Call for expression of interest: Hiring of consultants to audit the financial statements for the years ended 31st december 2016 and end of project on june 30th 2017
This call for expression of interest follows the General Procurement Notice published in UNDB on-line paper form of July 17th, 2013.
The Organization for the Harmonization of Business Law in Africa (OHADA) has received a grant from the International Development Association (IDA) and intends to use part of this grant to hire the services of a firm to audit the financial statements of the Project for improvement of investment climate (PACI) for the financial years ended 31st December 2016 and the end of Project on June 30th, 2017.
The mission of Consultants firm consists in auditing the Project's financial statements. The consultants should be able at the end of the auditing to present a professional opinion on the financial situation of the Project for improvement of investment climate (PACI) by the end of the period, the funds received and expenditures made during this period based on the expenditure statements, the designated account, etc.
The Auditor shall ensure that:
- All external resources were used in accordance with applicable funding agreements, with the view of economy and efficiency, and only for the purposes for which they were granted in order to achieve the project development objectives;
- Financial goods and services were supplied following procedures laid down in the applicable funding agreements;
- All records, accounts and relevant entries were kept under the various project operations including expenses covered by statements of expenditures or special accounts;
- Special accounts were kept in accordance with the provisions of the applicable funding agreement;
- The Project's financial statements were prepared making a systematic application of OHADA accounting standards and give a true picture of the financial situation of the Project at the end of each financial year as well as the resources received and expenditures for the year ended on the defined date;
- Expenditure statements: (i) in addition to financial statements, the Auditor shall also check all expenditure statements submitted in support of funds withdrawal requests; (ii) he shall carry out all controls and verifications he deems necessary in the circumstances
- Designated accounts: The Auditor shall check the flow of funds from special accounts related to the project: (a) deposits and reconstructions made by the Bank; (B) payments in response to withdrawals; (C) interest that can yield balances for the benefit of the Borrower and (d) balances at the end of each financial year;
The Auditor's report:
At the end of each financial year, the auditor shall produce two reports:
- An audit report shall contain (a) the Auditor's professional opinion on the financial statements per se and the accompanying notes; (b) a separate opinion on statement of expenditures and (c) a separate opinion on the special accounts relating to the rational and appropriate use of funds deposited therein and the closing balance and;
- A report on internal control (Management Letter) that gives account of all system weaknesses, assesses the risks associated with these weaknesses and makes relevant and practical recommendations accompanied by an action plan and an implementation timeframe.
The financial statements, including the audit report and management letter, shall be sent to the World Bank within six (6) months following the closing of the year to which the audit relates.
The Consultant must be an independent accounting and auditing firm of international renown, whose usual business is to review accounts. He must belong to a professional accounting body recognized by IFAC or FIDEF and with proven experience in financial auditing of development projects accounts especially projects financed by the World Bank.
The Project for Improvement of the Investment Climate within the OHADA space invites eligible consultants to indicate their interest in providing the services described above. Interested consultant firms must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.).
Consulting firms may associate to enhance their qualifications.
To strengthen the projects governance, systematic rotation of auditors is henceforth required in order to ensure greater independence. As such, auditors who have recently completed a project can no longer be shortlisted during the selection of new auditors.
A consultant will be selected in accordance with the provisions of Section III, Clause 3.6 of the Guidelines: Selection and employment of consultants by World Bank Borrowers of May 2004, as revised on October 2006 and January 2011.
Interested Consultants may obtain further information at the address below from: 9 am to 3:30 pm (Local time).
Manifestations of interest shall be submitted at the address below latest Thursday, 20th October 2016 at 2pm (local time) and shall be labeled:
MANIFESTATION OF INTEREST NO.22/SP-OHADA/PACI/2016
HIRING OF CONSULTANTS TO AUDIT FINANCIAL STATEMENTS FOR THE YEARS ENDED 2016 AND END OF PROJECT ON 2017
Permanent Secretariat of OHADA,
OHADA Building, quartier Hippodrome, opposite MINREX
P.O. Box 10071 Yaounde (Republic of Cameroon)
Tel.: +237 222 21 09 05; Fax: +237 22 21 67 45; E-mail: secretariat@ohada.org
The Permanent Secretary of OHADA
Prof. Dorothé Cossi SOSSA
www.ohada.org