Overview

Request for Proposals (RFP): Institutional Annual Audit for Voice of Encouragement Tanzania (VET) for the Fiscal Year 2024

Introduction

Voice of Encouragement Tanzania (VET) is a rightsholder-led, women-led, and human rights-based organization that champions the rights and well-being of marginalized and vulnerable groups, particularly adolescent girls and young women. Established in May 2017 and officially registered in November 2017, VET works to address systemic barriers that perpetuate gender-based violence, social injustices, and economic inequality. The organization implements programs that focus on education, gender equality, policy advocacy, capacity strengthening, and community engagement to foster inclusive development.

As part of its commitment to transparency, accountability, and good governance, VET is seeking the services of a qualified audit firm or an independent auditor to conduct an institutional audit of its financial statements for the fiscal year January 1, 2024 – December 31, 2024. The audit will assess VET’s financial performance, internal controls, and compliance with both national and international financial reporting standards.

Objectives of the Audit

The primary objectives of this audit are to:

  • Provide an independent opinion on VET’s financial statements for the fiscal year 2024.
  • Assess whether VET’s financial statements accurately reflect the organization’s financial position in accordance with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).
  • Evaluate internal controls to ensure that financial transactions are recorded, managed, and reported with accuracy and transparency.
  • Identify potential risks, weaknesses, or irregularities in financial and operational systems.
  • Review VET’s compliance with donor requirements, government regulations, and organizational policies.
  • Provide actionable recommendations to strengthen financial management and governance.

Scope of Work

The selected auditor (firm or individual) will be responsible for conducting a comprehensive audit that includes:

  1. Financial Statement Review
    • Examining VET’s balance sheet, income statement, cash flow statement, and financial records for accuracy and completeness.
    • Ensuring that financial reports are prepared in accordance with IFRS, ISA, and applicable Tanzanian financial regulations.
    • Verifying that all income, grants, and expenditures are properly recorded and reported.
  2. Internal Control Assessment
    • Evaluating the efficiency, reliability, and effectiveness of financial management systems and procedures.
    • Assessing the adequacy of internal controls and risk management frameworks to prevent fraud, mismanagement, or financial loss.
  3. Compliance Review
    • Verifying that VET complies with relevant statutory obligations, including tax laws, NGO regulations, and contractual agreements with donors and partners.
    • Assessing adherence to procurement policies, asset management procedures, and financial reporting guidelines.
  4. Grant and Donor Fund Management
    • Reviewing whether funds received from donors and grants were utilized as per the approved project budgets and agreements.
    • Assessing if VET’s financial management aligns with the terms and conditions of funding partners.
  5. Risk Assessment and Recommendations
    • Identifying potential financial risks and areas for improvement.
    • Providing recommendations for strengthening financial governance, internal controls, and compliance measures.

Expected Deliverables

The auditor is expected to deliver the following:

  1. A comprehensive audit report, including:
    • An opinion on the financial statements and their compliance with applicable standards.
    • A detailed assessment of financial management, risks, and internal controls.
    • Findings and recommendations for financial and operational improvements.
  2. A management letter highlighting any weaknesses identified in financial and operational systems, along with proposed corrective actions.
  3. Presentation of audit findings to VET’s Board of Directors and Senior Management for review and discussion.

Required Qualifications and Competencies

Interested audit firms or individual auditors must meet the following criteria:

  • Must be a registered and licensed audit firm or certified individual auditor with the National Board of Accountants and Auditors (NBAA) of Tanzania or another recognized regulatory body.
  • Minimum of five (5) years of experience in auditing non-profit organizations, NGOs, or donor-funded projects.
  • Demonstrated knowledge of IFRS, ISA, Tanzanian tax laws, and NGO financial regulations.
  • Experience conducting audits for organizations working in human rights, gender advocacy, or social development sectors is an added advantage.
  • Strong analytical, communication, and reporting skills, with the ability to provide practical recommendations for financial improvement.

Proposal Submission Requirements

Interested auditors must submit a detailed proposal that includes:

Technical Proposal

  • Understanding of the assignment and how the audit will be conducted.
  • Proposed audit methodology, timeline, and work plan.
  • Details of the audit team, including qualifications and relevant experience.
  • Evidence of previous similar audits conducted, especially for NGOs.

Financial Proposal

  • A detailed budget in Tanzanian Shillings (TZS), outlining professional fees, travel costs (if applicable), and any other expenses.
  • Payment terms and conditions.

Submission Details

Proposals should be submitted in both hard copy and soft copy and clearly marked:

“Proposal for Annual Institutional Audit – VET 2024”

Submit to:

Voice of Encouragement Tanzania (VET)
Email: info@vetanzania.or.tz
Website: www.vetanzania.or.tz

Deadline for Submission

All proposals must be received no later than 15th February 2025. Late submissions will not be considered.

Evaluation and Selection Criteria

Proposals will be evaluated based on:

  • The technical approach and understanding of the assignment.
  • The experience and qualifications of the auditor or firm.
  • The proposed methodology and work plan.
  • The cost-effectiveness of the financial proposal.

VET reserves the right to accept or reject any proposal and is not bound to accept the lowest bid. Only shortlisted firms or individuals will be contacted.

Confidentiality and Ethical Considerations

All documents and information shared during this process will be treated with strict confidentiality. The selected auditor must adhere to ethical audit standards and avoid any conflict of interest.

We look forward to receiving your proposal and appreciate your interest in supporting Voice of Encouragement Tanzania (VET) in promoting accountability, transparency, and good governance.