Terms of Reference for

Annex [specify]

Sida’s Standard Terms of Reference for Annual Audit of Project/Programme Support including ISRS 4400 (Revised

Request for Quotation for Financial Statement Audit

The Organization

The Population Media Center, Inc., hereafter referred to as the “Cooperation partner” wishes to engage the services of an audit firm for the purpose of auditing the Barnusietehdeh Project, as stipulated in the agreement between the Cooperation partner and SIDA. The audit shall be carried out in accordance with international audit standards (ISA) issued by IAASB. In addition, an assignment according to International Standards on Related Services (ISRS) 4400 (Revised) shall be carried out. The audit and the additional assignment shall be carried out by an external, independent and qualified auditor.

Liberia and across the region. We have a strong network and partnership with TDS Sierra Leone and Guinea. TDS Liberia operates through various programs, projects and initiatives.

Objectives and Scope

In fulfillment of a basic requirement as prescribe by the Government of Liberia and our Donors SIDA, PMC is seeking Qualify Audit Firm to Audit the organization projects. The objective is to audit the financial report for the period July 1, 2024 – December 31, 2024 as submitted to SIDA and to express an audit opinion according to ISA, applying ISA 800/ISA 805, on whether the financial report of Barnusietehdeh Project is in accordance with the Cooperation partner´s accounting records and SIDA’s requirements for financial reporting as stipulated in the agreement including appendices between SIDA and Cooperation partner (Agreement).

Additional assignment; according to agreed upon procedures ISRS 4400 (Revised), review the following areas in accordance with the Terms of Reference below.

Mandatory procedures that must be included:

1. Observe whether the financial report is structured in a way that allows for direct comparison with the latest approved budget.
2. Observe and inspect whether the financial report provides information regarding:

1. Financial outcome per budget line (both incomes and costs) for the reporting period and columns for cumulative information regarding earlier periods under current agreement.
2. When applicable, compare if the opening fund balance for the reporting period matches with what was stated as closing fund balance in the previous reporting period.
3. A disclosure of exchange gains/losses. Inquire and confirm whether the disclosure includes the entire chain of currency exchange from SIDA’s disbursement to the handling of the project/programme within the organisation in local currency/ies, if applicable.
4. Explanatory notes (such as, for instance, accounting principles applied for the financial report).
5. Amount of funds that has been forwarded to implementing partners, when applicable.

1. a) Inquire and inspect with what frequency salary costs during the reporting period are debited to the project/programme.

Choose a sample of three individuals for three different months and:

1. Inquire and inspect whether there are supporting documentation for debited salary costs.
2. Inquire and inspect whether actual time worked is documented and verified by a manager. Inquire and inspect within which frequency reconciliations between debited time and actual worked time is performed.
3. Inspect whether the Cooperation partner comply with applicable tax legislation with regard to personal income taxes (PAYE) and social security fees.

1. Review and confirm that the Cooperation partner screens IP’s and/or suppliers to ensure that such parties are not subject to the European Union’s financial sanctions list of persons, groups and organisations (EU Sanctions list).

Enquire whether there has been any reported findings from the screening process and if so, report on such findings.

1. a) Inspect and confirm that the unspent fund balance (according to the financial report) at the end of the financial year is in line with information provided in the accounting system and/or bank account.
2. b) Applicable the final year: Inspect and confirm the unspent fund balance (including exchange gains) in the financial report and confirm the amount that shall be repaid to Sida.

The Reporting

The reporting shall be signed by the responsible auditor (not just the audit firm) and shall include the title of the responsible auditor.

Reporting from the ISA assignment

The reporting from the auditor shall include an independent auditor’s report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated. The financial report that has been the subject of the audit shall be attached to the audit report.

The reporting shall also include a Management letter that discloses all audit findings, as well as weaknesses identified during the audit process. The auditor shall make recommendations to address the identified findings and weaknesses. The recommendations shall be presented in priority order and with a risk classification.

Measures taken by the Cooperation partner to address weaknesses identified in previous audits shall also be presented in the Management Letter. If the previous audit did not have any findings or weaknesses to be followed-up on, a clarification of this must be disclosed in the audit reporting.

If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting.

Reporting from the ISRS 4400 (Revised) assignment

The additional assignment according to agreed upon procedures ISRS 4400 (Revised) under section II, shall be reported separately in an “Agreed-upon procedures report”.

Performed procedures should be described and the findings should be reported in accordance with the requirements in the International Standard on Related Services 4400 (Revised)..

Schedule and Timeline

The financial audit will commence on January 15, 2025, and is expected to be completed by March 1, 2025.

Key milestones and checkpoints will be established to ensure timely progress and completion of the audit.

Duration of the Audit

One and one half Month’s Maximum.

Deadline for Submission

December 31,2024

Qualifications

All Applicants (Audit firm) should have at least 4 to 6 years’ experience in Conducting Financial Audit for Non-For-Profit Organization.

ALL Applicants should also submit the following documents. Current Tax Clarence, Business Registration and Organization profile.

To Apply:

Interested Audit firms are invited to submit at gbarchue.tds@gmail.com, sjones@populationmedia.org and talkingdrumstudio@tds-liberia.org no later than 31 December 2024.