Request for Proposal (RFP) for External Audit Services

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Request for Proposal (RFP) for External Audit Services

Issued by: Folk Research Centre (FRC), Saint Lucia

 

  1. Introduction

The Folk Research Centre (FRC), the leading organization committed to preserving and promoting Saint Lucia’s cultural heritage, invites proposals from qualified and experienced audit firms, and individuals, to conduct external audit services. This audit is intended to ensure an accurate and fair representation of FRC’s financial position, in compliance with International Financial Reporting Standards (IFRS) or other applicable accounting standards.

As a non-profit entity, the FRC is supported by both public and private funding, including grants from international donors, government allocations, and community contributions. To maintain transparency and accountability, the Centre requires a comprehensive audit to assess financial health, internal controls, and compliance with legal and regulatory requirements.

  1. Scope of Work

The selected external auditor will be responsible for:

  1. Financial Statements Audit: Conducting a thorough audit of FRC’s financial statements, ensuring accuracy, completeness, and fair presentation of all financial records for the specified fiscal years.
  2. Internal Controls Review: Assessing the effectiveness of financial management, cash handling, procurement, and asset safeguarding controls. The auditor should identify deficiencies and propose enhancements to strengthen internal controls and financial governance.
  3. Review of Fixed Assets and Inventory: Verifying the existence, valuation, and accurate recording of FRC’s assets and inventory, ensuring alignment with policy and standards.
  4. Management Letter: Providing a detailed letter at the audit’s conclusion, summarizing significant findings, deficiencies, risks, and areas for improvement, along with recommendations to enhance operational efficiency and governance.

III. Expected Deliverables

The audit firm is expected to deliver:

  • Audit Plan: A comprehensive plan outlining methodology, timeline, and key audit activities.
  • Draft Audit Report: Submitted for review by FRC’s management and Board of Directors.
  • Final Audit Report: A signed report including the auditor’s opinion on the financial statements, submitted by [Insert Date].
  • Management Letter: A detailed letter addressing any internal control deficiencies, areas of risk, and suggestions for improvement.
  1. Qualifications and Experience

The auditing firm must meet the following qualifications:

  • Professional Experience: Demonstrated experience auditing non-profits, especially those with cultural, educational, or grant-funded missions. At least seven years of auditing experience compliant with IFRS or other recognized standards, along with knowledge of Saint Lucia’s regulatory framework, including tax and compliance requirements.
  • Accreditation and Certification: A valid license to practice in Saint Lucia and membership in recognized professional auditing bodies (e.g., ACCA, CPA).
  1. Proposal Submission Requirements

Each proposal should include:

  • Company Overview and Experience: A summary of the firm’s history, ownership structure, and experience in auditing non-profits and cultural institutions.
  • Audit Personnel: Information on the qualifications and experience of key personnel assigned to this audit, with resumes or CVs for the Lead Auditor and key team members.
  • Fee Structure: A detailed breakdown of audit fees, including estimated hours.
  1. Evaluation Criteria

Proposals will be assessed based on the following:

  • Relevant Experience and Expertise (40%): Experience with non-profit and cultural organizations, grant funding, and donor reporting.
  • Audit Approach and Methodology (25%): Proposed methodology and understanding of the scope of work.
  • Team Qualifications (20%): Expertise of the audit team, particularly the lead auditor and specialists in non-profit auditing.
  • Fee Structure (15%): Fee competitiveness and clarity.

VII. Proposal Submission Deadline

Submit all proposals by December 9, 2024, to:

Folk Research Centre
Barnard Hill
Email: a.stange@folkresearcentre.org

 

Late submissions or proposals missing key elements will not be considered.