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TERMS OF REFERENCE FOR ANNUAL AUDIT OF “GENDER TRANSFORMATIVE AND RESPONSIBLE AGRIBUSINESS INVESTMENTS IN SOUTH EAST ASIA II (GRAISEA 2)

Oxfam GB wishes to engage the services of an audit firm for the purpose of auditing “the
Gender Transformative & Responsible Agribusiness Investments in South East Asia -
phase 2” (GRAISEA 2), as stipulated in the agreement between Oxfam GB and SIDA.
The audit shall be carried out in accordance with international audit standards issued by
IAASB1.

The Gender Transformative and Responsible Agribusiness Investment in South East
Asia (GRAISEA) programme is a joint regional programme among Oxfam Great Britain,
Oxfam Novib and Oxfam America in South East Asia funded by the Embassy of
Sweden in Bangkok and private sector companies involved in the relevant value chains.
The project period is 1 Aug 2018 – 31 Jul 2023 (5 years).
Swedish International Development Cooperation Agency (Sida) is a government
organization under the Swedish Foreign Ministry. Sida’s headquarters is based in
Stockholm with regional and country offices in countries where Oxfam has ongoing
activities. Since, August 2018 Sida has funded the GRAISEA 2 programme.
Working in Cambodia, Indonesia, Pakistan, the Philippines, and Vietnam, GRAISEA
utilises various partner models at multiple levels to tackle the root causes of poverty
and support system-wide change. Currently in its second phase, GRAISEA supports
the development of agricultural value chains that provide opportunities for women's
economic empowerment, integrate human rights, and promote improved resilience to
climate change.

Objectives and scope of the audit
The objective is to audit the Financial Report for the period 1st August 2020 to 31st
July 2021 and to express an audit opinion according to ISA 800/805 on whether the
Financial Report of GRAISEA is in accordance with Sida's instructions for financial
reporting as stipulated in the agreement including appendix between Sida and Oxfam
GB.
Additional assignment
According to agreed procedure ISRS 4400, review the following areas in accordance
with the Term of reference below;
• Examination of the project’s financial report for the fiscal year ending on 31 July
2021 in accordance with international Standards on Auditing or its legally
recognized local equivalent. The financial report should include a comparison,
for every budget item, between the actual costs/expenditures of activities and
the budget as approved by Sida for the period;
• Based on materiality and risk the auditor shall examine whether there is
supporting documentation related to incurred costs;
• Regardless of materiality, quantify the amount for costs lacking sufficient
supporting documentation;
• Follow up whether Oxfam GB has implemented the recommendations from the
assessment of internal control according to the last year findings. The
examination includes reviewing whether Oxfam GB has implemented the action
points as described in Oxfam GB's management response that has been
submitted to Sida;
• Examine whether foreign exchange gains and losses are disclosed in
accordance with what is stipulated in the agreement including appendixes;
• Oxfam GB's compliance with the applicable tax legislation in regard to taxes
(e.g .PAYE)2 and social security fees;
• Follow up whether Oxfam GB has adhered to the procurement guidelines
annexed to the agreement;
• Review if outgoing balance for previous period is the same as incoming balance
for the current period;
• If Oxfam GB applies modified cash basis as accounting principle, the auditor
shall motivate whether the applied accounting principle is acceptable for this
type of financial report;
• Verify the unspent balance at the end of the financial year;
• Follow up whether salary costs debited to the project are recorded throughout
the duration of the year in a systemized way that enables separation of costs
for time spent on the particular project and other Oxfam projects, and examine
whether the salary costs can be verified by sufficient supporting documentation,
such as time reporting documentation;.
• The review shall make a comprehensive summary of all third-party transfers
(list of implementing partners, agreed amounts and amounts forwarded).
Follow up of funds that are channeled to implementing partners
The review of agreements and audit reporting from implementing partners must specify
that;
• Does Oxfam GB have signed agreements with its partner organisations?
• Are the audit requirements in agreements with partner organisations in
accordance with the audit requirements as stipulated in Oxfam GB' s agreement
with Sida?
• Review whether there is an unbroken chain of audited financial reports
according to the requirements as stipulated in the agreement between Oxfam
GB and Sida, for funds disbursed in the previous year. The review shall include
whether Oxfam GB makes documented assessments of the audited financial
reports submitted to Oxfam GB and whether these reports are followed-up by
Oxfam GB. The review shall include verification of contributions equivalent of
100 % of the total of disbursed funds as well as 100 % of the number of
contributions. The review shall therefore consider all transactions, and from
these test a risk based sample of transactions. The review shall also include
any observations from auditors that Sida should be informed about.
• Are the same requirements for reporting exchange rate gains/losses as
stipulated in the agreement between Oxfam GB and Sida, included in the
agreements between Oxfam GB and its implementing partners?
• Ensure that Oxfam GB's implementing partners are not private
entities/companies, exclusive of CSR Asia and ASIC. Both Sida and Oxfam GB
are aware about their legal registration status.
• Ensure that any forwarded funds to Implementing Partners that remain unused
at the end of the Activity Period are treated as an income in the Cooperation
Partner's reporting to Sida and will be part of the balance that shall be repaid to
Sida.
The reporting
A package of the audit reports comprises of (1) an audit report with the audit opinion
(including the audited financial statements), (2) a management letter including an
action plan and (3) a report of factual findings and
the reports shall present;
• The scope of the audit shall be stated in the report and the methodology used
shall be presented.
• The reporting shall be signed by the responsible auditor (not just the audit firm)
and title.
• The reporting 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 and a reference from the agreement with
Sida should be made, rather than a note to the financial statement.
• a Management letter should include audit findings and weaknesses
identified during the audit process.
• The auditor shall regardless of materiality quantify the amount for costs missing
sufficient supporting documentation. The auditor should identify and list/itemise
any transaction missing documentation and its amount. The auditor shall make
recommendations to address any weaknesses identified and actions required.
The recommendations and required actions should be presented in priority and
provide a copy in excel. 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.
• Measures taken by Oxfam GB to address weaknesses identified in previous
audits shall also be presented in the audit report/management letter.
• The additional assignments should be reported separately in a “Report of
factual findings” according to ISRS 4400.

Contact : pchulapa@oxfam.org.uk/66 92 246 4465


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