Request for Expression of Interest for The External Audit Service for Financial Year 2023 and 2024

Purpose of the Audit

The Arbitration Council Foundation seeks the services of a qualified auditing firm to undertake the auditing of the ACF financial statement, bank accounts, resources and expenditures relating to the ACF operation for the financial year 2023 and 2024.

The financial audit is primarily designed to provide assurance that the annual financial statements of the Foundation/project have been prepared in accordance with relevant legal and professional standards and give a “true and fair” view of the financial performance and financial position of the Foundation. Besides this primary objective, it is expected that the external audit services will go beyond giving assurance on the accounts to include examination of the use of resources and aspects of financial management and internal control covering such as legality of transactions, systems of internal control, standards of financial implementation, prevention and detection of fraud and corruption.

Objective, Scope and Methodology of Audit

Objective

The objective of the annual financial audit is to enable the Auditor:

• to express an opinion on the financial statements for the year(s) then ended, in accordance with the adopted accounting standards and financial reporting frameworks;
• to assess compliance with laws, regulations and funding agreements that have a direct and material impact on the Foundation’s financial statements; and
• to report on management’s assertions that they complied with laws, regulations and funding agreements that have a direct and material financial effect on the entity, and that they have maintained an effective internal control framework over donor programs.

Scope

The contracted firm, subject to satisfactory performance will audit the financial statements of ACF for calendar year 2023 and 2024.

( For more information please find in attachment below)