ToR Audit Service for First-Time IPSAS Adoption

ABOUT FIRST CONSULT AFRICA DEVELOPMENT  

First Consult Africa Development is an economic development organization dedicated to empowering vulnerable communities by designing and implementing sustainable projects across various sectors, including agriculture, manufacturing, and services. 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.

BACKGROUND OF THE ASSIGNEMENT

First Consult Africa Development is implementing the International Public Sector Accounting Standards (IPSAS) for the first time. First Consult Africa Development seeks to engage an independent audit and advisory firm to review and provide assurance over the first-time IPSAS adoption process and confirm that the transition complies with applicable IPSAS requirements, the service would also include an audit service for the budget year 2025-26

OBJECTIVE OF THE ASSIGNMENT

To provide independent audit and technical assurance on First Consult Africa Development ‘s first-time IPSAS adoption by reviewing the conversion process, validating IPSAS adjustments, assessing compliance with IPSAS, and identifying areas requiring improvement before issuance of the financial statements and to audit the converted IPSAS records for the budget year 2025-26

SCOPE OF SERVICES

• Review the IPSAS conversion methodology and implementation approach.
• Assess the opening IPSAS Statement of Financial Position.
• Verify conversion adjustments and accounting treatments.
• Review IPSAS-compliant accounting policies and disclosures.
• Assess compliance of the first IPSAS financial statements with applicable IPSAS.
• Issue an audit/assurance report with findings and recommendations.
• Audit service for 2025-26

EXPECTED DELIVERABLES

The selected firm shall conduct an independent review of the organization’s compliance with IPSAS requirements and audit service for budget year 2025-26. The firm will be responsible for assessing existing practices, identifying gaps, communicating key findings in management, providing practical recommendations for improvement, and submitting timely progress and final reports.

The key deliverables shall include:

• Inception Report
• IPSAS Compliance Review Report
• 2025-26 fiscal year audit service
• Final Audit Findings Report

TIMELINE

The assignment is expected to be completed within four (4) weeks from the date of contract signature. The detailed activity schedule and milestones will be agreed during inception and documented in the approved inception report.

WORKING ARRANGEMENT AND REPORTING

The service provider will be working under a contract with FC Africa Development and shall report to First Consult Africa Development Management and submit an inception report, draft audit findings, and a final assurance report.

EVALUATION CRITERIA

• Candidates who scored below 50% on the technical evaluation will not be considered for financial evaluation.

INSTRUCTIONS FOR THE TECHNICAL AND FINANCIAL PROPOSAL

Interested firms shall submit:

• Company profile and relevant IPSAS audit experience.
• Technical proposal and methodology.
• Qualifications and CVs of the proposed team.
• Three testimonial letters/recommendations for a similar assignment. Work plan.
• Financial proposal that includes a detailed cost breakdown, including professional fees, personnel daily rates, and any other related costs necessary for the successful execution of the assignment. All costs should be quoted in ETB and be inclusive of applicable taxes.