Tenders are invited for Audit Firm - Mada Association. Summary: Mada is seeking for an Audit Firm to (1) provide ad hoc support; (2) conduct the financial annual audit of the overall financial operations of the association by examining and analysing accounting records to determine financial status of the association and prepare financial reports concerning the operating procedures adopted by the association; and (3) support Mada with taxation. Scope of Work: Ad hoc support: The Audit Firm is required to provide on-demand assistance and to address specific needs that may arise outside the regular audit schedule. The tasks associated with ad hoc support can vary depending on the organizations specific requirements and circumstances: Assist in ensuring compliance with applicable laws, regulations, and donor requirements through targeted reviews. Identify opportunities for process improvement in various operational areas to enhance efficiency and effectiveness. Respond to unforeseen emergencies or issues by assessing financial and operational impacts and recommending appropriate measures. Review and assist in updating documentation of policies, procedures, and internal controls to ensure they are current and aligned with organizational goals. Provide support during the implementation of new financial or information systems to ensure proper controls are in place. Offer advisory services to management on financial and operational matters, providing insights to support decision-making. Follow up on the implementation of previous audit recommendations to ensure that corrective actions have been taken Annual Audit: The Annual audit process must include a comprehensive review of Madas financial and operational activities to ensure compliance, transparency, and efficiency. The main tasks to be performed during the annual audit: Carry out a regular financial audit in accordance with the International Auditing Standards and which include tests and verification procedures, as the auditors deem necessary. Inspect account books and accounting systems for efficiency, effectiveness, and use of accepted accounting procedures to record transactions. Provide a regular support to the Finance and accounting department of Mada with providing advices to resolve any abnormal issue or accounting treatment. Establish whether appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the submitted financial statements. Confirm the existence and valuation of assets, including inventory, equipment, and other tangible assets. Starting from January of each year, the Audit Firm should prepare an audit report pertaining to Madas financial operations for the previous complete financial year. The audit report should be submitted to Madas management not later than March with respect to the following: Includes a professional opinion as to reasonableness of the financial statements in all material respects. Includes feedback on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements. Appended with the necessary financial statements such as :( Balance sheet, Statement of income, Statement of Cash flows, detailed statement of projects income/cost, etc.) Provided in a first draft copy to the attention of the Executive Director and / or Finance Manager of Mada before submitting the final one in order to allow to Madas management to discuss, amend and comment on any point included in the report 7. In addition to the audit report, the Audit Firm should prepare a Management Letter including: Comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit. Details on specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement. Feedback and comments on matters that have come to their attention during the audit that might have a significant impact on the sustainability of the organization. Taxation: The Audit Firm also has to provide Madas management with the necessary support in order to submit the required declarations to the local authorities and to meet the legal deadlines: Tax on salaries: the Audit Firm has to review regularly the tax on salaries and assist the association in computing, declaring and filling out the relevant templates on quarterly and annually basis. Income Tax returns: Prepare and fill out the annual income Tax returns declaration for the Ministry of Finance Annual report of the Ministry of Interior: Prepare and fill out the Annual report for the Ministry of Interior. VAT: Support the Association in any kind of issue or documentation required by the VAT department. Qualification of the Audit Firm: The Audit Firm must be certified and based in Lebanon. Having affiliation/membership with an internationally reputed Audit Firm will be an asset. How to apply Submission Guidelines: The Audit Firm must send a proposal to
[email protected] specifying in the subject line Audit Firm Mada Association, including: CVs of its core team members Three reference contacts (emails/phone numbers) from local or international NGOs Financial proposal for one year Company profile (not mandatory but preferred) All applicants failing to follow these guidelines will be immediately disqualified. Tender Link : https://www.daleel-madani.org/calls-for-proposal
