Oct 10, 2018
Objective of the external project auditThe objective of the external audit is to express a professional audit opinion in accordance with ISA 800 and/or ISA 805 on whether the financial statements of theproject in all material respects, are in conformity with the applicable Financial Rules and Regulations of Plan International and
Terms and Conditions of the financing agreement.The Organisation" books of accounts provide the basis for preparation of those financials statements and are established to reflect the financial transactions in respect of the "the Organisation" and that it maintains adequate internal controls and supporting documentation for transactions.The objective of this audit is also for the Auditor to verify that the expenditures claimed by "the Organisation" in the financial statements for the project covered bythe Agreement have occurred (‘reality’), are accurate (‘exact’) and eligible and to submit a Report of Factual Findings with regard to the agreed-upon proceduresperformed according to ISRS 400 and Plan Sweden's Audit Instructions in Annex 2 of this ToR. Eligibility means that expenditure have been incurred in accordance withthe terms and conditions of the Agreement. However neither physical verification of the project nor the auditor's opinion of the results and effects of the project is includedin the project financial audit.Responsibility for preparation of financial statementsThe responsibility for the preparation of Financial Statements lies with the "the Organisation" and is also responsible for:
The selection and application of accounting policies. "The Organisation" will prepare the Financial Statements in accordance with applicable accounting standards that
comply with appropriate international standards in all material respects; and
Implementing accounting, administrative and financial procedures documented in manuals.
The auditors are responsible for the formulation of an opinion on the Financial Statements based on their audit conducted in accordance with ISAs (International Standards on Auditing) issued by the IFAC (International Federation of Accountants).
In accordance with these standards, the auditors will request "the Organisation" for an
Engagement/Confirmation Letter committing "the Organisation" to the preparation of the Financial Statements and maintenance of proper internal control systems as well
as acceptable documentation for all financial transactions.
A formal letter of engagement specifying the scope of audit shall be prepared andsigned between "the Organisation" and the auditor prior to the beginning of the
assignment. The letter of engagement shall also clearly spell out the responsibilities of the two parties.
The financial records maintained for projects are usually the following:Financial ledgers;Bank Reconciliation Statements;Financial reports
The Financial project reports include:
Annual and cumulative statements of sources and application of funds, which should disclose separately Plan International Sweden funds, other donors funds and
beneficiary’s funds.
Annual and cumulative project expenditure compared to budget per category
Reconciliations from financial ledgers
Full disclosure of cash balances. Only actual expenditure are eligible and any advances that have not been liquidated are not the be included in the expenditure.
The auditors shall be given access to all legal documents, correspondence and any other information associated with the Financial Statements to be audited and deemed necessary by
them. Confirmation of amounts disbursed and outstanding can be obtained by income records in SAP. These records are reported and checked by Plan International Sweden and are
considered correct.
Scope of the audit
The audit will be carried out in accordance with the standards specified in 3.2 above and will include such tests and verification procedures as the auditors consider
necessary under the circumstances. In conducting the audit, special attention should be paid to the following:
Carry out tests of transactions as are necessary, in order to obtain an understanding of the accounting system, to assess its adequacy as a basis for the preparation of the financial
statements and to establish whether adequate records have been maintained as required by "the Organisation" Financial Rules and Regulations; Financial Manual and applicable rules of the donors;
Conduct an in-depth and exhaustive review of the internal control systems to have sufficient knowledge of the procedures underpinning the systems, as contained in "the
Organisation" Financial Rules and Regulations; Financial Manual and the applicable rules of the concerned donors;
Confirm that although responsibility for preventing irregularity and fraud remains with "the Organisation", the audit has been planned so as to have a reasonable expectation of
detecting material misstatements in the financial statements;
Confirm that funds have been used in accordance with the Agreement, with due attention to economy and efficiency, and that they have only been used for the purposes for which
they were intended for and in accordance with the conditions under which the funding was provided. The External Auditors have therefore obtained an understanding of the terms
and conditions governing the grant agreement.; Signed Funding Agreement Document
(FAD) as well as all annexes as listed in the FAD;
Confirm that Goods and services financed have been procured in accordance with sound procurement procedures spelled out in the Plan International Procurement policy;
Confirm that all necessary supporting documents, records and accounts have been kept in respect of all activities. Clear linkages should exist between the books of accounts and the financial statements presented;
Confirm that the Financial Statements have been prepared in accordance with acceptable accounting practice and give a true and fair view of the financial position of the project for the reporting period; and That the Plan global monthly exchange rates have been applied converting the expenditure from local currency to grant currency in the financial report;
The above-defined scope does not in any way restrict the audit procedures or the techniques that the auditor may wish to use in forming an opinion on the Financial Statements being audited.
In accordance with International Standards on Auditing, the auditors shall pay attention to the following:
Fraud and Corruption: In accordance with ISA 240 (The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements) the auditors shall identify
and evaluate risks related to fraud, obtain or provide sufficient evidence of analysis of these risks and assess properly the risks identified or suspected;
Laws and Regulations: In preparing the audit approach and in executing the audit procedures, the auditors shall evaluate "the Organization’s" compliance with the
provisions of laws and regulations that might impact significantly the financial statements as required by ISA 250 (Considerations of Laws and Regulations in an
Audit of Financial Statements);
Governance: Communicate with "the Organization’s" Management responsible for Governance regarding significant audit issues related to governance in accordance
with ISA 260: (Communication with those charged with Governance); and
Risks: With a view to reducing audit risks to a relatively low level, the auditors will apply appropriate audit procedures and handle anomalies/risks identified during their
evaluation. This is in accordance with ISA 330 (The Auditor’s Responses to Assessed Risks).
