Call for Tender - Audit Services for IMS Local Partners

International Media Support (IMS) is seeking the services of an independent qualified appropriately audit firm to conduct audits of seven local partners in Moldova. The audits are to be carried out in accordance with international audit standards (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) and the standards of the International Federation of Accountants (IFAC) and the International Organization of Supreme Audit Institutions (INTOSAI).

Scope of Work:

• Audit Objectives and Scope:

• The objective is to audit seven (7) financial reports for the period 1 February 2025 - 31 March 2025 and to express an audit opinion according to ISA, applying ISA 800/ ISA 805, on whether the financial report is in accordance with the organization’s accounting records and IMS contract agreement and annexes. An audit report shall be prepared for each financial report audited, resulting in the submission of seven (7) audit reports. 
• Kindly note that the commencement of the work is scheduled for one week following the assignment, and it is required to be completed within a four-week period.

• Reporting Requirements:

• The reporting shall be signed by the responsible auditor (not just the audit firm) and shall include the title of the responsible auditor.
• The audit shall be conducted in accordance with IFAC and INTOSAI standards, ensuring compliance with good public auditing practices and performance auditing principles.
• The reporting shall include an independent auditor’s report in accordance with the format in standard ISA 800/805 and the auditor’s opinion shall be clearly stated. The financial report that has been the subject of the audit shall be attached to the audit report.
• The reporting shall also include a Management Letter disclosing all audit findings and weaknesses identified during the audit process. The auditor shall make recommendations to address the identified findings and weaknesses. The recommendations shall be presented in priority order and with a risk classification. 
• If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting. 

• Additional Mandatory Procedures:

The additional assignment according to agreed upon procedures ISRS 4400 as per below points shall be reported separately in an “Agreed-upon procedures report”. 

1. Observe whether the financial report is structured to allow direct comparison with the latest approved budget.
2. Inspect whether the financial report provides information regarding:

1. Financial outcome per budget line (both incomes and costs) for the reporting period and columns for cumulative information regarding earlier periods under the current agreement.
2. When applicable, compare if the opening fund balance for the reporting period matches with what was stated as the closing fund balance in the previous reporting period. 
3. It is essential that IMS project funding is clearly segregated from other funds to ensure transparency and accountability.
4. A disclosure of exchange gains/losses. Inquire and confirm whether the disclosure includes the entire chain of currency exchange from IMS disbursement to the handling of the project/programme within the organisation in local currency/ies, if applicable.
5. Explanatory notes, including but not limited to accounting principles applied for the financial report, should be provided. In the absence of such notes, the accounting principles applies in the financial report must be inquired into and inspected. 
6. Amount of funds that has been forwarded to implementing partners, when applicable.

3. Inquire and inspect with what frequency salary costs during the reporting period are debited to the project/programme. 
   1. Inquire and inspect whether there are supporting documentation for debited salary costs.
   2. Inquire and inspect whether actual time worked is documented and verified by a manager. Inquire and inspect within which frequency reconciliations between debited time and actual worked time is performed.
   3. Inspect whether the partner complies with applicable tax legislation regarding personal income taxes (PAYE) and social security fees.
4. Inspect and confirm that the unspent fund balance (according to the financial report) at the end of the reporting period is in line with information provided in the accounting system and/or bank account. 
5. Inspect and confirm the unspent fund balance (including exchange gains) in the financial report and confirm the amount that shall be repaid to IMS.

Submission Requirements:

Interested audit firms are requested to submit their proposals, including the following:

• Certification as audit firm in Moldova. Audit firms must provide proof of their certification as a qualify audit firm in Moldova
• A Detailed Audit Plan and Methodology. Audit firms must provide a comprehensive audit plan and methodology, outlining the approach and techniques they will employ to conduct the audit effectively.
• Compliance with Standards. Audit firms must confirm their compliance with international audit standards, such as ISA, IFAC, and INTOSAI. 
• Professional Profiles of the Audit Team. Aduit firms are required to furnish professional profiles of the audit team members, detailing their qualifications, experience, and roles withing the team.
• A Timeline for the Completion of the Audits. Audit firms must include a timeline for the completion of the audits, specifying key milestones and deadlines to ensure timely delivery of the audit services.
• A financial proposal outlining the cost of the audit services. Audit firms must submit a financial proposal that clearly outlines the cost of the audit services, including any additional expenses that may be incurred.
• References and Past Experience. Audit firms must provide references from previous clients and details of their experience in conducting similar audits.
• Ethical Standards and Code of Conduct: Require the audit firms to provide their ethical standards and code of conduct, ensuring they operate with integrity and professionalism.
• Conflict of Interest Statement. Request a statement from the audit firm disclosing any potential conflicts of interest that may affect their ability to conduct an impartial audit. 

Deadline for Proposals Submission:

Please submit your proposals by 30 April 2025 COB to Marcel Blanuta, IMS Moldova Grants Manager, at mbl@mediasupport.org. 

We look forward to receiving your proposal and working with you to ensure the successful completion of this important project.