External Financial Audit in 2025
- Career Category: Call for Proposals
- Location: Phnom Penh
Summary
Objective of the Audit
The objective is to conduct an audit for the period 1 January 2025 to 31 December 2025 as follows:
- To determine if the WMC accounting system provides accurate and adequate details of its financial position and fiscal operations in accordance with generally accepted accounting principles and the approved project budget.
- To review the internal control system attempts to minimize risk by identifying potential weaknesses that might enable materiality to be perpetuated.
- To examine, evaluate, make recommendations and report on the adequacy of internal financial controls as a contribution to proper, economic and effective use of internal resources
- To help WMC to accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, and good governance processes.
Specific Tasks
- Check if the salary costs debited to the project/programmer have been recorded throughout the duration of the year in a systemized way and examine whether the salary costs can be verified by sufficient supporting documentation.
- Examine whether the financial report includes a comparison, for every budget item, between the actual costs/expenditures of activities and the budgeted costs/expenditures as approved by donors.
- Based on materiality and risk management, the auditor shall examine whether there is supporting documentation related to incurred costs
- Examine whether foreign exchange gains and losses are disclosed as stipulated in all agreements, including appendixes.
- Determine if WMC follows the applicable legislation in regard to taxes and social security fees.
- Check that WMC has adhered to the procurement guidelines annexed to any agreements.
- Review if the outgoing balance for previous period is the same as incoming balance for the current period.
- The audit report should mention the whole projected cost of each donors within the year 2024.
Eligibility
- The selection criteria will include:
- Audit firm must register with Accounting and Auditing Regulation (ACAR).
- Experience of your firm in relation to audits of non-Profit organizations with active donors
- A list of similar non-profit organizations be served by your firm
- Your staff assignments and availability to complete the audit on a timely basis
- Depth of Technical Resources (CV of the assigned team leader)
- Audit firm staff stability history- what assurances can you provide regarding the assignment of your permanent personnel to the engagement
- Proposed fee for the engagement including a schedule for additional services that may be necessary beyond the scope of the audit engagement.
- Detail audit plan/methodology including your approach to risk and fraud detection, of expense of expected to be incurred, i.e. Mileage, per diem, telephone, etc.
- Estimate the number of hours to completed the audit by classification of your employees, i.e. partners, senior, junior.
