Proposal for Independent Audit Services – DEEP Project

Scope of Work
The audit firm will be responsible for:

• Conducting a financial audit to provide reasonable assurance that the financial statements are free from material misstatement.
• Performing compliance and performance audits to ensure transactions comply with regulatory, statutory, and donor requirements.
• Providing a thorough review and evaluation of the management systems and business processes in relation to compliance, economy, and efficiency.

Key Tasks

1. Planning and Risk Assessment

• Submission of an audit plan and schedule for the audit process.
• Identification and assessment of risks and materiality levels.

2. Execution

• Conduct interviews, document inspections, and process walk-throughs.
• Perform substantive and compliance testing based on professional judgment.
• Verify allocations, supporting documents, and third-party confirmations.

3. Reporting and Closing

• Draft and submit an independent auditor’s opinion, detailed audit report, and management letter.
• Participate in closing meetings with NEF and donors.

Deliverables

• Independent Auditor’s Opinion (as per ISA 800)
• Comprehensive Audit Report (including scope, procedures, and findings)
• Management Letter (detailing non-material findings and recommendations)
• Minutes from Closing Meetings with NEF and donors
• Proposal Requirements

Interested firms must submit:

1. Technical Proposal

• Firm’s background and relevant experience in auditing similar projects.
• Proposed audit methodology and approach.
• Work plan with timelines aligned to NEF’s schedule.

2. Financial Proposal

• Detailed fee structure, including estimated total cost and payment terms.

3. Supporting Documentation

• Audit firm’s registration and relevant certifications.
• Resumes of key team members and their qualifications.
• References from at least three similar audits conducted in the last five years.