The COMESA Federation of National Associations of Women in Business (COMFWB) is a COMESA institution which promotes women in Business interventions in the COMESA region. COMFWB is founded on the idea that regional economic integration cannot be seen to have succeeded without the full involvement and equal participation of women in business. Its mandate is embedded in (i) the Treaty establishing the Common Market for Eastern and Southern Africa, COMESA, under Article 155 –Women in Business; (ii) COMFWB Charter, which mandates COMFWB to “act as a forum for the exchange of ideas and experience among women entrepreneurs; an instrument through which the appropriate portion of COMESA Women in Development Programs shall be implemented; a forum for network among women entrepreneurs and an instrument for encouraging women to set up or expand existing enterprises.” COMFWB is implementing its Medium Term Strategic Plan, covering the period 2021-2025. The aim of the External Audit service is to provide guidance to management to help focus the implementation of the strategic priorities are aligned with its legal instruments according to Article 24 on the COMFWB Charter.
Objectives
The objective of the audit of COMFWB financial statements is as follows:
- to enable the auditors to express an independent professional opinion on the financial position of COMFWB and to ensure that the funds utilized to COMFWB’s activities have been used for their intended purposes.
- The books of accounts of COMFWB provide the basis for preparation of COMFWB’s Financial Statements. Proper books of accounts as required by the Charter AND the relevant rules and regulations have been maintained by COMFWB to maintain adequate internal controls and supporting documentation for the transactions.
Scope of the Audit
COMFWB seeks an individual, organization or firm to provide consultancy services to provide audit advisory services on ad hoc basis. The Scope of Work is as follows:
- The audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the auditors deem necessary.
- Verify all funds have been used in accordance with the established rules and regulations of COMFWB and only for the purposes for which the funds were provided.
- Goods, works and services financed have been procured in accordance with the COMFWB established rules and procedures.
- Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should existbetween the books of accounts and the financial statements presented to.
- The financial statements have been prepared by COMFWB management in accordance with applicable accounting standards and give a true and fair view of the financial position of COMFWB and of its receipts and expenditures for the period ended on that date.
- Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitorexpenditures and other financial transactions.
- Express an opinion as to reasonableness of the financial statements in all material respects.
- Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
- In addition to the audit report, the auditors will prepare a Management Letter on the following:
- Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
- Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
- Report on the implementation status of recommendations pertaining to previous period audit reports.
- Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
- Bring to the Executive Director’s attention any other matters that the auditors consider pertinent.
Assignment Duration, Place of Performance, and Other Conditions
The audit work shall be completed within three months from the date of commencement of the audit.
Required expertise and qualification
Pursuant to Article 24(4) of the COMFWB Charter, the audit firm selected shall be one based in the COMESA Region and be qualified to practice in accordance with the national laws of the Member States
Expected Results and Deliverables
The consultant/firm, once contracted, is expected to provide COMFWB with the following deliverables:
- The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director.
- Management letter in accordance with the scope of work described here before.
Audit Fees
The Audit fees will be fixed through a competitive bidding process.
FINAL DATE FOR RECEIVING APPLICATION
All CV and expression of interest must reach the Secretariat by Sunday November 27, 2022
Chief Executive Officer
COMFWB SECRETARIAT
OAK House 1, Third Floor
P.O. Box 1499
Lilongwe
Malawi
Email: rnegash2@comesa.int and jmasanche@comesa.int
