Background Overview

Khasakh is a multi-purpose cooperative society registered under provision of section 6(2) of the Cooperative Societies Act Cap 122 as Amended with a certificate number 9985/RCS. It is owned, governed and subscribed to by former and current staff of World Vision, their spouses and children. As a Christian financial Institution aimed at offering reliable and effective financial services for a healthy and wealthy people, Khasakh operations are geared towards extending credit facilities to members at competitive interest rates, growing members’ savings through attractive interest rates, engaging in cutting edge clientele financial advice and carrying out secure, profitable and competitive investment opportunities on behalf of its members.

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Objectives

To obtain reasonable assurance about whether the financial statements of KHASAKH are free from material misstatements which may arise due to error or fraud and to express an independent professional opinion on the financial position through exercising professional judgement and maintain skepticism throughout the audit.

The audit will be carried out in accordance with the International Auditing Standards, Cooperatives regulation and will include tests and verification procedures as the auditors deem necessary

Scope of Work

1. Identify and assess the material misstatements of financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide basis for opinion.
2. Obtain understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate. Identify deficiencies in internal control relevant to the audit of the financial statements.
3. Evaluate the appropriateness of accounting policies used and reasonableness of accounting estimates and related disclosures made by management.
4. Evaluate appropriateness of management’s use of going concern basis of accounting and based on audit evidence obtained, whether material uncertainty exists related to events or conditions that may cast significant doubt on KHASAKH’s ability to continue as going concern.
5. Evaluate overall presentation, structure and content of the financial statements, including disclosures and whether the financial statements represent underlying transactions and events in a manner that achieves fair presentation.
6. Conduct a review of the sacco’s financial management system.
7. Communicate to governance regarding among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that may be identified.
8. Conduct entry and exit meeting with the Board of Khasakh Cooperative Society Limited.

In addition to the audit report, the auditors will prepare a Management Letter on the following:

1. Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
2. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
3. Report on the implementation status of recommendations pertaining to previous period audit reports.
4. Communicate matters that have come to their attention during the audit which might have
5. a significant impact on the sustainability of the organization and make recommendations on the way forward.
6. Bring to the Board’s and AGM attention any other matters that the auditors consider pertinent.

Audit Duration: The audit shall be conducted annually for a period of two years.

Audit Fees: The audit fees will be fixed through a competitive bidding process.

Deliverables

a. The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Board.

b. Management letter in accordance with the scope of work described here before in the Terms of Reference (TOR) for the External Auditors

Required Profile Of The Audit Firm.

Be registered with ICPAU and must hold a current practicing License

Atleast 2 partners who are certified auditors

Should have been in operation for a period of atleast 5 years and undergone a quality Assurance Review by ICPAU.

Request for proposal submission

Firms meeting the above criteria are requested to submit their proposal to   khasakhtenders@gmail.com  and copy judithnakamannya@gmail.com  by 28/02/2023 at 5:00pm

Technical proposal must show confirmation of the firm’s understanding and capability to deliver on Terms of Reference, methodology and appropriate references and CVs for key staff to carry out the assignment.

Financial proposal indicating proposed fees for regular audit and any incidental expenses.

Other requirements

i. Proof of registration with Ministry of Trade, Industry and Cooperatives

ii. Details of at least 3 (three) prior audit assignments including contact details of references.

iii. A list of clients for which firm has performed similar assignments.