Established to broaden and diversify reliable mechanisms for delivering flexible, multi-donor humanitarian assistance for Syria, Aid Fund for Syria (AFS) is committed to maintaining the highest standards of quality, transparency, and integrity in the management of its grant-funded projects.

To uphold these standards and ensure sound financial stewardship, AFS commissions independent external audits of the projects implemented by its partners. These audits are intended to provide assurance to donors, stakeholders, and the AFS Steering Board regarding the proper use of funds and the effectiveness of internal controls. External audit thus forms a core component of AFS’s accountability and assurance framework.

The objective of the external audit is to provide an independent and objective assessment of the financial statements, compliance with grant agreements, and the adequacy and effectiveness of internal control systems established by AFS’s implementing partners (both local and international non-profit organisations). The appointed audit firm will examine all relevant records and documentation, verify the completeness and accuracy of financial reporting, and issue an audit report presenting key findings, conclusions, and recommendations.

Accordingly, AFS seeks to engage a qualified and reputable audit firm with demonstrable experience in the humanitarian or development sector, preferably including work in complex or conflict-affected contexts such as Syria to conduct independent audits of its grant-funded projects.

Your firm is hereby invited to submit a proposal to provide external audit services for AFS-funded projects. This Request for Proposal (RFP) includes the following sections:

Section 1 – Acronyms and Definitions

Section 2 – Instruction to Audit Firms

Section 3 – Data Sheet

Section 4 – Terms of Reference

Section 5 – Eligibility Requirements

Section 6 – Evaluation Criteria

Section 7 – Standard Proposal Structure

If your firm is interested in participating in this opportunity, you are requested to submit a proposal in accordance with the requirements outlined in this RFP.

Interested firms must, using the designated email address provided in the Data Sheet:

• Acknowledge receipt of this invitation promptly upon receiving the email or viewing the notice online;
• Confirm intent to submit a proposal within the timeframe specified in the Data Sheet;
• Indicate participation status, specifying whether the proposal is being submitted independently or jointly with another firm;
• If submitting jointly, clearly identify the lead firm and any sub-contracted or partner firm(s).

Firms may submit written Requests for Clarification regarding this RFP until the date specified in the Data Sheet. All correspondence during this period shall be directed to the Authorised Representative via the email address provided therein.

SECTION 1: ACRONYMS AND DEFINITIONS

ACRONYMS

AFS Aid Fund for Syria

AAP Accountability to Affected Populations

CBPF Country-based Pooled Fund

CHS Core Humanitarian Standards

DDCA Due Diligence and Capacity Assessment

FMA Fund Management Agent

GMS Grant Management System

HNO Humanitarian Needs Overview

HPC Humanitarian Planning Cycle

HRP Humanitarian Response Plan

IASC Inter-Agency Standing Committee

IP Implementing Partner

NGO Non-Governmental Organisation

OCHA UN Office for Coordination of Humanitarian Affairs

PSEAH Prevention of Sexual Abuse and Harassment

RCMO Red Cross/Red Crescent Movement Organisation

RFP Request for Proposal

SB Steering Board

SCHF Syrian Cross-Border Humanitarian Fund

STRC Strategic and Technical Review Committee

TOR Terms of Reference

TPM Third Party Monitoring

UNO UN Organisation

VaR Value at Risk

WGS Washington Group Short set (for collecting data on disability)

 

DEFINITIONS

Audit Firm: An audit firm, also known as an auditing firm or audit practice, is a professional services firm that specialises in conducting independent audits of financial statements, systems, and controls of organisations and/or projects. These firms employ qualified auditors who are trained and experienced in assessing and providing assurance on the accuracy, reliability, and fairness of financial information.

Audit Evidence: The information and supporting documentation obtained by the auditor during the audit process to form the basis for their findings and conclusions.

Audit Findings: The results of the audit procedures performed by the external auditor.

External Audit: An independent examination of an organisation or project financial records, systems, and controls conducted by a qualified external auditor or auditing firm.

Data Sheet: The section of the RFP that contains specific data and information on the selection process and the assignment.

Grant Funds: Monetary resources received by IP through grants from AFS.

Financial Statements: Formal records that present the financial position, results of operations, and cash flows of an AFS grant-funded project.

