Terms of Reference for CARE International Rwanda Statutory Audit service
Established in 1945, CARE International is an international development organization focused on addressing the root causes of poverty and inequality towards achieving dignity and social security for all. Established in Rwanda in 1984, CARE has over thirty years’ experience supporting women and girls in Rwanda’s rural communities, with programs evolving and adapting according to the local context and the needs of the poorest Rwandans. CARE concentrates on socio-economic empowerment, women’s rights and the rights of the most vulnerable people and is committed to supporting sustainable livelihood development for poor and vulnerable households through long-term projects in Rwanda.
Effective the Fiscal Year 2019, CARE started complying to the Rwandan tax law Nº 016/2018 and this is an annual requirement.
2. Scope of work
The Audit will be conducted in accordance with the International Financial Reporting Standard (IFRS) and Generally Acceptable Accounting Principles (GAAP). In conducting the program audit, the auditor will;
1) Provide Audited Financial Statements as at June 30th 2021 and support the filling process to RRA.
2) Confirm that funds have been used in accordance with the relevant general conditions, relevant financing agreements, and disbursement letters, with due attention to economy and efficiency, and only for the purpose for which the financing was provided.
3) Confirm that Goods and services financed have been procured in accordance to the relevant general conditions, relevant financing agreements, CARE International-Rwanda policies and procedures, and disbursement letters.
4) Confirm that necessary supporting documents, records, and accounts have been kept in respect of all operations including income and expenditure reported via PeopleSoft.
5) Confirm that clear Linkages exist between the accounting records and financial reports presented in financial reports
6) Where designated accounts have been used, verify that they have been maintained in accordance with the relevant general conditions and agreement letter.
7) Express an opinion that the Accounting records that support the financial report have been prepared in accordance with generally accepted accounting practices and principles and CARE International-Rwanda policies and procedures and give a true and fair view of the financial position of the project/program as at financial year end and of the resources and expenditure for the fiscal year then ending.
8) Review the compliance on each of the financial covenants as per the donor agreements specially to ensure compliance with the conditions under which the funds were release
9) Organizational risks check and follow up on defined risk mitigation actions/measures
3. Audit Reports:
The Auditors will issue an audit opinion on CARE International-Rwanda financial statements. In addition to an Audit Opinion, the auditor will prepare a “management letter” in which the auditor will:
1. Give comments and observations on the accounting records, systems, and controls that were examined during the audit.
2. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for their improvement.
3. Report on lack of compliance with each financial covenant in the relevant financing agreement.
4. Communicate matters that have come to the auditor's attention during the audit which might have a significant impact on the operations of the organization; and
5. Include management’s comments in the final management letter.
4. Deliverables and time schedule
The organizational audit is expected to start on August 12th August and a final report presented to CARE International -Rwanda on September 10th 2021. The firm shall submit electronic draft report and an electronic with five (5) working days upon completion of the assignment by submitting the electronic and hard copies of the Financial statement audits. The filling to RRA should be completed by September 20th 2021.
5. Duration of the Assignment
The audit exercise will be for a period not exceeding 30 working days counted from the starting date indicated under Point4 above.
6. Location of the Assignment.
Due to COVID-19 measures already in place especially limited access to Offices premises, the assignment will be carried at the CARE International-Rwanda Headquarter located at Kimihurura- Gasabo- Kigali-Rwanda for only essential deliverables that need presence in the office. Meetings (Kick off, progress close out meetings) will be done virtually. Other deliverables related sampling, document reviews and reporting will be done at the Auditors offices.
CARE Rwanda will work on the key activities and agree on the deliverable that need access to CARE office premises to ensure safety and Security at both sides.
The lead auditor/Partner should be an internationally qualified auditor (CPA, ACCA qualifications) with experience in donor accounting and financial management and should have a minimum of five (5) years’ experience in the field with experience in statutory and project auditing. The Firm should have strong knowledge and experience (Minimum of Ten (10) years) in auditing INGOs and appear on the certified list by ICPAR to carry this nature of work. The firm should demonstrate its capabilities and tools to support remote audit approach. The firm should have the valid tax clearance certificates issued by Rwanda RRA and RSSB.
8. Application Procedure:
Interested audit firms are requested to submit their application by email with the subject line: “Application for CARE International Rwanda Statutory Audit service “to the following email address: Rwaprocurement@care.org no later than July 30th, 2021at 5:00 pm.
Done at Kigali on July 19th,2021.