2026 Financial Audit of SEAOHUN Foundation

SEAOHUN Secretariat
Nonprofits / องค์กรไม่แสวงหาผลกำไร
23
25 Sep 2026
30 October 2026

TERMS OF REFERENCE

External Financial Audit of SEAOHUN Foundation Financial Year 2026

Invitation to Submit Technical and Financial Proposals

1. Organization and Background

The Southeast Asia One Health University Network (SEAOHUN)is a regional university network established in 2011 to strengthen One Health workforces and collaboration across Southeast Asia. The SEAOHUN Foundation is the legally registered entity in Thailand and serves as the coordinating body for the network based in Chiang Mai, Thailand.

The Foundation manages international donor-funded programs and related grants, contracts, partnerships, and operational activities implemented, where applicable, through partner organizations in Southeast Asia and South Asia. The Foundation is committed to sound financial management, transparency, accountability, and compliance with applicable Thai requirements and donor agreements.

The Foundation therefore invites qualified and independent audit firms to conduct the external financial audit for the financial year 1 January–31 December 2026 and to provide related assurance on financial accountability, internal controls, donor compliance, and assets as described in this Terms of Reference.

2. Purpose of the Assignment

The purpose of the assignment is to obtain an independent and professionally conducted audit of the Foundation’s 2026 financial statements and related financial records. The audit should provide reasonable assurance that the financial statements are prepared, in all material respects, in accordance with the applicable Thai financial reporting framework and that financial transactions within the agreed scope are supported, properly recorded, and compliant with applicable laws, regulations, and international donor requirements. In addition to providing an independent audit opinion and assessing compliance, the audit is expected to provide constructive and practical recommendations to strengthen SEAOHUN Foundation’s financial management, internal controls, compliance systems, risk management, and operational efficiency.

3. Applicable Standards and Requirements

The audit firm shall perform the assignment in accordance with, as applicable:

3.1 Thai Auditing Standards (TSAs) applicable to the audit of the 2026 financial statements, including applicable requirements on auditor independence, audit evidence, fraud, laws and regulations, risk assessment, quality management, documentation, and reporting.

3.2 Thai Financial Reporting Standard for Non-Publicly Accountable Entities (TFRS for NPAEs), as applicable to the Foundation’s financial statements.

3.3 Applicable provisions of Thai laws and regulations governing the Foundation, accounting, taxation, and financial reporting, including the Civil and Commercial Code and relevant requirements of the competent Thai authorities.

3.4 The Federation of Accounting Professions’ applicable Code of Ethics and professional requirements.

4. Scope of Work

The assignment shall include the following components:

4.1 Financial Statement Audit

Audit the Foundation’s financial statements for the year ended 31 December 2026 and express an independent auditor’s opinion in accordance with applicable Thai Auditing Standards.
Assess whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework, including TFRS for NPAEs where applicable.
Reconcile the financial statements to the underlying accounting records and supporting documentation.
Perform risk-based audit procedures, including substantive testing and tests of relevant internal controls, as necessary to obtain sufficient appropriate audit evidence.

4.2 Financial Management and Internal Controls

Review the design and implementation of key financial controls relevant to the audit, with particular attention to authorization, segregation of duties, payment controls, bank and cash management, accounting records, payroll and consultancy payments, and financial reporting.
Identify material or significant control weaknesses and provide practical recommendations for improvement.
Consider risks of fraud, error, conflicts of interest, and misuse of funds in accordance with applicable auditing standards.

4.3 Donor-Funded Expenditure and Compliance

Review, on a risk-based and representative basis, expenditures financed by donor funds to assess compliance with applicable donor agreement terms, approved budgets, and relevant Foundation policies and procedures.
Review selected procurement transactions for appropriate authorization, competition or justification, evaluation, contracting, receipt/acceptance, and payment, as applicable.
Review selected consultant, grant, subaward, travel, and other significant expenditure transactions for appropriate documentation, eligibility, authorization, and evidence of delivery.
Where funds are transferred to or spent by partner organizations, subawardees, or other implementing entities, review the related financial information and supporting documentation to the extent required by the applicable agreements and agreed audit scope.

4.4 Asset Management

Review the Foundation’s asset records and perform physical verification of material or selected project-funded assets, as appropriate.
Assess whether records of acquisition, custody, use, safeguarding, and disposal are adequately maintained.

4.5 Cash Management

The audit work shall cover all cash funds held by the project and review procedures for safeguarding cash.

4.6 General Administration

The audit work shall cover travel activities, shipping services, office premises and lease management, office communications, and records maintenance.

4.7 Follow-up of Prior Audit Findings

Review the recommendations and significant findings from the 2025 audit and assess the status and adequacy of corrective actions taken by the Foundation.

4.8 Site Visit and Audit Access

The audit firm may conduct on-site work at the SEAOHUN Foundation in Chiang Mai and, where justified by audit risk and agreed with the Foundation, visit other locations or implementing entities. The auditor shall determine the nature and extent of testing, including sampling, based on professional judgment and applicable auditing standards.

