Financial Audit Services Tender, Liberia - 38670977

Procurement Summary

Country : Liberia

Summary : Financial Audit Services

Deadline : 12 Dec 2019

Other Information

Notice Type : Tender

TOT Ref.No.: 38670977

Document Ref. No. : RFP/LNRCS/ FAS-17-18 /2019

Competition : ICB

Financier : Self Financed

Purchaser Ownership : -

Tender Value : Refer Document

Purchaser's Detail

Purchaser : LIBERIA NATIONAL RED CROSS SOCIETY (LNRCS)
Tel: +231886542238/+231776281571/ 088620015 Attn: OTHELLO DOE NAGBE, Administrative & Finance Manager 107 Lynch Street, Monrovia
Liberia
Email :othello.nagbe@liberian-redcross.org

Tender Details

Request for proposals are invited for Financial Audit Services.

The Liberia National Red Cross Society (LNRCS) is a Humanitarian Organization that worked throughout the 15 Counties; The LNRCS is an impartial, neutral and independent organization whose mandate is to inspire, encourage, facilitate and promote at all time all forms of humanitarian activities. Red Cross National Societies with a view to preventing and alleviating human suffering and thereby contributing to the maintenance and promotion of peace and development in the world.

I. INTRODUCTION:

General Information

The Liberia National Red Cross Society (“LNRCS”) is requesting proposals (RFP) from qualified certified public accounting firms to perform professional auditing services for a two-year period beginning with the fiscal year ending December 31, 2017 for the Liberia National Red Cross Society with the option of extending the contract for one (1) additional year. The contract may be canceled if LNRCS determines the audit services to be unsatisfactory.

These audits are to be performed in accordance with auditing standards generally accepted and by international best practice. There is no expressed or implied obligation for LNRCS to reimburse responding firms for any expenses incurred in preparing proposals in response to this request. Additionally, LNRCS reserves the right to reject any or all proposals submitted.

LNRCS reserves the right to retain all proposals submitted and to use any ideas in a proposal regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between LNRCS and the firm selected.

To be considered, please submit hard copy of your proposal between the opening date December 3, 2019 up to the closing date December 12th, 2019 at 4:30 p.m. on Thursday. Proposals that are received after the due date and time will not be considered. Respondents should submit a complete proposal, clearly marked on the envelop as: “Financial Audit Services Proposal”.


Your proposals must be properly sealed in an envelope and labelled as follow:

OTHELLO DOE NAGBE,
Administrative & Finance Manager
Liberia National Red Cross Society
107 Lynch Street, Monrovia – Liberia

The envelop must be marked “Financial Audit Services Proposal”. An electronic-copy of the proposal is not requested.

II. BACKGROUND INFORMATION

It is the intent of LNRCS to contract for the services presented herein for a term of two (2) years.

LNRCS reserves the right to extend the term of this contract for one (1) additional year term subject to the satisfactory negotiation of terms, including a price acceptable to both LNRCS and the selected firm (“Outside Auditor”). The proposal package shall present all-inclusive audit fees for each year of the contract term.

Fees shall include costs for each year including the one additional year option. An itemized cost break down shall be submitted for the Principal and any additional staff. LNRCS requires the total costs be stated as a “not to exceed” basis. The “not to exceed” fee shall be inclusive of labor, transportation, report preparation, printing, and all other expenses incurred by the Outside Auditor.

Fees shall be billed monthly based on work completed. Payments will be made in arrears. LNRCS shall reimburse the Outside Auditor as promptly as practical after receipt of acceptable invoices which detail the expenses and the period for which payment is requested.

• Prior Auditor: PKF (performed financial services audit in 2016)

III. NATURE OF SERVICES REQUIRED:

A. Scope of Work: Prepare annual financial statement and compliance audits for fiscal years, 2017 and 2018.

The audit will include the following:

• Preparation and submission of Financial Transactions Report for the LNRCS.

• Report on compliance over financial reporting based on an audit of financial statements performed in accordance with the rules and regulations of the LNRCS Financial Manual and best practice. LNRCS desires the firm to audit all funds of the agency in accordance with auditing standards generally accepted.

