Auditor – Fair Finance Asia 2 (INT10197)

For Oxfam Pilipinas

Philippine Nationals Only

*** This is an urgent recruitment and applications will be reviewed as we receive them.

 

Oxfam is a global movement of people working together to end the injustice of poverty.

 

 

Background

 

About Oxfam

Oxfam is a vibrant global movement of passionate, dedicated people fighting poverty together. People power drives everything we do. From saving lives and developing projects that put poor people in charge of their lives and livelihoods, to campaigning for change that lasts. That is Oxfam in action. If you share this vision and commitment, then you are exactly who we are looking for.

About the Assignment

Oxfam Pilipinas Inc. (OPH) wishes to engage the services of an audit firm for the purpose of auditing the Fair Finance Asia project of OPH as stipulated in the agreement between the Embassy of Sweden in Bangkok, Thailand for the Swedish International Development Cooperation Agency (Sida) and Fair Finance Asia. The audit shall be carried out in accordance with international audit standards (ISA) issued by IAASB . In addition, an assignment according to International Standards on Related Services (ISRS) 4400 shall be carried out. The audit and the additional assignment shall be carried out by an external, independent and qualified auditor.

Organization Background:  

OPH is a member of Fair Finance Philippines (FFP) a consortium of different organizations being led by The Initiatives for Dialogue and Empowerment through Alternative Legal Services or IDEALS. The role of OPH under the FFP is focused on Just Energy Transition and developing a gender framework on JET. Under this project, OPH is working close with the Womens Legal and Human Rights Bureau (WLB), Inc.

Objectives

1.1  To audit the financial report according to ISA 800/805

This audit will review the programme implementing and activities which manage by Oxfam Pilipinas. The audit will require to express an audit opinion according to ISA, applying ISA 800/ISA 805, on whether the financial report submitted by OPH to Fair Finance Asia is in accordance with OPHs accounting records and Sida’s requirements for financial reporting as stipulated in the agreement including appendices between Sida and Oxfam (Agreement).

1.2  Agreed Upon Procedure: ISRS 4400

Mandatory procedures that must be included:

1. Observe whether the financial report is structured in a way that allows for direct comparison with the latest approved budget[1].

2. Observe and inspect whether the financial report provides information regarding:

a. Financial outcome per budget line (both incomes and costs) for the reporting period and columns for cumulative information regarding earlier periods under current agreement.
b. When applicable, compare if the opening fund balance[2] for the reporting period matches with what was stated as closing fund balance in the previous reporting period.
c. A disclosure of exchange gains/losses. Inquire and confirm whether the disclosure includes the entire chain of currency exchange from Oxfam’s disbursement to the handling of the project/programme within the organisation in local currency/ies, if applicable.
d. Explanatory notes (such as, for instance, accounting principles applied for the financial report).
e. Amount of funds that has been forwarded to implementing partners, when applicable.

3. a) Inquire and inspect with what frequency salary costs during the reporting period are debited to the project/programme.

Choose a sample of three individuals for three different months and:

b. Inquire and inspect whether there are supporting documentation[3] for debited salary costs.

c. 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.

d. Inspect whether the organization comply with applicable tax legislation with regard to personal income taxes (PAYE)[4] and social security fees.

4. a) Inspect and confirm that the unspent fund balance (according to the financial report) at the end of the financial year is in line with information provided in the accounting system and/or bank account.

b) Applicable the final year: Inspect and confirm the unspent fund balance (including exchange gains) in the financial report and confirm the amount that shall be repaid to Sida.

5. a) Obtain a list of all purchased services and goods during the reporting period. Choose three sample of different type of procurements.

b) Inspect and confirm whether the selected transactions are complied with the procurement guidelines annexed to the agreement.

1.3  Follow up of funds that are channelled to implementing partners

N/A

1.4  The Reporting requirement from Auditor

The reporting shall be signed by the responsible auditor (not just the audit firm[5]) and shall include the title of the responsible auditor.

 

Reporting from the ISA assignment

The reporting from the auditor 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 that discloses all audit findings, as well as 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.

 

Measures taken by the Cooperation partner to address weaknesses identified in previous audits shall also be presented in the Management Letter. If the previous audit did not have any findings or weaknesses to be followed-up on, a clarification of this must be disclosed in the audit reporting.

 

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.

 

Reporting from the ISRS 4400 assignment

The additional assignment according to agree upon procedures ISRS 4400 under section II, shall be reported separately in an “Agreed-upon procedures report”. Performed procedures should be described and the findings should be reported in accordance with the requirements in the International Standard on Related Services 4400. 
When applicable, the sample size shall be stated in the report.

Scope of Work

1.    Audited Financial Report
2.    Management letter (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) 
3.    Agreed-upon procedures report

 

Period of Engagement :  February 28, 2024 until April 30, 2024

Other Responsibilities

• Adhere to Oxfam’s principles and values as well as the promotion of gender justice and women’s rights.
• Perform priority organizational tasks related to his/her competencies as may be assigned from time to time.

 

Organizational Values:

• Accountability – Our purpose-driven, results-focused approach means we take responsibility for our actions and hold ourselves accountable. We believe that others should also be held accountable for their actions
• Empowerment – Our approach means that everyone involved with Oxfam, from our staff and supporters to people living in poverty, should feel they can make change happen
• Inclusiveness – We are open to everyone and embrace diversity. We believe everyone has a contribution to make, regardless of visible and invisible differences.

 

Our values and commitment to safeguarding

Oxfam is committed to preventing any type of unwanted behaviour at work including sexual harassment, exploitation and abuse, lack of integrity and financial misconduct; and promoting the welfare of children, young people and adults. Oxfam expects all staff and volunteers to share this commitment through our code of conduct. We place a high priority on ensuring that only those who share and demonstrate our values are recruited to work for us.

 

Note: All offers of consultancy will be subject to satisfactory references and appropriate screening checks, which can include criminal records and terrorism finance checks.