The International Fertilizer Development Center (IFDC) ..CALL FOR OFFER/ FINANCIAL AUDIT
CALL FOR OFFER
TERMS OF REFERENCE FOR UNDERTAKING EXAMINATION FINANCIAL AUDIT FOR THE FISCAL YEAR 2018
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 9 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 Charities and civil society’s agency, plans to undergo an external audit.
The specific objective of the audit includes:
a) To assess and render an opinion on the financial statements for the period audited,
b) To analyse and report on internal control framework; including any recommendations for improvements
c) To evaluate and report on compliance with Generally Accepted Charities and Societies Agency
3. Specific objectives
The Audit firm will perform the following tasks:
a. Give an opinion on the financial statements in particular whether it gives a 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 generally accepted accounting principles.
b. Provide an opinion on the budget utilization between administrative overheads and technical cost as per the ratio prescribed by the Charities and Civil Society’s Agency.
c. Comment on the quality of supporting documents used to justify expenditures; including any recommendations to improve document organisation and filing.
d. Evaluate and report on the quality and effectiveness of the internal control system over budget allocation, identify any matters worthy of mention, including any material weaknesses in internal control mechanisms.
e. Review the procedures manuals and determine if the organisation is using appropriate operating and procurement procedures
4. Scope of the audit
a. The audit applies to the IFDC activities performed under the operational agreement signed with the Federal Cooperative agency
b. This audit will cover the period January 1st to December 31st 2018 that includes transaction of ETB15,000,000 (Fifteen Million).
c. This audit will be done at IFDC Ethiopia office in Addis Ababa.
d. The accounting application system is QuickBooks Pro
e. The total files are 12 box files
The audit report should clearly cover the items stated under the Section 3 above: Specific Objectives
IFDC reserves the right to review the audit. The auditor concerned should be ready to cooperate and provide relevant documents necessary to perform the review.
7. Duration of the mission
The deadline for audit offer (Technical and Financial offer) submission is on by January 25th 2018, 11:00 PM local Time (Ghana road, Near Urael church, Axum Building 2nd floor office no 209/210, Tel 0966328437). The audit will start on February, 1st 2018. A draft report will be submitted to the Country Representative of IFDC Ethiopia within 2 weeks from the start of the audit. The final report should be released within one week after receiving comments from IFDC.
8. Auditors Profile
The Auditing firm will provide the resumes of the team that will conduct the audit with an overview of the firm’s previous experience in the 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 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.