Request for Proposal (RFP) For External Audit Engagement At MEDA

Request for Proposal (RFP) For External Audit Engagement

SEPTEMBER 01, 2022

12 PM ON SEPTEMBER 14, 2022

MEDA is an international economic development organization whose mission is to create business solutions to poverty. Founded in 1953 by a group of Mennonite business professionals, we partner with the poor to start or grow small and medium-sized businesses in developing regions around the world.
In Nigeria, MEDA is implementing the project Youth Entrepreneurship and Women’s Empowerment in Northern Nigeria project (also known as Nigeria WAY), with the financial support of Global Affairs Canada (GAC). The project seeks to advance equitable economic growth in Nigeria’s agricultural sector by sustainably raising the business performance of smallscale businesses and entrepreneurs, particularly those run by women and youth plus the value chains they depend on.
Reach: 41,000 direct beneficiaries. 16,000 being part of value chain crops originating in Bauchi state, and 25,000 community and family members with increased awareness and capacity. Project length – Five (7) years. March 27, 2017 to March 31, 2024
MEDA Nigeria WAY is seeking to engage an audit firm to execute a financial audit on the Nigeria WAY project for the period July 01, 2021 to June 30, 2022.
• The audit will be conducted in accordance with International Standards of Auditing under Canadian CAS, GAAP & IFRS.
• The auditors will evaluate the appropriateness of accounting policies used and internal controls applied by testing a sample of transactions.
• Report on the internal control structure related to MEDA and identify reportable conditions, including material internal control structure weaknesses.
• Review the reasonableness of accounting estimates made by management in the preparation of the financial statements, the reasonableness of transactions as well as an evaluation of the overall presentation of the financial statements.


The objective of the audit is to express an opinion, as to whether the financial statements of MEDA Nigeria WAY present fairly, in all material respects, the financial position, results of operations and changes in cash flow in accordance with generally accepted accounting principles. Management will prepare the financial statements that will be subject to audit, and these statements will be available to the auditor.
During the engagement, the Auditor should be watchful of and report:
• Any significant or unusual transactions entered by Nigeria WAY project that Management and/or the Board of Directors should be made aware of.
• Any deficiencies in internal controls that are of sufficient importance to merit the attention of Management and/or the Board of Directors.
• Any disagreements with Management about matters which are significant to the organization’s financial statements:
• Any lack of compliance with the Financial Management and MEDA’s policies and procedures.
• Any lack of compliance with financial or other relevant legislation; and/or
• Any lack of accountability in the use and management of assets.

Any such instances should be reported in the management letter.


The Auditor will:
• Prepare an auditor’s report and management letters in a format consistent with generally accepted auditing standards.
• Discuss the auditor’s report and management letters with Management and the Audit Committee prior to their distribution.
• Meet audit or reporting requirement dates as set out below.
• Provide a management letter that identifies areas of concern or weaknesses found, recommendations for improvement, management’s response on any concerns identified.
• Complete scope of work.
• Schedule in-person meetings with Nigeria WAY project management team.
• 1st draft of Audit report for the period 2021-2022; November 30th, 2022.
• Final audit report for the period 2021 – 2022; December 15th, 2022.
• A final audit report must express an audit opinion of MEDA financial statements for the audit period.

Risk assessments and donor agreement compliance are not within the audit scope.

General Invitation to Submit Proposals

• Proposals specifically marked “RFP for External Audit Services” shall be received by the following:
Attention: Hannah Ajieh
• Proposals will be accepted until 12:00pm, September 14, 2022. Late proposals will not be accepted.
• Prospective vendors must provide their proposal electronically in PDF file format on or before the specified submission deadline.
• All proposal amounts shall be indicated in words and figures and shall include applicable taxes and any other associated costs the successful Vendor(s) will require.


All proposals must include a Technical and Financial component
1) This is a fixed fee service contract. The fees must be calculated based on days using allinclusive day rates.
2) Minimum qualifications for consideration:
a. 2-5 years’ experience auditing foreign not-for-profit organization
b. Ability to conduct the audit in accordance with IAS, IFRS, Canadian GAAP and Nigerian GAAP.
c. Proficient in Microsoft Office Suite (Word, Excel, Outlook) & SAGE 300 Accounting Software.

RFP Submissions

The RFP submissions should:

  1. Introduce the Audit firm and audit team, including the capability of the firm and team.
  2. Provide a description of the Vendor’s history and experience, especially as it relates to the not for profit and environmental field and recent relevant audits.
  3. Demonstrate understanding of the scope and complexity of the required work.
  4. Description of Vendor’s abilities related to audit services. Clearly outline if any services will be outsourced.
  5. Identify the person(s) who would be involved in the project, their proposed role on the project, and their experience and qualifications to fulfill that role. Clearly outline if any services will be outsourced.
  6. Describe any internal or external professional and technical services that will be called upon to assist in the audit.
  7. Provide a detailed description of the Audit firm’s proposed audit strategy, its processes, and deliverables, and outline the methodology and approaches that would be used in carrying out the audit.
  8. Provide a proposed timeline for each component of the audit services to be provided and indicate the proponent’s ability to meet the timelines as set out herein.
  9. Include a minimum of 2 client references (names, phone numbers and email addresses) who may be contacted to confirm the satisfactory delivery of service by key team member(s) on previous assignments

Payment Terms:
• MEDA will make 100% fee payment upon submission of the final signed Audit report.
• Payment shall be subject to applicable tax deduction.
• The job location is in Bauchi, MEDA will be responsible for transportation, accommodation and daily sustenance cost subject to its policy.

EVALUATION CRITERIA Submission Evaluation

Proposals will be reviewed and ranked on the following criteria and scored out of a 100 point total as follows:

Technical Criteria:

The Technical criteria will be evaluated first (excludes the ‘Financial’ criteria, bringing the maximum score to 75). Vendors must achieve a rating of 60% or over (a score of 60 out of 75) before MEDA will consider their financial criteria.

Technical Ranking Criteria Percentage
Demonstrated understanding of project goals 15%
Approach and methodology 20%
Qualifications of audit team and firm’s relevant experience 25%
Project timelines 15%
Total Technical 75%

Financial Criteria:

Only those proposals that have achieved a rating of 60% or over (a score of 60 out of 75) on their technical criteria will have their financial criteria evaluated.

Financial Ranking Criteria

Total cost for audit services fiscal year 5 20% Extent of value in relation to proposed cost 5%
Total Financial 25%

An overall rating of 85% shall be deem pass for final consideration.

Selection Rights

MEDA reaffirms its right to make any selection it deems prudent and responding firms or individual participants acknowledge through their participation that such selection is not subject to protest or contest.

MEDA reserves the right to:
• not award a contract as a result of this RFP.
• modify the tasks based on negotiation with respondents.
• award a contract to the same Vendor(s) for subsequent years.
IFRS – International Financial Reporting Standards
IAS – International Auditing Standards
GAAP – Generally Accepted Accounting Principles

Prior external audit reports will be made available to selected applicants
Program database will be made available to selected applicants

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