Tender Notice for External Audit Services

TENDER FOR EXTERNAL AUDIT SERVICES

Background

INKUNGA Finance Plc is a Deposit-Taking Microfinance Institution licenced by the National Bank of Rwanda (BNR) since 2015 and registered as legal entity by Rwanda Development Board (RDB) on code # 101533016. Inkunga Finance is actually operating in 7 branches and 4 sub branches with Headquarter in Karongi District, Rubenera Sector, Kibirizi Cell.

Our mission is: to promote quality financial services to small and medium-sized entrepreneurs in order to contribute to the improvement of their socio-economic living conditions and to remain a sustainable and self-sufficient institution.

The objective of the external audit

Reference made on regulation N^o 60/2023 of 27/03/2023 determining prudential norms for Deposit-Taking Microfinance Institutions (DTMIs) on its article 26 &29, INKUNGA FINANCE Plc is looking for a professional auditing firm to provide external audit services and certification in accordance with International Standards on Auditing (ISA) as well as international Financial Reporting Standards (IFRS). These services will be conducted in a period of three years (2024 to December 2026).

Terms of reference for external auditor

With due diligence and professional work, the external auditing firm will carry out audit and certify financial statement for the year 2024, 2025 and 2026 then issue an independent opinion in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as well as their compliance to any underlying reporting framework.

Thus, the services provider will among others be vested the following duties:

• To conduct annual review of financial statements in accordance with international standards on auditing (ISA) and any relevant regulation issued by regulators;
• Express an independent and professional opinions explaining if the Inkunga Finance’s financial statements present fair view in all items or not;
• To issue the audit report to management at list 15 days before the closing date of submission of annual financial statements and tax declaration;
• To ensure timely and proper reporting of any deficiency found during audit and certification of financial statement;
• To Ensure proper communication with Executive Committee and/or board of directors;
• To issue management letter for annual audit engagement.

Period of audit work

The external audit exercise for each fiscal year will be conducted within a period of three weeks from 1^st February to 14^th March of the year following that to be audited.

Eligibility criteria

The applicant must meet the following eligibility conditions:

• To be a member of Institute of Certified Public Accountant of Rwanda (ICPAR) or any other recognized company;
• To be accredited by Central Bank of Rwanda (BNR);
• To prove at list 3 years’ experience in auditing services being in microfinance institutions will be an added value.

Evaluation

Addition to the eligibility criteria, applications will be evaluated upon the technical and financial proposals.

All interested candidates are requested to submit a sealed hard document with mention” external audit services “. The bid document shall include the following:

• A motivation letter addressed to Managing Director of Inkunga Finance Plc;
• Proof of being on the list of silenced audit firms by ICPAR
• Proof of being on the list of audit firms authorized for certification of financial statements by RRA;
• Proof of being on the list of audit firms by National Bank of Rwanda (BNR)
• A valid RDB domestic registration certificate;
• A valid RSSB clearance certificate;
• A valid tax clearance certificate by RRA;
• At least 3 certificates of good completion for similar work or for any relevant audit assignments.

Kindly remit your sealed envelope in the office of Administrative Assistant or at any of our branch offices not later than 27^th November 2024 at 10h00 am. 

Bidders or their representatives are invited to take parts in the opening session which shall take place on Wednesday 27^th November 2024 at 11h00 am at Headquarters of INKUNGA FINANCE Plc.

NB: Inkunga Finance Plc reserves the right to refuse all offers if none meet the requirements or if all financial proposals are far above/below the planned budget.

Karongi, on 11^th November 2024

MUHAWENIMANA Abed Cherif

Manging Director

INKUNGA FINANCE Plc