Terms of Reference (TOR) – Extension For Audit Service for First Consult Development

BACKGROUND

First Consult Development (FCD) is a local non-profit organization established in 2022 to improve the lives and livelihoods of disadvantaged citizens, create employment opportunities, increase economic productivity, competitiveness and support women and children.

Our multidisciplinary teams leverage local expertise to drive enterprise growth, improve access to finance, and foster skill development. With a proven track record, we’ve successfully created jobs, generated wealth, and attracted investments, ultimately leading to the formation and growth of thriving businesses.

OBJECTIVE

The primary objective of this audit is to provide an independent assessment of the financial position, performance, and compliance of First Consult Development with relevant regulations, standards, and guidelines. The audit should also identify areas for improvement in internal controls and financial management practices.

SCOPE OF WORK

The audit firm shall perform the following tasks:

• Review and audit of First Consult Developments’ financial statements, including the balance sheet, income statement, and cash flow statement, for the fiscal year ending June 2025.
• Examination of supporting documentation and records to verify the accuracy and completeness of financial transactions.
• Assessment of compliance with relevant laws, regulations, and accounting standards applicable to First Consult Developments’ operations.
• Evaluation of internal control systems, including risk management processes, to identify weaknesses and recommend improvements.
• Identification of any irregularities, discrepancies, or instances of non-compliance and provision of recommendations for corrective actions.
• Preparation `and submission of an audit report summarizing the findings, conclusions, and recommendations arising from the audit process.

REPORTING

The audit firm shall submit a draft audit report to the management of FCD for review and feedback after the conclusion of fieldwork. Upon receipt of comments from First Consult, the audit firm shall finalize the audit report and submit it along with any management letter or additional documentation deemed necessary.

REQUIRMENTS

• Renewed business license and professional license
• List of staff members who will be deployed in the audit and their profiles.
• Evidence of previous experience in providing similar service.
• Maximum period for finalizing the audit work is 15 days (the audit service is expected to start on August 1,2025)