# 6 Liverpool Street, Freetown, Sierra L

  Headquarter Office

29th April 2024

PUBLIC ADVERTISEMENT NOTICE

Procurement Reference/Contract Identification Number: 6075/19/04/2024

CONSOLIDATED EXTERNAL AUDIT FOR SIERRA LEONE RED CROSS SOCIETY (SLRCS)

ACCOUNTS FOR PERIOD 1ST JANUARY 2023 – 31ST DECEMBER 2023.

REQUEST FOR PROPOSALS:

The Sierra Leone Red Cross Society (SLRCS) was established by an Act of Parliament in 1962 (revised in 2012).  It is a voluntary and relief organization and act as an auxiliary to the Government of Sierra Leone especially in the humanitarian field and provides a range of services including disaster preparedness, relief, health care, first aid and social services. 

The National Society was legally recognized by the International Committee of the Red Cross and became a member of the International Federation Red Cross and Red Crescent Societies in 1963. SLRCS is one of over 189 National Red Cross and Red Crescent Societies. SLRCS has its main office in Freetown and field offices in all 16 districts of the country. SLRCS receives institutional funding from a variety of sources including the Global Red Family, charitable trusts, foundations, and by the general public through donations, and various fundraising events. SLRCS financial statements present the consolidated results and financial position of SLRCS for the audit period. SLRCS financial year runs from 1st January through 31st December.

SLRCS is seeking proposals from duly authorized auditing firms legally registered to operate in Sierra Leone by issuing this terms of reference (ToR) which also serves as the bid document, to perform an external audit of the Society’s Consolidated Accounts for the period stated above. The ToR does not obligate SLRCS to execute a contract, nor does it commit SLRCS to pay any costs incurred in the preparation and submission of the bids. Furthermore, SLRCS reserves the right to reject any offer, if such action is in the best interest of SLRCS. 

Objectives of the Audit :

a. Ascertain the reliability and integrity of financial information disclosed.

b. Review key donor compliance and functional areas as contained under the agreement of cooperation.

c. Review compliance with key applicable laws, donor regulations and internal policies and procedures.

d. Make recommendations to reduce risks and improve operations.

Scope of the Audit:

a. The audit period shall be between 1st January 2023 and 31st December 2023.

b. The audit will take place in May/June 2024 at the SLRCS headquarter office in Freetown. This shall include field trips and the signing-off of the audit report and management letter.

c. The management letter shall identify specific deficiencies or areas of weakness in systems and controls (if any) and make recommendations for their improvement. This shall include any matter that may come to the auditors’ attention during the audit that may have a significant impact on the implementation of Projects and general operations of SLRCS. 

1. d. The responsibility for preparation of the annual financial statements lies with SLRCS executive members. The executive members will prepare the annual financial statements in accordance with IFRS for SMEs and SLRCS’s internal policies.
2. e. The executive members is also responsible for implementation of accounting, administrative and financial procedures documented in SLRCS manuals.
3. f. All documentations and information required to facilitate the audit will be made available however, reasonable prior notification will be required.
4. g. The format of the audit report will be in accordance with the Auditor’s standard and best practice.

Methodology of the Audit:

1. The Auditor shall present an audit plan with an approach to risk and fraud prevention, detection and reduction.
2. The Auditor shall express an independent professional opinion as to whether the financial statements (or income & expenditure statement and transaction listing) present fairly, in all material respects, the financial position of SLRCS in accordance with the International Financial Reporting Standards (IFRS) and the requirements of Sierra Leone Companies Act.
3. The audit shall be carried out in accordance with the International Standards on Auditing (ISAs) as issued by the International Federation of Accountants (IFAC) and SLRCS donor requirements.
4. The Auditor shall review various aspects of SLRCS internal control framework and systems.
5. The audit shall examine relevant documents such as: 

• Donor/Project incomes and Expenditures
• Cooperation or Grant Agreements
• Program and Financial reports
• Organization chart with names and titles of positions in Program and Program Support Teams.  
• Implementation processes during the audit period such as- 

• Direct/main program activities
• Bank and Cash management
• Cash advances and liquidations
• Assets management
• Procurements
• Human Resources (payroll and benefits)
• Travels (per diems and accommodation)
• Examine on test basis the appropriateness of supporting documents, records, and ledger accounts entries pertaining to all activities funded during the audit period. 
• Others, etc.
• Perform other relevant tests to address the audit objectives as stated above including field visits. 

Deliverables

1. Audit plan to include approach, implementation schedule and timelines.
2. Agenda and Minutes of entrance meeting.
3. Agenda and Minutes of exit meeting
4. Two Consolidated Audit reports to SLRCS executive members to be prepared by the auditing firm in accordance with International Standards on Related Services (ISRS 4400) with signature of the audit report under the name of the auditing firm. The reports shall incorporate SLRCS responses on the management letter after receiving final feedback from SLRCS executive members on the draft management letter for adoption.

Financial Offer:

The proposed fee for the audit assignment must be included in the proposal/bid package as a proforma invoice that will be submitted to SLRCS. The currency of the proposed fee MUST be in Sierra Leone New Leones.

Interested eligible bidders may obtain further information from the Logistics and Procurement Unit, Sierra Leone Red Cross Society, #6 Liverpool Street, Freetown from 10:00 am to 4:30pm – Mondays to Fridays inclusive except on public holidays or by sending a request to the following email address: vcjohnson@sierraleoneredcross.org 

Submission of Proposal: Proposals must be sealed and marked on the outer envelope “Consolidated External Audit for SLRCS 2023 Accounts” and delivered to the above office as a single package on or before 4:30pm on Friday, 3rd June 2024 and must be accompanied by the following documentation: 

A true copy of a valid business registration certificate, licensed to operate in Sierra Leone.

b. A true copy of a valid NRA tax clearance certificate.

      c. A true copy of a valid NASSIT clearance certificate.

      d. A true copy of a valid GST registration certificate issued by NRA.

e. A true copy of a valid License with the Institute of Chartered Accountants of Sierra Leone (ICASL).

      f. Updated Company Profile. 

     g. Bid validity for 90 days.

     i. Evidence (such as 5 certificates of services or similar documents) for similar work done between January 2021 and June 2024.

     j. Have adequate experienced staff for the assignment by submitting updated CVs for the staff to be assigned to the audit.

     k.  A detailed audit plan with a risk-based approach.

Bidders must be responsive to all other administrative, technical and financial requirements of the assignment.                                                                                                                                                                                                                                                                                                                                                                               

NOTE: Submission deadline: On or before 4:30pm on Friday, 3rd  June 2024.

Sierra Leone Red Cross Society reserves the right to accept or reject any or all the proposals without assigning any reason whatsoever and is not bound to accept incomplete Proposals. 

Approved by: Secretary General, Sierra Leone Red Cross Society