Field Work: Audit Firm’s work at an assignment location.

Compliance: Adherence to laws, regulations, policies, and contractual obligations applicable to the use and reporting of grant funds.

Internal Controls: Policies, procedures, and practices implemented by IP to safeguard grant-funded assets, ensure the accuracy and reliability of financial information, promote operational efficiency, and comply with applicable laws and regulations.

Materiality: The magnitude or significance of an error, misstatement, or omission that could influence the decisions and judgments of users of the financial statements.

Management Letter: A communication from the external auditor to the management of the audited organisation, highlighting significant issues, recommendations for improvements, and suggestions for enhancing internal controls and financial reporting processes.

Proposal: A technical proposal or a financial proposal, or both.

 

SECTION 2: INSTRUCTION TO AUDIT FIRMS

1. Selection Method – AFS may select more than one qualified audit firm through a quality and cost-based selection process in accordance with the information provided in this RFP.
2. Contract – Audit Firms are invited to submit proposals for the services. The proposal will be the basis for contract negotiations.
3. Proposal Costs – Audit Firms shall bear all costs associated with the preparation and submission of their proposals and contract negotiation, if selected. AFS is not bound to accept any proposal and reserves the right to postpone the selection process at any time prior to contract award, without thereby incurring any liability to the audit firm.
4. Conflict of Interest – In this assignment, AFS considers a conflict of interest to be a situation in which an Audit Firm has interests that could improperly influence their performance, objectivity, professional judgment, or compliance with relevant standards and policies.
5. Conflicting Activities – Without limitation on the generality of the foregoing, the Audit Firm (including their partners) shall not be recruited under the circumstances set below:
   a. Conflicting assignments – There may be conflict with another assignment of the audit firm. As an example, the firm has been hired to conduct third party monitoring and evaluation of grants projects.
   b. Relationship with AFS staff – If the Audit Firm has a business or family relationship with an AFS or IP staff member who is directly or indirectly involved in any part of this assignment, these relationships must be disclosed within the proposal. AFS will evaluate any potential conflict of interest and communicate any identified risks and mitigation measures.
6. Disclosure of Conflict of Interest – Audit Firms have an obligation to disclose any situation of actual or potential conflict of interest. Failure to disclose such situations may lead to the disqualification of the audit firm or the termination of its contract.
7. Anticorruption – AFS policies require that all AFS staff, as well as partners and contractors, observe the highest standard of ethics during the selection process and in execution of this assignment. AFS will reject a proposal if it determines that the submitting audit firm has directly, or through an agent, engaged in corrupt, fraudulent, collusive, or coercive practices in competing for the assignment in question.
8. One Proposal – Audit Firms may only submit one proposal. However, this does not restrict audit firms from partnering with other firms and submitting a separate joint proposal.
9. Validity – Audit Firms’ proposals must remain valid from the deadline for the submission of proposals as indicated in the Data Sheet until the engagement letter is signed. During this period, audit firms shall maintain the availability of their personnel nominated in the proposal.
10. Eligibility – Proposals that do not meet the following minimum eligibility criteria will be disqualified from further consideration:
    a. Registration and Professional Standards – The audit firm must be a legally registered entity, duly licensed to perform external audits, and must comply with applicable national laws and internationally accepted auditing standards (e.g., ISA or equivalent).
    b. Team Qualifications and Language Proficiency – All proposed audit team members must possess relevant professional qualifications and demonstrate fluency in both English and Arabic.
    c. Financial and Operational Capacity – The firm must maintain an active bank account in a jurisdiction that permits international transfers and must be in good financial and legal standing.
11. Country Preference – Audit Firms should check the Data Sheet that preference is to be given to audit firm from countries for this selection.
12. Clarification of RFP – Audit Firms may request a clarification of any contents of the RFP no later than seven days (7) before the deadline for the submission of proposals. The request for clarification must be sent by email to the authorised representative whose contact details are in the Data Sheet.
13. Amendment of RFP/Extension of Submission Deadline – At any time before the deadline for the submission of proposals, AFS may amend the RFP by issuing an addendum. The addendum will be sent to all shortlisted audit firms by email. Audit firms shall acknowledge receipt of all amendments through an email.
14. Language – The proposal, as well as all related correspondences exchanged between Audit Firms and AFS, shall be in English.
15. Compliance with RFP – In preparing their proposals, Audit Firms are expected to examine in detail the documents comprising the RFP. Audit Firms whose proposals do not meet the requirements of the RFP may fail to meet the minimum qualifying score as indicated in the Evaluation Criteria Section 6.
16. Proof of Status and Due Diligence – Prior to contract negotiations, the selected Audit Firm will be required to submit necessary registration documents, and sign necessary declarations to enable AFS to conduct necessary verifications and background checks.
17. Technical Proposal – Audit Firms are required to submit a Technical Proposal. The Technical Proposal shall provide the information required in the TOR Section 4.
18. No price in Technical Proposal – The Technical Proposal shall not include any financial information. A Technical Proposal containing such information will be declared nonresponsive.
19. Financial Proposals – Audit Firms are required to prepare the Financial Proposal following the proposal structure instructions provided in Section 7. All activities and items described in the Technical Proposal must be priced in the Financial Proposal.
20. Currencies – Audit Firms may express the price of their services in USD only, and payment shall be made in USD as per the awarded Contract.
21. Submission of Proposals:

