Finance Auditor at Care Best Initiative (CBI)

Job Description/Principal Accountabilities
Rank % of / Time - 1 /100%

Scope of the Audit

• The Audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the Auditors deem necessary.
• Verify all funds have been used in accordance with the established rules and regulations of CBI and only for the purposes for which the funds were provided.
• Goods, works and services financed have been procured in accordance with the CBI established rules and procedures.
• Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the Books of Accounts and the Financial Statements presented to.
• The Financial Statements have been prepared by CBI management in accordance with applicable Accounting Standards and give a true and fair view of the financial position of CBI and of its receipts and expenditures for the period ended on that date.
• Comprehensive assessment of the adequacy and effectiveness of the accounting and overall Internal Control System to monitor expenditures and other financial transactions.
• Express an opinion as to reasonableness of the Financial Statements in all material respects.
• Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the Financial Statements.
• Conduct entry and exit meeting with the Executive Director of CBI.
• Carry out a physical verification of any significant assets purchased and confirm their existence and use for project purposes
• In addition to the Audit report, the auditors will prepare a Management Letter on the following:
  • Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
  • Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
  • Report on the implementation status of recommendations pertaining to previous period Audit Reports.
  • Communicate matters that have come to their attention during the Audit which might have a significant impact on the sustainability of the organization.
  • Bring to the Executive Director’s attention any other matters that the Auditors consider pertinent.

Audit Duration:

• The Audit work shall be completed within two weeks from the date of commencement of the audit.

Deliverables:

• The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director.
• Management letter in accordance with the scope of work described here before.

Qualification of the Audit Firm
The auditor must satisfy the following minimum requirements:

• Candidates should possess a Bachelor's Degree qualification.
• A legal entity in Nigeria with business license granted by appropriate authority.
• A member of a professional body affiliated with the International Federation of Accountants or the International Organization of Supreme Audit Institutions.
• Have adequate relevant professional and educational qualifications, or able to provide Audit Staff with adequate qualifications, experience, and competence.
• Technically competent and able to conduct Audit in line with the auditing standards.
• Objective and independent from the project, its staff, and activities, and from all aspects of management or financial interests of CBI
• Possesses proven track record in Financial Audit of public sector projects, or audits of similar nature, type, and complexity, or donor-funded projects

Audit Fees:

• The Audit Fees will be fixed through a competitive bidding process.