Request for Quotations for Audit Services at a Seed Company

REQUEST FOR QUOTATIONS FOR AUDIT SERVICES

AF/RFQ/03/2023

10th March 2023

A diversified agricultural company whose mandate is to produce, market, and distribute improved seed varieties of cereal (maize, rice, and sorghum), legume (groundnut, soybean, cowpea, common beans, and pigeon pea), oil (sunflower), and forage crop seeds has been implementing a two-year project in partnership with the Netherlands Development Organization (SNV) titled ‘Innovations Against Poverty (IAP) project’’. The aim of the project is to Increase Access to Bundled Inputs for Smallholder Farmer’s Productivity, Incomes, and Climate Resilience in Zambia.

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The company is therefore inviting quotations from eligible and qualified audit firms to carry out the IAP project audit. The specific objective is to audit all the milestone financial reports submitted by the company to SNV within the period [20th April 2021] up to [31st December 2022]. The audit report format to be followed is standard ISA 800/805.

Qualification of Auditors

1. Audit firms must have a valid legal company registration in the country of operation

2. Audit firms must have valid certification by the relevant national audit institute/association

3. Audit firms must have completed at least 5 project audit assignments for firms and/or international NGOs

4. Staff involved in the audit must be holding ACCA/CPA qualifications

Required documents for submission

1. Letter of interest that expresses of audit firm’s interest to conduct the audit, and

2. A detailed audit proposal (technical and financial) containing the following:

• Company track record
• Proposed methodology for assignment
• Timeline/work schedule
• Fee structure/total cost including tax

3.   Copies of valid company registration and certification

4.   CVs of staff to be involved in the audit with copies of qualifications

Submission procedure

All quotations should be submitted via email quoting AF/RFQ/03/2023 in the subject line. The email address for submitting quotations is procurementagri@gmail.com .  Submission Deadline is 14th March 2023 at 5 PM.

Terms of Reference

Examine whether the financial reports include a comparison, for every budget item, between the actual costs/expenditures of activities and the budgeted costs/expenditures as approved by SNV/IAP for the period.

Based on materiality and risk the auditor shall examine whether there is supporting documentation related to incurred costs. If costs without sufficient supporting documentation are found, these costs shall be quantified.

Review if outgoing balance for previous period is the same as incoming balance for the current period.

The financial milestone reports for the funding received by each grantee shall be audited. The audit shall verify that the use of the IAP funds received from SNV have been used exclusively for the IAP project and in line with the agreed work plan as mentioned in the milestone plans/budgets, and that the IAP funds have been kept separate from any other activities.

The financial reports for grantees’ own contribution (whether in-kind or in cash) shall be audited and shall verify that the own contribution provided by the grantee has been in line with the milestone plan and budget in terms of type and quantity.

Follow up on grantees’ compliance with the applicable tax legislation in regard to taxes (e.g., PAYE) and social security provisions.

Follow up on whether grantees have adhered to the procurement guidelines annexed to the funding contract. Prepare a list of all procurements done by each grantee during the period from the start of the funding contract up to December 31st 2022, and additionally scrutinize the single-sourced procurements.

Verify that all relevant procurement documents are kept and archived according to the SNV procurement guidelines. Relevant documents are tender invitation, tender, tender evaluation protocols, and decisions taken during the entire process, including documentation of deviations from the procurement regulation if applicable.

Verify if the handling of payments for IAP-funded activities have been handled according to SNV’s financial regulations.

Verify that a robust internal control system is in place that ensures;

• Assets are safeguarded
• Fraud is prevented and detected
• Segregation of duties is adopted and strictly followed
• Accounting records are complete; reliable and understandable

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