    a. An authorised representative of the Audit Firms will sign the Technical Proposal Submission Letter and the Financial Proposal Submission Letter separately.

    b. The Financial Proposal file shall be submitted in electronic format in PDF encrypted or password protected.

    c. The Financial Proposal Key/Password will be shared only with the AFS Authorised Representative separately.

    d. The two files containing the Technical and Financial Proposals separately shall be sent through email to the email of the Authorised Representative as indicated in the Data Sheet.

22. No Influence on Evaluation – From the deadline for the submission of Proposals to the time the contract is awarded, the Audit Firms should not contact the AFS on any matter related to the Proposals. Any effort by Audit Firms to influence the AFS in the evaluation and recommendation for award of contract will result in the rejection of their Proposal.
23. Evaluation of Technical Proposals – AFS shall evaluate the Technical Proposals on the basis of their responsiveness to the TOR, applying the Evaluation Criteria, specified in Section 6. Each responsive Proposal will be given a technical score. A Proposal shall be rejected at this stage if it does not respond to a mandatory requirement of the RFP or if it fails to achieve the minimum qualifying technical score as indicated in Section 6.
24. Notification of Technical Evaluation Results – After the technical evaluation is completed, AFS shall notify the Audit Firms whose Proposals meet the minimum qualifying technical score and were considered responsive to the RFP. AFS may not be able notify all other Audit Firms that do not meet the minimum requirement.
25. Evaluation of Financial Proposals – AFS will review the detailed content of a Financial Proposal as part of the proposal evaluation process. Financial Proposals will be reviewed to ensure they are complete (i.e. whether audit firms have priced all items of the corresponding Technical Proposal). For material omissions or overstatements, AFS may ask the short-listed audit firm to amend their Financial Proposals.
26. Negotiations – AFS will notify the audit firms on date and address for contract negotiations. The invited audit firms will as a pre-requisite for attendance at the negotiations, confirm by email availability and provide necessary documents for due diligence checks at least five (5) working days before the negotiation date. Failure in satisfying such requirements may result in AFS proceeding to initiate the negotiation process with the next-ranked audit firm. Representatives conducting negotiations on behalf of the audit firms must have written authority to negotiate and conclude a Contract.
27. Technical Negotiations – Negotiations will include a discussion of the Technical Proposal, the proposed technical approach and methodology, audit plan and schedule and Personnel, and any suggestions made by the Audit Firm to improve the TOR. AFS and the Audit Firms will finalise the TOR, audit plan, logistics, and reporting arrangements. These documents will then be incorporated in the Contract as “Scope of Assignment”.
28. Financial Negotiations – Financial negotiations will generally fine-tune the duration of the assignment inputs, and if necessary certain expenditure items may be increased or decreased from the relevant amounts shown or otherwise agreed in the Financial Proposal.
29. Availability of Personnel – AFS selects the Audit Firm based, among other factors, on the qualifications and experience of the personnel proposed in the firm’s submission. Accordingly, AFS expects to negotiate the contract on the basis of the same personnel named in the proposal. Before the commencement of contract negotiations, the Audit Firm shall provide written assurance confirming the availability of all proposed team members. Substitutions will not be permitted prior to or during contract negotiations unless both parties agree that exceptional circumstances such as death, medical incapacity, or unavoidable delays in the selection process justify such a change. AFS reserves the right to request the replacement of any proposed personnel who fail to meet the minimum qualification requirements or are deemed unsuitable for the proposed position. In such cases, the replacement personnel:

