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TERMS OF REFERENCE FOR ACCOUNTING AND FINANCIAL AUDIT OF SOSOMA INDUSTRIES LTD FOR 2024, 2025 & 2026 FISCAL YEARS
- Introduction
SOSOMA Industries Ltd is a company established on 1st November 2008 with the vision of being a credible business and regional reference in agro-processing. Its mission statement is:
- Generate revenue through the development of agricultural production;
- Provide agri-food products of high quality and nutrient values at affordable prices;
- Respond to customer expectations through innovation and appropriate technology;
SOSOMA Industries Ltd cores values are Innovation, Integrity and Good Governance.
The average of the turnover in the last three years is RWF 1.3 billion per year. SOSOMA Industries Ltd is managed by a Board of Directors composed of 5 members elected for a 3-years term of office. The Company daily management is entrusted to a Managing Director appointed by the Board. The Company is composed of four Departments, namely the Production Department, Quality Control Department, Sales and Marketing Department and Administrative and Finances Department. SOSOMA Industries Ltd now employs 36 permanent staffs and employs about 50 occasional workers.
For transparent management, the Company decided to conduct, each year, an external accounting and financial audit. Additionally, the Company decided to comply with regulations by having, each year, certified its financial statements accompanying the tax returns by Auditors recognized by Institute of Certified Public Accountants of Rwanda. As part of meeting both requirements, these Terms of Reference for tender have been issued for auditing the accounts and express an opinion on the financial statements accompanying the 2024, 2025 & 2026 tax returns.
- Expected work
- Participate in annual closing inventory;
- Perform an audit of accounting documents of SOSOMA Industries Ltd for 2024, 2025 & 2026 fiscal years;
- Verify compliance with generally accepted accounting principles;
- Verify compliance with tax obligations and the obligations towards the Rwanda Social Security Board;
- Review the financial statements prepared by SOSOMA Industries Ltd over 2024, 2025 & 2026 and recommend possible corrections;
- Analyse the internal control system;
- Express an opinion on the financial statements accompanying the annual corporate income tax return of SOSOMA Industries Ltd for 2024, 2025 & 2026 fiscal years;
- Make any recommendations for improving the internal control system, bookkeeping and compliance with tax obligations and the obligations towards the Rwanda Social Security Board for future fiscal years;
- Prepare the report on undertaken work.
- Period and duration
The work shall commence on 2nd February of the year following the one to be audited. The duration of work implementation shall be 3 calendar weeks. The deadline for submission of the draft report shall be within 21 calendar days from the date of starting the work, whereas the deadline for submission of the final report shall be within 3 days after the review of the draft report. However, with a view to complying with the dates for submitting the tax returns, an interim audit may be organized each year without waiting for the annual financial statements.
- Payment terms
The payment currency shall be the Rwandan franc. Payment will be made upon presentation of the invoice for the work. Payment of 30% at the presentation of the draft report to the management of SOSOMA Industries Ltd, 40% after presentation and validation of the report to the board of Directors and 30% after validation of the report by the General Assembly.
5. Content of bids
The technical proposal must include:
► The bidder’s profile:
- Description of the firm;
- At least 10 years of experience in audit;
- 5 Certificates of good completion audit.
► The curriculum vitae for the Team Leader and for the Team Members:
- The Team Leader should be approved by ICPAR (Institute of Certified Public Accountants of Rwanda), with at least 10 years of experience in audit and be familiar with the Rwandan Auditing and Accounting Regulations;
- Other team members should have at least 5 years of experience in audit, a good command of accounting but also be familiar with the Rwandan Auditing and Accounting Regulations.
► Understanding the assignment;
► The methodology of work that will be applied;
► Time frame of the assignment implementation;
► The copy of approval as a professional firm qualified to certify the financial statements.
► The copy of Trading Licence from Rwanda Development Board (RDB)
► The Original of a valid Certificate of Clearance from Rwanda Social Security Board RSSB)
► The original of Tax Clearance Certificate from Rwanda Revenue Authority (RRA)
► A copy of VAT registration.
