Job Title: Annual Audit - Terms of Reference
Organization Name: Indus Consortium
Duration: 3 Months
Number of Vacancies: 1
Closing on: 2022-01-23
Apply via email email@example.com by sending technical as well as financial proposals along with the firm's profile.
Indus Consortium wishes to engage the services of an audit firm for the purpose of auditing the “Fair Finance Asia-Building a Responsible Financial Sector in Asia” (Pakistan chapter), as stipulated in the agreement between the Embassy of Sweden in Bangkok, Thailand for the Swedish International Development Cooperation Agency (Sida) and Fair Finance Asia. The audit shall be carried out in accordance with international audit standards (ISA) issued by IAASB. In addition, an assignment according to International Standards on Related Services (ISRS) 4400 shall be carried out. The audit and the additional assignment shall be carried out by an external, independent and qualified auditor.
Indus Consortium: A collaborative platform of 60 Humanitarian and Development Organizations works on climate change, energy transition, irrigation water governance, fair Finance, Green Recovery in Pakistan. Humanitarian work is the key area of expertise of IC.
With the aim of reducing inequalities and enabling the voices of vulnerable and disadvantaged Asian communities to be at the center of policy actions and dialogue on sustainable finance, Fair Finance Asia (FFA) is working to ensure that financial institutions integrate environmental, social and governance (ESG) standards to promote sustainable development, and foster the long-term stability of the Asian economy.
The Swedish Embassy in Bangkok-funded Oxfam initiative, Fair Finance Asia, is a regional network of 25 (and growing) civil society organizations across seven countries that aims to – a) accelerate the development of tangible commitments and action plans on sustainable finance among financial institutions; b) enable regulators and country governments to strategize and implement smart sustainable finance regulation and legislation; c) build strong and wider alliances among civil society organizations (CSOs) working on sustainable finance and ESG transparency and accountability issues in Asia; and d) elevate the sustainable finance agenda and raise greater awareness and action in Asia.
Fair Finance Pakistan (FFP) is part of Fair Finance Asia. FFP aims to promote fair & inclusive financial inclusion that works for all and to prevent abuse of Environmental, Social and Governance issues by keeping human and gender rights at the heart. FFP aimed at boosting energy investments in Pakistan in an environmentally sustainable way and by following ESG guidelines. We believe, the Banking sector, being the core pillar of financing & investment should play leadership & innovative role in integrating social, environmental and corporate governance objectives into the operations.
Project Title: Fair Finance Pakistan-Building a Responsible Financial Sector in Asia
Donor Name: The Swedish International Development Cooperation Agency (Sida), represented by the Embassy of Sweden in Bangkok, Thailand.
Donor Contract No: 10573
Project Number: A-05001-08 (FFA funding) and A-06000-10 (FFI funding)
Grant Amount: EUR 69,542 (in which EUR60,000 is funded by FFI and EUR 9,542 is funded by FFA)
Project Start date: 01-January-2021
Project End date: 31-December-2021
This audit will review the programme implementing and activities which manage by Indus Consortium in Pakistan. The audit will require to express an audit opinion according to ISA, applying ISA 800/ISA 805, on whether the financial report submitted by Indus Consortium to Fair Finance Asia is in accordance with Indus Consortium´s accounting records and Sida’s requirements for financial reporting as stipulated in the agreement including appendices between Sida and Oxfam (Agreement).
Mandatory procedures that must be included:
Choose a sample of three individuals for three different months and:
The reporting shall be signed by the responsible auditor (not just the audit firm) and shall include the title of the responsible auditor.
Reporting from the ISA assignment
The reporting from the auditor shall include an independent auditor’s report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated. The financial report that has been the subject of the audit shall be attached to the audit report.
The reporting shall also include a Management letter that discloses all audit findings, as well as weaknesses identified during the audit process. The auditor shall make recommendations to address the identified findings and weaknesses. The recommendations shall be presented in priority order and with a risk classification.
Measures taken by the Cooperation partner to address weaknesses identified in previous audits shall also be presented in the Management Letter. If the previous audit did not have any findings or weaknesses to be followed-up on, a clarification of this must be disclosed in the audit reporting.
If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting.
Reporting from the ISRS 4400 assignment
When applicable, the sample size shall be stated in the report.
Indus Consortium (IC)
Indus Consortium - a consortium of 3 humanitarian and development organizations i.e. Laar Humanitarian Development Program (LHDP), Doaba Foundation and HELP Foundation - is a manifestation of a joint force of the people living around Sindhu (Indus) River basin in Pakistan. It is a collaborative platform of 60 Humanitarian and Development Organizations works on climate change, energy transition, irrigation water governance, fair Finance, Green Recovery in Pakistan. Humanitarian work is the key area of expertise of IC.
Vision: IC envisions a democratic and equitable society where all citizens enjoy equal economic, cultural and political rights.
Mission: Indus Consortium works for local communities to enhance their resilience and participation in development
|1||Meeting (Program, Finance) & collecting of primary documentation and verification.||15-Feb-22|
|2||Audit of Office||20-Feb-22|
|3||Analysis of findings and preparation of draft report||15-Mar-22|
|3||Audit Closure meeting||31-Mar-22|
|5||Draft Audit report with Management letter shared client||15-Apr-22|
|6||Final Audit report with Management letter and sign of process||30-Apr-22|
|7||Submission of Audited Financial report to Fair Finance Asia / FFA ET||15-May-22|
The following annexes are an integral part of this ToR:
 The International Auditing and Assurance Standards Board (IAASB)
 The budget is attached to the agreement with Sida as an annex and any updates should be supported by a written approval by Sida.
 I.e. funds remaining from disbursements made during previous reporting period/s
 Debited salary costs should be verified by supporting documentation such as employment contracts.
 Pay As You Earn
Only QCR rated audit firms can apply
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