Objectives and scope of the audit
The auditor shall examine the financial reports for the period July-June of each year for the next three (3) years unless otherwise advised.
A draft audit report should be submitted by 30th November and a final signed audit report with certified statements by 7th December each year. The financial statements for the financial year will be made available no later than 30th October following the end of the financial year. The audits should be carried out in accordance with International Standards of Auditing (ISA) and International Financial Reporting Standard (IFRS).
- Follow up whether salary costs debited to the project/programme are recorded throughout the duration of the year in a systemized way and examine whether the salary costs can be verified by sufficient supporting documentation.
- Examine whether the financial report includes a comparison, for every budget item, between the actual costs/expenditures of activities and the budgeted costs/expenditures as approved by donors for the period.
- Based on materiality and risk the auditor shall examine whether there is supporting documentation related to incurred costs. Regardless of materiality of the findings the auditor shall quantify the amount for costs lacking sufficient supporting documentation.
- Examine whether foreign exchange gains/losses are disclosed as a separate item in the financial report as well as disclosed in accordance with what is stipulated in the agreement including appendices and generally accepted accounting principles.
- Siasa Place’s compliance with the applicable tax legislation with regard to taxes (e.g.PAYE) and social security fees.
- Review if outgoing balance for the previous period is the same as incoming balance for the current period.
- If Siasa Place applies a modified cash basis as accounting principle, the auditor shall describe the method used and motivate whether the applied accounting principle is acceptable for this type of financial report.
- Verify the unspent balance at the end of the financial year against accounting records and its supporting documentation.
- Follow up whether Siasa Place has implemented recommendations from the previous audits reports of the program. The examination includes reviewing whether Siasa Place has implemented the action points as described in Siasa Place management response in connection with audit reports. The examination also includes reviewing whether Siasa Place has followed up the action points, in all subsequent links.
- The reporting shall also include a Management letter that discloses all audit findings (significant and other findings), as well as weaknesses identified during the audit process.
- The financial report that has been subject to the audit shall be attached to the audit reporting.
- The auditor shall make recommendations to address the identified findings and weaknesses.
The responsible auditor must sign the report (not just the audit firm) and shall include the title and CPA Number of the responsible auditor. 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 report.
Measures taken by Siasa Place to address weaknesses identified in previous audits shall also be presented in the Management Letter.
A firm seeking to apply should be registered in Kenya and must have been in operation for at least five (5) years providing both audit and tax services. Additionally, the firm must demonstrate experience in auditing of not-for-profit entities and organizations.
The following information should be provided:
- Copy of certificate of incorporation/registration
- PIN Certificate
- Valid certificate of tax compliance
- Valid certificate of good standing from the Institute of Certified Public Accountants Kenya (ICPAK)
- Contacts/ profiles of three (3) clients the firm has previously worked for(at least one(1) has to be a non-profit organization.
Submission of proposals
Interested and eligible firms can submit a short outline methodology of how they would conduct the audit, a brief profile of the company which includes profile of past work done and budget via email@example.com
The last date for application will be on Friday, 28th October 2022.