AUDIT TERMS OF REFERENCE CALL FOR EXTERNAL AUDITORS FOR A WOMEN’S RIGHTS COMMUNITY-BASED ORGANIZATION
Job Description
Founded in 2009, the organization is a young women’s organisation with proven experience in promoting young women and women’s participation and leadership in order to inform and influence socio-economic and political decision-making. It is committed to mobilising and strengthening young women and women’s (YWW) voice and power to challenge injustice and reconstruct alternative societies centred on openness and equality. Grounded in young women and women’s realities, we collectively create pathways to imagine a better future and position ourselves to lead our families, communities, our country, our continent and the world at large. We do this through community organizing, raising political consciousness, movement-building, peer-to-peer and intergenerational mentorship and coaching, fostering alternative economies that challenge inequalities and injustices.
The organization is in the process of rotating its auditors in compliance with its Finance Policy and is seeking all interested audit firms with experience in auditing not-for-profit organisations to submit their proposals.
OBJECTIVES AND SCOPE OF THE AUDIT
The main objective of conducting an audit is for the auditors to express an independent professional opinion regarding the organization’s financial position, results of operations, and cash flows for the year, in compliance with the law of Zimbabwe and other funding partners’ requirements. Additionally, the audit must ensure that the funds granted to the program have been utilized appropriately. To achieve this, the audit should be carried out in accordance with the International Standards on Auditing (ISAs) set by the International Federation of Accountants (IFAC).
During the audit process, the auditors will examine supporting documents, records, and books of accounts related to all project activities to ensure that they are accurately linked to financial statements. The test size will be determined based on the auditor’s risk analysis, which should be included in the report. The auditors will also report on compliance with the terms and conditions of the agreement, applicable laws, and regulations within accounting and taxes. The auditor will confirm that the income has been recognised and report any identified missing supporting documents.
Moreover, the auditor will prepare a management letter outlining the audit findings and confirming that the previous year’s findings were addressed. The auditor will make recommendations for improving any identified weaknesses, prioritising specific deficiencies and areas of weakness in systems and controls. Any significant matters that come to the auditor’s attention during the audit will also be reported, which may affect the program’s implementation.
The audit report will detail the method and scope of the audit, stating that it was performed in compliance with International Standards of Auditing by a qualified auditor. The auditor responsible will sign the report, which will be written in English. The report will be issued in a soft copy for circulation to partners, and five hard copies will be delivered to THE ORGANIZATION for partner files.
Duties and Responsibilities
RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS
The organization’s directors and management are responsible for preparing the annual financial statement. They will follow applicable accounting standards (IFRS/GAAP) related to non-profit organisations and implement accounting, administrative, and financial procedures outlined in the organization manuals. The organization’s financial year ends on December 31st each year. Auditors will be rotated every five years at the discretion of the organization’s management and Board of Directors.
NB: The organization may terminate the engagement before the five-year mark if deemed necessary.
Qualifications and Experience
SELECTION CRITERIA
The Organization’s Finance, Admin, and Legal committee will choose the winning firm from the submissions received before the deadline. To be considered for selection, the following factors will be considered:
- Eligibility – the State Board of Accountants must authorise your firm to conduct audits.
- Your firm’s experience with audits of similar scope for other Non-Governmental Organizations.
- A list of other non-governmental organisations that your firm has served.
- Availability of your staff and senior audit personnel for the timely completion of the audit, as well as their technical resources and an hourly charge for services outside the audit’s scope.
- Your firm’s stability history regarding the assignment of permanent personnel to the engagement.
- The Organization will give preference to firms with favourable service fee rates.
- Your fee proposal for conducting the basic audit function and any additional services required beyond the audit’s scope, including estimating any increased fees and reasons for the increase, must be based on an estimated annual budget of USD 800,000.
- Detailed audit plan/methodology.
- Estimated number of hours required by your team members, classified as partners, seniors, or juniors, to complete the audit
- Details of expected expenses, such as mileage, per-diem, and telephone charges.
- Time requirements for completing the audit.
The organization Reserves the Right:
- To reject any proposals submitted.
- To request additional information from all proposers.
- Shortlisted audit firms will be advised after the close of the application.
How to Apply
Expressions of interest should be submitted by email to personnelresources2018@gmail.com by close of business on 7 September 2024.
To apply for this job email your details to personnelresources2018@gmail.com
