Islamic Relief worldwide external audit services (birmingham),
Islamic Relief
An international humanitarian organisation with operations in over thirty countries worldwide requires a:Tender documents for Islamic Relief worldwide external audit services (birmingham),
Salary: -
Location: Birmingham
Contract: -
Ref: -
Requirements:
BACKGROUND
Islamic Relief Worldwide (IRW) is an international relief and development agency working towards a caring world where the basic requirements of people in need are fulfilled. IRW responds to disasters and emergencies and works with local communities to reduce poverty by promoting sustainable economic and social development.
IRW is an independent non-political, non-governmental organisation (NGO) supported by hundreds of thousands of individual donors as well as institutions including UN agencies and the European Commission (EC). Based in Birmingham, UK, IRW has partner offices in over 30 countries that co-ordinate, fundraise for and implement its emergency and development programmes.
At the international level, IRW has consultative status with the UN Economic and Social Council, and is a signatory to the International Red Cross and Red Crescent Code of Conduct. IRW is committed to the Millennium Development Goals (MDGs) through raising awareness of the issues that affect poor communities and through its work on the ground. Islamic Relief are one of only 13 charities that have fulfilled the criteria and have become members of the Disasters Emergency Committee (www.dec.org.uk)
Islamic Relief Worldwide endeavours to work closely with local communities, focusing on capacity-building and empowerment to help them achieve development without dependency.
Please see our website for more information www.islamic-relief.com
25th Annivarsary
To commemorate the 25th Anniversary of the organisation, a gala dinner was held in London with HRH Prince Charles as the guest of honour – please see the link below for more details.
http://www.princeofwales.gov.uk/speechesandarticles/a_speech_by_hrh_the_prince_of_wales_at_the_25th_anniversary__936416417.html
EXTERNAL AUDIT services
IRW is seeking to tender for External audit services for IRW and its subsidiary undertakings; it is IRW’s policy to tender the audit services every five years.
Commencement and Duration of Contract
The contract will commence on 1 January 2012 and will operate for five years; subject to annual renewal. IRW will retain the option to extend the contract by agreement for a further one year period.
SCOPE OF WORK
The audit will cover the following areas:
- The audit of IRW’s Annual Report and Consolidated Financial Statements.
- The audit of IRW’s trading subsidiaries Financial Statements.
The Annual Report and Financial Statements for IRW and its subsidiaries are prepared by IRW’s Finance department within an agreed timetable with the auditors at the planning stage of each audit. In addition, the staff prepares a range of appropriate supporting schedules which will, in the main, be in electronic format.
The auditors are expected to proactively work to ensure appropriate scheduling and planning to ensure that IRW can meet institutional donor requirements to submit Audited Annual Report and Financial Statements within 5 months of the financial year end.
Methodology, outputs and schedule
The following details should be addressed.
A draft audit plan; covering audit methodology together with the anticipated number of working days dedicated to on-site work together with the time involved in audit planning and the management and partner review. Identify how you will:
Determine audit strategy and undertake audit planning
Address matters of audit scope and materiality
Identify and respond to critical audit issues
Outline your structure, size and capabilities as relevant to us
Identify your firm’s major NGO clients
Describe your audit philosophy and methods
Provide two references of other registered charities that are your audit clients that can be taken up as required
Details of how quality and timeline of the audit work will be assured.
Proposed staffing plan based on the anticipated levels of work outlined in the Audit Plan.
The partner and manager who will be assigned to the audit, including details of their relevant experience and qualifications
The time which the partner and manager identified above will devote to the audit
How you manage succession planning and staff continuity
An assurance of staffing competency with relevant charity sector experience and staffing continuity from one year to the next.
Proposal on how the audit firm will adapt and advise IRW in regards to changes expected from IFRS adoption in the UK and the implications of the charity sector.
The proposed fee. It is expected that this will be a fixed fee for the period of two-years thereafter subject to an annual revision in light of the movement in the Retail Price Index.
Your proposal should include separate estimates of your total audit fees for reporting on the financial statements of IRW and TIC International Ltd (the trading subsidiary).
A five-year fee schedule based on the document should be completed and submitted as part of this section of the proposal.
In addition in your written proposal you should:
Provide an analysis of hours by grade of staff that will be involved on the audit together with details of your hourly charge out rates
Indicate the basis of charging expenses
Provide your proposed billing schedule
Outline your proposals for setting and agreeing fees in future years
The basis upon which an adjustment would be made to the fixed audit fee in the event there is a delay in completion of the audit as a result of slippage either by IRW or the Audit Firm.
