The Financial Technologies Service Providers Association (FITSPA) is an independent, nonprofit, membership-based organization that aims to create a conductive environment to stimulate innovation in the financial services sector by increasing access to affordable financial services through ICT and promoting inclusion in a suitable way.

FITSPA invites proposals from qualified audit firms to provide audit services with reference to the organization’s financial statements for the financial year 2021/2022.

Terms of Reference of the Auditor

The External Auditor shall be required to perform the audit in accordance with the terms of reference below.

  1. Conduct an independent audit of FITSPA in line with International Standards on Audit and International Financial Reporting Standards.
  2. Express an opinion on whether the financial statements of FITSPA give a true and fair view of the financial position and performance of the organization.
  3. Review and evaluate FITSPA’s internal control system and environment and advise management and the board on the adequacy and effectiveness of the system and proposals for its improvement.
  4. Assess utilization of resources for effectiveness, efficiency and economy as well as identifications of opportunities for improvement.
  5. Assess the organization’s adherence to corporate governance requirements and legislation that govern the organization.
  6. General review of implementation of programs to ascertain whether they are consistent with program objectives as set in program designs.

Required Profile of the Audit Firm

Bidding firms will be required to meet the following criteria:

  1. Be registered with the Institute of Certified Public Accountants of Uganda (ICPAU) and must hold a current practicing certificate.
  2. Should have been in operation for at least three years and undergone a quality assurance review by ICPAU.
  3. Should demonstrate capacity, capability and experience required to undertake the audit within required timelines.
  4. Should demonstrate sufficient experience in auditing Not-for-Profit organizations.

Submission of proposals

Firms meeting the above criteria are required to submit their proposals which should contain, but not limited to, the following:

  1. Confirmation of the firm’s understating of the Terms of Reference (ToRs), its capacity and capability to deliver on the ToRs.
  2. The methodology, work plan and timelines for undertaking and completing the assignment and the deliverables.
  3. Experience of the firm in relation to the scope of audits for Not-for-Profit organizations.
  4. CVs of key staff proposed to carry out the assignment.
  5. Procedures used to relay and communicate audit adjustments and the reasons for them, along with management recommendations to the responsible personnel within the organization structure.
  6. The fees proposed to conduct the audit.
  7. Eligibility - Proof of registration with ICPAU and copies of partner(s)’ practicing certificates and confirmation of having undergone a quality assurance review by ICPAU.
  8. A list of clients for which the firm has performed similar assignments and details of at least three prior audit assignments including the contact details for these assignments.

Evaluation of proposals

Submitted proposals will be evaluated by the FITSPA Finance and Administration Committee and will take

into account, inter alia, the following evaluation criteria:

  1. The audit firm’s independence and has no conflict of interest with regard to any other work performed by the firm for FITSPA.
  2. The firm’s adherence to the instructions in this call.
  3. The firm’s qualifications, experience, size and location.
  4. The firm’s past experience and performance on comparable external audit engagements.
  5. The quality of the firm’s professional personnel to be assigned to the engagement and the quality of the firm’s management support personnel to be available for technical consultation.
  6. References from persons knowledgeable of the firm’s ability to fulfill the terms of the contract.
  7. Adequacy of Audit Approach, including the specific approach to the entity wide review of internal controls and the risk assessment model.
  8. Cost.

The deadline for submission of proposals is:

Date: 15 th September 2022

Time: 5:00pm

All proposals should be addressed to:

FITSPA Finance and Administration Committee