Additional Requirements:

The selected Outside Auditor will be required to complete the following tasks in relationship to the Basic Financial Statements:

1. Express an opinion on the financial statements as to whether they present fairly, in all material respects, the financial position of LNRCS and the changes in financial position in conformity with generally accepted accounting principles (GAAP), and issue an independent auditors’ report stating this opinion.

2. Test internal control over financial reporting and compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters, in accordance with Auditing Standards.

3. Apply limited procedures related to the Required Supplementary Information (RSI), Management’s Discussion and Analysis (MD&A), budgetary comparison information, and the Supplementary Information.

4. Prepare Report to Board of Directors and Management that identifies control deficiencies, significant deficiencies and material weaknesses, if any, and your recommendations for improvements in accounting and administrative controls.

5. Communicate immediately and in writing all irregularities and illegal acts, or indications of illegal acts, of which they become aware, to the LNRCS Secretary General and the Board of Directors.

6. Retain at Outside Auditor’s expense audit working papers for three (3) years, unless the firm is notified in writing by the Secretary General of the need to extend the retention period. In addition, the firm shall respond to reasonable inquiries of the Secretary General and successor Outside Auditors and allow the Secretary General and successor Outside Auditors to review working papers relating to matters of continuing accounting significance.

7. Provide general consultation as required, during the year, on financial reporting matters.

IV. TIMING AND OTHER REQUIREMENTS:

Key Dates for Proposal Evaluation and Selection:

• a. Wednesday, Dec. 3, 2019 RFP issued b. Monday, Dec. 12, 2019 Proposals closing date c. Wednesday, Dec. 13, 2019 Opening of proposals/pre-selection of responsive respondent d. Dec. 14, 2019 Management approval of proposals d. By Dec 20, 2019 Expected signing of Contract

• The Outside Auditor shall provide LNRCS with an audit plan, including a list of schedules and other work requested, no later than Friday, Jan 3, 2020.

• Depending on the type and extent of interim audit procedures, the LNRCS expects to have all records, prepared by client lists and schedules ready for the audit field work by February 1, 2019 and would expect field work to commence no later than the second week of February.


• The Outside Auditor shall complete field work in time to allow preparation of the draft financial statements and discussion of the draft statements with LNRCS staff by April 30, 2020.

• A draft of the management letter shall also be provided by April 30, 2020. LNRCS staff shall have the opportunity to discuss and comment upon any findings and recommendations prior to issuance.

• Final Draft Financial Statements: The Report to the LNRCS Board of Directors and Management is required to be submitted by May 15, 2020 to enable management to respond and present the Report with management’s responses to LNRCS’ Board of Directors. The final draft financial statements are to be submitted as an electronic file (pdf) and hard copies.

• The final audited financial statements shall be issued in electronic format (pdf) and hard copies no later than July 1, 2020. The final version of the management letter shall be issued by July 1, 2020.

“A similar schedule will be developed for audits of subsequent fiscal years”.

Assistance Provided to the Outside Auditor

LNRCS finance department staff will be available during interim and audit field work to assist the firm by providing access and direction to information, documentation, and be available for explanations of all inquiries. Staff will provide clerical assistance for preparation of confirmations and other routine correspondence. LNRCS will provide the Outside Auditors with reasonable workspace access and copy machine.

Additional Services

If it should become necessary for LNRCS to request the Outside Auditor to render any additional services to either supplement the services requested in this RFP or to perform additional work as a result of the specific recommendations included in any report issued on this engagement, then such additional work shall be performed only if set forth in an addendum to the contract between LNRCS and the Outside Auditor. Any such additional work agreed to between the LNRCS and the Outside Auditor shall be performed at the same rates set forth in the schedule of fees and expenses included in the Proposal Data Sheet and the contents of the Technical Proposal.

Payment

Progress payments will be made on work completed during the course of the engagement. Interim billings shall cover a period of not less than a calendar month.

Proposal Requirements

A. Format of both Technical and financial Proposals

1. Title page a) the RFP subject, b) the proposing firm’s name, c) contact person’s name, local address, telephone number, and email address. If the firm has more than one office, state which office will be responsible for providing services to LNRCS, and d) the date of submission.

2. Table of Contents a) identification of material submitted, by section and page number, and b) cross reference to section and page number of RFP.

3. Transmittal Letter a) general introduction stating the proposer’s understanding of the services to be provided, b) a positive commitm

Documents

 Tender Notice