Request for Expression of Interest
Government of Sierra Leone National Commission for Social Action (NaCSA) Islamic Development Bank (IDB)Request for Expression of Interest (REOI) Audit of The Financial Statements of Self Help Affinity & Livelihood Groups of The Sierra Leone Community Driven Development Project (SLCDDP)
EoI #: NaCSA/IDB/SLCDDP/SER/EOI/01/14
BACKGROUND:
Consistent with the Loan Agreements between the GOSL – NaCSA and Islamic Development Bank (IDB), an independent post financial audit is required for all disbursement carried out under The Sierra Leone Community Driven Development Project each financial year. Under the IDB Disbursement Guidelines, the Bank is expected to ensure that disbursement of funds from the Loan proceeds are used for eligible expenditures and in accordance with procedures specified in the Loan Agreements and the Disbursement Guidelines. The audit will cover disbursement by NaCSA, CMCs, CBOs, NGOs and Service Providers (SPs) which include, International NGOs and Community Based Organisations. This Terms of Reference refers to the Audit of one of the types of CBOs created under the Project. The Self Help Affinity & Livelihood Group is 118 in number, an average of 10 per districts, except Western Rural which has 10 Groups and Western Urban, with 8 Groups.
National Commission for Social Action NaCSA as the implementing agency of the Self Help Affinity Groups concept, which is a component of the SLCDD project aims to create an efficient and effective institutional platform for the rural poor women enabling them to increase household income generation activities through sustainable livelihood enhancement and improved leadership and promote habitual savings and lending schemes. NaCSA has used part of this funding to support the formation of 118 (pilot) Self Help Groups under Below Poverty Line (BPL) across 12 districts excluding Kailahun and Koinadugu Districts. 41 villages in the country and support them on livelihood activities.
GENERAL OBJECTIVE OF THE AUDIT:
The objective of the audit is to express a professional opinion on the Financial Statements of each of the 118 SHALGS at the end of the financial years ended 31st December, 2013, 2014 and 2015. There are 118 SHALGs 10 per district and 18 in the Western Area (10 in Western Rural District & 8 in Western Urban).
The audit should cover all of the activities of the SHALGs operating in the country and created under the SLCDD, with the objectives of ascertaining whether disbursement of funds received from the IDB has been utilized or expended in a manner consistent with the SLCDD project design and also ascertaining the completeness and accuracy of the income generated by the Group and funds expended during each financial year.
Expected Outputs/Deliverables:
The audit report should include the following:
Individual Group
Financial Statements.
There should be separate financial statements and audit reports for each of the ten Groups in each district and for the Western Area for each of the 18 Groups.
Each Financial Statement should include:
a) A Summary of Funds received, showing separately funds from the IDB, GoSL Contributions by members and Funds from other donors for the current, previous fiscal year and the cumulative.
b) A Summary of Expenditure shown under the main categories of expenditure, both for the current and previous fiscal year and the cumulative.
c) A Balance Sheet showing Accumulated Funds of the Group, bank balances and other assets and liabilities of the Group.
d) As an annex to the Group’s Financial Statements, the auditor should prepare reconciliation between the amounts shown as received by the Group from the IDB and other donors and that shown as being contributed by members and disbursed by IDB/others.
Statement of Income and Expenditure
A schedule, listing the total of individual Expenditure items should be annexed to the Group’s Financial Statements as part of the overall reconciliation with the income and Expenditure Statement. There should also be a similar annex for all types of Income incorporated in the Statement.
Audit Opinion
Besides a primary opinion on the Group’s Financial Statements, the annual audit report on the Group’s Accounts should include a separate paragraph commenting on the accuracy and propriety of expenditures incurred during each fiscal year.
Management Letter
In addition to the audit reports, the auditor will prepare “management letter” for each group, in which he will:
a) Give comments and observation on the accounting records, systems, and controls that were examined during the course of the audit;
b) Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for their improvement;
c) Report on the degree of compliance to each of the financial covenants of the Group and give comments, if any, on internal and external matters affecting such compliance.
d) Communicate matters that have come to their attention during the audit which might have a significant impact on the operations and sustainability of the Group; and
e) Bring to the Commission’s attention any other matters that the auditor considers pertinent.
f) Comment on actions taken, if any, on internal control weaknesses highlighted in previous audits.
CONTENT OF THE EXPRESSION OF INTEREST (EOI):
Expressions of interest must include a brief proposal (ideally 2 to 5 pages) defining the methodology for achieving the objectives of the assignment as specified therein and profile. Firms must provide information such as profile and experience of the firm, description of at least three similar assignments that have been undertaken, availability of qualified and experienced staff for the proposed assignment.
The minimum qualification and experience of Audit team members outlined below:
§ The Audit Manager will have not less than 5 years post qualification experience in financial auditing, a university degree in accounting/finance plus a professional qualification. Experience in auditing Small and Micro Enterprises will be an added advantage ;
§ The Audit Supervisor will have not less than 5 years experience in financial auditing, a university degree in accounting/finance. Experience in auditing Small and Micro Enterprises will be an added advantage.
§ The Audit Senior will have not less than 3 years experience in financial auditing, a university degree in accounting/finance. Experience in auditing Small and Micro Enterprises will be an added advantage.
The short listing of firms shall be based on the following criteria:
- Experience of the firm in undertaking this type of assignment;
- Availability of Qualified and experience key staff and
- Appropriateness of the proposed methodology for achieving the objective, tasks and output of the assignment.
All potential bidders are invited to a pre-bidding meeting at 2nd Floor Conference Room, NaCSA Head Quarter, 14-16 Charlotte Street, Freetown on Wednesday, March 12th, 2014 at 11:30 a.m
DEADLINES FOR SUBMISSION OF EOI
Written Expression of interest must be delivered on or before 3:30 p.m, 14th April 2014 to the following address:
Procurement Unit Support Services Division National Commission for Social Action (NaCSA) Head Quarters 5th Floor, 14-16 Charlotte Street, Freetown, Sierra LeoneE-mail: jjtoe@yahoo.com
Tel: 232- 78-650-268
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