Contents of ReportingThe auditor is expected to present two types of reports: An opinion on the Financial Statements prepared by "the Organisation" and a Report of Factual Findings. The reports are to written in choose a language, in two copies and digitally, to "the Organisation" no later than 15/10/2018. Submission of draft reports to "theOrganisation" for review is due by 06/10/2018. The responsible auditor’s signature and title are required on both reports.
The opinion on the Financial Statements shall contain:
A professional opinion on the financial statements and supporting schedules as regard
to their true and fair view;
Accounting standards and "the Organisation" Financial Rules and Regulations that have been applied indicating the effect of any deviations from them;
The International Audit standards that were applied;
Include all other requirements of cooperating partners as stated in the various cooperating agreements.
The Report of Factual Findings shall contain:
A description of factual findings and make recommendations to address any weaknesses identified in the Report on Factual Findings.
Any ineligible expenditures disclosed in report.
The Report of Factual Findings will include reactions/comments "Management
Response from the Organisation on any weaknesses noted by the auditors.
Auditors qualification and experience
The audit shall be carried out by an external, independent and qualified auditor (Certified Public Accountant/Authorized Public Accountant).
The auditor must be completely impartial and independent from all aspects of management or financial interests of the organization.
The auditor shall not, during the period covered by the audit nor during the undertaking of the audit, be employed by, serve as advisers or mentors for, or have any financial or business relationships with the organization.
The Auditors should disclose any relationship that might possibly compromise their independence.
The auditor shall be registered and have a license with the Institute of CharteredAccountants of Nigeria (ICAN) and International Federation of Accountants (IFAC) and must demonstrate that s/he employs adequate staff with appropriate professional qualifications with international standards, in particular International Standards on Auditing (ISA) and with suitable experience in accounting and auditing the accounts of entities comparable in size and complexity to the entity being audited.
In addition, the audit team as a whole will have:
Appropriate experience with audits of development projects financed by the donors.
At least one senior member of the team either a manager/supervisor should have such experience; and
Demonstrate sufficient knowledge of relevant laws, regulations and rules in the country concerned. This includes but is not limited to taxation, social security and labour regulations, accounting and reporting; and Fluency in English.
The key audit team will comprise, at least:
An audit manager with at least 10 years; experience in auditing and with a sound knowledge of donor-financed projects.
In addition, s/he should be
a member of a recognized accountancy professional body;
A team leader with at least a Masters degree in auditing/accounting or equivalent with a minimum of 5 years' experience in auditing; and
An assistant auditor with adequate experience and professional qualifications.
Curriculum Vitae (CVs) must be provided to the client by the Partner of the firm of auditors who shall be responsible for signing the opinion, together with the CVs of managers,
supervisors and key personnel proposed as part of the audit team. The CVs shall include details of audits carried out by the concerned staff, including ongoing assignments indicating
capability and capacity to undertake the audit.
Apply via :
Applicants should send CVs to Nigeria.Consultant@plan-international.org The Organisation intends to engage an independent and external auditor for the purpose of auditing the project in accordance with our agreement with Plan International Sweden/SIDA. Projects shorter than 12 months are audited once at the time of final report. Longer projects are audited annually.Hussaini Abdu was appointed as the Country Director as of 20 Apr. 15 by the Regional Director, West Africa Region.Person responsible for accounting, financial management and administration is: Daniel Lartey, Country Finance Manager, Daniel.Lartey@Plan-International.org, (234) 8113763221″The Organisation” offices are based in Abuja, Nigeria with its International Headquarters in Woking, UK at the following addresses:Plan International Nigeria, 46 Mike-Akhigbe Way, Jabi, (234) 9-2921781Plan International headquarters, Dukes Court, Block A, Duke Street, Woking, Surrey, GU21 5BH, United Kingdom, Tel: (+44)1483 755 155, Fax: (+44)1483 756 505Plan International’s webpage is located at: https://plan-international.org/Plan International Nigeria (“the Organisation”) has obtained a grant of 7,850,468 SEK from Plan International Sweden/Sida to fund a project called” Providing life-saving Child Protection services to children made vulnerable by Boko Haram violence in Northeast Nigeria.The project implementation period is:01/05/2017 to 30/06/2018.The purpose of the project is to respond in the epicentre of the Boko-Haram crisis to the need of both IDP’s and host communities affected by the Boko-Haram crisis with particular focus on girls and young women subjected to forced recruitment and sexual abuse.The Organisation intends to engage an independent and external auditor for the purpose of auditing the project in accordance with our agreement with Plan International Sweden/Sida. Projects shorter than 12 months are audited once at the time of final report. Longer projects are audited annually.Local implementing partners receiving project funding through the Agreement is also subject to audit according to the same instructions and separate Engagement Letters and reports are to be signed for each partner. The partner financial reports are consolidated into a project financial report to Plan International Sweden. The auditor only expresses an opinion on the organisation s/he audits and not on organisations in subsequent links in the chain. The auditor only expresses an opinion on the audited organisation’s control of the audit of organisations subsequently in receipt of the grant, not on the audit(s) of the organisation(s) as such.The external audit shall be carried out in accordance with International Standards on Auditing (ISA) and International Standards on Related Services (ISRS) issued by the International Auditing and Assurance Standards Board (IAASB).The Auditor shall perform the audit according to “Plan Sweden’s Audit Instructions”, Annex 2 to this ToR. Follow this link for the objectives of the external Audit.THE COMPLETE JOB DESCRIPTION CAN BE DOWNLOADED ON GOOGLE DOCS
https://www.myjobmag.com/job/105975/terms-of-refrence-for-external-auditor-plan-international