EXPRESSION OF INTEREST (EOI FOR EXTERNAL AUDIT ENGAGEMENT
WEWE ANNUAL AUDIT FOR THE YEAR ENDING 31ST DECEMBER 2018
Widows and Orphans Empowerment Organisation (WEWE) is a registered reputable national non-governmental organization that provides socio-
economic empowerment to orphans, vulnerable children and widows in Nigeria. WEWE is currently implementing a comprehensive USAID-
funded Orphans and Vulnerable Children (OVC) project called Local Partners Initiative for Orphans and Vulnerable Children in Nigeria (LOPIN-
2) and in its final year of the project.
The objective of this EOI is to seek for an audit firm to audit our financial statements for the year ended 31st December 2018, and express an independent opinion thereon.
The audit will be conducted in accordance with International Standards on Auditing (ISAs) and reported in line with International Financial Reporting Standards (IFRS).
Scope of audit
The external audit will be conducted in such a manner as the auditors consider necessary to fulfill their responsibilities under the Companies and Allied Matters Act (CAMA) 1990 and will include such tests of transactions and as to the existence, ownership and acquisition of assets and liabilities as considered necessary.
Auditors shall obtain an understanding of the control environment, accounting system in other to assess its adequacy as a basis for the preparation of the financial statements and to establish whether appropriate accounting records have been maintained.
Auditors are expected to obtain such appropriate evidences as considered sufficient to enable them draw reasonable conclusion therefrom.
The nature and extent of tests will vary according to auditor’s assessment of WEWE’s accounting system and the system of internal controls where they wish to place reliance on it, and may cover any aspect of the operations that they consider appropriate.
As part of normal audit procedures, auditor may ask the management to confirm formally in writing certain matters affecting the financial statements, such as those which are significantly dependent on the judgment of the management.
Auditor may also rely upon information or advice given by persons suitably professionally qualified (whether or not employed by us), Banks and other regulated entities.
In order to assist with the examination of financial statements, auditors shall request and sight all documents or statements, which are due to be issued with the financial statements.
The responsibility for safeguarding the assets of WEWE and for the prevention of fraud, error and non-compliance with law or regulations rests with the Management.
Auditors shall, nevertheless, endeavor to plan audit so that they have a reasonable expectation of detecting material misstatement in the financial statements or accounting records (including those resulting from fraud, error or non-
compliance with law or USAID regulations), but examination cannot be relied upon to disclose all such material misstatements or frauds, errors or instances of non-
compliance as may exist.
Once audit report has been, issued the auditors have no further direct responsibility in relation to the financial statements for that financial year.
Volume of Operations and Requirement
The expected expenditure for fiscal year ending December, 31st 2018 will be above NGN600 million. Only one USAID funded grant was implemented during the year 2018.
We expect the statutory audit to cover among other areas detailed expenditure verification of all the operations with an emphasis on supplier payments (procurement) HR, partner and staff advance management and test compliance with our policies and best practices in all areas of operations.
The successful Auditor MUST have 3-5 years’ experience in the audit of USAID funded projects and reporting .
Time period for the annual audit assignment will be two weeks between April 2019 May 2019. The Auditors will be provided trial balance, General Ledgers, Bank reconciliations and other related financial documents.
The Auditors will be required to provide periodic progress update meeting with WEWE Management staff during the audit period.
This engagement shall be governed by, and construed in accordance with Nigeria law. The competent court of law in Nigeria shall have exclusive jurisdiction in relation to any claim, dispute or difference with WEWE in the engagement and any matter arising from it.
Other Term & Condition
Please address your quotation and profile which must be both in technical and Financial to WEWE Audit Procurement Committee in a sealed and officially stamped envelope marked quotation for Annual Audit .
Submission will be made into a bidding box at the office of WEWE at No. 25, Idanre Hills Street AMSSCO Platinum Estate Galadimawa, Abuja FCT and a soft copy by email to procurement weweng.org
All submissions must be received on or before close of business on March 19, 2019 (5 : 00pm). For e-mail submissions, the subject should be Quotation for Annual Audit .
WEWE reserves the right to accept or reject any or all tenders not meeting the technical and financial proposals. Successful bidders will be contact to make their final presentation before signing the engagement letter