I Introduction
My Village (MVi) is a Cambodian non-profit-non-government-organization which was founded in November 2006. MVi is working in northeast provinces of Cambodia, particular in Mondulkiri, Kratie and Stung Treng. The main MVi development endeavours is to promote Indigenous People Rights to natural resource; empowering Community in Partnership through the development of network and community groups including disability people, women and youth; and supporting community to improve their livelihood status.
MVi receives the grant support for 2024 from 10 donors and 14 project, IPAF, WCS-CIPO, FHI360, CEPF, Landesa (Landes-M2, Landes-R3, Oxfam (Oxfam-IP2, Oxfam-CCR and Oxfam-PECAIP), The Asia Foundation, Stockholm Environment Institute (SEI-MWVWG, SEI-MTT, SEI-MTT-Fellow), WorldFish, EWMI and MVi general fund with fund amount, around $ 400,000.00 per year.
Refer to the requirement from our donors and to ensure on transparency, accountability, efficiency and effectiveness of fund use and financial management, Currently, MVi is seeking for the professional audit firm to oversee on the whole of our accounting system and financial management for the fiscal year 2024 as below TOR.
II Objectives and scope of the audit
- The objective is to MVi's Annual Audit of the financial report for the period 1 January 2024 to 31 December 2024 to enable the auditor to express an independent opinion on:
- Fair Presentation of Financial Statements: Whether the annual financial statements are presented fairly, in all material respects, the organization’s financial position, performance,
- and cash flows are in accordance with the applicable accounting and reporting framework.
- Use of Funds: Whether the proceeds of MVi funds were used solely for their intended
- purposes.
III Additional assignment; according to agree upon procedures ISRS 4400, review the following areas in accordance with the Terms of reference below
- Follow up whether salary costs debited to the project/programme are recorded throughout the duration of the year in a systemized way and examine whether the salary costs can be verified by sufficient supporting documentation.
- Examine whether the financial report includes a comparison, for every budget item, between the actual costs/expenditures of activities and the budgeted costs/expenditures as approved by donors for the period.
- Based on materiality and risk the auditor shall examine whether there is supporting documentation related to incurred costs. Regardless of materiality of the findings the auditor shall quantify the amount for costs lacking sufficient supporting documentation.
- Examine whether foreign exchange gains/losses are disclosed as a separate item in the financial report as well as disclosed in accordance with what is stipulated in the agreement including appendices and generally accepted accounting principles.
- MVi’s compliance with the applicable tax legislation with regard to taxes (e.g.PAYE)1 and social security fees.
- Follow up whether MVi has adhered to the procurement guidelines annexed or referred to in the agreement.
- Review if outgoing balance for previous period is the same as incoming balance for the
- current period.
- If MVi applies modified cash basis as accounting principle, the auditor shall describe used method and describe possible effects on the accrual accounting within the project.
- Verify the unspent balance at the end of the financial year against accounting records and its supporting documentation.
Follow up of funds that are channeled to implementing partners
- Review whether MVi have signed agreements with its implementing partner organisations
- Review whether the audit requirements in agreements with partner organisations are in
- accordance with the audit requirements as stipulated in the organisation’s agreement with donors
- Review whether there is an unbroken chain of audited financial reports according to the requirements as stipulated in the agreement between donors and MVi, for funds disbursed the previous year. The review shall include whether MVi makes documented assessments of the audited financial reports submitted to donors and whether these reports are followed- up by MVi. The review shall include verification of contributions equivalent of 100% of the total of disbursed funds as well as 100% of the number of contributions. The review shall also include any observations from auditors that donors should be informed about.
- Review whether the same requirements for reporting exchange rate gains and exchange rate
- losses as stipulated in the agreement between donors and MVi is included in the agreements between MVi and its implementing partner organizations.
III. The reporting
The reporting shall be signed by the responsible auditor (not just the audit firm) and shall include the title of the responsible auditor.
The reporting from the auditor shall include an independent auditor’s report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated. The independent auditor’s report shall clearly stipulate that the audit has been conducted in accordance with ISA 800/805. The reporting shall also include a Management letter that discloses all audit findings (significant and other findings), as well as weaknesses identified during the audit process. The financial report that has been subject of the audit shall be attached to the audit reporting. The auditor shall make recommendations to address the identified findings and weaknesses. The recommendations shall be presented in priority order.
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.
Measures taken by the organization to address weaknesses identified in previous audits shall also be presented in the Management Letter. The auditor shall report if previous year’s recommendations have been implemented, partially implemented or not implemented.
The additional assignment according to agree upon procedures ISRS 4400 under section II, shall be reported separately in a “Report of factual findings”. The size of the sample of reviewed audit reporting shall be stated in the report. If the auditor assesses that the observations presented in the “Report of factual findings” include the information that would have been included in a Management Letter, a Management Letter does not need to be developed. In such a case, the “Report of factual findings shall include an explanation of why a Management Letter has not been developed.
IV- Audit time frame
- Audit Field Works on 03rd – 07th February 2025 (MVi Office at Mundulkiri province)
- Release draft audit report on 21st February 2025
- Hard copy of final audit reports delivered to MVi office on 28th February 2025 Interested firm should email to send proposal to osc@mvicambodia.org by 16th December 2024
before 5pm. For more information, please contact Mr. SING Koemsen via phone number at 088 80 88 933/096 80 88 933/ 076 80 88 933. To learn more about MVi, please visit our website at www.mvicambodia.org
Moreinfo: https://mvicambodia.org
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