Call for EOI: Project Auditor (EFPNC Project Phase III)

ABOUT THE ORGANIZATION

“A world where every child is educated, safe, and loved”

The BlinkNow Foundation is a 501(c)(3) based in New Jersey which, through its country office in Nepal, oversees programs in rural Nepal including a school, a children’s home, and a women’s training center. We do this with our local implementing partner for EFPNC project, Kopila Valley Sewa Samaj, and through close ties with the local community. Our mission is to change the world by empowering Nepal’s children.

ABOUT THE ROLE

The audit firm shall conduct an independent review and verification of the project (Mid Project, and Project End) books of account, reports, and documents maintained by BlinkNow Foundation Nepal in accordance with the International Standards on Auditing (ISA) and the Nepal Standards on Auditing (NSA), thereby providing reasonable assurance to the management and the Board. 

Provide BlinkNow Foundation Nepal with a Management Letter and the audited Financial Statements of the EFPNC Project (Mid term project audit and final audit of the five year project tenure of EFPNC project) expressing an audit opinion on whether these statements present a true and fair view of the income, expenditure, and financial position as of the reporting date of the fund accountability statement. 

EXPECTED OUTPUT FROM THE AUDITOR

The audit firm shall:

1. Complete the five-year project audit in two part (Mid Term Audit, and Final Audit) of BlinkNow Foundation for the project named “Education-Focused Program for the Needy Community in Surkhet District, Karnali Province Phase - III”
2. Audit the annual books of accounts of the organization including the projects and programs implemented by it and issue an audit report expressing an independent opinion as to whether the annual financial statements of Blink Now Foundation Nepal reflect the true and fair picture of the state of operation. 
3. Prepare and discuss a draft audit report with BlinkNow Foundation Nepal for feedback on audit findings, and submit the final audit report, incorporating BlinkNow's comments, along with audited financial statements and the Letter of Representation. The report shall also include the labour audit report.
   

AUDIT DELIVERABLES

The audit firm shall perform an audit of income, expenditure and fund balances of Blink Now Foundation Nepal along with significant accounting policies and explanatory notes thereon if any and make available to Blink Now Foundation Nepal, the management letter and the financial statement expressing audit opinion as to whether these statements present true and fair picture of income, expenditures and the financial position on the date of fund accountability statement.

The responsibility for preparation of the statement of income, expenditure and fund balances lies with the management of Blink Now Foundation Nepal.

The Audit firm shall conduct the independent review and verification of the annual books of accounts, reports and documents maintained by the BlinkNow Foundation in accordance with International Standards on Auditing (ISA) as well as Nepal Standard on Auditing (NSA) which provide reasonable assurance to the management and board. This includes verifications but not limited to:

1. Checking of annual organizational and project accounts confirming correctness of the documentation in correspondence to the financial regulations of the Blink Now Foundation Nepal and applicable tax and other regulations of the government of Nepal.
2. The regularity of the use of funds according to norms of the organization, its budget and donors agreements, with random check of vouchers;
3. The regularity and efficiency of the accounting and internal control systems set up for the business operation;
4. The regularity of the award procedure for supplies and services within the scope of annual organization budget as well as project budget;
5. The formal correctness of the annual statement of accounts;
6. The compliance of the Nepal government’s tax and other regulatory requirements;
7. The compliance of the Nepal government’s labour rules, social security rules and regulations;
8. The auditing to check whether documentation pertaining to organization and project implementation complies with the requirements of the government, donors and the organization itself.

Apart from above, the audit firm shall conduct detail verification and substantive checking of transactions as well as inventory, fund balance and final receivable/payable of Blink Now Foundation Nepal based on various types of relevant sup-porting documents, books and records maintained at the Blink Now Foundation Ne-pal’s office to ensure:

1. Transactions are properly authorized.
2. Transactions are properly recorded.
3. Transactions are properly supported.
4. Transactions are for the Blink Now Foundation Nepal purposes.
5. Costs are actually incurred, identifiable and verifiable
6. Expense incurred in compliance with the applicable laws, donor requirements, accounting standards, organization policies
7. Cost incurred within the fiscal year respective to statutory and tax audit
8. Expense incurred is within permissible limit by the budget and in line with program objectives
9. Expense incurred appropriately recorded in books of accounts of Blink Now Foundation Nepal and its implementing partners
10. Expenses are charged to correct account codes and budget line
11. Transactions are properly valued, summarized and reported in the Blink Now Foundation Nepal’s financial overview for the period.
12. Correct fund balances - cash, advance, payable and bank do exist.
13. Correct inventory balances do exist and in proper condition and in authorized use. Correct receivable and payable balances are reported

The auditor shall also carry out physical verification of cash document, inventory balances, expendable and non-expendable assets including various safety and communication equipment, request for obtaining direct confirmation of bank balances for their reconciliation, confirmation of other receivables/payables, confirmation of any due with parties concerned such as suppliers, staff advance, banks etc.
The auditor shall check different aspects of internal control system adopted in daily operation of Blink Now Foundation Nepal taking into account the following factors: 

1. Transactions are executed in accordance with the management’s general and specific authorization.
2. All transactions are promptly recorded in the correct amount in the appropriate amount and in the accounting period in which it is executed.
3. Assets are safeguarded from unauthorized access, use or disposition.
4. Proper operating and accounting procedures are implemented to ensure accracy and reliability of the accounting data. 
5. Review of work of one individual by the other whereby the possibility of fraud or error in the absence of collusion is minimized.
6. Assess the accounting principles used and evaluate the overall financial   statements presentation,
7. Assess the risk on programs implementation through partners,
8. Assess the adequacy and implementation of internal control system.
9. Conduct risk assessment and compliance checks in Blink Now Foundation Nepal central and project operation

REQUIRED

1. Must be a certified member of ICAN (Institute of Chartered Accountants of Nepal), and the audit firm must be registered with ICAN to perform statutory audits.
2. Proven track record in statutory audits, preferably with experience in NGOs/INGOs
3. Thorough knowledge of Nepal Financial Reporting Standards (NFRS) and International Financial Reporting Standards (IFRS), and proficiency in International Standards on Auditing (ISA) and Nepal Standards on Auditing (NSA).
4. Understanding of Civil Society Organization (CSO) regulations, donor compliance, and fund accounting is an advantage
5. Ability to assess financial statements for accuracy, completeness, and fairness, Identify weaknesses and recommend improvements on internal control system
6. Ability to clearly explain findings to management and provide actionable recommendations beyond just reporting errors. 

AUDIT PERIOD (Project Audit)

1. Mid Term Project Audit (audit after 2 and half years of project implementation of 5 year project)
2. Final Audit of the Five Year Project (After March 2028).

APPLICATION PROCESS

Interested Audit Firm are invited to submit their proposal that clearly states an audit fee, a cover letter outlining their approach and relevant experience; and PAN/VAT or company registration Documents.