Terms of Reference for Provision of External Audit Services
ASA Rwanda is a part of the ASA International group, one the foremost and finest Microfinance groups globally. Registered in 2014 and Approved by BNR in 2016.

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Learn more about ASA Microfinance (Rwanda) Plc
ASA Microfinance (Rwanda) Plcjobs in Rwanda

About ASA Microfinance Rwanda PLC
ASA Microfinance (Rwanda) Plc (subsequently referred to as “ASA Rwanda” or the Company), is a subsidiary of ASA International Holding Ltd. that is a Public Limited Company registered in Mauritius. ASA Rwanda was registered in 2014 and is licensed by Central Bank of Rwanda (BNR) as a Microfinance institution. The Company started operations in 2016 and is currently working countrywide with thirty(30) branches. It aims specially to work for alleviating poverty through providing small, socially responsible loans to low-income entrepreneurs, most of whom are women, across the Country. The Company has a strong commitment to financial inclusion and socioeconomic progress. the country. It is to be noted that, ASA International Group Plc has established microfinance institutions in different countries of Asia and Africa in a bid to bring low-income people in the financial system and it is listed on London Stock Exchange.
ASA Rwanda needs an external Auditor/Auditing Company to provide external audit services in accordance with International Standards on Auditing (ISAs) and International Financial Reporting Standards (IFRSs). This certification of financial reports shall be conducted for the year ending 31 December 2022.
Scope of work
The external auditor shall be required to perform risk-based audits for the year ending 31 December 2022 through:
• Conducting independent audits of ASA Rwanda’s operations in line with International Standards on Auditing (IAS) and International Financial Reporting Standards (IFRSs) as required by Rwandan company law.
• Expressing an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting standards and frameworks, whether ASA Rwanda has maintained proper books of accounts, and whether the accompanying financial statements give a true and fair view of the financial position and performance of the organization
• Reviewing and evaluating ASA Rwanda’s internal control system and advising Management and the Board on adequacy/effectiveness of the system and proposals for its improvements
• Issuing audit report to management and Board of Directors as well as to the Regulator (BNR).
• Assessing and reporting on ASA Rwanda’s compliance with laws and regulations.
• Certification of audited financial statements for tax filing.
• Review and reporting on the filing of returns with RRA for the periods under audit.
Required Profile of the Audit Firm
Bidding firms will be required to meet the following criteria:
o RDB Registration certificate
o RRA Tax clearance certificate
o Be registered with the Institute of Certified Public Accountants of Rwanda (ICPAR) and must hold a current Practicing Certificate.
o Valid accreditation certificate by central bank of Rwanda (BNR) to provide audit services to microfinance institutions in Rwanda.
o Should demonstrate that it has the capacity, capability and experience required to undertake the audit within required timelines.
• The firm should demonstrate adequate experience in auditing financial institutions especially microfinance institutions.
Request for Proposal Submission
Firms meeting the above criteria are requested to submit their proposals in a sealed envelope as follows:

Technical Proposal containing:
• Confirmation of the firm’s understanding of the Terms of Reference (TORs) and its capacity and capability to deliver on the TORs;
• The methodology, work-plan and timelines for undertaking and completing the assignment, and the deliverables;
• Appropriate references to demonstrate the experience specified in the TOR;
• Provide a profile of the audit services team likely to be involved in the audit process.
Financial Proposal indicating the proposed fees for a regular audit and any incidental expenses.

Other Requirements
• Confirmation that the firm and/or its partners and key staff are not aware of any conflict of interest that may exist with respect to ASA Rwanda.
• Submission of at least three (3) certificate of completion of similar prior audit assignments.
Evaluation of Proposals

Submission Procedure
Submitted proposals will be evaluated by ASA Rwanda’s Tender Committee and will take into account inter-alia, the following evaluation criteria:
• The audit firm is independent and has no conflict of interest with regard to any other work performed by the firm for ASA Rwanda.
• The firm adheres to the instructions in this tender notice.
• The firm’s qualifications, experience, size and location.
• The firm’s experience and performance on comparable external audit engagement
• Adequacy of Audit Approach, including the specific approach to the entity wide review of
internal controls and the risk assessment model
• Cost
Instructions for submission
All proposals should be submitted by 12:00, Kigali Time on Friday, 29th March 2022 through the
email address procurement_committee@asarwanda.rw
Approved by
Md. Jamilur Rahman Chowdhury
Managing Director