job at Economic Policy Research Network (EPRN Rwanda): Independent Financial Audit : (Deadline:10 December 2018)

job at Economic Policy Research Network (EPRN Rwanda): Independent Financial Audit : (Deadline:10 December 2018)


job at Economic Policy Research Network (EPRN Rwanda): Independent Financial Audit : (Deadline:10 December 2018)


Terms of Reference : Independent Financial Audit for Economic Policy Research Network (EPRN Rwanda)



1.1 Background summary

The Economic Policy Research Network (EPRN Rwanda) is a membership-based research institution with the mission to strengthen national capacities for evidence-based economic policy development through research, training, and provision of networking opportunities for interested professionals and institutions

EPRN Rwanda responds to economic policy gaps created mainly by a limited quality and informative research and the challenge of human capacity in terms of a number of economic researchers and active involvement. So far the network has more than 1000 members (economists and related fields at the Masters and Ph.D. level) from the public and private institutions, independent local researchers, academicians, and international researchers.

EPRN Rwanda carries out research and consultancy in the fields of financial and monetary policy, socio-economic development, regional integration, inclusive growth, green growth and environmental protection, agriculture, social protection, policy research and analysis; and the overall objective is to make a high-quality research to inform policymaking in Rwanda.

EPRN Rwanda needs to hire an external audit firm to carry out a comprehensive audit covering the period from July 1, 2017, to June 30, 2018.

1.2 Audit Objective

The audit will be performed so as to obtain a reasonable assurance that the accounts are free from material misstatement and all the performed operations are accurate and in compliance with procedures and regulations. The audit will include examination, on a test basis, of evidence relevant to the amounts and disclosure in the accounts. It should include an assessment of significant estimates and judgments made in the preparation of the accounts and whether the accounting policies are appropriate in the organization’s circumstances, consistently applied and adequately disclosed. The audit will be conducted in accordance with International Standards on Auditing (ISA)

2. Scope of assignment

1. Give an independent opinion on the EPRN Financial Statements
2. Audit will advice on compliance with new Rwanda income tax law
3. Identifying and reporting potential financial and procedural weaknesses.

4. The Audit firm will identify potential weaknesses that come to their notice during the course of the audit which they think should be brought to of the senior management. Any such report may not be provided to third parties without written consent of EPRN. Such consent will be granted only on the basis that such reports are not prepared with the interests of anyone other than EPRN Rwanda in mind.

5. The audit shall provide a comprehensive report that communicates points that have come to attention during the audit:
a) On the design and operation of the accounting and internal control systems as a whole and to make suggestions for their improvement;
b) On encountered weaknesses in accounting and internal control systems and any potential threats and risks to EPRN;
c) On other constructive advice such as comments on potential economies or improvements in efficiency;
d) On other matters such as comments on adjusted and unadjusted errors in the financial statements or on particular accounting policies and practices.

3. Deliverables

a) Audited financial report (hard and soft copies) for the period noted.

b) A management letter, which should highlight observed weaknesses in the system of financial management and the recommendations for managing and handling the identified issues over the next financial period.

4. Timing
The work is expected to commence in December, 12th 2018. The audit firm is expected to submit the first draft of a report by December, 19th 2018 and the final report not later than January, 23rd 2019.
5. Submission process
Interested firms should submit the following:
a) An expression of interest to provide the above-mentioned consultancy services.
b) A company profile including previous related experiences of at least 5 years.
c) Proposed detailed methodology to deliver the required services.
d) A work plan for the activities with a final deadline
e) Valid license from ICPAR and tax clearance certificate
f) Financial proposal
The completed technical proposal and financial proposal in hard copies, in separate and sealed envelopes clearly marked should be submitted to:
EPRN Rwanda office located at UR-CBE Gikondo (ex SFB) by not later than 10/12/2018, 5 pm local time. Applications may also be sent through EPRN P.O box: 7375 Kigali-Rwanda until 10/12/2018, 3 pm local time.

Seth Kwizera
EPRN Coordinator


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