Terms of Reference for Statutory Audit

KUYATSA SUSTAINABLE ENERGY LIMITED

Terms of Reference for Statutory Audit

 Kuyatsa Sustainable Energy Limited (Kuyatsa), a company limited by guarantee, invites an audit firm hereinafter referred to as “the Auditor”, to conduct a statutory audit of the Company’s financial statements for the financial years January to December 2023 and January – December 2024.

Objective

The objective of this audit is to enable the Auditor to express an opinion on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with the applicable financial reporting framework.

Scope of Work

The Auditor shall conduct the audit in accordance with the International Standards on Auditing (ISAs) and the relevant laws and regulations of Malawi The scope of work shall include:

  1. Audit of Financial Statements: The Auditor shall audit the Company’s financial statements, including the balance sheet, income statement, and cash flow statement.
  1. Compliance with Laws and Regulations: The Auditor shall verify the Company’s compliance with relevant laws and regulations, including tax laws and financial reporting requirements.
  1. Internal Controls: The Auditor shall evaluate the Company’s internal controls and identify any material weaknesses or deficiencies.

Deliverables

The Auditor shall deliver the following reports and documents:

  1. Audit Report: A written report expressing the Auditor’s opinion on the fairness and accuracy of the financial statements.
  1. Management Letter: A letter highlighting any material weaknesses or deficiencies in internal controls, as well as any other matters that require management’s attention.
  1. Financial Statements: The audited financial statements, including the balance sheet, income statement, and cash flow statement.

Timeline

The Auditor shall complete the audit and deliver the reports and documents within there weeks] from the commencement of the audit.

Responsibilities

Kuyatsa shall:

  1. Provide the Auditor with unrestricted access to all necessary information, records, and personnel.
  2. Ensure that all financial transactions are properly recorded and documented.
  3. Respond promptly to the Auditor’s requests for information and clarification.

The Auditor shall:

  1. Conduct the audit in accordance with the ISAs and relevant laws and regulations.
  2. Maintain confidentiality and independence throughout the audit process.
  3. Report any material weaknesses or deficiencies in internal controls to management.

Fees and Expenses

The Auditor’s fees and expenses shall be as agreed upon in the engagement letter.

Auditor’s Firm Qualification Criteria:

  1. Registration and Licensing: The auditor’s firm should be registered and licensed with the Institute of Certified Accountants of Malawi and bodies and regulatory authorities.
  1. Professional Certifications: The auditor’s firm should have professionals with relevant certifications, such as Certified Public Accountant (CPA), ACCA or Chartered Accountant (CA).
  1. Experience and Expertise: The auditor’s firm should have relevant experience and expertise in auditing companies in the same industry or sector.
  1. Independence and Objectivity: The auditor’s firm should be independent and objective, with no conflicts of interest that could compromise the audit.

How to apply

  1. All eligible Audit firms / Auditors who have valid business license with traceable offices and fulfills the requirements can send the bid documents by uploading the electronic documents in a link provided below.
  2. Bidders should submit their offers which should include delivery terms and bid validity.
  3. The TERMS AND CONDITIONS FOR CONTRACTS FOR PROCUREMENT OF SERVICES & GOODS – KUYATSA SUSTAINABLE ENERGY LIMITED(SHA)_JAN 2023 will be applicable. These terms and conditions will be shared with the successful bidder for their review and signature.
  4. Kindly utilize this provided box link to upload electronic copies of your bid application. https://gsha.app.box.com/f/f433e5c0973f425ead50defea4c0941b
  5. If you have any questions or need further clarification, please feel free to send an email to mw@selfhelpafrica.org

Alternatively, proposals may be submitted in sealed envelopes by hand, clearly labeled “Audit Services for KUYATSA SUSTAINABLE ENERGY LIMITED”. and delivered no later than 25th April 2025 to the KUYATSA SUSTAINABLE ENERGY LIMITED Country Office in Lilongwe. Submissions should be addressed to: The Procurement and Logistics Manager,  City Centre, Mwai House (Same building as Centenary Bank), Next to Anamwino House, Private Bag B-495, Lilongwe.

Closing date of receiving bid submission is 25th April, 2025.

Note: KUYATSA SUSTAINABLE ENERGY LIMITED is not bound to accept the lowest or any other bid. All bids will be evaluated in accordance with standard Procurement guidelines as well as the requirements for this Invitation to bids. Bids will be evaluated on the basis of compliance with technical specifications, delivery period, price and discounts offered (if any). KUYATSA SUSTAINABLE ENERGY LIMITED takes the safety and well-being of all those we work with, very seriously. We have a zero-tolerance policy on abuse. Our recruitment is safe, meaning that we recruit contractors with the highest values and standards of ethical behavior.

Post expires at 10:49am on Friday April 25th, 2025