CALL FOR APPLICATION – EXTERNAL AUDIT SERVICES ENGAGEMENT (3 YEARS).
1. Introduction
Future Resilience and Development Foundation (FRAD) is a non-governmental organization registered with the Corporate Affairs Commission (CAC). Established in 2017 and registered in 2019, FRAD is committed to building the resilience of vulnerable populations and promoting sustainable development across Nigeria. The organization implements programs in WASH, Nutrition, Education, Health, Protection, Governance, Livelihoods, and Environment, supported by multiple institutional donors. As part of its statutory obligations, governance requirements, and donor accountability commitments, FRAD prepares annual financial statements that must be independently audited.
2. Purpose of the Audit
The purpose of this engagement is to:
• Conduct an independent external audit of FRAD’s financial statements for the year ending 31 December 2025.
• Provide audit advisory services where necessary.
• Support FRAD in strengthening internal controls and financial governance.
• Serve as FRAD’s external auditor for a three-year period (2026–2028), subject to satisfactory performance.
• Provide professional guidance on statutory compliance and liaise with relevant tax authorities when required.
3. Objectives of the Audit
The specific objectives are to:
• Express an independent opinion on whether the financial statements present a true and fair view of FRAD’s financial position.
• Assess compliance with Nigerian statutory requirements including PAYE, WHT, Pension, NSITF, and other mandatory deductions.
• Evaluate the adequacy and effectiveness of internal control systems.
• Verify that project and operational expenditures align with approved budgets and donor agreements.
• Provide practical recommendations to improve financial procedures, governance, and accountability.
4. Scope of Work
The auditor will conduct a comprehensive audit covering the period 1 January 2025 to 31 December 2025. The scope will include, but not be limited to:
• Statement of Financial Position
• Statement of Income and Expenditure
• Statement of Cash Flows
• Review of accounting records and supporting documentation
• Assessment of internal control systems and financial management procedures
• Review of statutory deductions and remittances
• Review of bank reconciliations
• Review of asset register and inventory records
• Compliance with donor requirements and applicable regulations
5. Expected Outputs and Deliverables
The selected audit firm shall provide:
• Audited Financial Statements for the year ended 31 December 2025
• Independent Auditor’s Report expressing an audit opinion
• Management Letter detailing internal control weaknesses, compliance gaps, risk exposures, and actionable recommendations.
• Presentation of audit findings to Management and/or the Board upon request
All deliverables must be submitted in both electronic and hard copy formats.
6. Audit Standards
The audit shall be conducted in accordance with:
• International Standards on Auditing (ISA)
• Applicable Nigerian accounting laws and regulatory requirements
• Generally Accepted Accounting Principles (GAAP) for non-profit organizations
7. Eligibility Criteria
Interested firms must meet the following requirements:
• Be registered and in good standing with ICAN or ANAN.
• Have a minimum of five (5) years proven experience auditing NGOs and donor-funded projects.
• Demonstrate strong knowledge of Nigerian statutory and regulatory frameworks.
• Possess adequate technical capacity and qualified personnel.
• Provide evidence of previous similar audit engagements.
8. Reporting and Coordination
The external auditor will report directly to the Executive Director and work closely with the Finance Department. FRAD will provide access to all relevant financial records, supporting documents, and information required to complete the assignment.
9. Duration and Timeline
The audit for the 2025 financial year is expected to be completed within four (4) to six (6) weeks from the date of contract signing and receipt of all required documentation.
Following successful completion of the 2025 audit, the selected firm may be retained as FRAD’s external auditor for the financial years 2026–2028 under a renewable annual contract, subject to performance and mutual agreement.
10. Payment Terms
Payment will be made upon satisfactory completion and acceptance of all audit deliverables in accordance with the contractual agreement.
11. Confidentiality
The audit firm shall treat all information obtained during the course of the audit as strictly confidential and shall not disclose such information to any third party without prior written consent from FRAD, except where disclosure is required by law.
12. Application Requirements
Interested and qualified audit firms should submit the following:
• Company profile
• Evidence of registration with ICAN or ANAN
• Technical proposal outlining audit methodology and work plan
• Financial proposal
• At least three references from similar assignments
• CVs of key audit personnel
13. Submission Details
Applications should be submitted electronically to FRAD Foundation through the designated email address ([email protected]) no later than 12th February 2026.
Note:
- Application will be reviewed on rolling basis
- FRAD reserves the right to accept or reject any application and to annul the selection process at any time prior to contract award, without thereby incurring any liability to the affected applicants.
- FRAD Foundation is committed to diversity equity and inclusion, women and person with disabilities are strongly encouraged to apply.
- Please also submit your application with the disclosure forms.
Only shortlisted firms will be contacted.
