Consultancy Services for the Financial Audit of the WAMZ Debt Management Project

Request for Expressions of interest

Scope of Services to be provided by the External Auditor

The External Audit will be carried out in accordance with International Public Sector Accounting Standards (IPSAS) and the International Standards on Auditing (ISA). The scope of service cover audit of project financial statements for the period 2021 to 2023.

In demonstrating compliance with the agreed project financial management arrangements and requirements, the auditing firm is expected to undertake the following:

• Confirm that all funds including counterpart funds and other external funds have been used in accordance with the conditions of the financing agreement(s), with due attention to economy and efficiency and only for the purposes for which the funds were provided;
• Confirm that goods, works and services financed have been procured in accordance with relevant financing agreement(s) and have been properly accounted for;
• Verify that all reports prepared and issued during the period were in agreement with the underlying books of accounts;
• Confirm that financial statements have been prepared and approved by project management in accordance with applicable financial reporting framework;
• Confirm national laws and regulations (including country PFM systems) have been complied with, and that the financial and accounting procedures approved for the project (including; accounting and procedures manual etc.) were followed and used;
• Confirm project’s fixed assets are real and properly valuated and project/program property rights or related beneficiaries’ rights are established in accordance with loan conditions;
• Confirm illegible expenditures have been properly identified and reimbursed or refunded to the Special Account (SA);
• Project/program physical progress is: consistent with funds disbursed; technically in conformity with project/program designs; and adhering, as far as possible, with project time estimates;
• Test the effectiveness of controls: with regards to payments for goods, works and services; procurement processes of the project; and over assets financed by the project and ensuring these assets are being used for the intended purposes;
• Test the effectiveness of good practice in the use of project/program fixed assets and other resources; and
• Express an opinion on whether the financial statements represent in a true and fair view of the financial position of the project.

Request for Expressions of interest