proposed key professional staff or an authorized manager in the home office. Key information should include a number of years with the firm, and the degree of responsibility held in various assignments during the last (5) years.
Estimates of the total time effort (person X weeks) to be provided to carry out the assignment.
The consultants’ comments, if any on the services, and facilities to be provided by the client and indicated in the terms of reference.
Attach the following documents:
Company registration certificate
RRA Tax Clearance
Well, scanned bids, properly bound and presented in one file not exceed ten Megabytes (10MB) must be sent by email to firstname.lastname@example.org. No later than 17th September 2021, at 9:00AM local time. Late bids will be rejected.
Please note that there will be no public opening due to the COVID-19 pandemic.
For any inquiry you can write to Mike.Bwatete@ktrn.rw . In at least 2 days before the bids submission deadline.
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