TERMS OF REFERENCE FOR AUDIT SERVICES

Background 

Wellspring Academy is a non-profit and non denominational Christian School. Our mission of the Wellspring Academy is to educate and equip students to become highly skilled, Godly leaders, and agents of community transformation. The school aims at developing leaders for all sectors of society who display the principles of unity, uniqueness, service and stewardship. 

As part of our financial policy as a CIT Exempted entity financial statement are submitted to Rwanda Revenue Authority; The school board is required to appoint an external auditor to audit its books for presentation to its stakeholders. Wellspring Academy invites tenders from reputable individuals or audit firms who are in ICPAR & RRA list of auditors to act as external auditor to audit our financial statements for the financial year ended on December 31, 2023. 

Nature and scope of the work 

1. To generate the consolidated income statement & expenditure statement and balance sheet for the financial year of 2023 from available records stored in QuickBooks format
2. To confirm on the basis, if all incomes, expenditures, assets and liabilities are properly recorded in the books of accounts
3. To express an opinion on the financial statement of Wellspring Academy in conformity with generally accepted accounting principles and auditing standards
4. To ensure management letters as a by-product of the audit, commenting on the weaknesses in the accounting system and controls as well as recommendations for improvement.
5. To report on the compliance with the provisions of the Wellspring Academy Financial Management guidelines and recommendations of the previous years’ audit
6. For the tax compliance, perform a tax health check/review of Wellspring Academy.
7. Any other services that may be assigned by the Wellspring board 

Information required 

Your proposal should address the following basic requirements:

1. Profile for individuals or firms showing the range of services offered, year of establishment and any other information deemed relevant
2. Profiles of key members of proposed staff to be assigned to the audit
3. Audit work plan, methodology and framework
4. Sample template of an audit report if any, recently prepared for not for profit organization( CIT Exempted entities)
5. Proposed audit fees showing breakdown of remuneration per activity (compiling the consolidated income & expenditure statements and balance sheet, annual audits, reporting on compliance with guidelines) and mode of payment.
6. Individual or firm’s independence with respect to Wellspring Academy.
7. Provide the names and contact information for other CIT Exempted entities, similar sized clients for reference purposes

Reports 

Your report should be finalized within 45 days after commencement of the audit 

Evaluation and proposals 

The criteria for selection of successful proposal will include general experience, reputation of the individual/ firm, qualification of staff to be assigned to the audit, quality of audit reports issued in the past and audit fee. 

If you need any additional information in preparing your proposal, do not hesitate to contact: 

The school finance office on 0788673002                                                                                                

We look forward to receiving your proposals by February 2, 2024. Your proposal should be in sealed envelopes addressed to Wellspring Academy.

The Principal

Wellspring Academy