Summary
Date Posted: Tuesday, July 20, 2021 , Base Salary: Not Disclosed

JOB DETAILS:
Terms of Reference (TOR) for the procurement of external auditor services
Background:
The Norwegian Association of Disabled (NAD) is an independent human rights organisation of persons with disabilities. We work for equal rights and full participation for all. In Zambia NAD works in the areas of Human Right Advocacy and Inclusive Education.
NAD Zambia is currently looking for an external auditor for 2021 financial year and beyond.

Objective of the Audit:
1. The objective of the audit of NAD’s financial statements is to enable the external auditors to express an independent professional opinion on the financial position of NAD and to examine and verify that the funds expended by NAD in each financial year have been used for their intended purposes.
2. The books of accounts of NAD provide the basis for preparation of the NAD’s Financial Statements. The auditors are expected to verify that proper books of accounts as required by law have been maintained by NAD and that NAD has adequate internal controls and supporting documentation for the transactions undertaken during the financial year under review.

Scope of the Audit:
1. The auditor shall comply with all ISAs relevant to the audit, ref. ISA 200 (Overall objectives of the independent auditor and the conduct of an audit in accordance with international standards on auditing), paragraphs 18 and 20. Of particular relevance is ISA 240 (The Auditor’s responsibility to Consider Fraud and Error in an Audit of Financial Statements), and ISA 800 (“Special Considerations audits of single financial statements and specific elements, accounts or items of a financial statement”)
2. Verify that all funds have been used in accordance with the established rules and regulations of NAD as provided for in its relevant manuals and only for the purposes for which the funds were provided.
3. Goods, works, and services financed have been procured in accordance with the NAD established rules and procedures.
4. Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the financial statements presented to.
5. The financial statements have been prepared by NAD management in accordance with applicable accounting standards and give a true and fair view of the financial position of NAD and of its receipts and expenditures for the period ended on that date.
6. Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
7. Express an opinion as to reasonableness of the financial statements in all material respects.
8. The audit process should consist of Interim Audit which will run for the period January to June of each audit year and final Audit which will run for the period July to December of each audit year, with a consolidation of the whole year from January to December in each financial year.
9. Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
10. Conduct an entry and exit meeting with the Executive Director of NAD during each planned audit process each year
11. In addition to the audit report, the auditors will prepare a Management Letter, taking congnisance of the following:
a) Give comments and observations on the accounting records, procedures, systems, and internal controls that were examined during the audit.
b) Identify specific deficiencies and areas of weakness in systems and controls and make appropriate recommendations for improvement.
c) Report on the implementation status of recommendations pertaining to previous period management letters.
d) Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
e) Bring to the Executive Director’s attention any other matters that the auditors consider pertinent.

Audit Duration:
The audit work shall be completed within two weeks from the date of commencement of the audit.

Deliverables:
1. The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Head of Programme and Administration.
2. A Management letter in accordance with the scope of work described here before.

Qualification of the Audit Firm:
Applicants should be audit firms based in Zambia, registered and approved by the Zambia Institute of Chartered Accountants (ZICA). In addition, firms having affiliation/membership with internationally reputable audit firms will be eligible to apply.

Audit Fees:
The audit fees will be fixed through a competitive bidding process.

Education Requirement: No Requirements

Job Experience: No Requirements

Work Hours: 8

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Job application procedure
Interested firms can send their profiles to nadzambia@yahoo.com and copy tina.cbrzambia@gmail.com not later than 28th July 2021.
Note that only shortlisted firms will be contacted.

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