Background
Women and Law in Southern Africa-Eswatini (WLSA) is a non-governmental organization (NGO) whose mandate in Eswatini, as in the region, is to contribute to the socio-economic, political, and legal advancement as well as protection of women and girls. The organization relies solely on donor funding. In ensuring Good Corporate Governance, there is a need to fulfill the requirement of the organizational policy in facilitating consistent annual external audits of the Financial Statements and Procedures.
WLSA wishes to engage an Audit firm to conduct an external financial audit for the period May 2019 to April 2020. It is anticipated that the audit shall be carried out in accordance with international audit standards issued by International Organisation Federation of Accountants (IFAC).
Expression of Interest
Interested consultancies will be required to submit their technical proposals and prove of relevant experience in a sealed envelope hand delivered to WLSA offices Situated in Manzini, Mandlenkhosi building second floor before the 26th June 2020. Addressed to Selection Committee, P.O Box 508, Mbabane.
For more information send email to: wlsaswaziland@gmail.com
Below is more information on the Terms Of Reference:
Objectives and scope of the audit
Audit the Financial statements and express an audit opinion.
The audit should cover WLSA’s fiscal year (May 2019 to April 2020)
In particular, the audit will cover the following areas:
- Examine, assess and report on compliance with the terms and conditions of the grant agreements and applicable laws and regulations in Swaziland regarding accounting and taxes.
- Examine, assess if project funds have been used in accordance with the conditions of donor agreements, with due attention to economy and efficiency and only for the purposes for which the funds were provided.
- The auditor shall examine on a test basis that there is supporting documentation related to reported expenditure. The size of the test shall be based on the auditor’s risk analysis and that should be stated in the report. The auditor shall report the identified amount in case there is any missing supporting documentation.
- Examine, assess if bank funds have been used in accordance with the conditions of the agreement, with due attention to economy and efficiency and only for the purposes for which the funds were provided.
- In reporting, the auditor shall examine, assess and ensure that the organization’s reporting is based on actual expenses incurred for project activities only and is not done on allocation or apportionment basis.
The Reporting
Financial Report
When Accrual basis accounting method is used, the Financial Report shall include:
- Income statement (or statement of comprehensive Income, or income and expenditure)
The income statement should show separately:
- Funds received during the period;
- Funds brought forward;
- Bank interest income;
- Other income;
- Exchange gains;
- Unspent funds;
- Expenses in detail.
- Balance sheet showing accumulated funds of the project, bank balances and other assets and liabilities of the project;
- Cash flow statement;
- Notes to the financial report describing the applicable accounting principles in place and detailed analysis of the Income statement and balance sheet.
- As an annex to the financial report mentioned above, the audit report should include:
- A comprehensive list of all fixed assets purchased during the year, with given date, values and conditions of the assets.
- The financial report shall include an appendix of Actual income and expenditure compared to budget and variances with brief comments.
OR
When cash basis accounting method is used, the Fund Accountant ability Statement Report shall include:
- Fund accountant ability statement Report (showing receipts, expenses and surplus /deficit for the period)
– The Fund accountability statement Report should show separately:
a) Funds received during the period;
b) Funds brought forward;
c) Bank interest income;
d) Other income;
e) Exchange gains;
f) Unspent funds;
g) Expenses in detail.
-The Fund accountability (income and expenditure) statement Report should also include fund balance represented by: (showing cash, bank, advances, receivables, payables etc.)
- Cash flow statement
- Notes to the Fund accountability statement Report describing the applicable accounting principles in place and detailed analysis of the Fund accountability statement
As an annex to the Fund accountability statement Report mentioned above, the audit report should include:
- A comprehensive list of all fixed assets purchased during the year, with given date, values and conditions of the assets.
- The financial statements shall include an appendix of Actual income and expenditure compared to budget and variances with brief comments.
The reporting shall contain details regarding used audit methodology and the scope of the audit.
The reporting shall contain an assurance that the audit was performed in accordance with international standards and by a qualified auditor.
The reporting shall contain the responsible auditor’s signature (not just the audit firm) and title.
The report shall only include financial information that has been audited by the auditors. (Under no circumstances shall the audit report include any page of unaudited financial information as part of the Audited financial report)
Management Letter Report
The auditor shall submit an audit memorandum/management letter, which shall contain the audit findings made during the audit process. It shall state which measures that have been taken as a result of previous audits and whether measures taken have been adequate to deal with reported shortcomings. The report shall include clear recommendations, prioritized in order of importance. It shall include a discussion on the chosen method and include the following headings:
– Observations
– Risk
Timeliness/ deliverables
The consultant will report directly to WLSA National Director
- The financial Audit shall be completed within 20 working days
- A report shall be submitted within the 20 days.
Thank you.