Terms of reference for external auditor

INKUNGA FINANCE Plc is dedicated to promote financial services for quality to small and medium entrepreneurs in order to contribute to their social-economic development and to continue considered as operating self-sufficient institution.

INKUNGA FINANCE Plc conducts its activities of saving and credits in Western province, with Three main Branches and five counters.

 

Reference to article 13 of official gazette no 16 of 16/04/2018, INKUNGA FINANCE Plc needs an external Auditor/Auditing Company to provide external audit services in accordance with International Standards on Auditing (ISA) as well as International Financial Reporting Standards ( IFRS). This certification of financial reports shall be conducted over a period of three years ( January 2018 to December 2020).

 

Terms of reference for External Auditor

INKUNGA FINANCE Plc would like to recruit a committed and professional external auditor, to certify financial statement for the year 2018.

With due diligence and professional work, the external auditor will audit and certify financial statement for the year 2018 and issue an independent opinion on their preparation in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as well as their compliance to any underlying reporting framework.

Thus, the external auditor will among others be vested the following duties:

  • To conduct annual review of financial statement for the year ended 2018 in accordance with international standards on auditing (ISA) and any relevant regulation issued by regulators;
  • Express an independent and professional opinion explaining if the Inkunga Finance’s financial statements present fair view in all items;
  • To issue the audit report to management as well as to regulator (BNR) on agreed time;
  • Give feedback to the regulator as appropriate;
  • To assist internal audit department to their assignments and advise them;
  • Ensure timely and proper reporting of any deficiency found during audit and certification of financial statement for the year ended 2018
  • Ensure proper communication with management committee and board of directors commission in charge of audit;
  • To issue management letter for annual audit engagement.

 

Audit performance

As per relevant regulations, the external audit shall conduct his/her work in accordance to international accounting standards ( ISA) and International financial reporting in the time settled by management and regulators and certification of financial statement will result in an independent opinion of whether financial statement of Inkunga Finance Plc present fair view.

Period of audit work
The external audit work is expected in the period of three weeks from the date of contract signature

Requirement of external auditor proposed

The external auditor to be recruited must fulfill the following:

  • To be a member of Institute of Certified Public Accountant of Rwanda (ICPAR);
  • To prove an evidence of being in the current list of Microfinance institution’s external auditors licensed by the Central Bank (BNR);
  • To prove an above 5 Years   experience in audit services of microfinance institutions in Rwanda

 

Financial evaluation

Only external auditor/ Audit company who shall fix the price which is equal or below the price fixed by the commission in charge, shall be selected for audit services.

Interested candidates are requested to submit sealed bids with mention  “Terms of Reference for External Audit “.

The bids shall include the following:

  • A motivation letter addressed to Managing Director of Inkunga Finance Plc;
  • A Copy of certificate for practices issued by Institute of Certified Public Accountant of Rwanda (ICPAR) in good standing;
  • RDB certificate for tax advisory;
  • RRA clearance certificate;
  • Valid certificate of accreditation issued by the Central Bank;
  • Names, qualifications and experiences of engagement third party or Manager.

Deadline for submission : 27/12/2018 at 2:30 PM

Venue for submission : Kindly remit your sealed bids to the following address:
In the office of Administrative Assistant:
INKUNGA FINANCE Plc, KIBILIZI Cell, RUBENGERA Sector, KARONGI District, Western Province.

Bidders or their representative are invited to take parts in the opening session which shall take place on 27/12/2018 at 3:00 PM.

This session shall be limited only to open and read out the names of bidders while the deep evaluation, analysis and publication of the results shall be conducted with tender committee not later than Thursday 3rd January 2019.

Done at Karongi, on 06th December 2018

VUGAYABAGABO Donat
Head of Finance and Administration
INKUNGA FINANCE Plc

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