REQUEST FOR PROPOSAL – FINANCIAL AUDITORS
The Saint Lucia Tourism SLTA (SLTA) seeks to appoint Financial Auditors and invites individuals or companies to submit proposals to provide these services. Priority will be given to cost-effective submissions that provide the greatest efficiency in the execution process.
1. Scope of the Audit
The audit will be carried out in accordance with the International Standards on Auditing (ISA) and should include such test and auditing procedures as the Auditor considers necessary for the assignment. In conducting the audit, special attention should be paid to the following:
a. Carry out tests of transactions as are necessary to obtain an understanding of the accounting system, assess its adequacy as a basis for the preparation of the financial statements, and establish whether adequate records have been maintained as required;
b. Conduct an in-depth review of the internal control systems to have sufficient knowledge of the procedures underpinning the systems according to the applicable rules and governing legislation;
c. Confirm that although responsibility for preventing irregularity and fraud remains with the SLTA, the audit has been planned so as to have a reasonable expectation of detecting material misstatements in the financial statements;
d. Confirm that funds have been used in accordance with applicable policy and as discharged by the Board of Directors with due attention to economy and efficiency and that they have only been used for the purposes for which they were intended and in accordance with the conditions under which the funding was provided;
e. Confirm that Goods and Services financed have been procured in accordance with sound procurement procedures and as per policy;
f. Confirm that all necessary supporting documents, records and accounts have been kept in respect to all activities. Clear linkages should exist between the books of accounts and the financial statements presented;
g. Confirm that the Financial Statements have been prepared in accordance with acceptable accounting practice and give an accurate and fair view of the financial position of the SLTA as at the end of the financial year; and
h. Confirm that where special accounts have been used, they have been maintained in accordance with the provisions of the relevant Memorandum of Understanding and Agreements.
i. Confirm that the asset registry is adequately maintained and up to date with all the organizational assets.
The above-defined scope does not restrict the audit procedures or the techniques that the Auditor may wish to use in forming an opinion on the Financial Statements being audited. The final scope of work will be negotiated with the selected provider.
The Auditor is expected to present the following in addition to two reports – 1) An opinion on the Financial Statements and 2) Management Letter.
a. A Statement of Income and Expenditure
b. A Statement of Financial Position
c. Fund Accountability Statement
d. A Statement of Cashflows
e. The Accounting Policies adopted and Explanatory Notes.
f. Where applicable, a Financial Report compliant with the terms as outlined in the SLTA Act.
3. General Information
The auditors shall be given access to all legal documents, correspondence and any other information associated with the Financial Statements to be audited and deemed necessary.
4. Audit Duration
The audit report, including the financial statements and management letter, should be received within three (3) months after the end of the fiscal year under review.
5. Qualification of the Audit Firm
a. The Auditor must be completely impartial and independent from all aspects of the management or financial interests of the SLTA;
b. The Auditor shall not, during the period covered by the audit nor during the undertaking of the audit, be employed by, serve as advisers or mentors for, or have any financial business relationship with the SLTA; and
c. The Auditor shall be registered with the Institute of Certified Public Accountants and must demonstrate that they possess appropriate professional qualifications and suitable experience in accounting and auditing the accounts of entities comparable in size and complexity to the SLTA;
d. Curriculum Vitae (CVs) must be provided to the SLTA by the Partner of the firm of auditors, who shall be responsible for signing the opinion and the CVs of key personnel proposed as part of the audit team. The CVs shall include details of audits carried out by the concerned staff, including ongoing assignments indicating capability and capacity to undertake the audit.
6. Application Process
Interested and qualified individuals should submit to Chief Executive Officer, 1 Bella Rosa Road, Gros Islet, PO Box 221, Castries, Saint Lucia. Or Via email address: CEO@STLUCIA.ORG, the following:
a. Concept note outlining understanding of the task and methodology with fees.
b. Current CV and Audit Firm profile demonstrating experience in similar tasks.
c. Proof of having done a similar assignment in auditing quasi-governmental organizations.
d. List of at least three (3) references with contacts.
By submitting a proposal, the provider authorizes the SLTA to contact references to evaluate the provider’s qualifications for this project.
Proposals should be received by Saturday, 30th April 2022. Any submissions received after this date will not be considered.
The SLTA plans to select and award a contract to the best qualified Auditor by 15th May 2022. The selected Auditor and the SLTA will then mutually discuss and refine the scope of works for the project and shall negotiate final conditions, compensation, and performance schedule for the subsequent contract to be executed.
All documents prepared by the Auditor shall remain the sole property of the SLTA. The Auditor shall not, during and after the term of the contract, use or disclose any confidential information relating to the business or operations of the SLTA. (Please note that all documents must be submitted in Microsoft word format).