Terms of Reference–Internal Auditor

REED Nepal

Details / requirements:

Rural Education and Environment Development Center-REED was established as an NGO in 2000 and works in education sector, mainly Community School Education in Solukhumbu and Taplejung Districts of Nepal. It has been implementing Teachers Trainings and Quality Education Projects (TTQE) in both district and has annual turnover of approximately NPR 5 Crores and requires auditor to conduct internal audit of TTQE Projects.

Significance of independence:

The auditor i.e. the Chartered Accountant or the firm of Chartered Accountants should be independent. Near relatives of the Board of Director of the Organsiation or their employees should not be favored for appointment as auditor. The person rendering the services as Consultant for organization should not be appointed as Internal Auditor.

Work Experience:

If the auditor is an individual he should have at least three years of professional post qualification experience in the field of internal audit/management,or if a firm, atleast one of its partners should possess professional experience. Though, a preference will be given to individual/firm having longer experience subject to fund availability.

Timeliness of the Audit:

The auditis to be conducted on half yearly basis, with reporting within the stipulated time. Adhering to the time schedule is one of the essential requirements.

Terms of Reference–Internal Auditor

  • Compliance with statutory obligations, requirements ofvarious law as applicable to the organization and comments on the non-compliance, if any,observed during the audit period.
  • Recurring are as of defaults or constraint’s in implementation of Accounting & Finance Manual and issues in relation to the interpretation of the same:
  • Risk Based approach in internal audit 
  • Vouching of Expense, Cash, Journal, Bank vouchers based on individual Judgment;
  • Verification of bank reconciliations; cash balances (on half yearly basis all cash should be deposited in bank) and others;
  • Verification of asset and consumables;
  • Verification/review of:
  • Staff Advance (outstanding)
  • Program Advance outstanding;
  • Party Advance outstanding;
  • Other outstanding
  • Salary Register & Consultant Payment Register verification;
  • Review of cash/fund flow;
  • Recommendation on analysis of budget vis-à-vis actual variations on periodical basis.
  • Assess whether the financial reports e.g. Trial Balance,  Funds  Reconciliation, Working Capital related Reporting, KPIs and other MIS if any,as prepared by the organization, are complete and accurate.
  • Assess the existing internal control systems and procedures and recommend suitable changes, if any.
  • Comments on the Action Taken Report provided by F&A department.
  • Submission of financial reports to Board of Directors & Funding Agencies
  • Comment upon related party transactions
  • Ensure that Funds are utilized for the purpose for which it has been granted.
  • Compliance of Project Financing Agreement

Others

  • Internal Audit Report including Half yearly highlights (in brief) should be submitted as per the  calendar below:

July-June 2018

Period of Audit

Audit Start By

Audit Reporting

Closure of Report

Q-1 & Q-2

April- May

From 10th April

By 10th May

By 31st May

Q-3 & Q-4

June- July

From 25th June

By 31st July

By 7th Aug.

Internal Auditor shall deal / coordinate with the General Manager for his /her assignment.

InternalAuditorshallbepaidoninstalment basis 50% after receiving report.

Overview

Category Consulting & Professional Services
Openings 1
Experience Please check vacancy details.
Education Please check vacancy details
Posted Date 15 Mar, 2018
Apply Before 13 Apr, 2018
City Kathmandu