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Request for External Auditor Featured

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August 1, 2023



1.  Introduction

CENTAL, hereafter referred to as the “Cooperation Partner” wishes to engage the services of an audit firm for the purpose of auditing the National Integrity Building and Anti-Corruption (NIBA) or "Liberia Anti-Corruption Integrity Programme’, as stipulated in the agreement between the Cooperation partner and Sida. The audit shall be carried out in accordance with international audit standards (ISA) issued by IAASB[1]. In addition, an assignment according to International Standards on Related Services (ISRS) 4400 shall be carried out. The audit and the additional assignment shall be carried out by an external, independent, and qualified auditor.

  • Qualification of the Firm/Auditor and Key Requirements

The audit shall be performed by a certified audit firm in good standing with the Liberia Institute of Certified Public Accounts (LICPA). Other qualifications of the auditor/firm are:

  • Must have at least two years of experience performing independent and professional audit (s) of key institutions, especially non-governmental organizations, in accordance with the International Standards on Auditing (ISAs).
  • Must be completely impartial and independent from all aspects of management or financial interests in the entity being audited.
  • Must not be employed by, serve as director for, or have any financial or close business relationships with any senior participant in the management of the entity, especially during the period covered by the audit nor while undertaking the audit. It is required that the auditor discloses any relationship (s) that might possibly compromise his/her independence.
  • Must be experienced in applying either ISA or INTOSAI audit standards, whichever is applicable for the audit.
  • And must assign adequate staff with appropriate professional qualifications and suitable experiences with ISA or INTOSAI standards, including experiences in auditing the accounts of entities comparable in size and complexity to the entity being audited.

3.  Objectives and Scope of the Audit

The objective is to audit the financial report for the period 1st August 2022 to 31st July 2023, as submitted to Sida, and to express an audit opinion according to ISA, applying ISA 800/ISA 805, on whether the financial report of the National Integrity Building and Anti-Corruption Program or ‘Liberia Anti-Corruption Integrity Programme’ is in accordance with the Cooperation partner´s accounting records and Sida’s requirements for financial reporting, as stipulated in the agreement including appendices between Sida and Cooperation partner (Agreement).

4.  Additional assignment; according to agreed-upon procedures ISRS 4400, review the following areas in accordance with the Terms of Reference below

          Mandatory procedures that must be included:

  • Observe whether the financial report is structured in a way that allows for direct comparison with the latest approved budget[2].
  • Observe and inspect whether the financial report provides information regarding:
  • Financial outcome per budget line (both incomes and costs) for the reporting period and columns for cumulative information regarding earlier periods under the current agreement.
  • When applicable, compare if the opening fund balance[3] for the reporting period matches with what was stated as the closing fund balance in the previous reporting period.
  • A disclosure of exchange gains/losses. Inquire and confirm whether the disclosure includes the entire chain of currency exchange from Sida’s disbursement to the handling of the project/program within the organization in local currency/ies, if applicable.
  • Explanatory notes (such as for instance, accounting principles applied for the financial report).
  • Amount of funds that has been forwarded to implementing partners, when applicable.
    • a) Inquire and inspect with what frequency salary costs during the reporting period are debited to the project/program.

  Choose a sample of three individuals for three different months and:

  • Inquire and inspect whether there is supporting documentation[4] for debited salary costs.
  • Inquire and inspect whether actual time worked is documented and verified by a manager. Inquire and inspect within which frequency reconciliations between debited time and actual worked time is performed.
  • Inspect whether the Cooperation partner complies with applicable tax legislation with regard to personal income taxes (PAYE)[5] and social security fees.

4. a) Inspect and confirm that the unspent fund balance (according to the financial report) at the end of the financial year is in line with the information provided in the accounting system and/or bank account.

5. Procurements:

a) Inquire and inspect whether the Cooperation partner has purchased services or goods above the thresholds in the procurement guidelines annexed or referred to in the agreement. Obtain a list of all purchased services and goods during the reporting period and identify all transactions above the agreed threshold.

b) Select two of the identified transactions above the threshold and determine whether they were subject to bidding procedures and in compliance with procurement requirements, if applicable.

5. The Reporting

The report shall be signed by the responsible auditor (not just the audit firm[6]) and shall include the title of the responsible auditor.

Reporting from the ISA assignment

The report from the auditor shall include an independent auditor’s report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated.  The financial report that has been the subject of the audit shall be attached to the audit report.

The report shall also include a Management letter that discloses all audit findings, as well as weaknesses identified during the audit process. The auditor shall make recommendations to address the identified findings and weaknesses. The recommendations shall be presented in priority order and with a risk classification.

Measures taken by the Cooperation partner to address weaknesses identified in previous audits shall also be presented in the Management Letter. If the previous audit did not have any findings or weaknesses to be followed-up on, a clarification of this must be disclosed in the audit reporting.

If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting.

Reporting from the ISRS 4400 assignment

6. Submission of Audit Report

A minimum of six (6) copies of the signed report will be submitted to CENTAL for further use or publication.

7. Cost of Audit

The audit will be performed for a reasonable amount that will represent/cover all costs associated with the work to be performed. The payment term shall be agreed between the Cooperation Partner (CENTAL) and the audit firm. However, it will be in not less than two installments, with the final payment made following the successful completion of the task and submission of the final report, in line with the TOR.

8. Application Procedure and Package:

All interested qualified applicants are encouraged to email their complete applications/proposals to This email address is being protected from spambots. You need JavaScript enabled to view it. with a certified copy to This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it. on or before August 17, 2023, at 11:59 PM local time.  In addition to other documents and requirements, the application package should include the Curriculum vitae (CVs) of the principal of the firm of auditors who would be responsible for signing the opinion, together with the CVs of managers, supervisors, and key personnel proposed as part of the audit team. CVs submitted should include details of audits carried out by the applicable staff, including any ongoing assignment (s) indicating capability and capacity to satisfactorily undertake the task in question.

[1] The International Auditing and Assurance Standards Board (IAASB)

Template decision no:2021-002235  Department: VERKSTOD/JUR  Other: 

Version no: 1.2  Date: 20211110  Other:

[2] The budget is attached to the agreement with Sida as an annex and any updates should be supported by written approval by Sida.

[3] I.e. funds remaining from disbursements made during the previous reporting period/s

[4] Debited salary costs should be verified by supporting documentation such as employment contracts.

[5] Pay As You Earn

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