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Makazi Bora Finance Ltd (MBFL) was registered on 19th August 2019 as company limited by shares under Companies Act, Cap. 212 of 2002, with Registration No. 139725735. MBFL evolved from Habitat for Humanity Tanzania (HFHT) which was a registered Non-Governmental Organization under the Societies Ordinance with Registration Number SO 8677. Habitat for Humanity Tanzania (HFHT) which was established in 1986 with objective of improving housing standards for low income families under support of Habitat for Humanity International (HFHI). HFHT operated in various regions in Tanzania by designing and developing housing projects with contribution of skilled labor and durable materials. Houses were then given to households in terms of subsidized loans. In 2009, HFHT changed its operating model and introduced a housing microfinance programme namely, Makazi Bora. In this programme, HFHT issued loans (financing) to low- and middle-income families for incremental construction and house improvements. In June 2019 there were global changes at HFHI and the same necessitated closure of housing microfinance programmes in some countries, including Tanzania. Therefore, in August 2019 a new company known as Makazi Bora Finance Ltd (MBFL), was formed in order to take over microfinance services that were being provided by HFHT. The company started its operations in October 2019.
Opportunity: Terms Of Reference For External Audit Services
SUMMARY OF THE PROJECT
To conduct statutory audit in accordance with international Financial reporting standards and comply with Companies Act. The Audit will be performed so as to obtain a reasonable assurance that the accounts are free from material misstatement. The audit should include examination, on a test basis of evidence and disclosure in the accounts. It should include an assessment of significant estimates and judgements made by the directors in the preparations of the accounts and whether the accounting policies are; appropriate in the Company’s circumstances, consistently applied and adequately disclosed.
OBJECTIVE AND SCOPE OF WORK
The successful bidder will provide an external audit service, advisory and consultative services (preventive and supportive) and audit review on Risk management, Internal controls, Information system and business continuity. The scope of work to include but not limited to the following.
- To conduct annual review of financial statement for the year ending 31st December 2021 in accordance with international standards on auditing (ISA) and any relevant regulation issued by regulators;
- To conduct review on compliance of Microfinance Act and its regulations.
- Express an independent and professional opinion explaining if the Makazi Bora Finance Limited financial statements present fair view in all items;
- To issue the audit report to management.
- Ensure timely and proper reporting of any deficiency found during audit and certification of financial statement for the year ending 31st December 2021.
- Ensure proper communication with management and board of directors.
- To issue management letter for annual audit engagement.
- Review the effectiveness and efficiency of the financial and human resource management process.
- Appraising the effectiveness and efficiency with which resources are employed and identifying opportunities to improve operating performance.
- Review the reliability and integrity of financial and operating information and the means used to identify measure, classify and report such information.
- Review the systems established by management to ensure compliance with those policies, laws, regulations and controls that could have a significant impact on operations and determine whether the organization is in compliance with its financial, administrative and property management procedures and other relevant legislation that governs the organization.
- Ensure that the organization adheres to the corporate governance requirements as prescribed in the organization’s internal rules and regulations.
- Reviewing operations to ascertain whether the results are consistent with established objectives or goals and whether the operations are being carried out as planned.
As per relevant regulations, the external audit shall conduct his/her work in accordance to international standards on auditing (ISA) and International financial reporting in the time settled by management and regulators and certification of financial statement will result in an independent opinion of whether financial statement of Makazi Bora Finance Limited present fair view.
The duration of the contract is three (3) years
Requirement of External Auditor
- A firm should be duly established in Tanzania, registered by the National Board of Accountant and Auditors and possessing all other necessary licenses to operate.
- The firm should have relevant experience in auditing similar organizations.
- The auditor must be completely impartial and independent from all aspects of management or financial interests in the entity being audited.
MODE OF SUBMISSION OF PROPOSAL
Interested applicants should send their applications with their respective CVs with both Technical and Financial Proposals to:
The Board Chairperson,
Makazi Bora Finance Limited,
P O. Box 31451,
Dar Es Salaam
Email: [email protected]
So as to reach him not later than 15th January 2022
Please be informed that only shortlisted candidates will be contacted.