External Financial - Audit Company

Background:
AFSEC was established in 2008 as a subsidiary body of the African Energy Commission (AFREC),
which clearly has a major role in supporting electro-technical industrialization of Africa with
adequate quality and reliability.
AFSEC’s mission is to promote, through its members, an inter-African cooperation for everything
related to standardisation and related issues; such as the assessment of compliance with the
standards, in the fields of electricity, electronics and related technologies.
AFSEC consists of 17 Members States from African countries and has partners from different
relevant Institutions in the field of electro-technical standardization (IEC, Cenelec, IEEE,….).
In addition to African Institution (ARSO, AFRIMETS, AFRAC, WAPP, SAPP, EAPP,…..)

Objective:

The African Electrotechnical Standardization Commission (AFSEC) is in need for a
company to perform the audit on Financial Statements of AFSEC.

Scope of Work:

• Assist in the receipt of financial matters from the management company in South Africa (the hand over documents)
• Assist in designing an accounting system, an internal control system, and internal financial regulations needed to be followed.
• Provide consultancies regarding taxes issues.
• Quarterly review the Financial Statements prepared by the AFSEC
• Quarterly review the bank accounts
• Quarterly review the expenses made by the Funding Agencies and assess whether they are in accordance with the AFSEC Statute, AWP.
• Quarterly review the process for procurement/contracting activities and assess whether it was transparent and competitive.
• Quarterly review the use, control and disposal of non-expendable equipment and assess
• Quarterly review whether the equipment procured met the identified needs and whether its use was in line with intended purposes.
• Quarterly review the process for recruiting project personnel and consultants and assess whether it was transparent and competitive.
• Quarterly review the records of requests for direct payments and ensure that they were signed by authorized officials.
• Express an opinion and provide a qualified financial audit report on the Financial Statements and provide reasonable assurance that the financial statements are free from material misstatements.
• Express an opinion on the disbursement on the activities compared to the budget prepared by the Executive Secretary, guided by the management committee, for programmes required to implement the ongoing three-years action plan which is approved by the Council.
• Perform audits and express a professional opinion on indirect finance, like in-kind support
• Plan effective auditing processes
• Inspect internal systems and controls
• Assess risk management tactics with their findings and provide categorization by risk: High, Medium or Low
• Report systematic errors or fraud indicators
• Inform the financial officer of any specific issues brought forward by regulatory bodies
• Explain audit findings and recommend solutions
• The financial management of AFSEC shall be in accordance with the financial regulations of the African Energy Commission.

The audit report should clearly indicate the auditor’s opinion and must include but not limited to the following:

• The external independent auditor report
• Statement of financial position
• Statement of comprehensive income
• Notes on the financial statement

Offers submitted by audit firms must include the following:

• Approved documents that assures the accreditation of the audit firm
• Professional experience showing previous work with well-known national and multinational organization, and having proven record in the field of audit.
• The financial offer must include the cost of rendering all the necessary services identified in the scope of work
• The auditor would have full and complete access at any time to all records and documents (including books of account, legal agreements, minutes of committee meetings, bank r