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Plan International Sweden's Terms of Reference for Annual Audit of Sida Funded Project Support

Plan International Sweden's Terms of Reference for Annual Audit of Sida Funded Project Support

Introduction

Brief presentation of Plan International Asia and Pacific Regional Hub

 

Founded in 1937, Plan International is a development and humanitarian organisation that advances children’s rights and equality for girls. We strive for a just world, working together with children, young people, our supporters and partners.

 

Plan International is a global federation that is active in over 70 countries around the world. The global organisation comprises 21 fundraising offices, which are separate legal entities known as National Organisations, and Plan International, Inc, which runs our field operations, only through branch offices. Plan International’s headquarters in the UK is run through Plan Limited, Plan International Inc’s subsidiary

 

Engagement of the audit service

Plan International Asia and Pacific Regional Hub wishes to engage the services of an audit firm for the purpose of auditing the SIDA CIVSAM FY20-24: Civil Society Strengthening and Partnership in Asia (FAD Number: ARO100111) as stipulated in the agreement between Plan International Asia and Pacific Hub and Plan International Sweden. Plan International Asia and Pacific Regional Hub has for the audit period 01 July 2020 – 30 June 2021 obtained a grant of 1,856,594 SEK from Plan International Sweden/Sida.

 

The audit shall be carried out by an external, independent and qualified auditor. The auditor or audit firm shall be registered and have a license with the Federation of Accounting Profession (FAP). Plan International Sweden shall approve the selection of auditor before the audit begins and a copy of the license shall be shared with Plan International Sweden. When contracting an audit firm Plan International Asia and Pacific Regional Hub shall fill in a format that shall be shared with SNO, see Appendix 11.

 

The signing auditor cannot be contracted for the assignment, of auditing Sida funded projects, for a longer period than seven years in a row. The same audit firm can however be contracted for longer than seven years. If Plan International Asia and Pacific Regional Hub wishes to engage the same signing auditor again, another audit firm needs to have had the audit assignment for at least a four year period. It is possible to procure an audit firm for the entire project period. The same auditor may conduct the audit in all subsequent links, but each link may also use different auditors.

Objectives and scope of the audit

The objective is to audit the financial report and to express an audit opinion according to ISA 800/805 on whether the financial report is in accordance with the relevant terms and Plan International Sweden's instruction for financial reporting as stipulated in the agreement2 between Plan International Sweden and Plan International Asia and Pacific Regional Hub. The audit shall be carried out in accordance with the international audit standards issued by IAASB3.

 

In addition to the audit of the financial statements, the assignment also includes an engagement to perform agreed-upon procedures regarding financial information in accordance with International Standard on Related Services, ISRS4.

 

The following areas should be included:

  • Follow up whether salary costs debited to the project/programme are recorded throughout the duration of the year in a systemized way and examine whether the salary costs can be verified by sufficient supporting documentation.5

  • Examine whether the financial report includes a comparison, for every budget item, between the actual costs/expenditures of activities and the budgeted costs/expenditures as approved by Plan International Sweden for the period.

  • Based on materiality and risk, the auditor shall examine whether there is sufficient documentation supporting all reported costs. Regardless of materiality, quantify the amount for costs lacking sufficient supporting documentation.

  • Examine whether foreign exchange rate losses / exchange rate gains are reported as a separate item in the financial report and are reported in accordance with what is stated in the agreement, including annexes and good accounting practice.

  • Check whether Plan International Asia and Pacific Regional Hub complies with the applicable tax legislation in regard to taxes and social security fees.

  • Follow up whether Plan International Asia and Pacific Regional Hub has adhered to the procurement guidelines annexed to the agreement.

  • Review if closing balance for previous period is the same as starting balance for the current period.

  • If Plan International Asia and Pacific Regional Hub applies modified cash basis as accounting principle, the auditor shall describe possible effects on accrual within the project.

  • Verify the closing balance at the end of the financial year against the accounting and its documentation. For the last year of implementation, verify the outgoing balance to be repaid to Plan International Sweden.

 

  • Verify that Plan International Asia and Pacific Regional Hub has signed agreements with its subsequent partner organisations.

  • Verify that the audit requirements in the agreements with subsequent partner organisations are in accordance with the audit requirements as stipulated in Plan International Asia and Pacific Regional Hub agreement with Plan International Sweden.

