Request for quotation for a financial audit
AL-KHAIR FOUNDATION- KENYA OFFICE
A HUMANITARIAN AID AND DEVELOPMENT ORGANIZATION
Terms of Reference (TOR) for an External Audit
Closing date: 19-Aug-2020
Al-Khair Foundation is a leading humanitarian and developmental aid agency. Working with some of the most impoverished communities and in hostile environments globally, Al-Khair Foundation delivers its services without reference to colour, creed or political persuasion.
Al-Khair Foundation works in countries across Africa, Asia, the Middle East and Europe, helping vulnerable communities, displaced families and refugees to overcome economic hardship. Al-Khair Foundation continues to work in the areas of emergency response, medical aid, water provision, and education. Additionally, the Charity undertakes seasonal campaigns to support the impoverished during the religious festival of Eid, the month of Ramadan, and during the winter months in the UK and abroad.
Al-Khair Foundation was registered in Kenya in July 2012 with the aim of welfare and betterment of persons of the society in general. Financial year for AKF begins 1 st of August to 31 st of July
Al-Khair Foundation seeks to build a just world based on humanitarian principles, which fulfills the needs of disadvantaged people through advancing education, alleviating poverty, promoting livelihood, and empowering the disadvantaged and dispossessed globally.
Al-Khair Foundation’s vision is to empower the world’s most impoverished communities, to end hardship, and provide a helping hand in times of crisis and across hostile environments globally – with a vision to creating sustainable, cohesive, tolerant and prosperous communities the world over.
Al-Khair also works to alleviate poverty, advance education and actively engage in the areas of social and community cohesion. Al-Khair delivers its services without reference to race, colour, creed, background or political persuasion.
Objective of the Audit:
1- The objective of the audit of AKF Kenya financial statements is to enable the auditors to express an independent professional opinion on the financial Statements for the period 1st-August2019-31st July-2020 of AKF Kenya Office, and to ensure that the funds utilized to AKF Kenya Office activities have been used for their intended purposes.
2- The books of accounts of AKF Kenya Office provide the basis for preparation of the AKF Kenya Office Financial Statements. Proper books of accounts as required by law have been maintained by AKF Kenya Office and also maintain adequate internal controls and supporting documentation for the transactions.
Scope of the Audit
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.
The scope of external audit work entails testing and evaluation the adequacy and effectiveness of management and financial information systems, internal control frameworks, and to make recommendations.
Review the effectiveness, efficiency of the financial, and human resources.
Verify all funds have been used in accordance with the established rules and regulations of AKF Kenya Office and only for the purposes for which the funds were provided.
Goods, works and services financed have been procured in accordance with the AKF Kenya Office established rules and procedures.
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.
The financial statements have been prepared by AKF Kenya Office management in accordance with applicable accounting standards and give a true and fair view of the financial position of AKF Kenya Office and of its receipts and expenditures for the period ended on that date.
Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
Express an opinion as to reasonableness of the financial statements in all material respects.
In addition to the audit report, the auditors will prepare a Management Letter on the following:
a. Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
b. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
c. Report on the implementation status of recommendations pertaining to previous period audit reports.
d. Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
The audit work shall be completed within 15 days starting on 20/08/2020. The draft audit report should be submitted by 04/09/2020, and final signed report with certified statements and management letter should be submitted within three days from the date of receiving of response to the draft (If any) from AKF Kenya Office.
The Auditors on completion of the audit work will submit 3 (three) original hardcopies of the Audit Report appended to the Financial Statements along with the reports to the attention of Country director of AKF Kenya Office.
Management letter in accordance with the scope of work described here before.
Qualification of the Audit Firm:
The auditor is expected to employ adequate staff with appropriate professional qualifications and suitable experience, with related international standards, in particular the International Standards of Audit, and International Financial Reports Standard (IFRS), and with experience in performing assessments and/or audits of entities comparable in size and complexity to the Entity. (Other specific condition can be set out in the TOR depending on the case.
Standards & Ethics:
The auditor is expected to perform the assignment in accordance with the code of Ethics for professional Accountant and Audit, and notably in compliance with the principles of integrity, objectivity, independence, professional competences and due care, confidentiality, professional behavior, and technical standard.
The audit fees will be fixed based on a competitive offer.
How to apply
Submission guideline of the quotation:
Please submit a soft copy of the quotation along with the company’s profile before 19th August 2020 to the following email address:
E-mail: [email protected]