4.9 Financial Management and Organizational Improvement

The audit firm shall assess the effectiveness and practicality of the Foundation’s existing financial management and internal control systems and identify opportunities for improvement. Where weaknesses, gaps, inefficiencies, or compliance risks are identified

5. Expected Deliverables

5.1 Audited Financial Statements and Independent Auditor’s Report:The final financial statements and the independent auditor's report, including relevant notes and supporting financial accountability schedules, must be provided in both Thai and English (4 hard copies and an electronic PDF copy for each language).

5.2 Management Letter:

An English-language management letter presenting the key findings and recommendations arising from the audit, delivered in an electronic PDF copy.

The management letter shall, as appropriate, cover:

internal control weaknesses and areas of financial management risk;
gaps or weaknesses in policies, procedures, documentation, procurement, payment, asset, cash, and financial reporting processes;
unresolved findings from the previous audit;
significant or recurring compliance issues;
opportunities to improve efficiency and effectiveness of financial and administrative processes; and
practical recommendations and suggested corrective actions.

For significant findings, the management letter should clearly indicate the finding, risk/implication, recommendation, and priority level. The auditor should discuss the key findings and recommendations with SEAOHUN management before issuing the final management letter.

5.3 An English-language asset verification report detailing the scope of physical verification, key findings, and any exceptions identified. This must be delivered in an electronic PDF copy.

5.4 A closing meeting with SEAOHUN management to present significant findings, discuss identified risks, clarify management responses, and agree on the factual accuracy of the draft reports and management letter prior to their finalization. The discussion is intended to support organizational learning and continuous improvement and does not affect the auditor’s independent professional judgment.

6. Auditor Qualifications and Eligibility

The Foundation seeks a qualified, independent, and appropriately resourced audit firm. The opportunity is open to Thai audit firms of appropriate size and capacity; international affiliation or Big Four status is not required.

6.1 The engagement must be led and signed by a Certified Public Accountant (CPA) duly registered with the Federation of Accounting Professions (TFAC) and authorized to practice in Thailand.

6.2 The firm shall demonstrate relevant experience in auditing foundations, non-profit organizations, international development projects, donor-funded programs, or organizations with comparable financial and compliance requirements.

6.3 Experience with international donors, grants, subawards, or development-sector financial accountability is highly desirable.

6.4 The proposed team shall have sufficient professional experience and capacity to complete the assignment within the required timeframe and to communicate effectively in English.

6.5 The firm and proposed engagement team must be independent of the Foundation and free from conflicts of interest in accordance with applicable professional and ethical requirements.

6.6 The firm shall maintain appropriate quality management arrangements and comply with applicable professional standards.

7. Proposal Requirements

Interested firms should submit a concise technical and financial proposal containing:

Firm profile, legal status, office location, and relevant professional registrations.
Evidence of the engagement partner/lead auditor’s CPA registration, including registration number.
Proposed audit team, roles, qualifications, relevant experience, and brief CVs of key personnel.
Up to three recent relevant assignments, preferably including foundations, non-profit organizations, international donors, or donor-funded projects. Please provide client type, scope, year, and a brief description.
Proposed audit methodology and approach, including risk assessment, sampling, internal control review, donor compliance procedures, and asset verification.
Proposed work schedule showing key activities, fieldwork, draft reporting, management discussion, and final reporting.
Details of any assumptions, exclusions, or information required from SEAOHUN.
Lump-sum professional fee in Thai Baht, inclusive of professional fees, travel and other anticipated expenses, with applicable taxes and other charges clearly identified.

8. Evaluation Criteria

Criterion	Indicative Weight
Relevant experience of the firm and team, including non-profit / donor-funded assignments	40%
Audit methodology, risk-based approach, internal control and donor-compliance coverage	25%
Work plan, availability, and ability to complete the assignment within the required timeframe	10%
Financial proposal and value for money	25%

The Foundation may request clarification or additional information from shortlisted firms. The lowest financial proposal will not automatically be selected; the Foundation will consider the overall quality, suitability, independence, capacity, and value for money of the proposed service.

9. Key Dates and Payment

Audit period: 1 January 2026 – 31 December 2026.
Expected commencement of audit: no later than 8 February 2027.
Draft audit report and management letter: by 16 March 2027.
Final audit report, management letter, and asset verification report: by 25 March 2027.
Proposed payment schedule: 40% upon commencement of the audit; 45% upon submission of draft reports and management letter; 15% upon acceptance of the final deliverables.

10. Submission of Proposals

Interested audit firms should submit their technical and financial proposals electronically by 30 October 2026 to:

To: finance@seaohun.org
Cc: finance-team@seaohun.org
Subject: Proposal – 2026 External Financial Audit of SEAOHUN Foundation

Questions regarding this Terms of Reference may be submitted to finance-team@seaohun.org SEAOHUN may, at its discretion, request clarification from participating firms and may cancel or amend the solicitation process in accordance with its internal procedures.

11. Important Note for Applicants

The audit is intended to meet both Thai statutory/professional requirements and the Foundation’s accountability obligations to international funders. Applicants should therefore demonstrate the practical ability to deliver a high-quality, independent audit suitable for a Thai foundation managing donor-funded activities, while remaining proportionate to the size and complexity of the organization.

Contact : finance@seaohun.org Cc: finance-team@seaohun.org

ที่ปรึกษา / Consultant ผู้เชี่ยวชาญ / Specialist