(Advertisement) DEADLINE to apply: 30th June 2023
The “Alola Foundation” is a non government organization, operating in Timor Leste to improve the lives of women and children. The organization seeks to nurture women leaders and advocate for the rights of women, our motto is “Strong Women, Strong Nation” and we have programs in Maternal & Child Health, Advocacy, Education and Economic Development. Alola Foundation is led by a Board of Management and currently moving towards a management team that is entirely Timorese led.
The Program is inviting Expressions of Interest (EOI) for an Auditing Firm to execute auditing services for the fiscal year 2022 (January – December 2022). This Request for Expression of Interest (EoI) details the requirements needed by Alola and instructs interested proposers on the application and selection process.
OBJECTIVES OF THE AUDIT SERVICE:
- The Audit will be general audit of which the objective is to express an opinion on the project financial statements in conformity with International Accounting Standards on Auditing and relevant provision in the project agreement and examination of the conformity with project objectives and observance of the contract conditions, through the control and evaluation of transactions, expenditures and receipts compared to the basic project documents (project description, program activities, contracts, budgets, etc.).
- Examination of the economical conduct of business and effective use of financial resources, through the control and evaluation of:
- Minimization of the cost of the resources utilized for the activities, always ensuring an appropriate quality and no budget line over spent; and
- Comparison of expenditures with corresponding budget positions and the control and evaluation of any explanations for divergences.
- Examination of the appropriateness, the relevance and functioning of the Internal Control System in accordance with the program Partnership Agreement and internal control documentation of the Partner, through the control and evaluation of the:
- Internal organization (structures, functions, tasks, authority, responsibilities, methods, procedures, etc.);
- Existence, respect and application of laws, regulations and instructions:
- Protection of resources and assets:
- Prevention of errors and fraud; and
- Quality and viability of the information system and the reporting.
- In conducting the audit, special attention should be check and collect evidence of fraud, corruption, and/or misuse of funding, if any.
The Audit Firm shall conduct the audit in compliance with the International Accounting Standards on Auditing (ISA) and relevant provision in the project agreement and the audit will cover receipts and expenditures during the period of January 01st, 2022 to December 31st, 2022. Since the project commenced at January 2022, it’s the beginning period of records to be assessed.
- Legally established company governed by private law in the field of auditing.
- At least five (5) years of experience in auditing.
- Annual turnover of at least $250,000 USD.
- A minimum of three (3) audit contracts implemented during the last five (5) years with contract values of over $250,000 USD each.
Minimum Personnel Proposed for the Contract
One (1) Audit Director, One (1) Audit Manager and One (1) Senior Auditor.
- The first contract shall be signed for the audit of 2022’s financial year (from beginning of projects until 31 December 2022) and be extended subject to and conditional upon satisfactory completion of the first audit.
This Expression of Interest is limited to audit firms that are registered in Timor-Leste. Alola Program is not liable for any costs incurred by individuals/firms in relation to their application.
The TOR and application form can be made available to any interested companies by emailing email@example.com with “ALOLA External Audit Service” as the subject.
Applications must be completed in English and received by 5pm Timor-Leste time, 30th June 2023 to the email address below.
Only shortlisted firms will be invited to submit a full proposal.