The Nigerian Women Trust Fund is requesting proposals from licensed certified public accounting firms to audit its financial statements for the fiscal year ending December 31, 2018. This audit is to be performed in accordance with the provisions included in this request for proposal.
These contents serve as Terms of Reference for the provision of External Audit services for all projects implemented by Nigerian Women Trust Fund (NWTF).
Nigeria currently falls short of the National Gender Policy benchmark of 35% minimum gender representation and other global and regional benchmarks to which the country is signatory. In this regard, The Nigerian Women Trust Fund (NWTF) was created in 2011 to increase the representation of women in Nigerian governance at all levels and address the growing concerns about the gender imbalance in elective and appointive positions.
1.1 Our Vision
A Nigeria where women and men participate equally in governance.
1.2 Our Mission
To serve as the facilitators of equitable citizenship and sustainable participation for women in governance in Nigeria.
2.0. Objectives and Scope of the Audit
The objective of the audit is for the auditor to conduct audit reviews as follows:
- The auditors shall express an independent professional opinion as to whether the financial statements present fairly, in all material respects, the financial position of NWTF in accordance with the International best practice for NGOs in Nigeria.
- The audit shall be carried out in accordance with the International Standards on Auditing (ISAs) as issued by the International Federation of Accountants (IFAC). The auditors in their duties shall comply with the duties imposed upon them by the Audits Professions Act and the Companies act of Nigeria.
- Management letter: The Auditors should submit a management letter after the completion of the audit in which auditors will:
- Identify specific deficiencies or areas of weakness in systems and controls, and make recommendations for their improvement;
- Examine on test basis the appropriateness of supporting documents, records and books of accounts relating to all project activities.
- Include management responses to audit findings and recommendations;
- Any matters that come to the auditor’s attention during the audit that might have a significant impact to the implementation of the programme;
- Examine, assess and report on compliance with the terms and conditions of the agreement between funding partners and NWTF, and applicable laws and regulations within accounting and taxes;
- The auditor shall report the identified amount in case there are any missing supporting documents;
- Any matters that come to the auditor’s attention during the audit that might have a significant impact to the implementation of the programme.
3.0. Scope of Work
The scope of external audit work entails testing and evaluating the adequacy and effectiveness of the organization’s system of internal control and to make recommendations. Basically, auditors are expected to:
- Review the effectiveness and efficiency of the financial and human resource management process;
- Appraise the effectiveness and efficiency with which resources are employed and identifying opportunities to improve operating performance;
- Review the reliability and integrity of financial and operating information and the means used to identify, measure, classify and report such information;
- Review the systems established by management to ensure compliance with those policies, laws, regulations and controls that could have a significant impact on operations and determine whether the organization is in compliance with its financial, administrative and property management procedures and other relevant legislation that governs the organization.
- Ensure that the organization adheres to the corporate governance requirements as prescribed in the organization’s internal rules and regulations.
- Review operations or programs to ascertain whether the results are consistent with established objectives or goals and whether the operations or programs are being carried out as planned.
The successful bidder will be required to perform the following types of external audits:
- Risk based audits (this includes, but are not limited to, audits on the Financial, Human Resource);
- Compliance audits;
- Performance audits;
- Audits on predetermined objectives (performance information).
The execution of each assignment shall be in accordance with the instructions the bidder will get from the client. In carrying out the work, the successful bidder must ensure its staff maintain their objectivity by remaining independent of the activities they audit.
4.0. Technical Requirements
Thorough research must be conducted for benchmarking purposes and estimation of overall hours by the organization inviting tenders, the overall hours should be the basis for evaluation of the following in the bidding process:
- Explanation of the approach to performing an external audit, including the audit methodology, nature, timing and extent of audit procedures to be performed;
- Demonstration of experience and expertise of external auditing for non-governmental organizations;
- Providing an activity plan (project plan) of actions to achieve the objectives of the external audit function, specifying budgeted hours, timelines and sequence for its audit procedure and level of staff to be assigned;
- Incorporating CV’s of the proposed professional staff of the core management team proposed for the engagement and the authorized representative submitting the proposal. CVs must be maximum one (1) page per staff member;
- Key information including the position of the individual in the company, the role that the individual will have in the engagement, number of years’ experience, all tertiary and professional qualifications, professional memberships, experience, and degree of responsibility held in various assignments during the last three (3) years.
- Proof of experience in performing external audit services: list current and past clients where the bidder carried out external audit along with the name of the organization, contact person, designation, contact number, nature of the external audit service and length of the appointment for at least three (3) non-governmental organizations where you have rendered external audits services in the last three (3) years.
5.0 Evaluation Criteria
Proposals will be evaluated in two parts. The technical proposal shall bear 60% of the total marks while the financial proposal shall bear 40% of the total marks. Other criteria must satisfy the following:
- Proposals should make clear about the relevant skills, experience and capacity of the participant, in respect of this particular TOR;
- Proposals must contain the details of the proposed approach to be adopted in order to deliver the service in accordance with the TOR;
- Proposals should clearly indicate whether or not bid participants have the capacity to meet the requirements of the TOR;
- Proposals must remain valid from the submission date. NWTF will make its best effort to complete negotiations within this period. If the proposal validity period of 30 days is extended, bidders have the right to withdraw their proposals.
6.0 Location of services
The required service of external audit will be rendered at NWTF Office.
7.0 Proposal submission
To be considered, proposals must be received by 4th January 2019, by 12:00 noon via email to email@example.com. Only shortlisted audit firms will be contacted. Also, please note that this advert contains full Terms of Reference, hence no further tender documents are available.
NWTF reserves the right to reject any or all proposals submitted.