Provision of External Audit Services: Institute for Community Development in Zimbabwe (ICOD Zimbabwe)

Deadline: 7 March 2021

Introduction

Institute for Community Development in Zimbabwe (ICOD Zimbabwe) is a woman founded and woman led organisation working in the area of promoting and advancing women’s rights, including women with disabilities. ICOD Zim is currently operating in Masvingo and Midlands provinces of Zimbabwe. ICOD Zim was formed in 2015 and completed registration as a Trust in 2017 and is registered under the Deeds offices with its registration number being MA0000613/2017. The organisation aims to empower women in their diversities economically, politically and socially through amplifying their voices through all local and national processes, creating platforms for engagement, advocacy and capacity building. The organisation is looking for a qualified external auditor to conduct an audit of its 2020 financial year.

ICOD Zim wishes to engage the services of an audit firm for the purpose of auditing the financial operations and activities for the financial year ended 31 December 2020 as per set provisions of the founding Deed of Trust. The financial year runs from 01 January to 31 December. The audit shall be carried out in accordance with International Standards on Auditing issued by the International Auditing and Assurances Standards Board (IAASB). The audit shall be carried out by an external, independent, certified auditor who is qualified to produce and sign off accounts to International Standards on Auditing.

Proposal bids are being invited for the provision of annual external audit services for the Institute for community development in Zimbabwe for the financial years ended 31 December 2020. Tenders should clearly articulate the bidder’s capability and experience to carry out external audit services in Zimbabwe.

Instructions and Format for the Bidders

Audit firms capable and interested in providing audit services to Institute for community development in Zimbabwe are requested to submit a proposal containing the following information:

Introduction: Organisation’s profile - Approach & Methodology: Outline of the proposed audit approach; CVs of senior staff such as the Audit Partner, Managers and members of the team who will carry out the audit procedures; Proposed timeframe of the audit engagement; Scope of the audit procedures to be applied; Proof of registration and certification of the audit firm with the relevant professional audit body in Zimbabwe; Documentary evidence on the bidder’s compliance with Zimbabwe statutory requirements for tax and social security

Budget Proposal: A full breakdown of proposed fees for each of the years to be audited.

Previous Experience of the NGO Sector: Outline of past experiences conducting independent annual external audits within the NGO sector in Zimbabwe.

References: A list of at least three client referees in the NGO sector who have been audited by the firm in the past 3 years

Deliverables

Minimum required outputs to be produced by the auditor at the end of the assignment shall include: The independent auditor’s report in accordance with the format in standard ISA 800/805 with an audit opinion clearly stated. The scope of the audit shall be stated in the report and the methodology used shall also be presented. The reporting shall be signed by the responsible audit partner (not just the audit firm) and their title; A management letter describing key controls, audit findings and weaknesses identified during the audit process. The auditor shall make recommendations to address the weaknesses identified and the recommendations shall be presented in priority order. Measures taken by the organisation to address weaknesses identified in previous audits (if any) shall also be presented in the Management Letter. If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the main audit report; A statement from the auditor stating the number of key checks that have been made.

Evaluation Criteria of Bids

Compliant bids will be evaluated using the following criteria: Experience within the Sector (25%) - The bidder should have experience conducting independent external audits in the INGO sector; Technical Competency (25%) - The bidder should be fully registered to operate as an audit firm and staffed with suitably skilled and experienced team to carry who can successfully carry out an audit assignment; Value for Money (50%) - The bid should demonstrate value for money through the price structure and how the audit will enhance compliance and meeting statutory requirements.

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