Call for Auditors - Financial and Systems Audit of Matasa Ku Taso - Youth Arise Project.
Job details
INTRODUCTION International Alert Nigeria is looking for an audit firm to support its financial and systems audit of the Matasa Ku Taso Project. The following are the terms of reference (‘ToR’) on which International Alert agrees to engage an audit company to perform a financial and systems audit and to report in connection with the programme below. OBJECTIVES The objectives of this audit are to enable the Auditor to express an opinion on whether:
- The Financial Reports presents fairly, in all material respects, the actual expenditure incurred, and the revenue received for the project in conformity with the applicable Accountable Grant; and
- Project funds provided by the EU have, in all material respects, been used in conformity with the applicable contract conditions.
- The Internal Control System set up and operated by the Entity for the purpose of managing risks to the achievement of the objectives of the project, was suitably designed and operated effectively.
- The entity adhered to established financial compliance requirements, statute and relevant laws and regulations.
- To check that internal control for project application, screening and approval procecess are suitably designed and implemented to achieve the control objectives.
- Check whether the financial statements present fairly, in all material respects, International Alert revenues and expenditures incurred for the period 31/12/2020 to 30/08/2023, in conformity with generally accepted accounting principles. Total amount concerned by the audit EUR 500,000.00
- Assess whether International Alert adhered to established financial compliance requirements, statute and relevant laws and regulations.
- Check that International Alert's internal control structures for project application, screening and approval process are suitably designed and implemented to achieve the control objectives.
- Review the assets register and verify that inventories and assets in the project financial statements are complete and accurate and that the existence and ownership of assets and stock is verified by physical checks. The audit should also ascertain if assets are being used for the intended purpose, and they are managed and maintained responsibly.
- Verify whether the funds given to International Alert'ts downstream implementing partners have been used for their intended purpose they have achieved value for money and accounted for.
- All necessary supporting documents, records, and accounts have been maintained in respect of all project activities. The auditor is expected to verify that respective reports issued during the period agreed with the underlying books of account.
- Assess the quality of internal controls and effectiveness of accounting processes within International Alert and its implementing Partners, identify specific deficiencies, risks, and areas of weakness (if any) in systems and controls in the value chain and make recommendations for improvement.
- Express an opinion on the adequacy or otherwise of the financial management and operations of the project “Matasa Ku Taso – Youth Arise” in Nigeria.
- to provide an assurance that funds granted to the project “Matasa Ku Taso – Youth Arise” in Nigeria, have been used for their intended purposes, they have achieved value for money and have been properly accounted for.
- Bring to International Alert's attention any other matters that the auditors consider pertinent, including fraud and corruption.
- The IFAC International Framework for Assurance Engagements
- The IFAC International Standards on Auditing ('ISAs') for Audits of Historical Financial Information insofar as these can be applied in the specific context of a contractual compliance audit.
- IFAC International Standard on Assurance Engagements ('ISAE') 3000 for Assurance Engagements other than Audits or Reviews of Historical Financial Information insofar as it can be applied in the specific context of a systems audit intended to provide assurance that risks to the achievement of the objectives of the Project are properly managed and controlled.
- The IFAC Code of Ethics for Professional Accountants ( issued by IFAC's International Ethics Standards Board for Accountants (IESBA) , which establishes fundamental ethical principles for Auditors about integrity, objectivity, independence, professional competence and due care, confidentiality, professional behaviour, and technical standards.
- The IFAC International Standards on Quality Control (ISQCs), which establish standards and provide guidance on an Auditor's system of quality control.
- International Alert
- The expenditure and revenue as stated in Financial Reports of the Project for the period from 31/12/2020 to 30/08/2023
- The design and operating effectiveness of the Internal Control System in the period 31/12/2020 to 30/08/2023
- Arrange meetings with International Alert and other relevant agencies and partners working with International Alert
- Accountable Grant including amendments.
- Log frame.
- Audit report ending period.
- Quarterly progress and financial reports
- Latest annual review report
- EU’s approach to value for money (VFM)
- Other documents as necessary
- Asset management (This concerns management and control of Project fixed assets such as vehicles, equipment etc).
- Procurement process and procedures.
- Cash and bank management (treasury).
- Accounting and financial reporting (including underlying transaction processing systems and financial ledgers)
- Budgetary and expenditure control.
- Human resources, payroll processes and time management.
- Suitability and effectiveness of controls throughout the delivery chain.
- Financial management capacity of downstream partners (sub-grantees).
- Proportion of funds being spent on Administration costs throughout the delivery chain.
- Fraud and Corruption
- Eligibility of expenditures.
- Adherence to delegated authority in expenditure approval and procurement.
- a complete set of project’s financial statements and other relevant statements.
- the auditors’ opinion on International Alert ’s financial statements.
- Give comments and observations on the accounting records, procedures, systems, and controls that were examined during the audit.
- Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
- Report on the degree of compliance with the contract, financial compliance requirements, and relevant programme manuals.
- Communicate matters that have come to their attention during the audit which might have a significant impact on the implementation and sustainability of the project; and
- Bring to Alert’s attention any other matters that the auditors consider pertinent.
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