HEVA FUND -External Auditor Services

Job Description

Introduction
HEVA is the region’s first dedicated investment advisory and knowledge solutions group for
the creative industries. We are a partnership registered in Kenya, working with creative
industry practitioners and business owners across 14 countries in the Eastern Africa region,
and in partnership with investors and benefactors from around the world.
Set up in 2013, the fund was set up by its founding partners who chose to shift the narrative
to address the sustainability of the cultural and creative industries in the region by providing
an innovative financing solution for creative enterprises.
Background
The objective of HEVA’s audit is to obtain reasonable assurance that the financial
statements reflect a true and fair view of the financial position of the fund. The audit will be
performed in accordance with International Financial Reporting Standards (IFRS) and
International Standards on Auditing (ISAs).
The audit report will include an Independent Auditors Report (Opinion) on the financial
statements. In line with the above, HEVA is seeking services of an External Auditor to deliver
on the objectives and scope of services reference below;
Objective of the Audit
The key objective of the audit will be to enable the auditors to express an opinion on
whether the financial statements are prepared in all material aspects, in accordance with
the applicable financial reporting standards and frameworks, whether the Fund has
maintained proper accounting records, and whether the accompanying financial statements
show a true and fair view of the Fund’s financial position.
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Scope of the Audit:

1. Conduct an independent audit of HEVA’s activities of the financial period 1st January to
   31st December in accordance with international auditing standards and International
   Financial Reporting Standards.
2. Review and evaluate the Chamber’s internal control and risk management and advise
   the management on the adequacy and effectiveness of the systems.
3. Provide value addition services consistent with a statutory audit of this nature of an
   organization.
4. Appropriate supporting documents, records and books of accounts relating to all
   activities have been kept. Clear linkages should exist between the books of accounts
   and the financial statements presented to HEVA.
5. Express an opinion as to the reasonableness of the financial statements in all material
   respects.
6. Identify specific deficiencies or areas of weakness in systems and controls and bring
   them to the attention of management.
7. Make recommendations to resolve or eliminate internal control weaknesses noted during
   the audit.
8. Prepare an audit report that includes whether the financial statements present the
   HEVA’s financial position and results of financial operations in accordance with generally
   accepted accounting principles.
9. Review instances of non-compliance with legal requirements and any other material
   matters in a management letter, accompanied by management comments or responses
   to audit findings and recommendations.
10. Present the audited financial statements and the management letter to HEVA’s
    management. The management letter will include among other things;
    ● Give comments and observations on the accounting records, procedures,
    systems and controls that were examined during the course of the audit.
    ● Identify specific deficiencies and areas of weakness in systems and controls and
    make recommendations for improvement.
    ● Report on implementation status of prior year audit recommendations.
    ● Communicate on matters that will come out during the audit that may have a
    significant impact on the sustainability of HEVA.
    ● Bring to the board’s attention any other matters that the auditors consider
    pertinent.
    Deliverables
    The key deliverables to be expected in the assignment are;
    i. Audit Report.
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    ii. Management letter in accordance with the scope of work described above.
    iii. Qualifications
11. The firm must demonstrate experience in undertaking significant and similar
    assignments in audit for at least 5 organizations in the last 5 years.
12. The audit firm should have at least 2 (two) partners. One of the Partners must have
    at least 10 years’ auditing experience.
    Proposal Submission
    The proposal should include among other things;
13. Qualifications of the firm, Depth of the firm’s practice, Industry experience and client
    base.
14. One page statement summarizing the benefit to HEVA of engaging the firm.
15. Copy of the audit firm’s insurance certificate to demonstrate professional indemnity
    insurance cover.
16. Proposal detailing the understanding of the assignment, methodology, team
    composition, work plan, timelines, and fee structure.
17. Detailed CV’s of all the team members.
18. Practicing certificate of each of the partners to be engaged on the assignment.
19. Firm experience and three references
20. Registration documents-Certificate of incorporation/registration, KRA PIN Certificate
    and Tax compliance certificate.
    The Audit Firm is expected to carry out the audit with professionalism, diligence, and in
    accordance with the agreed terms of reference, providing a comprehensive and accurate
    assessment of HEVA’s financial position, operations, and compliance with relevant
    standards and regulations.
    Deadline for Submission
    All proposals must be submitted by 13th September 2024. Proposals received after this
    date will not be considered.
    Contact Information:
    For inquiries and submissions, please contact:
    Jane Pauline,
    Programme Administrator, HEVA Fund
    jane@hevafund.com