External Auditor at Mennonite Economic Development Associates (MEDA)

Proposal Guidelines
MEDA Nigeria WAY is seeking to engage an audit firm to execute a financial audit on the Nigeria WAY project for the period July 01, 2021 to June 30, 2022.

• The audit will be conducted in accordance with International Standards of Auditing under Canadian CAS, GAAP & IFRS.
• The auditors will evaluate the appropriateness of accounting policies used and internal controls applied by testing a sample of transactions.
• Report on the internal control structure related to MEDA and identify reportable conditions, including material internal control structure weaknesses.
• Review the reasonableness of accounting estimates made by management in the preparation of the financial statements, the reasonableness of transactions as well as an evaluation of the overall presentation of the financial statements.

Objectives

• The objective of the audit is to express an opinion, as to whether the financial statements of MEDA Nigeria WAY present fairly, in all material respects, the financial position, results of operations and changes in cash flow in accordance with generally accepted accounting principles.
• Management will prepare the financial statements that will be subject to audit, and these statements will be available to the auditor.

Expected Deliverables
The Auditor will:

• Prepare an auditor’s report and management letters in a format consistent with generally accepted auditing standards.
• Discuss the auditor’s report and management letters with Management and the Audit Committee prior to their distribution.
• Meet audit or reporting requirement dates as set out below.
• Provide a management letter that identifies areas of concern or weaknesses found, recommendations for improvement, management’s response on any concerns identified.
• Complete scope of work.
• Schedule in-person meetings with Nigeria WAY project management team.
• 1st draft of Audit report for the period 2021-2022; November 30th, 2022.
• Final audit report for the period 2021 - 2022; December 15th, 2022.
• A final audit report must express an audit opinion of MEDA financial statements for the audit period.
• Risk assessments and donor agreement compliance are not within the audit scope.

During the engagement, the Auditor should be watchful of and report:

• Any significant or unusual transactions entered by Nigeria WAY project that Management and/or the Board of Directors should be made aware of.
• Any deficiencies in internal controls that are of sufficient importance to merit the attention of Management and/or the Board of Directors.
• Any disagreements with Management about matters which are significant to the organization’s financial statements:
• Any lack of compliance with the Financial Management and MEDA’s policies and procedures.
• Any lack of compliance with financial or other relevant legislation; and/or
• Any lack of accountability in the use and management of assets.
• Any such instances should be reported in the management letter.

Parameter

Minimum Qualifications for consideration:

• 2 - 5 years’ experience auditing foreign not-for-profit organization
• Ability to conduct the audit in accordance with IAS, IFRS, Canadian GAAP and Nigerian GAAP.
• Proficient in Microsoft Office Suite (Word, Excel, Outlook) & SAGE 300 Accounting Software.

Evaluation Criteria

Submission Evaluation:

• All proposals must include a Technical and Financial component
• This is a fixed fee service contract. The fees must be calculated based on days using all-inclusive day rates.
• Proposals will be reviewed and ranked on the following criteria and scored out of a 100 point total as follows:

Technical Criteria:

• The Technical criteria will be evaluated first (excludes the ‘Financial’ criteria, bringing the maximum score to 75).
• Vendors must achieve a rating of 60% or over (a score of 60 out of 75) before MEDA will consider their financial criteria.

Application Closing Date: 14th September, 2022 (12:00pm).