\n1. The audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the auditors deem necessary.
\n2. Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the financial statements presented to.
\n3. The financial statements have been prepared by CARILEC\u2019s management in accordance with applicable accounting standards and give a true and fair view of the financial position of CARILEC and of its receipts and expenditures for the period ended on that date.
\n4. Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
\n5. Express an opinion as to reasonableness of the financial statements in all material respects.
\n6. Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
\n7. Conduct entry and exit meetings with the Executive Management of CARILEC
\n8. Attend an in-camera session with the Audit and Risk Committee following the submission of the Draft Audited Accounts.
\n9. Present the Audited Accounts at each Annual General Meeting.
\n10. In addition to the audit report, the auditors will prepare a Management Letter on the
\nfollowing:
\na. Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
\nb. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
\nc. Report on the implementation status of recommendations pertaining to previous period audit reports.
\nd. Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
\ne. Bring to the Executive Director\u2019s and Audit and Risk Committee attention any other matters that the auditors consider pertinent.<\/p>\n
Qualification of the Audit Firm:<\/strong> Auditors Functionality evaluation criteria<\/p>\n Contract Award Audit Duration: Deliverables: Audit Fees: CARILEC<\/p>\n
\nThe audit firms based in St Lucia having affiliation\/membership with an internationally reputed audit firm will be eligible to apply.<\/p>\n
\nEVALUATION CRITERIA
\nProposals will be evaluated in two parts. The technical proposal shall bear 60% of the total score while the financial proposal shall bear 40% of the total score.
\n\uf0b7 Proposals should make clear the relevant skills, experience and capacity of the participant, in respect of this particular TOR \u00b7
\n\uf0b7 Proposals must contain the details of the proposed approach to be adopted in order to deliver the service in accordance with the TOR \u00b7
\n\uf0b7 Proposals should clearly indicate whether or not bid participants have the capacity to meet the requirements of the TOR.<\/p>\n![\"\"](\"https:\/\/cdn.carilec.org\/wp-content\/uploads\/2022\/05\/table.png\")
\nAuditors
\nApplication Process
\nInterested and qualified firms should submit the following to the Executive Director, CARILEC,\u00a0 Desir Avenue, Sans Souci, Castries, Saint Lucia. Or Via email address: edirector@carilec.org.
\nProposal outlining understanding of the tasks and methodology with fees.
\n1. Audit Firm profile demonstrating experience in similar tasks.
\n2. Proof of having done a similar assignment in auditing a not-for-profit entity\/organisation.
\n3. List of at least three (3) references with contact information.
\nBy submitting a proposal, the provider authorizes the CARILEC to contact references to evaluate the provider’s qualifications for this project.
\nProposals should be received by Monday, 23rd May 2022. Any submissions received after this date will not be considered. For any questions regarding this RFP please contact Sonji Baptiste at sbaptiste@carilec.org.<\/p>\n
\nThe CARILEC plans to select and award a contract to the best-qualified Auditor by 30th June 2022.<\/p>\n
\nThe audit work shall be completed within two weeks from the date of commencement of the audit.<\/p>\n
\n1 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 Executive Director.
\n2 Management letter in accordance with the scope of work described here before.<\/p>\n
\nThe audit fees will be fixed through a competitive bidding process<\/p>\n