Your proposal should also contain details of other additional relevant services that your firm would propose to provide, but are not a necessary and integral part of the statutory audit, and where appropriate include these in the ‘additional services’ section in the five-year fee schedule
SUPPLEMENTARY INFORMATION
- The Annual Report & Financial Statements for the previous 5 years are available from our website
- An organisational Chart (Appendix A)
- The Financial Year End
Below are key dates in the accounting year for the preparation of financial statements and audit reporting, we anticipate a similar pattern to each year in the future
Financial year end | 31st December |
Draft financial statements available for audit | Mid April |
Timing of the audit | Mid-April to Mid-May |
Sign off to financial statements required from auditors | Last working day of May |
Sign off by Trustees | Last working day of May |
THE CONTRACTOR
NERAT
When short listing the potential candidates the following criteria will be used to assess and score each applicant.
Technical competency
IRW expects the auditors to have expertise in its area of charitable activity and being able to provide advice in specialist areas such as taxes, Payroll, NGO accounting and risk management.
Cultural fit
IRW expects the auditors that are appointed to understand and have empathy with the ethics and values of Islamic Relief.
Expertise and experience in the NGO sector
IRW is an International Relief and Development NGO, thus it expects its auditors to have NGO sector specialists within its audit team and an experience and portfolio of clients in the NGO sector.
IRW expects its appointed auditors to be proactive in the relationship, sharing experience, knowledge and ideas so that the audit adds more value than just meeting statutory requirements.
IRW expects the audit to be cost competitive and balanced with a quality professional service. IRW will expect an open and clear approach to audit costs but will be considering overall value for money of the service provided in making its decision.
Partner and manager time
IRW expects in the proposal a realistic commitment of partner and manager time and consideration of how you will maintain consistent staffing levels.
Communication
IRW places strong emphasis on personal relationship and good communication. We hope that we can develop a free and open two way conversation including such areas as changes in accounting standards, fees, deliverables, timing of audit visits, staffing changes.
Risk based approach
We are also seeking to appoint auditors that take a risk based approach to financial audit and have an understanding of risk in a broader context than financial risks.
Taking into consideration the above essential qualities of the audit firm; tenders will be assessed on the following criteria (not stated in order of importance):
- Fee rate structure and cost transparency 40%
- Quality of documentation and reporting 25%
- Extent of proactive work proposed to ensure timelines IRW has stated in meeting institutional donor submission timelines are met.
- The final stage interview (if short-listed) 20%
The selected candidate will work from the Birmingham office based at 19 Rea Street South, Digbeth, Birmingham, B5 6LB. The consultant will report directly to the Finance and Services Director. Working hours and holiday entitlement to be negotiated with assessment panel.
A contract is to be signed and is available upon request. It is up to the applicants to read it thorough and familiarise with the terms contained within. The invoice is to be submitted at the end of the month and will be paid on net payment terms 14 days. The applicant will need to provide all equipment required to undertake the tasks above and this must include a suitable laptop and phone. IRW UK will supply all consumable items including stationary.
SELECTION PROCESS and key dates
Interviews will be held with shortlisted applicants on 19th January 2012. Shortlisted firms will be advised of their appointment by the Finance & Services Director Haroun Atallah. The panel will consist of members of the Board of Trustees and Directors; and the Head of Finance.
Firms selected for interview will be given the opportunity to make a presentation for up to 20 minutes. This will be followed by discussion with the panel for a further 30 minutes. The successful tendering firm will be advised of their position as soon as the Board of Trustees meet after the interviews.
It is incumbent on tenderers to ensure that they include all the information required for the preparation of their tenders and that they satisfy themselves about the correct interpretation of terminology used in the tender documentation. Tenderers must also ensure that they are fully conversant with the nature and extent of the obligations to be accepted if their tender is accepted.
TENDERING DATES
All tenders are required to be submitted before 5pm on Thursday 5th January 2012 pursuant to the attached guidelines for submitting a quotation and be returned to tendering@irworldwide.org.
For any queries or to make appointments please contact tendering@irworldwide.org.
5 copies of the tender submission should be returned to the following:
Procurement and Logistics Department
Islamic Relief Worldwide
19 Rea Street South
Birmingham
B5 6LB
Quoting;
Confidential
Open by Addressee only
Closing Date: 05 January 2012
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