    a. shall have equal or higher qualifications and experience than the original candidate

    b. shall be proposed within the timeframe specified by AFS; and

    c. shall not have a unit rate exceeding the remuneration proposed for the original candidate in the Financial Proposal.

    Failure to comply with these requirements may result in disqualification of the proposal or termination of contract negotiations.

30. Conclusion of the Negotiations – Negotiations will conclude with a review of the draft engagement contract. To complete negotiations, AFS and Audit Firms will sign the engagement contract. If negotiations fail, AFS will invite Audit Firms whose Proposal received the second highest score to negotiate.

31. Awarding and Commencement of Services – After completing negotiations, AFS will award the contract to the selected Audit Firm and notify the other short-listed Audit Firms who were unsuccessful of such result. The selected Audit Firm is expected to commence the services on the start date specified in the Data Sheet unless otherwise agreed differently on the engagement agreement.

32. Confidentiality – Information relating to the evaluation of Proposals and recommendations concerning award shall not be disclosed to Audit Firms who submitted the Proposals or to other persons not officially concerned with the process.

 

SECTION 3: DATA SHEET

 

SECTION 4: TERMS OF REFERENCE

BACKGROUND

The Aid Fund for Syria (AFS) is a humanitarian multi-donor pooled fund that evolved from the Aid Fund for Northern Syria (AFNS, established December 2022) into a nationwide mechanism in January 2025. It finances principled, locally led assistance across Syria and is explicitly positioned to bridge relief and recovery within the Humanitarian-Development-Peacebuilding (HDP) nexus. As of 2025, AFS has channelled over US$102m in total investment, 79 funded projects, and an estimated 5.88 million people assisted (including those supported under AFNS through May 2025).

Following the fall of the Assad regime on 8 December 2024, AFNS rapidly mobilised US$7.5m within four days (RA3) to meet urgent needs in newly accessible frontline areas and then formally transitioned to AFS in January 2025 to support a nationwide response.

Programmatically, AFS funds all humanitarian sectors and prioritises localisation, directly capacitating and financing Syrian-led NGOs at scale. Illustrative results include a centralised blood-bank network linking nine blood banks with 41 hospitals to stabilise post-earthquake transfusion supply, and school rehabilitation in Idleb enabling children’s return to learning evidence of both life-saving support and recovery-oriented investments.

Governance is overseen by an independently chaired Steering Board that includes donor and NGO representation; the fund manager is Adam Smith International (ASI), a registered B Corp, which administers AFS in accordance with the Fund’s charter, policy and procedural framework.

AFS PRINCIPLES

• We are focused on providing flexible humanitarian assistance and humanitarian protection to affected people in Syria with unearmarked funding from a diversity of donor countries.
• We are people-centred; ensuring we are accountable to affected populations, committed to the prevention of sexual exploitation, abuse and harassment, and striving for gender equality and social inclusion in everything we do.
• We are demand-driven, financing activities that directly address humanitarian needs and considering the capacity and agency of affected populations.
• We are committed to localisation, promoting locally driven mechanisms to identify, define and address humanitarian needs and capacity constraints.
• We are a responsible partner; we are inclusive and transparent, coordinating and collaborating with others responding to the humanitarian crisis in Syria.
• We are committed to following International Humanitarian Law and International Human Rights Law and alignment with relevant international frameworks, including the Grand Bargain and the Sustainable Development Goals.
• We strive to ensure the activities we fund respect humanitarian principles and meet standards of best practice, including Core Humanitarian Standards and Sphere standards.
• We are committed to ensuring funds are used solely to deliver humanitarian assistance to Syrians and determined to prevent the diversion of funds for any illegal purpose, including financing terrorism or breaching applicable sanctions.

