Introduction

Solidaridad Eastern and Central Africa wishes to procure the services of an audit firm for auditing its Tanzania office. The audit shall be carried out in accordance with the International Standards on Auditing. An external, independent and qualified auditor shall carry out the audit.

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Background of project partners

Solidaridad Eastern and Central Africa is a Not-for-Profit Organization. It is a member of the Global Solidaridad Network with headquarter in Utrecht, The Netherlands. Solidaridad is a CSO that works in Landscapes, Mining and Industries sectors. The goal of Solidaridad is to improve standards of living for project beneficiaries as well as contributing to the national economies in the respective countries through development of sustainable commodity value chains. SECAEC currently implements development projects in a number of commodity value chains including Coffee, Cotton, Gold, Horticulture, Livestock, Sugarcane and Tea. SECAEC covers nine countries including Burundi, Democratic Republic of Congo, Ethiopia, Kenya, Malawi, Rwanda, Tanzania and Uganda.

1.            Summary of the project

To conduct statutory audit in accordance with International Financial Reporting Standards (IFRS) and comply with the Companies Act Cap 486. The audit will be performed so as to obtain a reasonable assurance that the accounts are free from material misstatement. The audit should include examination, on a test basis, of evidence relevant to the amounts and disclosure in the accounts. It should include an assessment of significant estimates and judgments made by the directors in the preparation of the accounts and whether the accounting policies are; appropriate in the company’s circumstances, consistently applied and adequately disclosed.

1.            Objective and scope of Services

• Statutory Audit

The audit will be conducted in accordance with the International Standards on Auditing, and will include such tests of transactions and of the existence, ownership and valuation of assets and liabilities as considered necessary. These standards require that the Auditor plans and performs the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The Auditor should understand Solidaridad Network and SECAEC’s accounting and internal control systems in order to assess adequacy as a basis for the preparation of the financial statements and to establish whether proper accounting records have been maintained. Appropriate evidence should be obtained in order to draw reasonable conclusions. The audit will include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing accounting principles used and significant estimates made by management and evaluation the overall presentation of the financial statements.

• Income tax return filing

The external auditor will compute and file annual tax returns for audited financial statement.

1.            Assignment Objectives

Responsibility for identifying and reporting internal control weaknesses

The Auditors will identify any weaknesses that comes to their notice during the course of audit which they think should be brought to of the senior management and board. Any such report may not be provided to third parties without our written consent of the Managing Director. Such consent will be granted only on the basis that such reports are not prepared with the interests of anyone other than SECAEC in mind and that the Auditors accept no duty or responsibility to any other party as concerns the reports. The main purpose of such reports are to communicate points that have come to attention during the audit:

1.            On the design and operation of the accounting and internal control systems and to make suggestions for their improvement;

2.            On encountered weaknesses in accounting and internal control systems and potential threats and risks to Solidalidad ECA

3.            On other constructive advice such as comments on potential economies or improvements in efficiency; and

4.            On other matters such as comments on adjusted and unadjusted errors in the financial statements or on particular accounting policies and practices.

5.            The audit firm is expected to issue an opinion on the financial statements as a whole

6.            In addition to the audit report, the audit firm will prepare a management letter, in which the firm will highlight the identified weakness as well as give his recommendation.

2.            The working papers and files for this engagement created by the Auditors during the course of the audit, including electronic documents and files, are the property of Solidaridad Eastern and Central Africa

However, the auditor can avail them;

When required, by legislation or ethical guidelines, to give access to the audit working papers to certain third parties. In particular, audit files may be subject to review under the quality review programme of the Institute of Certified Public Accountants of Tanzania (ICPAT), which monitors compliance with professional standards by its members. Should this occur, the Auditor must advise Solidaridad beforehand.

1.            Complaints

The Auditor should aim to provide full satisfactory services. They should undertake to look into any complaints promptly and to do everything to resolve the position.

1.            Audit experience and qualification

1.            The audit firm should be registered and have a license from an authorized national body National board of Accountancy and Auditors (NBAA).

2.            The firm should have relevant experience in accounting and auditing of development projects, especially donor funded operations.

3.            Relevant experience in dealing with NGOs and project work.

4.            The key audit team will comprise of, at least; an audit manager with at least 8 years experience in auditing and with a sound knowledge of donor-financed projects.

5.            In addition, he/she should be member of a recognized accountancy professional body

Timeframe`

The audit is expected to commence in February 2023

1. 1st draft Management letter highlighting all the weaknesses identify and recommendation and draft audited financial statement; 2 weeks after audit engagement; Electronic copy

2. SECAEC response to auditor on the draft financials and management response on the points raised in the management letter; 5 day after receipt of the draft Management letter and draft Financial Electronic copy

3. Final copy on management letter and financial statement for review and Approval, 3 week after engagement, Electronic copy.

4. SECAEC approval of financial, statement and management letter;1 day after receipt of, Reports: Electronic copy

5. Final audit report printed and sent to SECAEC and a copy of management for signature, Early forth week; 3 hard copies and one electronic copy

6. SECAEC signs the audit report and sign off the management letter the forward to the auditor for signature, 1 day after receipt of final report: 3 hard copies and one

7. Auditor distributes the signed copies to relevant parties, Within fourth week of February 2023 Forwards tax return and signed Audit, report to SECAEC

1.            Deliverables

• Audited Financial report for period
• Management letter.
• Income tax return filed

1.            Submission process

Interested firms should submit the following;

1.            An expression of interest to provide the above mentioned consultancy services.

2.            An organization profile including previous related experiences

3.            Proposed detailed methodology to deliver required services

4.            A work plan and budget, inclusive of all taxes, for the activities and final deadline

5.            Name and address of the registered office of company

6.            Name and nationality of directors and shareholders

7.            Copy of Business licence

8.            Copy of certificate of incorporation

9.            Copy of license/certificate from registration board

10.          Copy of valid income tax clearance certificate

11.          Audit fees

The fees shall be fixed through a competitive bidding process. The fee should be broken down into Statutory Audit and Filing Tax Returns.

How to apply

10. Place of Work & Administrative Support.

The audit will be conducted from our country office in Arusha, Tanzania.

The deadline for submission of the proposal will be on 23rd December 2022.

The completed proposal in soft copy should be submitted to; procurement.eca@solidaridadnetwork.org  while addressed to:

Attn: Managing Director

Solidaridad Eastern and Central Africa Expertise Centre

Kilimani Business Centre, Kirichwa Road,

P.O. Box 42234 - 00100 GPO

Nairobi

Note: Canvassing will lead to automatic disqualification and only successful candidate will be contacted.