► The proof of use of EBM.
The financial proposal should be tax inclusive and must show the cost of each year.
- Evaluation of bids
Form for technical evaluation
|
N° |
Evaluation criteria |
Marks |
|
a) |
Specific experience in auditing |
|
|
Firm Experience |
/20 |
|
|
Qualifications and Experience of people assigned to the mission |
||
|
Team Leader |
/15 |
|
|
Other people assigned to the mission |
/20 |
|
|
Subtotal 1 |
/55 |
|
|
b) |
Suitability of the proposed methodology and the work plan for the terms of reference |
|
|
Technical and methodological approach (including the understanding of the mission and the methodology for its implementation) |
/25 |
|
|
Work Plan (Including activities to be done, the schedule of implementation and assignment of auditors) |
10 |
|
|
Subtotal 2 |
/35 |
|
|
c) |
Support documents required |
/10 |
|
Subtotal 3 |
/10 |
|
|
Total |
/100 |
Technical proposal will have a 70% weighting and the financial proposal will be weighted at 30%.
- Submission of bids
The technical and financial proposals will be submitted in two separate envelopes. The bids shall be submitted in three copies including one original and two copies.
Bids will be submitted in sealed envelopes and addressed to the Director General of SOSOMA Industries Ltd, P.O. Box 6779 Kigali no later than 14th March 2024 at 10:00 a.m. Rwandan time. Bids should be marked “Technical Proposal for the audit of SOSOMA Industries Ltd, 2024, 2025 & 2026 fiscal years” for the technical proposal and “Financial Proposal for the audit of SOSOMA Industries Ltd, 2024, 2025 & 2026 fiscal years” for the financial proposal.
The public tender-opening session will be held on 14th March 2024 at 10:30 a.m. Rwandan time. The date of opening the financial proposals will be notified to bidders who will have obtained a score of at least 70% in the technical proposal. The financial proposals of bidders who will not have at least 70% in the technical proposal will not be opened.
Done at Kigali, 06 March 2024
MUSAFIRI Jean Pierre
TERMS OF REFERENCE FOR ACCOUNTING AND FINANCIAL AUDIT OF SOSOMA INDUSTRIES LTD FOR 2024, 2025 & 2026 FISCAL YEARS
- Introduction
SOSOMA Industries Ltd is a company established on 1st November 2008 with the vision of being a credible business and regional reference in agro-processing. Its mission statement is:
- Generate revenue through the development of agricultural production;
- Provide agri-food products of high quality and nutrient values at affordable prices;
- Respond to customer expectations through innovation and appropriate technology;
SOSOMA Industries Ltd cores values are Innovation, Integrity and Good Governance.
The average of the turnover in the last three years is RWF 1.3 billion per year. SOSOMA Industries Ltd is managed by a Board of Directors composed of 5 members elected for a 3-years term of office. The Company daily management is entrusted to a Managing Director appointed by the Board. The Company is composed of four Departments, namely the Production Department, Quality Control Department, Sales and Marketing Department and Administrative and Finances Department. SOSOMA Industries Ltd now employs 36 permanent staffs and employs about 50 occasional workers.
For transparent management, the Company decided to conduct, each year, an external accounting and financial audit. Additionally, the Company decided to comply with regulations by having, each year, certified its financial statements accompanying the tax returns by Auditors recognized by Institute of Certified Public Accountants of Rwanda. As part of meeting both requirements, these Terms of Reference for tender have been issued for auditing the accounts and express an opinion on the financial statements accompanying the 2024, 2025 & 2026 tax returns.
- Expected work
- Participate in annual closing inventory;
- Perform an audit of accounting documents of SOSOMA Industries Ltd for 2024, 2025 & 2026 fiscal years;
- Verify compliance with generally accepted accounting principles;
- Verify compliance with tax obligations and the obligations towards the Rwanda Social Security Board;
- Review the financial statements prepared by SOSOMA Industries Ltd over 2024, 2025 & 2026 and recommend possible corrections;
- Analyse the internal control system;
- Express an opinion on the financial statements accompanying the annual corporate income tax return of SOSOMA Industries Ltd for 2024, 2025 & 2026 fiscal years;
- Make any recommendations for improving the internal control system, bookkeeping and compliance with tax obligations and the obligations towards the Rwanda Social Security Board for future fiscal years;
- Prepare the report on undertaken work.