AFS OBJECTIVES

• Save lives: Provide lifesaving and life-sustaining humanitarian assistance to the most vulnerable people with an emphasis on those in areas with high severity of needs.
• Strengthen localisation, early recovery, and harmonisation: Supporting community-based, inclusive, rights-based and conflict-sensitive action that does no harm, contributes to positive change, and drives gender, age and ability equality.
• Enhance protection: Enhance the prevention and mitigation of protection risks and respond to protection needs through supporting a protective environment in Syria, by promoting adherence to the rule-of-law, International Humanitarian Law and International Human Rights Law, and through principled assistance.
• Increase resilience: Increase the resilience of affected communities by improving access to more sustainable livelihood opportunities and basic services, especially among the most vulnerable households and communities.

REQUIREMENT FOR EXTERNAL AUDIT OF PROJECTS

An external audit of all grant-funded projects is a standard requirement of all CBPFs and satisfactory completion of the audit is a requirement for project closure. AFS has adopted this requirement. It provides a completely independent view of project financial management, supplementing the FMA’s own financial spot-checks and review of Partner financial reporting.

The Steering Board (SB) is responsible for financial oversight of the Fund. The Fund’s Charter provides for SB oversight of a separate budget within the pooled fund to finance the external audit of projects. This allows the SB to ensure there is enough funding to deliver audit services of sufficient quality, conducted by suitably qualified audit firms. The SB also has strategic oversight of the processes through which audit services are procured by the FMA.

AUDIT ASSIGNMENT AND CRITERIA

AFS intends to engage one or more qualified external audit firms to conduct independent audits of its grant-funded projects implemented by implementing partners (IPs). The scope includes projects for the period from January 2024 to potentially January 2027, or as specified in the Data Sheet.

The audit must be conducted in accordance with international auditing standards as applicable, including but not limited to:

• International Standards on Auditing (ISAs) as issued by the IAASB;
• International Standards of Supreme Audit Institutions (ISSAIs) under INTOSAI;
• Other recognized professional auditing frameworks equivalent in the jurisdiction of the audit, provided they meet a comparable standard of rigour.

The audit engagement shall be performed by an external, independent, and qualified audit firm. Audit firm personnel must hold professional credentials recognized in their respective jurisdictions (for example, Certified Public Accountant, Chartered Accountant, or the equivalent) and have demonstrable external audit experience in grant-funded, non-profit, or humanitarian sector projects.

OBJECTIVES AND SCOPE

The external auditors are expected to take a risk-based approach in determining the scope of the audit after a thorough review of each partner’s risk profile taking the following principles into consideration. Auditors are strongly encouraged to tailor the scope of the audit for each partner based on the outcome of their risk assessment and adjust the audit scope and timeframe for low, medium and high-risk partners accordingly.

It’s important to note that the specific scope of an external audit may also vary depending on the size, complexity, and nature of the grant projects undertaken by the partners. The scope should be tailored to address the unique risks and requirements associated with the project activities.

Objectives – The objectives of the external audit are to provide an independent assessment of the financial management, internal controls, compliance with regulations and donor requirements, and overall effectiveness of the projects funded through AFS grants.

Compliance with Laws and Regulations – The audit will assess the Partners’ compliance with applicable laws, regulations and AFS guidelines governing the use of grant funds. This includes verifying that the funds were used for the designated purposes, expenses were incurred in accordance with the approved budget, and any financial reporting requirements were met.

Financial Management and Controls – The audit will examine the partners’ financial management systems and controls related to projects. This includes reviewing the adequacy of accounting policies and procedures, internal controls over financial transactions, cash management, procurement processes, and inventory management. The auditors will assess the accuracy and completeness of financial records and ensure that funds were properly recorded and accounted for.

Project Monitoring and Evaluation – The audit will evaluate the partners’ monitoring and evaluation mechanisms for grants projects. This involves assessing the effectiveness of project planning, implementation, and reporting processes. The auditors will review project documentation, progress reports, and other relevant records to determine whether the projects are being implemented as intended and if the desired outcomes are being achieved.

