Call for expression of interest to provide external audit services

Scope of the Assignment

The audit will be conducted in accordance with ISA as published by the International Auditing and Assurance Standards Board of the International Federation of Accountants (IFAC), with special reference to ISA 800 (Auditor’s Report on Special Purpose Audit Engagements) and relevant World Bank guidelines. The audit for financial year 2014-2015 will involve a visit to five member universities to audit the projects funded by RUFORUM: University of Namibia, University of Botswana, University of Swaziland, Mzuzu University and Makerere University. In conducting the project audit, special attention should be paid to the following:

1. Funds have been used in accordance with the relevant general conditions, relevant financing agreements and disbursement letters, with due attention to economy and efficiency, and only for the purposes for which the financing was provided;
2. Goods and services financed have been procured in accordance with the relevant general conditions, relevant financing agreements and disbursement letters;
3. Necessary supporting documents, records, and accounts have been kept in respect of all Project ventures including expenditures reported via Summary Report (or Interim Un-audited Financial Reports (Interim Reports)) if used as the basis of disbursement, or Designated Accounts (DAs). Clear linkages should exist between the accounting records and the financial reports presented to the Bank.
4. Where Designated Accounts have been used, they have been maintained in accordance with the provisions of the relevant general conditions, relevant financing agreements and disbursement letter.
5. The accounting records have been prepared in accordance with generally accepted accounting principles and practices and relevant World Bank guidelines, and give a true and fair view of the financial position of the Project as at financial year-end and of the resources and expenditures for the fiscal year then ending.
6. Review the compliance on each of the financial covenants as per the donor Agreements especially to ensure compliance for the conditions under which the funds were released.

Audit Reports

The auditors will issue an audit opinion on RUFORUM’s Financial Statements. In addition to the audit opinion, the auditor will prepare a "management letter," in which the auditor will:

1. Give comments and observations on the accounting records, systems, and controls that were examined during the course of the audit;
2. Identify specific deficiencies and areas of weakness in systems and controls and make recommendation for their improvement;
3. Report on the lack of compliance of each financial covenant in the relevant financing agreement;
4. Communicate matters that have come to their attention during the audit which might have a significant impact on the operations of the organization; and
5. Include management's comments in the final management letter.

Deliverable and time schedule

The external audit is expected to be conducted during July 2015 and the final report presented to the RUFORUM Annual General Meeting in September 2015. The firm shall submit Draft Final Report in hard copy and an electronic version within seven (7) days upon completion of assignment to the Executive Secretary The Final Report, in five (5) hard copies and an electronic version shall be submitted to the Executive Secretary within seven (7) days on receipt of management’s comments.

Duration of Assignment

The contract will be for three years in accordance with the Uganda statutory regulations, and the audit exercise for each year will be for a period of Fifteen (15) Man-Days with possibility of extension.

Location of Assignment

The assignment will be carried out at the RUFORUM Secretariat, Plot 151/155, Garden Hill, Makerere University, Main Campus, Kampala, Uganda; Email: secretariat@ruforum.org; Tel: +256-417-713-300 Fax: +256 414 534153.

Requirements

The Lead Consultant should be an internationally qualified auditor (CPA, ACCA or its equivalent) with experience in donor accounting and financial management and should have a minimum of five years experience in the field with experience in statutory and project auditing. The Firm should have strong knowledge and experience (minimum of 10 years) in donor account auditing. The firm should have Specific experience in World Bank, European Union, and USAID Accounts auditing.

Applications

Please send (via e-mail) expression of interest, Proposals (both technical and financial), and Comprehensive curriculum vitae of the audit team members, to: The Executive Secretary, RUFORUM, Plot 151/155, Garden Hill, Makerere University, Main Campus, Kampala, Uganda; Email: secretariat@ruforum.org; Tel: Tel: +256-417-713-300 Fax: +256 414 534153.

Applications will be accepted up to 6th June 2014

Date of release of advert: 6th May 2014