Terms of Reference (TOR) For Audit Services for First Consult

BACKGROUND

First Consult is the leading development consulting organization in Ethiopia. Found in 2006.First Consult has grown to design and implement economic development projects across the agriculture, manufacturing and service sectors. Our multidisciplinary teams combine a capacity to execute with clarity of the local context. We leverage on our partnerships with the public and private organizations as well as a networked on-the-ground presence in most regions of Ethiopia. We have delivered at-scale real impact in terms of jobs & wealth creation, business formation & growth, and investment attraction & mobilization.

OBJECTIVE

The primary objective of this audit is to provide an independent assessment of the financial position, performance, and compliance of First Consult 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’s 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’s 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 First Consult 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.

• 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)