The International Fertilizer Development Center (IFDC) plans to undertake a statutory audit.
- Category : Financial Consultancy
- Posted Date : 01/16/2023
- Source : Reporter
- Closing Date : 01/28/2023
CALL FOR OFFER
TERMS OF REFERENCE FOR UNDERTAKING EXAMINATION
FINANCIAL AUDIT FOR THE FISCAL YEAR 2022
The International Fertilizer Development Center (IFDC) is a non-profit public international organization addressing critical issues such as food security, the alleviation of global hunger and poverty, environmental protection and the promotion of economic development and self-sufficiency. IFDC is a legally registered international NGO in Ethiopia and currently implementing an agribusiness promotion project called ‘Towards Sustainable Clusters in Agribusiness through Learning in Entrepreneurship’ (2SCALE). The 2SCALE project focus on promoting an inclusive business that integrate the smallholder farmers and their Cooperatives and Unions to a sustainable agribusiness.
The Netherlands-funded 2SCALE project is the largest agribusiness incubator in Africa, working with farmers and small-scale entrepreneurs in 10 countries. It aims to build networks that connect farmers, buyers and intermediaries, enabling them to create and grow new businesses. The project also builds local agribusiness capacity by providing technical assistance and brokering partnerships with financial institutions and business support services. In addition, 2SCALE work with private firms, helping them find business opportunities for sourcing products from, or selling agro-inputs to, smallholder farmers in Africa.
As a registered foreign charity in Ethiopia, IFDC Ethiopia, in line with the requirements of the Agency for Civil Society Organization, plans to undertake a statutory audit.
The specific objective of the audit includes:
- To assess and provide professional audit opinion on the financial statements for the period audited,
- Analyse and report on internal control framework; including any recommendations for improvements
- Evaluate and report on compliance with the Generally Accepted Procedures of Agency for Civil Society Organization
- Specific objectives
The Auditor will perform the following tasks:
- Provide professional audit opinion on the financial statements; in particular, whether the statements give true and fair view of revenue and expenditure in accordance with the conditions as specified in the operational agreement between the Federal Cooperative Agency and IFDC, and in accordance with the Generally Accepted Accounting Principles.
- Provide an opinion on the budget utilization as split between Administrative Overheads and Direct Technical expenditure, as stipulated by the new Federal Agency proclamation.
- Comment on the sufficiency and reliability of support documentation used to justify expenditures; including any recommendations to improve document organisation and filing.
- Evaluate and report on the effectiveness of the internal control system including over budget allocation, identify any matters worthy of mention, commenting and providing recommendations on any material weaknesses observed on the internal control structure.
- Review the operating procedures manual and determine any gaps that would improve operations as well as compliance with the Ethiopia legal requirements
- Scope of the audit
- The audit applies to the IFDC activities performed under the operational agreement signed with the Federal Cooperative agency
- The engagement review covers the period from January 2022 – December 2022.
- This audit will be done at IFDC-Ethiopia office in Addis Ababa.
- The total box files for financial documents are 24.
- The audit report should clearly cover the items stated under the Section 3 above.
IFDC reserves the right to review the extent to which the objectives set out in Section 3 above have been met in arriving at the audit opinion. The auditor is expected to cooperate and provide any justification(s); including direct audit evidence, analyses and iterations relevant to support audit conclusions and final opinion.
- Duration of the mission
The deadline for submission for Technical and Financial offer will be on January 28th 2023, at 05:00 PM local time to IFDC-Ethiopia office Axum Building 2nd floor office # 207, Peace Road, near by Urael church to Wollo Sefer.
The audit will start on February, 08th 2023. A draft report will be submitted to the Country Representative of IFDC-Ethiopia on 28th February 2023.
The final report should be released within one week after receiving comments from IFDC.
- Auditors Profile
The Auditing firm will provide the resumes of the team that will conduct the audit. Additionally, the firm will also submit its profile that clearly includes its previous experience in similar assignments (with at least three previous work accomplishment recommendation letters). This will include the resume of the lead partner(s) who will be responsible to review and sign the final report and the lead auditor who will be responsible for the engagement.
The auditing firm needs to have a valid and renewed auditing license, renewed business license, tax identification number and should submit evidence of paying taxes to the government.
Payment will be made at the end of the audit service.