Audit of Creative's Financial Statements at Creative Associates International

The objective of the audit of the Financial Statements is to enable the auditors to express a professional opinion on the financial position of Creative Associates International, Nigeria Office at the end of the fiscal year 2024 and on funds  received and expenditures incurred for the relevant accounting period. The period of performance will be based on the tentative audit schedule (i.e. 16th December 2024 – 31st January 2025) in accordance with the relevant International Financial Reporting Standards (IFRS) and cover USAID regulations for audit that will include such tests and controls as the auditor may consider necessary. Creative seeks to contract with a Category A auditing firm that is registered and has a practicing license from the Institute of Chartered Accountants of Nigeria (ICAN). The selected firm must be available on the ICAN 's list  of eligible audit firms. The firm should have relevant experience in the accounting and auditing of organizations, with attention to donor funding

In conducting the audit, special attention should be paid to the following:

• All funds have been utilized in accordance with the terms and conditions of the agreement with USAID and only for the purposes for which the funds were provided.
• Appropriate supporting documents, records and books of accounts relating to all project activities have  been kept.
• Annual financial statements agree with the books of accounts maintained as per the agreed  accounting procedures and are in accordance with the applicable accounting standards.

The audit period is October I, 2023 - September 30, 2024

AUDIT DELIVERABLES:

Audit Report

The audit report shall include the following:

• Expression of an opinion on whether the financial statements present fairly the expense incurred by the country program over a specified period in accordance with the accounting policies and procedures and that the expenses incurred were:
  • in conformity with the approved project budgets.
  • for the approved purposes of the projects.
  • in compliance with the relevant regulations and rules of Nigeria's accounting bodies' corporate law, policies and procedures of the Organization and USAID;  
  • supported by properly approved vouchers and other supporting documents.

The audit standards that were applied (International Accounting Standards, IFRS, or other national  standards that comply with one of the IFRS in all material respects).

• The period covered by the audit opinion.
• The amount of expenses audited.
• Expression of an opinion on the value and existence of the country programs' statement of assets and as of a given date.

The Management Letter:

In addition to the audit report, the auditor will also be required to provide a management letter summarizing the  observations on the accountability and internal control system. This will include but not be limited to:

• Comments and observations on the accounting records, systems and controls that were examined during  the audit.
• Specific deficiencies and areas of weakness in systems and controls and recommendations  for improvement.
• Matters that have come to the attention during the audit might have a significant impact on  the implementation of the project.
• Any other matter that the auditor considers significant to report to the management.

The observations in the management letter must be accompanied by the implications, suggested recommendations from the auditors and the management comments on the observations/ recommendation

Tentative Audit Schedule

EVALUATION CRITERIA