Notices

Call for Expression of Interest for Annual Financial Audit

  • Written by  Ni Sisi!

Inuka (Rise up) is an initiative established in 2009 to address the crisis Kenya faced in light of the effects of the violence that followed the 2007 general election (PEV) as well as the social, demographic, environmental and governance transitions currently underway in the country. The initiative was established as Inuka Kenya Trust in 2009 and later changed status as a company limited by guarantee with no share capital, incorporated on 19 June 2012.

The heart of Inuka's work is the Ni Sisi! Social movement ("Ni Sisi), a membership based, grassroots movement undertaking to unite Kenyans to forge a collective identity to drive transformation in leadership and improve maisha (employment, security, health, education, clean water ) for all Kenyans. Ni Sisi's activities are divided between a Nationwide campaign that promotes the core values of Heshima (respect and dignity for all), Diversity (equality and ethnic inclusiveness) and Ni Sisi (It is us!-self-belief) and direct mobilization and organizing of community-based Ni Sisi! Chapters.

Its activities are focused on the following key pillars;

  • Transformational social and civic engagement - This encompasses taking charge of the public space currently dominated by the political class and transforming it into lasting change created by and for Kenyans.
  • Creation of a collective identity, through shared experiences, hardships, and diversity (ethnicity) as the glue that binds, build a critical mass of likeminded people/groups working towards a better Kenya.
  • Leadership Development through access to information, freedom of expression and taking initiative for the socio-economic welfare. This is the main focus of the Uongozi Programme.
  • Improved Livelihoods to achieve socio-economic growth and equality of opportunity for all Kenyans especially among the youth.

Scope

  1. These terms of reference address the requirement for external audit of financial statements of INUKA Kenya for the calendar year January 1st 2020 to December 31st 2020.
  2. The audit should be performed in accordance with the International Standards of Auditing. 

    Specifically the Audit will include but not limited to:

  3. iii. Meeting with INUKA Kenya before commencement of the audit to discuss any issues they feel the audit should particularly look into.
  4. Sufficient audit evidence should be gathered to substantiate in all material respects the accuracy of the financial statement.
  5. Review that funds received and expenditure incurred have been applied in accordance with applicable regulations, laid down financial regulations, prescribed procurement procedures, donor regulations or such other proper orders to the extent that these impact the annual financial statements
  6. Ensure that proper bookkeeping has been maintained that:
    - Complies with the necessary legal regulations, including the generally accepted accounting principles and others applicable to classification, accounting and valuation.
    - Information provided leads to an orderly presentation in the accounting records and the annual financial statements, in line with applicable professional standards
    - The annual financial statements were properly derived and information therein is in general accurate, valid and complete
  7. Express an opinion on the fair and truthfulness of the financial position, cash position and net current assets
  8. An assessment of the internal control system, including management and other financial controls, with an emphasis on
    - Its effectiveness in securing the completeness and accuracy of accounting records and production of reliable financial statements
    - Providing management with useful, reliable, accurate and timely information necessary for proper management
    - Its general effectiveness in protecting the assets and resources of the organization
    - Its effectiveness in helping management determine that program and organizational objectives are being achieved

The responsibilities of the auditor

Conduct the audit in accordance with the International Standards on Auditing (ISAs).

The responsibilities of management

INUKA Kenya acknowledges that they are responsible for:

  • Preparation of the financial statements in accordance with the relevant framework
  • Their fair presentation
  • Maintaining such internal controls as necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error;
  • Providing all information of which it is aware that is relevant to the preparation of the financial statements such as records, documentation and other matters;
  • Provide additional information that the auditor may request for the purpose of the audit; and
  • Provide the auditor with unrestricted access to persons within the entity from whom the auditor determines is necessary to obtain audit evidence

Performance of the Audit

1.0 Preparation of the audit plan

The auditor should draw up an audit plan which should include an examination of the organisation and internal control structure, an analytical review of the financial statements and a substantive test of any material variances.

1.1 Execution of the Audit

  • The auditor should audit the financial statement on the basis of the audit plan and check compliance with all the relevant regulations including donor requirements.
  • The auditor should request a letter of representation from INUKA’s management stating that, to the best of its knowledge, the financial statement encompasses all transactions and receipts, is accurate and complete in every respect and that all the relevant regulations have been met.
  • The auditor should ensure that the audit file contains sufficient documents of an appropriate and relevant nature and should record the audit procedures used and the results obtained in the file.

The steps listed are not exhaustive or restrictive and do not impose any limitations on the auditor’s professional judgment. Any restrictions on the scope of the audit should be mentioned in the auditor’s report.

Reporting
The auditor is required to provide General Purpose Financial Statements for the period January 1, 2020 to December 31, 2020. The report shall be provided in Kenya shillings.

Terms of Performance
The audit should begin as soon as possible after the signing of the audit contract.

Payments will be made in two installments as follows:-

  • 1st Payment: 50% upon commencement of fieldwork.
  • 2nd Payment: 50% upon signing and submission of final audit report by the auditor.

Management Letter

The management letter should also include the following:

  • Identify specific deficiencies and areas of weakness in systems and internal controls and make recommendations for their improvements;
  • The categorization of audit findings by risk severity: High, Medium, or Low.
  • The classification of possible causes of the audit findings.
  • Comments as to whether recommendations made in the management letter for the previous audit were implemented or, if not, the implementation status.

Time schedule

Our plan is to have the audit commence on 1st February 2021 at our offices for a period of at least one week.

The draft audit reports and management letter should be shared within 3 weeks from the date of commencement of the audit and the final financial statements signed off on or before 28th February 2021.

Qualifications of the auditor.

Selection Process:
INUKA’s selection criteria involve an evaluation of the audit firm’s proposal for plans, skills, experience, commitment and understanding of the audit requirements and finally considers proposed audit fees as a basis.

Proposals:
The proposal should at least include the following information:

1. Technical proposal showing relevant experience in audits of a similar nature.
2. Proposed methodology derived from the firm’s understanding of the objectives of the engagement and the type of report to be issued
3. Proposed human and other resources that the firm can rely on to carry out the engagement.
4. Availability to conduct the audit during the proposed period.
5. Proposed audit fees in Kenya Shillings.

Proposals should be sent in sealed envelopes clearly marked “Proposal for Provision of Project Audit Services -” to INUKA KENYA NI SISI LTD, P.O Box 104269-00101 Nairobi, Attention: Procurement Unit, delivered to our office at Kilimani, Wood Avenue, Off Wood Avenue Road, Opposite KREP Centre or through email on: This email address is being protected from spambots. You need JavaScript enabled to view it. by close of business 08 January, 2021.