EXPRESSION OF INTEREST EXTERNAL AUDIT SERVICE

pexels-pixabay-53621

Background Information

Pangea Trust is business accelerator program and an investment platform that matches African startups with its pool of investors from Nordic region, registered in Kenya as a Trust with Ministry. The Trust creates an enabling environment, where African entrepreneurs can develop competence, access relevant network and capital in order to reach their full potential

We would like to engage a reputable audit firm to carry-out the statutory audit of Pangea Trust for the financial year ending December 31, 2020. The contract will be renewable for a three-year period.

The objective of the Pangea Trust audit is to obtain reasonable assurance that the financial statements reflect a true and fair view of the financial position of the Group and for the branches and subsidiaries. The audit will be performed in accordance with International Financial Reporting Standards (“IFRS”) and International Standards of Auditing (“ISA”). The audit report will include an Independent Auditors Report (Opinion) on the financial statements.

The audit will also include such other required schedules or analyses as Pangea Trust has determined are necessary in order to ensure that program resources are being properly managed. The auditors should assess the organization’s compliance with the provisions of the Kenyan Companies Act and the relevant applicable regulatory authorities e.g. NGO Co-ordination Board Regulations for programme offices.

Audit Objective

The objective of the Pangea Trust audit is to obtain reasonable assurance that the financial statements reflect a true and fair view of the financial position of the Group and for the branches and subsidiaries. The audit will be performed in accordance with International Financial Reporting Standards (“IFRS”) and International Standards of Auditing (“ISA”).

The audit report will include an Independent Auditors Report (Opinion) on the financial statements. The audit will also include such other required schedules or analyses as Pangea Trust has determined are necessary in order to ensure that program resources are being properly managed.

The auditors should assess the organization’s compliance with the provisions of the Kenyan Companies Act and the relevant applicable regulatory authorities e.g. NGO Co-ordination Board Regulations for programme offices.

Scope of work

The successful External Auditor will cover its operations in Kenya.
The audit will be in conformity with International Financial Reporting Standards (“IFRS”) and International Standards of Auditing (“ISA”). The findings and recommendations shall include an action plan for Pangea Trust organizational and accounting improvements depending on findings and its implications and shall accommodate management comments.

 Eligibility Criteria

Eligible Audit firm should meet the following criteria:

  1. Compliance with legal requirements of registration
  2. Experience of the audit firm with audit reporting under International Financial Reporting standards (IFRS) and International Standards on Auditing (ISA)
  3. References for similar audits performed within the last three years (From 2017 and above)
  1. Provide Audit Methodology, Proposed Work-plan, Curriculum Vitae for the partner, manager and key staff proposed for the audit team
  2. Audit firm and staff must be independent of Pangea Trust and affirm their independence in the engagement letter.
  3. Any actual or potential conflict of interest in taking up this role should be highlighted.

Note: A detailed evaluation criteria is presented in Appendix 1 below.

Deliverable

The key deliverables will be:

  1. Audited Financial Statements indicating if accounting standards have been applied and whether they reflect a true and fair view of the financial position of the Group
  2. Management Letter where matters that are not material to the financial statements, but which the auditors wish to communicate to Pangea Trust may be reflected for management action

Communication and Reports

All audit reports and accompanying statements of financial condition shall, at a minimum, be presented in English.

Submission guidelines

The proposal submitted should have a maximum of 5 pages exclusive of the statutory requirements which shall be attached separately. The proposal subject line should clearly read, “EOI: EXTERNAL AUDITORS.”

The proposal should be addressed to: Pangea Trust

Mode of submission: ONLY electronically submitted proposals will be accepted. It should be submitted to the following email: info@pangeatrust.co The deadline for submission of the proposal is: 7th February 2021 at/or before 12:00 hours East African time.

Appendix 1: Evaluation Criteria

A. Mandatory Requirements
No.ParticularsMarksCompliantNon- compliant
1.Copy of Certificate of Incorporation/Certificate of Registration1 or 0
2.Copy of valid Tax Compliance certificate1 or 0
3.Copy of PIN Certificate1 or 0
4.Must submit 2 years certified copies of audited financial report (2017/2018, 2018/2019)1 or 0
Only those that meet the mandatory requirements in Section A will move to next stage of the evaluation.
B. Expertise of firm / organization submitting proposal
ScoreMax.
5.Impartiality, Independence and Perceived Conflict of Interest of the Firm5
6Ability to conduct audit in Kenya16
7.General Organizational Capability which is likely to affect delivery i.e.loose consortium (3 marks);10
holding company (5 marks);
One firm (10 marks)
8.Extent to which any work would be subcontracted
(Subcontracting carries additional risks which may affect project implementation, but properly done it offers a chance to access specialized skills).Non subcontracting (5 marks)Sub-contracting (0 marks)
5
9.Experience in reviewing various projects funded by various donors:UN Habitat (2 marks)
Global Fund (2 marks)GIZ (2 marks),SIDA (2 marks),
Any other (2 marks)
10
10.Specialized expertise in review of DONOR based programs
8
Sub-total54
C. Proposed Work Plan and Approach
11.Is the scope of task well defined and does it correspond to5
the TOR?
12.Is the audit methodology adopted appropriate for the task?5
13.Is the presentation clear and is the sequence of activities and the planning logical, realistic and promise efficient implementation to the project?10
Sub-total20
D. Team Members Experience & Expertise
14.General Qualification of the:
Team Leader/Partner – Degree and Accountancy Professional Qualification (2 marks)Managers – Degree and Accountancy Professional Qualification (3 marks)Senior Auditors – Degree and Accountancy Professional Qualification (4 marks)Audit Assistants – Degree (1 marks)
10
15Professional Experience in the area of specialization and the region:Team Leader – 10 years and above (3 marks)Managers – 8 years (5 marks)
Senior Auditors – 5 years (5 marks)Audit Assistants – 2 year (3 marks)s
16
Sub-total26
Total100
Bidders who score below 80% will not be considered for further evaluation

Share this post with your friends

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email