EBA hires audit company to provide audit of Financial Statements

Terms of References

Audit of Financial Statements of European Business Association

1.1 Background

European Business Association (EBA) is an independent, non-government organization, aimed at aligning the national economy and business legislation to the EU standards, and promote European values and best business management practices in the Moldovan entrepreneurial Community.

The EBA mission is to promote ethical and lawful business practices and standards in Moldova, to insure a policy dialog, to improve the business climate to EU standards and to promote business activities between EU and the Republic of Moldova.

1.2 Objective

Objective of the audit is to enable the auditor to express a professional opinion whether the submitted financial statements are correct. The report shall cover audit results of the financial statements of the Association as of and for the year ended 31 of December 2022.

1.3 Scope

The audit shall be carried considering the National Accounting Standards and national tax legislation. The audit will include such tests and controls, as the auditor considers necessary under the circumstances.

1.4 Audit opinion

The Report shall present an assessment of the accounting and financial management situation, validity of the accounting information, statutory financial statements and compliance with the national accounting and tax legislation.

The Audit Report should indicate clearly the Audit opinion, methodology and scope of the audit. The audit report shall be presented in English in hard and soft copies.

The audit report shall contain recommendations on improving the overall management policy of the organization, concrete recommendations on improving certain internal procedures related to operational management, accounting or financial management, as well as the tax review for the 2022.

The Audit report is a public document and shall be submitted to the Members of the Association or to other interested parties.

1.5 Management Letter

Before presenting the Audit Report, the Auditor shall present the Management Letter which will clearly include the conclusions of the audit missions, recommendations to address the identified issues based on a priority approach.

1.6 Conditions and requirements

The auditor will be given access to all documents associated with EBA deemed necessary by the auditor. EBA personnel will cooperate fully with the auditor and will make available to the auditor whatever records, documentation and other information is requested by the auditor in connection with the audit.

The audit shall be carried out by an external, independent and qualified auditor in accordance with national standards mentioned above.

The auditor shall present a time schedule for the audit including dates when draft audit Reports and Management Letters will be submitted.

1.7 Qualification criteria

The Auditor shall comply with the following qualification criteria:

  1. Audit Experience (Experience in auditing NGOs/Business Support Organizations shall be an advantage)
  2. Auditor’s Qualification
  3. Audit timeline and the deadline for submitting the Audit Report
  4. Price

EBA will use the following evaluation criteria in assessing the proposals:

i.          Specific experience of the Audit Company related to the assignment;

ii.          Experience in auditing non-profit, non-governmental organizations and donor-funded projects;

iii.          Adequacy of the proposed work plan and methodology in responding to the Terms of Reference;

iv.          Ability to meet audit deadlines;

v.          Competitive Price.

1.8 Review and Acceptance of Audit Work and Report

The Auditor shall conduct an Exit Interview with EBA management after the completion of fieldwork to discuss its preliminary audit findings and allow the EBA management to clarify any misunderstandings that may have arisen during fieldwork, and to request formal, written comments for inclusion into the Draft Management Letter.

1.9 Terms of Performance

The audit shall be performed in March - April 2023.

The deadline for presenting the report is April 30th 2023

1.10 Deliverables

Deliverables are as follows:

1. Planning Document. This deliverable shall include a detailed Audit Program with clearly established milestones for completing the audit.

2. Draft Audit Reports. This deliverable shall include an indexed draft audit report to include an opinion on the financial statements tax reviewand a draft management letter.

3. Final Audit Reports. This deliverable shall include a final audit report to include an opinion on the financial statements and a management letter.

The auditor’s opinion shall contain the responsible auditor’s signature, not just the audit firm.

The auditor shall make recommendations to address any weaknesses identified. The recommendations should be presented in priority.

1.11. Application package

The applicant should submit the following documents:

  • Copy of license;
  • A CV reflecting the relevant experience of the applicant(s). It should also include the CVs of each member of the team that will be involved in performing the assignment;
  • Proposed work plan and methodology in responding to the Terms of Reference;
  • A tentative timetable;
  • Fee proposal for annual audits and project specific audits.

1.12 Submission

Please be so kind to send your offers no later than November 01st 2022 to: