Consultancy – External Auditor at Zizi Afrique Foundation

BACKGROUND

• The Zizi Afrique Foundation's Board of Directors maintains accurate accounting records in compliance with the International Financial Reporting Standard for Small and Medium-sized Entities and the Companies Act of Kenya.
• They ensure that the financial statements provide an accurate and fair representation of the Foundation's financial position. To achieve this, the Foundation has established 
• a set internal controls to mitigate the risks of significant errors in the financial statements. ZAF’s 
• management is actively involved in evaluating the Foundation's ability to continue operating in a sound and effective financial management environment. 
• Considering this context, the objective of the external audit is to provide reasonable assurance that the financial statements are free from material misstatements.
• The goal is to provide an independent opinion on accuracy and reliability of the financial statements.

SCOPE OF WORK OF THE EXTERNAL AUDITOR OR AUDIT FIRM

Zizi Afrique Foundation hereby invites proposals for the provision of statutory external audit services for the financial year 2023.The selected auditor or audit firm will be responsible for the following:

• Conducting an independent audit of Zizi Afrique's operations in accordance with International Standards on Auditing, applicable laws, and Financial Reporting Standards.
• Expressing an opinion on the preparation of financial statements, including whether they are in accordance with the applicable financial reporting standards and frameworks, whether proper books of accounts have been maintained, and whether the accompanying financial statements present a true and fair view of the organization's financial position.
• Reviewing and evaluating the organization's internal control and risk management systems, providing advice to management and the Board on their adequacy and effectiveness, and proposing improvements.
• Reviewing the adequacy and robustness of the organization's financial systems and related infrastructure.
• Providing additional value-added services, such as tax advice and assistance with filing annual corporate tax returns.

REQUIRED PROFILE OF THE AUDIT OR AUDIT FIRM
Bidding auditor or audit firms must meet the following criteria:

• Registration with the Institute of Certified Public Accountants of Kenya (ICPAK), and the partners must hold a current Practicing Certificate.
• Partners of the audit firm should have a good standing record with ICPAK.
• The firm should have been in operation for a minimum of four years, and those that have undergone a Quality Assurance Review by ICPAK will have an advantage.
• Demonstrated capacity, capability, and experience to undertake the audit within the required timelines.

TENDER SUBMISSION
The auditor or audit firms that meet the above criteria are requested to submit their proposals as follows:

• Confirmation of the firm's understanding of the Terms of Reference (TOR), along with its capacity and capability to deliver on the TOR. 
• Methodology, work plan, timelines for undertaking and completing the assignment, and the expected deliverables. 
• Appropriate references to demonstrate the experience specified in the TOR. 
• CVs of key staff proposed to carry out the assignment. 
• Financial Proposal indicating the proposed fees and expenses.

The bidding auditor or audit firms should also include the following documents with their proposals:

• Proof of registration with ICPAK and Partners' Practicing Certificates.
• Confirmation of having undergone a Quality Assurance Review by ICPAK if available.
• Confirmation that the firm, partners, and key staff are not aware of any conflicts of interest with respect to Zizi Afrique Foundation

Proposals should be submitted to jobs@ziziafrique.org copying wbett@ziziafrique.org by the close of business on Friday, 14th July 2023