Terms of Reference for Women for Women Rwanda Financial Audit service
Jobs at:Women for Women Rwanda (WfW- Rwanda)
Deadline of this Job:
17 September 2021
Date Posted: Friday, September 10, 2021 , Base Salary: Not Disclosed
Women for Women Rwanda is requesting proposals from auditing firms that have extensive experience and approval from the Rwanda Revenue Authority to conduct statutory audit services for the financial year starting January 1st, 2021, to December 31st, 2021. The estimated total expenditures in 2021 are an average of 900,000,000 Rwf. We invite audit firms to submit their technical and financial proposals to us by 17th September 2021, for consideration. A description of our organization, the services needed, and other pertinent information is as follows:
Women for Women Rwanda is a newly established national NGO, and an affiliate of Women for Women International.
Vision: We envision a society where women and girls have the economic and social power to lead communities towards sustainable development.
Mission: Women for Women Rwanda seeks to support women and girls in Rwanda to break the vicious circle of poverty and promote increased social inclusion by enabling them to become economically and socially capable to lead themselves and their communities to better health, education, and social conditions.
Scope of work:
The audit will be conducted in accordance with International Financial Reporting Standards and relevant Women for Women Rwanda policies. In conducting the audit, special attention should be paid to the following.
• Funds have been used in accordance with the relevant general conditions, relevant financing agreements, and with due attention to economy and efficiency, and only for the purpose for which the financing was provided.
• Goods and services financed have been procured in accordance with the relevant general conditions, relevant financing agreements, and Women for Women Rwanda policies and procedures.
• Necessary supporting documents, records, and accounts have been kept in respect of all operations including income and expenditure reported via QuickBooks Online.
• Clear linkages exist between the accounting records and financial reports presented.
• The accounting records that support the financial report have been prepared in accordance with generally accepted accounting principles and practices and Women for Women Rwanda policies and procedures and give a true and fair view of the financial position of the project/program as at financial year-end and of the resources and expenditure for the fiscal year then-ending.
• Review the compliance on each of the financial covenants as per the donor agreements especially to ensure compliance with the conditions under which the funds were released.
The auditors will issue an audit opinion on Women for Women Rwanda’s financial statements. In addition to an audit opinion, the auditor will prepare a management letter in which the auditor will:
• Give comments and observations on the accounting records, systems, and controls that were examined during the audit.
• Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for their improvement.
• Report on lack of compliance with each financial covenant in the relevant financing agreement.
• Communicate matters that have come to the auditor's attention during the audit which might have a significant impact on the operations of the organization; and
• Include management’s comments in the final management letter.
Deliverables and time schedule:
The external audit is expected to be conducted during the month of February 2022, and a final report presented to Women for Women Rwanda in March 2022. The firm shall submit a draft report in both hard and electronic copy within seven (7) days upon completion of the assignment. The firm will file the annual tax declaration on behalf of Women for Women Rwanda in accordance with RRA regulations.
The final report, both hard and electronic copy, shall be submitted to the Executive Director, Women for Women Rwanda within seven (7) days of receipt of management comments.
Duration of the Assignment:
The audit exercise will be for a period not exceeding fifteen (15) days.
Location of the Assignment:
The assignment will be carried at the Women for Women Rwanda Office in Kigali.
The lead auditor/Partner should be an internationally qualified auditor (CPA, ACCA, or its equivalent) with experience in donor accounting and financial management and should have a minimum of five (5) years experience in the field with experience in statutory and project auditing. The Firm should have strong knowledge and experience (minimum of seven (7) years) in donor account auditing and appear on the list of approved auditors from the Rwanda Revenue Authority.
To simplify the evaluation process and obtain maximum comparability, Women for Women Rwanda requires that all responses to be organized in the manner and format described below:
Describe your understanding of the work to be performed and your firm’s ability to perform the work within the time frame provided.
Describe how and why your firm is different from other firms being considered. This should include an explanation of the firm’s philosophy, size, structure, and qualifications with serving not-for-profit organizations of a similar size and operations.
Identify the specific partners, managers, and in-charge staff who will be assigned to this engagement if you are successful in your bid. Provide their bios specifying relevant experience to the type of services requested.
Describe how your firm will approach the proposed services, areas that will receive primary emphasis, and the type of assistance that will be required from Women for Women Rwanda staff.
Finally, discuss the communication process used by the firm to discuss issues with management.
Please provide a firm estimate of fees for the services to be provided.
Include a list of the relevant not-for-profit or development clients the firm has served within the past two years and furnished the names and telephone numbers of any references whom we may contact.
Please provide a copy of your most recent peer review report. Please provide any additional information, not specifically requested, but which you believe would be useful in evaluating your proposal.
Evaluation of Proposals
While price is an important factor, Women for Women Rwanda will evaluate proposals on price and the following criteria:
• Prior experience auditing similar organizations
• Qualifications of staff to be assigned to the engagement
• The firm’s understanding of work to be performed
• References from clients
• Completeness and timeliness of the proposal
Following are key contacts for the information you may seek in preparing your proposal:
Antoinette Uwimana, Executive Director
Marie Jeanne Mutezinkindi, Finance, Administration & HR Manager
Mellisa Mazingi, Chairperson, Audit Committee
Work Hours: 8
Experience in Months: 60
Level of Education: Professional Certificate
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