Auditor for annual audit Fair Finance Vietnam Program

1. Objectives and Scope of Annual Audit:

This audit will review the programme implementation and activities managed by 4 partners (Warecod, Cepew, LHH KonTum, HAUI) with total estimate and audit coverage below:

The audit will require to express an independent audit opinion upon review the partner’s annual financial account report submitted to Oxfam in Viet Nam on 15 January 2023. With an assignment detail as below:

1.1 To audit the financial report according to ISA 800/805

The objective is to audit the financial report for the period 1 January - 31 December 2022 as submitted to Oxfam in Viet Nam and to express an audit opinion according to ISA 800/805 on whether the financial report of “partners” is in accordance with partner´s accounting records and Sida’s requirements for financial reporting as stipulated in the agreement including appendices between Oxfam in Vietnam and partners.

1.2 Agreed Upon Procedure: ISRS 4400

Mandatory procedures that must be included:

1. Observe whether the financial report is structured in a way that allows for direct comparison with the latest approved budget.

2. Observe and inspect whether the financial report provides information regarding:

  • Financial outcome per budget line (both incomes and costs) for the reporting period and columns for cumulative information regarding earlier periods under current agreement.
  • When applicable, compare if the opening fund balance[1] for the reporting period matches with what was stated as closing fund balance in the previous reporting period.
  • A disclosure of exchange gains/losses. Inquire and confirm whether the disclosure includes the entire chain of currency exchange from Oxfam in Vietnam’s disbursement to the handling of the project/programme within the organisation in local currency/ies, if applicable.
  • Explanatory notes (such as, for instance, accounting principles applied for the financial report).
  • Amount of funds that has been forwarded to implementing partners, when applicable.

3.

  • Inquire and inspect with what frequency salary costs during the reporting period are debited to the project/programme.
  • Choose a sample of three individuals for three different months and:
  • Inquire and inspect whether there are supporting documentation[2] for debited salary costs.
  • Inquire and inspect whether actual time worked is documented and verified by a manager. Inquire and inspect within which frequency reconciliations between debited time and actual worked time is performed.
  • Inspect whether the partner comply with applicable tax legislation with regard to personal income taxes (PAYE)[3] and social security fees.

4.

  • Inspect and confirm that the unspent fund balance (according to the financial report) at the end of the financial year is in line with information provided in the accounting system and/or bank account.
  • Applicable the final year: Inspect and confirm the unspent fund balance (including exchange gains) in the financial report and confirm the amount that shall be repaid to Sida.

5.

  • Obtain a list of all purchased services and goods during the reporting period. Choose three sample of different type of procurements.
  • Inspect and confirm whether the selected transactions are complied with the procurement guidelines annexed to the agreement.

6. The auditor is required to randomly check/field visit/interview with beneficiaries/suppliers to verify the implementation of program activities and the actual allowances paid to beneficiaries.

1.3 The Reporting requirement from Auditor

The reporting shall be signed by the responsible auditor (not just the audit firm[4]) and shall include the title of the responsible auditor.

  • Reporting from the ISA assignment
  • Reporting from the ISRS 4400 assignment

2. Key Assignment

  • To audit the financial report for the period accordance to ISA800/805
  • According to agree upon procedures ISRS 4400, review the areas in section 3.2 above

3. Expected Deliverable:

  • Audited Financial Report
  • Management letter (If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting)
  • Report of Factual Finding

4. Deadline

Deadline to submit: 25/11/2022

Please submit your proposal by email to: huyen.lethithanh@oxfam.org

Contact: Le Thi Thanh Huyen - Program Finance Officer

Oxfam | 22 Le Dai Hanh | Hanoi, Vietnam

+84 4 3945 4448 ext 506 | mobile +84 912967 489