  • Review whether there is an unbroken chain of audited financial reports according to the requirements as stipulated in the agreement between Plan International Asia and Pacific Regional Hub and Plan International Sweden, for funds disbursed the previous year. The review shall include whether Plan International Asia and Pacific Regional Hub makes documented assessments of the audited financial reports submitted to Plan International Asia and Pacific Regional Hub and whether these reports are followed-up by Plan International Asia and Pacific Regional Hub. The review shall include verification of contributions equivalent of a minimum of 50 % of the total of disbursed funds as well as 50 % of the number of contributions. The review shall also include observations from auditors that Plan International Sweden should be informed about.

  • Verify if the same requirements for reporting exchange rate gains/exchange rate losses as stipulated in the agreement between Plan International Asia and Pacific Regional Hub and Plan International Sweden, are included in the agreements between Plan International Asia and Pacific Regional Hub and its subsequent partner organisations.

 

  • Follow up if weaknesses identified in previous audits are implemented as described in the management response.

 

Plan International Sweden wants to emphasise the importance that the Auditor, as a part of the assignment, reviews whether the subsequent partner organisations follow the requirements from Sida, see Appendix 6 "Plan International Sweden's Audit instructions for Sida funded projects".

The Reporting

The reporting requires three different reports.

 

  1. Independent Auditor’s Report

The reporting from the auditor shall include an Independent Auditor’s Report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated. The audit report needs to be signed by the auditor with full name, first and last name and not with the audit firm name. The title and date is also important information. The financial report that was subject to the audit shall be attached to the Independent Auditor’s Report and signed by the auditor together with management of audited organisation.

 

 

  1. Report of factual findings

The additional assignment according to agreed-upon procedures ISRS 4400, shall be reported separately in a “Report of factual findings”. The audit report needs to be signed by the auditor with full name, first and last name and not with the audit firm name. The title and date is also important information.

 

  1. Management letter

The reporting from the auditor shall also include a Management letter with audit findings and weaknesses identified during the audit process. The auditor shall regardless of materiality, quantify the amount for costs lacking sufficient supporting documentation. The auditor shall make recommendations to address the weaknesses identified and the recommendations shall be presented in priority order. If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management letter, an explanation of this assessment must be disclosed in the audit reporting.

 

If the auditor assesses that the observations presented in a Report of factual findings include the information that would have been included in a Management letter, a Management letter is not required. In such a case, the “Report of factual findings” shall also include recommendations to Plan International Asia and Pacific Regional Hub and an explanation of why a Management letter has not been developed (an example is indicated in the template for “Report of factual findings”). In those cases, Plan International Asia and Pacific Regional Hub shall make a Management Response to the recommendations the auditor has made in the Report of factual findings.

 

Other reporting information

Plan International Asia and Pacific Regional Hub is responsible for making a Management Response for all audits. The management response shall respond to all auditors' recommendations which shall include a time-bound action plan and the name of the responsible person within the organisation. The Management Response can be included in the audit reports or as an annex and shall be signed by management.

 

There are different levels of audit requirements at the subsequent partner organisation, if any, depending on the value of the partnership agreement. Please see Appendix 6 "Plan International Sweden's Audit instructions for Sida funded projects", for specified instructions.

The audits at Plan International Country/Regional office and subsequent partner organisation may be conducted by separate auditors or by the same auditor. The reporting when using the same auditor can either be presented in separate audit reports (please see Appendix 4 and 5) or a consolidated audit report (please see Appendix 2 and 3). The following conditions needs to be respected if the consolidated version is used:

1 – The audit report shall state which subsequent partner organisations are included in the report and what activities they are responsible for.

2 – It must be clear that a full audit, ISAs and ISRS 4400, have been carried out in full for all organisations and that the reports correspond with the main agreement between Plan and Sida.

3 – The report needs to contain signed financial reporting for all organisations.

4 – The report only contains few notes and does not reduce the overview.

5 – The Audit opinion needs to have an unqualified opinion for all organisations.

 

The reporting shall be signed by the responsible auditor (not just the audit firm) and title.

 

The reports are to be written in English in one copy and submitted digitally to Plan International Sweden no later than 15th November 2021. All reports may be submitted in any of the following languages: English. Submission of draft reports to Plan International Sweden for review is due by 1st November 2021.

 

The audit shall be reported according to the following two formats in Appendix 2-5 of this document.

 

 

HOW TO APPLY:

 

Interested Audit Firm, please send your proposal to Khun Supornchai at supornchai.nawataweeporn@plan-international.org referencing “ Auditing the SIDA CIVSAM FY21” in the subject line. Application deadline is Wednesday, 31th March 2021 (5 PM, Bangkok time). Please note that only shortlisted candidates will be contacted.

 

Contact : supornchai.nawataweeporn@plan-international.org


ที่ปรึกษา / Consultantนักวิจัย / Researcher

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