Expression of interest for an audit firm to conduct an external audit for ARASA 56 views0 applications

Background:

Established in 2002, the AIDS and Rights Alliance for Southern Africa (ARASA) is a regional partnership of 115 non-governmental organisations working together to promote a human rights-based response to HIV and TB in 18 countries in Southern and East Africa through capacity building and advocacy. ARASA is based in Windhoek, Namibia and is registered as a non-profit trust in Namibia.

ARASA invites expressions of interest from reputable audit firms to conduct an external audit at the end of each financial year (31 December) for the next three years, commencing with the 2023 financial year. The auditors shall express an independent professional opinion as to whether the financial statements present fairly, in all material respects, the financial position in accordance with the international reporting standards. The Audit shall establish whether appropriate supporting documents, records and books of accounts relating to all activities have been kept and clear linkages should exist between the books of accounts and the financial statements presented. Previous experience and expertise of external auditing for non-profit sector and similar organizations.

Objective of the Audit:

1. The objective of the audit of ARASA’s financial statements is to enable the auditors to express an independent professional opinion on the financial position and to ensure that the funds utilized to ARASA’s activities have been used for their intended purposes.
2. The books of accounts of ARASA provide the basis for preparation of the Financial Statements. Proper books of accounts as required by law have been maintained by ARASA and maintain adequate internal controls and supporting documentation for the transactions.

Scope of the Audit:

1. The audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the auditors deem necessary.
2. Verify all funds have been used in accordance with the established rules and regulations of ARASA and only for the purposes for which the funds were provided.
3. Goods, works and services financed have been procured in accordance with ARASA’s established rules and procedures.
4. Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the financial statements presented to.
5. The financial statements have been prepared by ARASA’s management in accordance with applicable accounting standards and give a true and fair view of the financial position of ARASA and of its receipts and expenditures for the period ended on that date.
6. Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
7. Express an opinion as to reasonableness of the financial statements in all material respects.
8. Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
9. Conduct entry and exit meeting with the management and the Executive Director of ARASA
10. In addition to the audit report, the auditors will prepare a Management Letter on the following:
    1. Give comments and observations on the accounting records, procedures, systems and controls that were examined during the audit.
    2. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
    3. Report on the implementation status of recommendations pertaining to previous period audit reports.
    4. Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
    5. Bring to the Executive Director’s attention any other matters that the auditors consider pertinent.

Audit Duration:

The audit work shall be completed within four weeks from the date of commencement of the audit.

Deliverables:

1. The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director.
2. Management letter in accordance with the scope of work described here before.

Qualification of the Audit Firm:

The audit firms based in Windhoek having affiliation/membership with an internationally reputed audit firms will be eligible to apply.

Audit Fees:

The audit fees will be fixed through a competitive bidding process.