Pangea Trust empowers African start-ups for people, planet and profit.
Pangea Trust was registered in 2019 and was initiated by Pangea Accelerator as they identified a big need for a non-profit organization that could focus on building the innovation ecosystem and mobilizing resources from the African Diaspora.
Pangea Trust Kenya seeks to engage a reputable audit firm to carry out annual statutory external audit of its books of account for the financial year ended 31st December 2021. Thereafter, the contract is expected to be renewed for a further two years to cover the financial years ended 31st December 2022 and 31st December 2023. The external auditor shall be expected to maintain independence from Pangea Trust Kenya throughout the contracting period ensuring their integrity, objectivity and professional skepticism is not compromised.
SCOPE OF WORK
The objective of the audit is to provide reasonable assurance that the financial statements of Pangea Trust Kenya in all material respects, reflect a true and fair view of the financial position, performance, and cash flows of the organization.
This fulfillment of the above objective will include but not limited to:
1) Conducting of the audit services in accordance with the International Financial Reporting Standards (IFRS) and International Standards of Auditing (ISAs).
2) Provision of an audit report that shall include an independent audit opinion on the financial statements of Pangea Trust Kenya.
3) Preparation of such other income and expenditure schedules as Pangea Trust Kenya shall deem necessary as constituting part of the annual report and financial statements.
4) Assessment of the Pangea Trust Kenya’s compliance to provisions of applicable laws, organizational policies, contracts, grant agreements and relevant regulatory authorities
5) Evaluation of the multiple grants to ascertain that the financial statements fairly present the income received, costs incurred, assets purchased, and in-kind donations and technical assistance received for each grant during the applicable financial year.
6) Review of the appropriateness, adequacy, and operational effectiveness of the internal control systems of Pangea Trust Kenya and highlight any deficiencies.
7) Provision of an audit management letter setting out findings, implications and recommendations for improvements whilst accommodating management comments and conducting follow up of status of implementation of prior year audit recommendations and corrective action plans.
Bidding firms will be required to meet the following criteria:
1. Be registered with the Institute of Certified Public Accountants of Kenya (ICPAK) and its partners must hold a current Practicing Certificate.
2. Have at least two partners who must be in good standing with ICPAK, while the Firm and its Partners should not have been subject to any disciplinary action by ICPAK or other related professional bodies.
3. Should have been in operation for a period of at least five years.
4. Should demonstrate that it has the capacity, capability and experience required to undertake the audit within required timelines taking note of applicable statutory timelines
5. The firm should demonstrate experience auditing Not for Profit organizations with multiple funding mechanisms and sources including restricted and unrestricted funds.
6. The audit firm and its staff should be independent of Pangea Trust and this independence will be required to be subsequently affirmed in the engagement letter.
The expected deliverables from the external audit engagement shall be:
i. Audited financial statements including an audit report reflecting opinion on whether the financial statements reflect a true and fair view of the financial position of Pangea Trust Kenya
ii. Management letter with audit findings the auditor deems necessary for management action
iii. Schedule of grants movements
The above deliverables shall be presented in the English language.
How to apply
The proposal for provision of audit services shall include a technical proposal and a financial proposal.
The technical proposal shall have a maximum of 20 pages excluding the statutory requirements which shall be separate attachments. The technical proposal shall at a minimum set out the proposed methodology and workplan of the proposed audit services.
The following are statutory attachments that must be submitted:
i. Audit firm certificate of registration
ii. PIN Certificate
iii. Valid tax compliance Certificate
iv. Valid ICPAK practicing license for the audit firm and for at least two partners of the audit firm
v. Most recent Certificate of good standing with the Institute of Certified Public Accountants Kenya.
vi. Signed declaration of accuracy and authenticity of the information provided in the proposal submitted.
vii. Signed Anti-fraud and anti- corruption practices declaration
viii. Signed declaration of independence of the audit firm i.e., lack of conflict of interest between Pangea Trust, Pangea Trust Kenya and the audit firm and its staff
ix. In addition to the statutory attachments above, eligible audit firms are requested to provide at least 5 references of similar audit engagements performed for non-governmental organizations in the last 5 years.
x. Eligible audit firms are also required to demonstrate staffing capacity to undertake this audit engagement through provision of CVs of proposed audit team.
xi. The financial proposal shall set out the proposed fees for the provision of external audit services for the financial year ended 31st Dec 2021 and for the subsequent two years.
xii. The technical and financial proposals shall be submitted as separate documents in one folder addressed to:
The Managing Director
Pangea Trust Kenya.
A soft copy of the technical and financial firstname.lastname@example.org proposals shall also be submitted to the following email: on or before 8th December 2021 11:59 hours EAT.
Late submissions will not be accepted.
Only shortlisted audit firms shall be invited to present themselves for interview at Pangea Trust Kenya offices at a date to be communicated. For any questions, send an email to email@example.com not later than 3 days to the deadline for submission of the proposals.