Risk Assessment and Mitigation – The audit will include a risk assessment of the projects to identify potential areas of vulnerability or misuse of funds. The auditors will evaluate the partners’ risk management processes, including the identification, assessment, and mitigation of risks associated with grants projects. This may involve reviewing policies and procedures, conducting interviews, and analysing relevant data.

Sub-Partner Monitoring – If the implementing partners (IPs) have sub-partners involved in project delivery, the audit shall include an assessment of the adequacy of the IPs’ sub-partner oversight. This includes reviewing their processes for selecting, monitoring, and evaluating sub-partners, and the controls in place to ensure funds are used appropriately and reported accurately. The auditor shall also verify whether budgeted disbursements were fully and timely transferred to sub-partners in line with approved budgets and agreements.

Reporting and Communication – The audit will conclude with the preparation of an audit report that summarises the findings, conclusions, and recommendations. The report will be communicated to the AFS and through AFS to relevant stakeholders. The scope also includes providing recommendations for improving financial management, internal controls, and project implementation processes to enhance efficiency, effectiveness, and accountability.

DELIVERABLES

The audit firms shall deliver to AFS the following:

1. Audit Plan – To outline the scope, objectives, and approach of the audit based on risk assessment results. It should provide details on the audit methodology, key areas of focus, and the timeline for conducting the audit.
2. Audit Report – A separate audit report for each project which will contain:
   a. Assurance that the audit was performed in accordance with international audit standards, applicable laws and regulations and by qualified auditors.
   b. Comprehensive summary of the audit findings, conclusions, and recommendations.
   c. An opinion on truth and fairness of the financial statements, an assessment of compliance with applicable laws and regulations, and an evaluation of internal controls.
   d. A risk report defining risk, key findings and risk profile associated with those findings.
3. Management Letter – A management letter which will contain:
   a. Observations, recommendations, and suggestions for improving internal controls, financial reporting processes, or other areas identified during the audit.
   b. Constructive feedback to enhance operational efficiency and financial governance.
   c. Response from management of IPs to those recommendations.
4. Compliance and Audit Findings – The auditors may identify instances of non-compliance with grants agreements, regulations, or other requirements. The audit deliverables should include a summary of compliance findings, any material weaknesses or deficiencies and recommendations for remedial actions.
5. Communication with AFS – The auditors are required to promptly communicate any material findings as soon as they are identified. In cases of dispute or disagreement with the implementing partners, the auditors must escalate the matter directly to AFS for resolution.

SECTION 5: ELIGIBILITY REQUIREMENTS

General Eligibility Requirements

• AFS has no restrictions on this procurement provided that the audit firms comply with all auditing standards, language requirements, and other application regulatory requirements.
• Audit firms must not be on any relevant sanction or suspension list due to involvement in corruption, money laundering, misconduct, administrative actions, integrity violations, poor performance or on any recognised terrorism activities.

Specific Eligibility Requirements

• Professional Certification – the audit team members must have professional certification recognised by the International Federation of Accountants (IFAC).
• Experience – the audit firms should have a minimum of 3 years of external auditing experience in the nonprofit sector, preferably humanitarian grants projects for Syria. Audit firms will be required to demonstrate their relevant experience, including the number of similar audits performed and the size and complexity of the organisations audited in their technical proposals.
• Presence in Syria – audit firm must have a physical presence in Syria, by the time of signing the contract, and be able to travel to any part of Syria where AFS has funded a project. This is to ensure on-site verification, inspection of project activities, and direct engagement with implementing partners and relevant stakeholders as required.
• Independence and Objectivity – the audit firms must demonstrate independence and objectivity in its audit engagements. Audit firms will be required to provide the firm’s policies and procedures for safeguarding independence, including any potential conflicts of interest that may exist.
• Quality Assurance – the audit firms must have a system in place for quality control and assurance. This can include being a member of a recognised professional accounting body that promotes quality standards.
• Regulatory Compliance – the audit firms must comply with all relevant laws, regulations,
• and professional standards applicable to auditing engagements. This includes any licensing or registration requirements imposed by regulatory authorities.
• Insurance Coverage – the audit firms may be required to provide a proof of professional liability insurance or errors and omissions (E&O) insurance coverage carried by the audit firm. This coverage protects against potential claims arising from negligence or errors in the audit process.
• Capacity and Resources – the audit firm must demonstrate its ability and capacity to handle the scope and scale of this audit assignment. This includes audit firm’s staffing resources, including the number of qualified auditors and their availability during the audit period. The audit firm will also be requested to provide evidence on the firm’s ability to meet reporting deadlines and any potential conflicts with other engagements.
• References – audit firms must provide references from previous clients who can vouch for the audit firm’s professionalism, competence, and adherence to deadlines. AFS may contact these references to obtain feedback on the firm’s performance and client satisfaction.
• Ethical Standards and Code of Conduct – the audit firms must demonstrate that they adhere to a recognised code of professional conduct and ethics, such as those established by the IFAC or a relevant national accounting body.
• Financial Stability – audit firms may be required to demonstrate their financial stability by providing evidence of their financial position to prove the firm’s ability to handle potential legal claims or disputes that could impact its operations.
• Bank Account – audit firm must maintain an active bank account in the jurisdiction of their registration that permits international transfers and must be in good financial and legal standing.
• Audit Team – the audit teams must be medically fit for this assignment and be able to travel to the assignment locations including necessary travel documents and permissions.

