About AfriLabs
AfriLabs is a pan-African network of over 500 innovation and tech hubs in 53 countries, empowering entrepreneurs through access to funding, mentorship, networking, and capacity building. Our mission is to catalyze economic growth and social development via innovation ecosystems across Africa.
Engagement Purpose
AfriLabs is inviting qualified audit firms to submit proposals for the statutory audit of its financial statements for the year ending July 31, 2026. The goal is to express an independent opinion on the organization’s financial position, in line with CAMA 2020, IFRS, and donor requirements.
Scope of Work
- Audit Planning – Engage with management and prepare an audit plan.
- Internal Control Review – Evaluate financial controls, procurement, payroll, and fund tracking.
- Financial Records Examination – Assess authorization, classification, and reconciliation of transactions.
- Audit of Financial Statements – Full review of:
- Statement of Financial Position
- Income & Expenditure
- Cash Flows
- Changes in Net Assets
- Notes to the Financials
- Regulatory & Donor Compliance – CAMA, CAC, Tax, PAYE, VAT, donor grants.
- Post-Audit Support – Clarifications for regulatory and donor inquiries.
Qualification Requirements
- Professional Registration: Licensed by ICAN, FRC, or relevant authority; lead auditor must be a chartered accountant.
- Experience: Minimum 10 years in auditing; relevant NGO or corporate experience required.
- Regulatory Knowledge: Deep understanding of IFRS, IPSAS, CAMA, and Nigerian tax laws.
- Team Composition: Submit CVs of experienced team members.
- Independence: Declare no conflict of interest.
- References: Provide at least 3 recent statutory audit references (last 3 years).
Expected Deliverables
- Audit Engagement Letter
- Detailed Audit Plan
- Audited Financial Statements (Full Set)
Duration & Payment
- Timeline: From audit inception to final submission.
- Payment Terms: 40% at commencement, 60% upon completion (subject to tax).
Application Requirements
Please include:
✅ Completed Vendor Information Form
✅ Company Profile & Contact Info
✅ CAC Registration Documents (Form CO2, CO7, or equivalent)
✅ 2024/2025 Tax Clearance Certificates
✅ Relevant Certifications (e.g., ICAN, FRC)
✅ CVs of Team & Firm Experience
✅ Financial Proposal (in Naira, with negotiability status)
✅ Three Client References (Audit-related)
Evaluation Criteria
- Technical (65%) – Qualification, documentation, past audits, understanding of scope
- Financial (35%) – Proposal in Naira, clarity, validity for at least 6 months
Reporting Line
The selected auditor will report directly to AfriLabs’ Head of Finance throughout the engagement.
Important Notes
- Use the official Vendor Information Form (attached with the RFP).
- Do NOT modify the template.
- Equal Opportunity: AfriLabs supports diversity, equity, and inclusion (DEI).
- Late applications will NOT be considered.
- This is a free bid process – beware of fraud.
Disclaimer
Deadline: August 15, 2025
Location: AfriLabs Secretariat, 18th Khartoum Street, Wuse Zone 5, Abuja
Submission Email: [email protected]
Subject Line: “EXTERNAL AUDITOR”
AfriLabs reserves the right to select and negotiate with firms it deems most qualified. Participation does not guarantee award of contract.
