Terms of Reference (TOR) for the External Audit Work

Future Generation’s Organization

Addis Ababa
Posted 5 days ago

Job Features

Job CategoryAccounting and Finance(Banking/Economics/Grant/Cash/Audit), Business(Management/Development/Consultancy/Plan)
DeadlineSep 29 2020

Job Description

Background:

Future Generation’s Organization (FGO) formerly known as Fentale Children’s and Family Charitable Organizations, is a child focused nonprofit organization. The organization is registered as an Ethiopian Residents Charity in accordance with the new Civil Society Organizations Agency Proclamation No.1113/2019 bearing the number 1887. FGO is one of the implementing partner organizations of ChildFund Ethiopia. FGO has been operational in twenty kebele Administrations including two urban and eighteen rural areas within Fentale District of East Shoa zone of Oromia regional state. The head quarter of the organization is located in Fentale  Metehara Town at 200 km to East of Addis Ababa in the main Road of Ethio-Djubuti. 

Our Organization’s Vision

FGO is inspired to see all children in its operational areas become self- reliant and productive adults

Our Organization’s  Mission

To improve the well-being of disadvantaged children in its operational areas by implementing integrated program through life stage based approach.

 Our Organization’s Core Values

These are the core beliefs and attitudes on which our organization has been built on, and they are the cornerstones of our success. These enduring values guide our actions, decisions, and relationships as we work towards fulfilling our mission.

  • Promoting positive outcomes for children
  • Accountability- we are accountable to the communities we are working for, to the Government we are working with and to our donors
  • Transparency- we are transparent in all what we do
  • Upholding the respect and value of individuals
  • Championing the diversity of thoughts an experiences
  • Fostering innovations- we believe in continuous learning and innovation
  • Partnership & collaborating Equity Commitment

Objective of the Audit Work :

  1.  The objective of the audit of FGO’s financial statements is to enable the auditors to express an independent professional opinion on the financial position of FGO and to ensure that the funds utilized to FGO’s activities have been used for their intended purposes.
  2. The books of accounts of FGO provide the basis for preparation of the FGO’s Financial Statements. Prepare books of accounts as required by law that have been maintained by FGO and also maintain adequate internal controls and supporting documentation for the transactions. 

Scope of the Audit 

  • The audit will be carried out in accordance with the International Public sector accounting Standard (IPSAS) & 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 FGO and only for the purposes for which the funds were provided.
  • Goods, works and services financed have been procured in accordance with the FGO 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 FGO management in accordance with applicable International Public sector accounting standards (IPSAS) and give a true and fair view of the financial position of FGO and of its receipts and expenditures for the period ended on June 30, 2012 (July 7 2020).
  • 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 FGO.
  • 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 & Board 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 3 (three) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director and Board.
  • Management letter in accordance with the scope of work described here before.

Job Requirement

Qualification & Required Expertise and Experiences of the Auditing firm

  • The Audit firm must be legally registered by the concerned body including Accounting and Audit Board of Ethiopia
  • The Audit firm must have business license and professional license
  • The Audit firm must provide renewed business license for a year 2012/13 and TIN certificate

Audit Fees: The audit fees will be fixed through a competitive bidding process.

How to Apply

Applicants must submit their technical and financial proposal to the office of Future Generation’s Organization Address East Shoa Zone Fentale District Kebele 02 P.O.Box 26 Metehara or can submittee to Future Generation’s organization head office at Metehara town 02 keble in a sealed envelope Within 10 Working Days from the day this announcement posted on ethiojobs. 

     Note we do accept applications by email!

 For further information, interested firms can contact the office of the Organization by calling 022-226-00-53/980/981/  Or 0920358611 email to fentalecfco@gmail.com /gezahegn1972@gmail.com

FGO is an Equal Opportunity Employer. 

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