Potohar organization for Development Advocacy (PODA) Need proposal bid for external audit is to assess the financial and operational aspects of the Reduce Early Marriages to Enhance Gender Equality the period from 01 December 2023 to 30 November 2024 in 41 districts of Punjab by using ISA Framework 800/805 for the review. The audit aims to provide an independent evaluation of the project's financial transactions, compliance with relevant regulations, and the effectiveness of internal controls.

Tasks and Deliverables:

Preliminary Meeting:

• Schedule and conduct a preliminary meeting with key stakeholders to understand the project's objectives, scope, and any specific concerns.

Risk Assessment:

• Perform a risk assessment to identify potential areas of concern or focus for the audit. Enhance risk reporting by identifying materialized and emerging risks along with mitigation measures. Consider including contingency plans for known external risks that could affect timelines or costs.
• Evaluate the effectiveness of risk management processes in place.

Financial Audit:

• Examine financial records, transactions, and statements for accuracy and compliance with accounting standards. Also ensure budgets and reporting formats align with RNE-approved templates. Internal financial reports should be well-integrated with the audit, and auditors must use the RNE approved budgets and templates for verification.
• Verify the completeness and accuracy of financial data.
• Include more use of quantitative data to demonstrate progress against baselines and targets, ensuring alignment with the project’s objectives.

Compliance Audit:

• Review the project's compliance with applicable laws, regulations, and contractual agreements. Kindly refer to Clauses 3.1 – 3.4 of the agreement for further details.
• Identify any instances of non-compliance and provide recommendations for corrective action.

Operational Audit:

• Assess the efficiency and effectiveness of operational processes and controls.
• Identify opportunities for improvement in operational procedures.

Internal Control Evaluation:

• Evaluate the adequacy and effectiveness of internal controls in place.
• Provide recommendations for strengthening internal controls where necessary.

Reporting:

• Prepare a comprehensive audit report summarizing findings, conclusions, and recommendations. Provide a clear and easily readable final audit report, incorporating feedback from the previous year’s management letter
• Present the audit report to the project stakeholders in a formal meeting.

Follow-up:

• Conduct a follow-up review to ensure that recommendations from the audit are implemented.
• Provide guidance on corrective actions and improvements.

Timeline: The audit will commence on 17 January 2025 and is expected to be completed by 31 January 2025. The reporting and follow-up activities will be completed within 5 after the completion of fieldwork.

Communication: Regular status updates and interim findings will be communicated to the project stakeholders throughout the audit process.

Point of Contact: For the duration of the audit Khawaja Ahmed Finance Manager Mobile No 03135640817 will serve as the primary point of contact for the audit team.

Approval: This Scope of Work must be reviewed and approved by both parties before the commencement of the audit.