SECTION 6: EVALUATION CRITERIA

Technical Evaluation Criteria

Scoring – Minimum Qualifying Technical Score 75

Rating – Excellent 95%-100%, Very Good 90%-94%, Above Average 80%- 89%, Average 70%-79%, Below Average 75%, Non Complying <75%

 

SECTION 7: STANDARD PROPOSAL STRUCTURE

The audit firms are requested to pay attention to these instructions in preparing and presenting information on their proposals. No specific format is required; however it is important to remind the audit firms that their proposals will be evaluated and scored based on the accuracy, completeness, clarity, consistency and succinctness of their proposals.

Cover Letter – a cover letter to briefly introduce the audit firm, express interest in the opportunity, and highlight key points or unique qualifications.

Executive Summary – a concise overview of the audit firm’s understanding of the assignment scope, objectives, and requirements and summarising the firm’s qualifications, experience, and approach to conducting the audit.

Introduction and Background – provide background information about the audit firm, including its history, size, areas of expertise, and relevant experience. Briefly describe the firm’s approach to audits, commitment to quality, and adherence to relevant/applicable professional standards.

Team Composition and Qualifications: introduce the members of the audit engagement team, including the audit partner, managers, and staff. Provide their qualifications, certifications, and relevant experience. Highlight the team’s unique ability to handle the assignment effectively and meet set deadlines.

Understanding of the Assignment – demonstrate the firm’s understanding of the assignment’s specific needs, objectives, and challenges. Discuss the scope of the audit, including suggested changes to TOR and any specific compliance requirements.

Methodology and Approach – describe the audit firm’s methodology and approach to conducting the external audit. Explain the steps and procedures involved in the audit process, including risk assessment, internal control evaluation, substantive testing, and compliance testing. Highlight any specialised tools, technology, or data analytics utilised during the audit.

Timeline and Project Management – present a timeline outlining the various phases of the audit and the anticipated completion dates for each milestone. Explain the project management approach, including how communication and coordination with client/AFS will be handled throughout the audit engagement.

Deliverables – clearly outline the expected deliverables from the audit, such as the audit plan, audit report, audited financial statements, management letter, compliance findings, and any other relevant documents or reports.

Pricing and Fee Structure – provide a transparent and detailed breakdown of the proposed fees for the audit engagement in accordance with information provided in the Data Sheet, noting in particular the information provided in Item #13 in the Data Sheet. Explain the fee structure, including any additional costs or expenses that may be incurred during the audit process.

References and Past Performance – include references from previous clients who can vouch for the audit firm’s expertise, professionalism, and quality of work. If applicable provide examples of similar audit engagements completed successfully, highlighting the firm’s ability to meet requirements and deadlines.

Appendices – include any supporting documentation, such as the audit firm’s credentials, licenses, certifications, quality assurance policies, insurances, CVs and other relevant documents.

The Proposals including Technical and Financial Proposals must not exceed 10,000 words. The combined length of annexes and appendices should not exceed 50 pages.