EOI for Audit

About Renewable World

Renewable World (RW) is an International NGO headquartered in the UK, with country offices in Nepal and Kenya.

1.2 billion people are still living in poverty, inequality is rising, and the world is failing to decarbonise quickly enough to avoid climate disaster. The world’s poorest people contributed little to climate change, yet they are most impacted, and least able to adapt. This is not fair. And it is not sustainable.

RW envision a sustainable and fairer world where clean energy is accessible to all - because with clean energy, both people and planet can thrive. By 2030, RW aims to enable over 500,000 people living in poverty to transform their lives by improving their access to clean energy, empowering them to develop sustainable and resilient livelihoods, and mitigating the impact of climate change.

RW implement programs and projects in Nepal in close collaboration, cooperation and coordination with the Social Welfare Council through a General Agreement and individual Project Agreements. National as well as local NGOs are the project implementing partners of Renewable World in Nepal (RWN).

RWN is seeking an expression of interest from qualified audit service providers for the following two audit assignments.

1. Annual Statutory Audit for Financial year 2023-24 (1st Shrawan 2080 to 31st Ashadh 2081)

Audit Scope and Objectives:

The consultant is required to perform the audit service as per the standard promulgated by the regulatory body, The Institute of Chartered Accountants of Nepal. The period subject to audit is 1st Shrawan 2080 (Mid July 2023) to 31st Ashadh 2081 (Mid July 2024) and the same should be completed, final deliverable signed off, uploaded on online tax portal and verified by Ashoj end 2081 (16th October 2023). Further, the consultant is expected to facilitate the preparation of financial statements and obtaining the tax clearance certificate and renewal of tax exemption certificate from Inland Revenue Department.

The objective of the audit is to provide reasonable assurance that the financial statement of RWN give a true and fair view and accordingly expressing an opinion on the audited financial statement of RWN for the year ended mid-July 2024 as per the accounting framework applicable to RWN.

The estimated expenditure subject to audit amounts to NRs 100 million. 

In addition, the consultant is expected to issue an audit management letter identifying the observation/recommendation to RWN along with the risk rating priority (High/medium/low) as a result of review specifically related to

1. Internal control weakness,
2. Compliance including the compliance of contractual terms and conditions, Nepal Tax laws, Nepal labour Act etc.
3. Compliance of policies, procedures, rules and regulations of RWN,
4. Follow up on the status of previous year audit recommendations.
5. The mandate extends the review of the control system of 2 partners (One partner in Kathmandu & other partner in Gorkha) for which separate management letters are required.

2. Renewable Energy Access for Livelihoods in fragile buffer Zones (REALiZe) Project Audit

Background of the Project

Renewable Energy Access for Livelihoods in fragile buffer Zones (REALiZe), is a 4-year renewable energy and conservation-based livelihood project, funded by Jersey Overseas Aid (JOA), which launched in July 2020 and will end on 30th June 2024. The project aims to enable 8,378 poor people living in northern Bardia and Banke National Park buffer zones to generate a sustainable, renewable-energy-enhanced income, conserve the fragile forest landscape in which they live, and gain a louder voice in buffer zone decision-making. The project estimated expenditure amounts to NRs. 111 million. Local Initiative for Biodiversity (LIBIRD) the national NGO, Sundar Nepal Sanstha (BNA) & Dalit Development Sanstha (DDS) the local NGOs are the project implementing partners.

Audit Scope and Objectives:

The consultant is required to perform the audit service as per the standard promulgated by the regulatory body, The Institute of Chartered Accountants of Nepal. The period subject to audit is 1st July 2020 to 30th June 2024.

The objective of the audit is to provide reasonable assurance that the financial statement of the Project gives a true and fair view and accordingly expressing an opinion on the project audited financial statement prepared as per the financial reporting template of Donor. Review of control system at one of the project partner Dalit Development Sanstha (DDS) stationed at Salyan is expected. 

The audit is expected to start from 1st August 2024 and end up with final deliverables signed and submitted by 31st August 2024.

In addition, the consultant is expected to issue an audit management letter identifying the observation/recommendations to RWN along with the risk rating priority (High/medium/low) as a result of the review specifically related to the followings:

• Project expenditures are adequately supported with required documentation,
• Project expenditures are incurred effectively, efficiently and economically.
• Project assets including technical procurements are carried out in line with RWN procurement policies and procedures.
• Compliance of contractual terms and condition for the contract entered into with supplier/service provider including Donor,
• Compliance of applicable laws of Nepal.

Mandatory Requirements

1. Interested Chartered Accountant Audit firm should be duly renewed from the regulatory body, the Institute of Chartered Accountants of Nepal. Please submit the copy of renewal.
2. Submission of tax clearance certificate for F. Yr. 2079-80 (2022-2023).

Technical Requirements

1. 3 years proven experience of 5 Donor/INGO Audit. Please submit a list of audit assignments performed.
2. Details of the proposed human resources for the assignment. Please submit the short CVs of each of the team members. Please note that change of human resources during the execution of services is strictly prohibited and, if necessary, requires justification and approval from RWN.
3. Detailed approach and methodology for satisfactory completion of assignment.
4. Detailed work plan.

Financial Requirements

The financial proposal should include the fee, travel expenditure and any other cost required. The detailed breakdown of proposed costs is encouraged.

Administrative Requirements

Interested Chartered Accountant Firm can submit the proposal (Technical/Financial) in hard copy for both or either of the assignments by 17th June 2024; 17 Hrs. Nepal time to Renewable World office (Kholcha Pokhari Marg Purba, Lalitpur (Office Location: https://maps.app.goo.gl/DjcxsY9rYP4qyBfZA), mentioning the assignment you are interested for on the envelope.

Proposals received after the deadline will not be considered for evaluation. Separate proposals are required for each assignment.

Please submit your questions for clarification on requirements of ToR by 5th June 2024 to jobs@renewable-world.org. The answers to the questions received so far will be disseminated to all the interested firms who have put forth the questions so far.

Payment to the firm shall be made after the satisfactory completion of assignment and receipt of required deliverables & tax Invoice.

RWN reserves the right to accept or reject any or all the applications without any reason whatsoever.