TERMS OF REFERENCE FOR CONDUCTING AN EXTERNAL AUDIT FOR IMA WORLD HEALTH
IMA World Health offers sustainable and efficient solutions to health-related problems that are far too common in the developing world.
Our mission is to build healthier communities by collaborating with key partners to serve vulnerable people. Our vision is health, healing and well-being for all.
With a mission to restore health and healing to those most in need, IMA World Health is a non-profit, faith-based organization that offers extensive expertise in health systems strengthening as well as neglected tropical diseases, malaria, HIV, non-communicable diseases, and sexual and gender-based violence programs in some of the most challenging and post-conflict settings throughout the world.
IMA Tanzania and LWR is seeking an audit firm to perform the annual audit of financial statements and related compliance work for the period of 1st October 2020 to 30th September 2021.
OBJECTIVE OF INDEPENDENT AUDIT
The overall purpose of the audit is to:
- Express an opinion on whether the income statement for the period present fairly, in all material respects, revenues received and costs incurred for the period audited in accordance with the approved budget, and in conformity with generally accepted accounting principles.
- Review IMA’s internal control structure in order to determine whether management has put in place satisfactory controls aimed at preventing, detecting, reducing or eliminating errors and irregularities, and to report any significant internal control deficiencies and material weaknesses.
- Test compliance with the terms of the agreements with donor and applicable laws and regulations as part of obtaining reasonable assurance about whether the financial statements are free of material misstatements and report on any identified material instances of noncompliance.
- SCOPE OF WORK
- This independent audit will cover the period from October 1, 2020, to September 30, 2021 and the assessment will focus on following areas:
- Examine IMA Tanzania’s financial transactions to ensure supporting documents are accurate, reliable, and free of material misstatement.
- Assess the overall presentation of IMA financial statements and make sure they are in accordance with the approved budgets.
- Examine the effectiveness of systems, policies and procedures which were in place during the audit period.
- Review procurement activities to determine whether IMA’s procurement and contracting policy and procedures as well as best practices were followed and adequacy of these procedures.
- Review financial statements to ensure that they are presented in accordance with Generally Accepted Accounting Principles and International Financial Reporting Standards.
- Review systems, procedures, and management to determine whether these provide adequate internal controls.
- Review income and expenditure records including the payroll and benefits administration to ensure compliance with the donor requirements, local labour and other applicable laws.
- Review and document the implementation of corrective action plan(s) for prior audit findings.
TIMING AND DURATION
The work is expected to commence no later than Nov 1, 2021. The audit firm is expected to submit a draft report to IMA for management response by November 26, 2021 and submit the final report not later than December 10, 2021
The timeline for the completion of the evaluation is firm. Delay in submission of the deliverables that are not the fault of IMA will result in a reduction in the final payment to the auditor.
The auditor will submit:
Audit Report: Audit report stating an opinion on whether the financial statements give a true and fair view of state of financial affairs for the period under review.
Audited Financial Statements, Statement of Cash Flows, and Management Letter for the Financial Year Ending 30th September 2021
IMA will orient an external auditor on the scope of the work. The audit company will outline the methodology for undertaking audit exercise, IMA will submit all required documents. The consultant will provide his/her own working space, associated resources and equipment. IMA will reimburse the actual cost incurred by consultant for transportation and stationaries upon submission of receipts based on the agreed rate up to defined limit established within the contract agreement.
In responding to this request, the firm will submit their profile, which will include:
- Contact person and Firm’s contacts
- Firm’s experience in providing auditing services to organizations in the not-for-profit sector, especially international organizations
- Audit approach and methodology
- Names and resumes of key personnel that will conduct the audit
- Organizational details, including firm name, year established, copy of firm’s certification (including TIN certificate, copy of business permit and Valid Tax Compliance certificate)
- Name of any international association to which your firm belongs.
- Cost proposal for the proposed services and proposed method of invoicing.
- Disclosure of anyone in your firm currently serves as a government official or has served as a government official in the past 5 years.
- Description of your experience in auditing International NGOs including end of the project audits (limit one page).
- Two references to other international NGOs whom your firm has served and provide a brief description as to the kinds of services rendered.
- Audited accounts for the last 3 years
Complete applications should be submitted with attachments to the email: [email protected]
The subject line should read: Statutory Audit.
Deadline for the submission of bids is on Monday 25th October 2021 by 5pm Tanzania time
Applicants who do not follow application instructions will be rejected. ONLY short-listed candidates will be contacted for interview.