About PAWA254

• Conduct a professional, independent audit of PAWA254’s operations in line with International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS).
• Express an independent opinion on whether PAWA254’s financial statements are prepared in accordance with applicable financial reporting standards, and whether they reflect a true and fair view of its financial position.

The audit will:

1. Cover the entire financial year (1st January – 31st December).
2. Include verification procedures and internal control tests as deemed necessary.
3. Assess whether funds have been used in accordance with PAWA254 rules and only for intended purposes.
4. Review procurement of goods and services for compliance with internal procedures.Ensure clear linkages between financial records and presented statements.
5. Evaluate the adequacy and effectiveness of the accounting and internal control systems.
6. Express an opinion on the reasonableness and accuracy of the financial statements.
7. Provide assurance regarding the detection of material misstatements due to fraud or error.
8. Conduct entry and exit meetings with the Head of Finance, Treasurer, and Chair of the Board.
9. Management Letter:
The firm will also provide a Management Letter highlighting:

Observations on records, procedures, and systems.
Weaknesses in internal controls and improvement recommendations.
Any matters impacting organizational sustainability.
Other issues deemed relevant by the auditor.

AUDIT PERIOD & DURATION

1. Audit must be completed within two months of the end of the financial year.
2. The selected firm will be engaged for a period of three (3) years, subject to annual review or AGM resolution.

DELIVERABLES

1. Three (3) original, signed copies of the Audit Report appended to the Financial Statements.
2. A detailed Management Letter in line with the scope described above.

AUDIT FEES

1. Audit fees will be determined through a competitive bidding process.
2. The financial proposal must be submitted as an encrypted or password-protected PDF.
3. The password must be shared on the day of bid opening via the Scale platform.

MINIMUM QUALIFICATIONS

• The applying audit firm must:
  
  • Be registered and in good standing with the Institute of Certified Public Accountants of Kenya (ICPAK).
  • Have at least 7 years’ experience in audit and tax services.
  • Demonstrate experience auditing not-for-profit organizations.
  • Have strong knowledge of IFRS and ISA.
  • Have audited at least five (5) organizations with a similar structure to PAWA254.

REQUIRED DOCUMENTS

1. Certificate of Incorporation/Registration
2. KRA PIN Certificate
3. Valid Tax Compliance Certificate
4. Certificate of Good Standing from ICPAK
5. List of five similar clients
6. CVs of key audit team members

SUBMISSION REQUIREMENTS

1. Firms are required to submit the following via Scale:

   •  Technical Proposal (as a PDF)

     • Understanding of the assignment

     • Methodology, approach, and timelines

     • Firm profile and relevant experience

     • Audit team composition and qualifications

   • Financial Proposal (as an encrypted PDF)
     • Proposed fees for the current audit and projections for three years
     • To be opened only on the official bid opening date
     • Note: The financial proposal must be password-protected. The password will be requested on the day of bid opening via Scale.
   • Engagement Letter
     Upon selection, the firm will be expected to submit a formal Letter of Engagement outlining the audit approach and terms of reference.

• Submission Platform: Scale e-Procurement Platform
• Subject Line: REQUEST FOR PROPOSAL - PROVISION OF EXTERNAL AUDIT SERVICES
• Deadline for Submission: 5pm Wednesday, 30th April 2025
• Clarifications & Questions: Submit all inquiries directly through the Clarification tab on Scale before the submission deadline.
• Only shortlisted firms will be contacted.