External Audit of Financial Statements 2014 for Strengthening Local Governance in Timor Leste to better address Women’s Needs in Development Project

 

BACKGROUND

The Asia Foundation (the Foundation) recently concluded the project Strengthening Local Governance in Timor Leste to better address Women’s Needs in Development with a total budget of US$810,684 funded by the Royal Norweigian Embassy. The project aims to strengthen women’s leadership in local governance or suco councils; and to increase local government accountability and capacity (men and women) in regards to addressing women’s priority issues.

Activity

These terms of reference address the requirement for an external audit of the project accounts Strengthening Local Governance in Timor Leste to better address Women’s Needs in Development project and of the funds received and expenditures for the accounting period starting November 2012 and ending on November 2015.

The external auditor must be completely impartial and independent from all aspects of the management or financial interests in The Asia Foundation.

 

Audit scope

 

The audit should be carried out in accordance with the International Standards of Auditing (ISA) 805. The audit report must state if the audit was not in conformity with any of these approved standards, and indicate the alternative standards or procedures followed.

The audit will be undertaken principally in Dili, Timor-Leste, from a central location. The external auditor will produce a separate comprehensive financial audit report and management letter. The audit report and management letter must be prepared in English.

The management letter should describe any weaknesses in the internal controls and operations, together with proposed remedies. The external auditor should gather sufficient audit evidence to substantiate in all material respects the accuracy of financial statements, and clearly indicate the auditor’s opinion.

A draft audit report should be submitted by 30 January 2016 and a final signed audit report with certified statements and a management letter by 10 February 2016.

 

Access to Facilities and Documents

 The auditor will have full and complete access at any time to all records and documents (including books of account, legal agreements, bank records, invoices and contracts etc.).

The auditor will have a right of access to banks and depositories, consultants, contractors and other persons or companies engaged by TAF over the period under the audit review.

 

Relationship of the parties

The external auditor will be appointed as an independent contractor by the Asia Foundation.

All necessary travel and logistics within Timor-Leste will be organised and funded by TAF in consultation with the external auditor.

 

Deliverables:

  • Comprehensive and separate financial audit report and management letter for the project accounts. The audit report and management letter must be prepared in English.
  • A draft audit report should be submitted by 30 January 2016 and a final signed audit report with certified statements and a management letter by 10 February 2016.
  • The management letter should describe any weaknesses in the internal controls and operations, together with proposed remedies. The external auditor should gather sufficient audit evidence to substantiate in all material respects the accuracy of financial statements, and clearly indicate the auditor’s opinion.

 

Supervision: The Auditor will be supervised by the Subawards and Compliance Manager of The Asia Foundation.

 

Required qualifications and experience

The external auditor should be a qualified auditor, state-authorized, chartered or certified accountant, experienced in applying ISA 805 audit standards, whichever is applicable for the audit.

The auditor must employ adequate staff with appropriate professional qualifications and suitable experience with the relevant standards.

Curriculum vitae (CVs) should be provided to The Asia Foundation by the principal of the audit institution who would be responsible for signing the opinion, together with the CVs of key personnel proposed as part of the audit team.

 

Expression of interest

Expressions of interest must be submitted no later than 08 January 2016 at 5PM containing the following information:

  • Cover letter outlining the proposed audit team and prior relevant experience and contact details of two referees
  • CVs of the principal of the audit institution responsible for signing the opinion, and proposed key personnel
  • Copy of the audit institution’s current registration certificate
  • Financial proposal

 

Applications should be submitted to Dian Wahyu Saputri, via email dian.saputri@asiafoundation.org.