TOR: Hiring of Audit firm

Background

HelpAge International is a global non-profit organization that works to improve the lives of older people around the world. We work through the HelpAge global network, an alliance of organizations committed to the wellbeing, dignity and voice of older people.

The organization was founded in 1983, and the global network has more than 170 global members in more than 90 countries.

Our mission is to promote the rights and well-being of older people, and to help them live dignified and fulfilling lives. Through our work we address the challenges faced by older people, such as poverty, social isolation, and discrimination. We also advocate for policies and programmes that support the rights of older people and provide support to local organisations and communities working with older people. HelpAge International is working in Pakistan under the MoU with Ministry of Interior, Government of Pakistan having renewal in 2023 with No.4/19/2016-FATF/INGO dated 13th December 2023 and valid till 12th December 2026.

Presently, HelpAge International and Sarhad Rural Support Program (SRSP) are collaboratively executing a three-year project titled "Promotion of Peace and Development Initiatives in Khyber Pakhtunkhwa Province, Pakistan" in Khyber District. This project receives financial support from HelpAge Deutschland (HAD) and BMZ (German Federal Ministry for Economic Cooperation and Development). HelpAge International provides technical assistance to SRSP for implementing field activities within this project.

Objective:

HelpAge International seeks proposals from eligible and reputable audit firms in Pakistan to conduct financial audits for a three-year project funded by BMZ through HelpAge Deutschland implemented in merge district Khyber, Khyber Pakhtunkhwa province. The objectives of the audit are:

• To ensure compliance with funding guidelines, regulations, and accounting standards.
• To verify the accuracy and reliability of financial records and reports.
• To assess the effectiveness of internal controls and risk management procedures.
• To provide recommendations for improving financial management practices.

Scope of Work:

The audit firm shall:

• Review financial transactions, including income, expenses, assets, and liabilities, for the project duration.
• Examine accounting records, ledgers, bank statements, and supporting documentation.
• Assess the adequacy of internal controls and adherence to financial policies and procedures.
• Verify the accuracy of financial statements and reports.
• Identify any instances of non-compliance, fraud, or irregularities.
• Conduct testing and sampling of financial data to ensure completeness and accuracy.
• Review budget allocations and expenditure against approved project plans and funding agreements.
• Assess the reliability of financial systems and software used for recording and reporting.
• Prepare a comprehensive audit report detailing findings, observations, and recommendations.

Deliverable

The audit firm shall provide the following deliverables:

• An inception report outlining the audit approach, methodology, and timeline.
• Draft audit findings and observations for review and feedback.
• Final audit report incorporating responses to feedback and recommendations.

Qualification and Experience

The audit firm must demonstrate:

• Accreditation and registration with relevant regulatory bodies in Pakistan.
• Minimum five year experience in conducting financial audits for projects of similar scope and complexity.
• Familiarity with relevant accounting standards, regulations, and donor requirements.
• Availability of qualified and experienced audit staff.

Evaluation and Selection Process

Proposals will be evaluated by a selection committee based on the specified criteria. HelpAge International reserves the right to accept or reject any proposal and to negotiate terms with the selected audit firm.

Budget

The audit firm shall provide a detailed breakdown of costs, including fees, travel expenses, and any other applicable charges.

Confidentiality:

The audit firm shall maintain strict confidentiality of all information obtained during the audit process and shall not disclose any findings or reports without prior authorization from the Client.

Contract Term:

Anticipated Start date: 15th June 2024

Anticipated end date: 31st July 2024

AUDIT LOCATION

The audit will be conducted in two locations: Peshawar and Islamabad. Two weeks will be allocated in Peshawar to conduct the audit at SRSP Office Peshawar, the implementing body of field activities in project areas, and one week at HelpAge International, which provides technical support to SRSP for project implementation.

Apply By:

Interested firms are requested to submit their financial and technical proposals no later than May 25, 2024, by 15:00 Hrs to the below office Address:

HelpAge International, Ground Floor, G-6, Shah Tower, E- 11/2, Near NBP, Islamabad