INVITATION FOR AUDIT SERVICES

FINANCIAL SAFETY COMPANY (FISA Co) PLC is a microfinance institution registered by Rwanda Development Board and National Bank of Rwanda (BNR) under laws of the Republic of Rwanda with Company.  It was established on 4 November, 2013 and operating in Rwanda with the main value ―Inclusive finance for development‖, while its main mission is ―Facilitating access to client- driven financial services and accompanying non-financial services to all financial excluded population mainly those living in rural areas, with a particular focus on farmers, entrepreneurs, women and youth especially living in rural areas in order to enable them saving and creating small income generating projects and reduce poverty.

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Terms of reference for external auditor

FINANCIAL SAFETY COMPANY (FISA CO)PLC needs an external auditor/Auditing Company to provide a validation of IFRS 9 model and  certification of the financial reports for the period of three consecutive years of 2022,2023 and 2024 in accordance with International Standards on Auditing (ISA) as well as International Financial Reporting Standards (IFRS). Thus, the external auditor will accomplish the following duties:

• To conduct a review on the loan portfolio for the year  2018,2019,2020 and 2021;
• To  valid the IFRS 9 Model to be used by the Financial Safety Company Plc
• To conduct an annual review of financial statement for the year 2022,2023 and 2024  in accordance with international standards on auditing (ISA) and any relevant regulation issued by regulators;
• Express an independent and professional opinion explaining if  Financial Safety Company’s financial statements present a fair view in all items;
• To issue the audit report to management as well as to regulator (BNR) on agreed time;
• Give feedback to the regulator as appropriate;
• Ensure timely and proper reporting of any deficiency found during audit and certification of financial statement for the year under contract;
• Ensure proper communication with the management committee and board of directors’ commissions
• To issue a management letter for the annual audit engagement.

Audit work period

• Validation of IFRS9 model work is expected to start as soon as the contract is signed;
• The external audit work is expected in the period before ending of February every year under the contract ( 2022 , 2023, 2024).

Requirement of external auditor company proposed

The external auditor company to be recruited must fulfill the following;

• To be a member of the Institute of Certified Public Accountant of Rwanda (ICPAR);
• To prove evidence of being in the current list of Microfinance institution’s external auditors licensed by Central Bank (BNR);
• To prove experience in auditing services of microfinance institutions in Rwanda (3 Years and above)

All interested candidates are requested to submit a sealed document with mention of” Terms of Reference for external audit “. The bid document shall include the following:

• A motivation letter addressed to Managing Director of Financial Safety Company Plc;
• A Copy of certificate for practices issued by Institute of Certified Public Accountant of Rwanda (ICPAR);
• RDB certificate ;
• RRA clearance certificate;
• Valid certificate of accreditation issued by Central Bank;

Kindly submit your sealed bids to any of our branches and head offices not later than 19 December 2022 at 12:00.

Bidders or their representatives are invited to take part in the opening session which shall take place on the same day  Monday 19/12/2022 at 15:00 PM at Financial Safety Company Plc head offices (Rubavu). This session shall open, read out the names of bidders and publish the results of a successful bidder.

N:B: Nevertheless, Financial Safety Company Plc has all right to refuse all prices which are above the budget.

UWINGABIRE Jean Bosco

Manging Director