- Period and duration
The work shall commence on 2nd February of the year following the one to be audited. The duration of work implementation shall be 3 calendar weeks. The deadline for submission of the draft report shall be within 21 calendar days from the date of starting the work, whereas the deadline for submission of the final report shall be within 3 days after the review of the draft report. However, with a view to complying with the dates for submitting the tax returns, an interim audit may be organized each year without waiting for the annual financial statements.
- Payment terms
The payment currency shall be the Rwandan franc. Payment will be made upon presentation of the invoice for the work. Payment of 30% at the presentation of the draft report to the management of SOSOMA Industries Ltd, 40% after presentation and validation of the report to the board of Directors and 30% after validation of the report by the General Assembly.
5. Content of bids
The technical proposal must include:
► The bidder’s profile:
- Description of the firm;
- At least 10 years of experience in audit;
- 5 Certificates of good completion audit.
► The curriculum vitae for the Team Leader and for the Team Members:
- The Team Leader should be approved by ICPAR (Institute of Certified Public Accountants of Rwanda), with at least 10 years of experience in audit and be familiar with the Rwandan Auditing and Accounting Regulations;
- Other team members should have at least 5 years of experience in audit, a good command of accounting but also be familiar with the Rwandan Auditing and Accounting Regulations.
► Understanding the assignment;
► The methodology of work that will be applied;
► Time frame of the assignment implementation;
► The copy of approval as a professional firm qualified to certify the financial statements.
► The copy of Trading Licence from Rwanda Development Board (RDB)
► The Original of a valid Certificate of Clearance from Rwanda Social Security Board RSSB)
► The original of Tax Clearance Certificate from Rwanda Revenue Authority (RRA)
► A copy of VAT registration.
► The proof of use of EBM.
The financial proposal should be tax inclusive and must show the cost of each year.
- Evaluation of bids
Form for technical evaluation
|
N° |
Evaluation criteria |
Marks |
|
a) |
Specific experience in auditing |
|
|
Firm Experience |
/20 |
|
|
Qualifications and Experience of people assigned to the mission |
||
|
Team Leader |
/15 |
|
|
Other people assigned to the mission |
/20 |
|
|
Subtotal 1 |
/55 |
|
|
b) |
Suitability of the proposed methodology and the work plan for the terms of reference |
|
|
Technical and methodological approach (including the understanding of the mission and the methodology for its implementation) |
/25 |
|
|
Work Plan (Including activities to be done, the schedule of implementation and assignment of auditors) |
10 |
|
|
Subtotal 2 |
/35 |
|
|
c) |
Support documents required |
/10 |
|
Subtotal 3 |
/10 |
|
|
Total |
/100 |
Technical proposal will have a 70% weighting and the financial proposal will be weighted at 30%.
- Submission of bids
The technical and financial proposals will be submitted in two separate envelopes. The bids shall be submitted in three copies including one original and two copies.
Bids will be submitted in sealed envelopes and addressed to the Director General of SOSOMA Industries Ltd, P.O. Box 6779 Kigali no later than 14th March 2024 at 10:00 a.m. Rwandan time. Bids should be marked “Technical Proposal for the audit of SOSOMA Industries Ltd, 2024, 2025 & 2026 fiscal years” for the technical proposal and “Financial Proposal for the audit of SOSOMA Industries Ltd, 2024, 2025 & 2026 fiscal years” for the financial proposal.
The public tender-opening session will be held on 14th March 2024 at 10:30 a.m. Rwandan time. The date of opening the financial proposals will be notified to bidders who will have obtained a score of at least 70% in the technical proposal. The financial proposals of bidders who will not have at least 70% in the technical proposal will not be opened.
Done at Kigali, 06 March 2024
MUSAFIRI Jean Pierre
Director General
Director General
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