Evolution is a registered organization committed to empowering Pakistan's youth and professionals through various development projects, including training, counseling, consultancy, and social initiatives. We invite qualified audit firms to submit proposals for conducting a QCR-rated yearly audit of our financial statements, ensuring compliance with regulatory standards and enhancing transparency in our operations.

For more information please visit our website at: https://evolution.com.pk/

Background

Evolution has successfully implemented over 18 grant projects, impacting more than 15,000 graduates across 150+ cities in Pakistan. Our key focus areas include educational exchanges, youth development, teacher/school development, and socio-emotional development. The selected audit firm will be responsible for ensuring the accuracy and integrity of our financial reporting.

Scope of Work

The audit firm is expected to perform the following tasks:

1. Annual Audit: Conduct a comprehensive audit of Evolution's financial and HR for the fiscal years 2022-2023 and 2023-2024. This audit should cover the examination of General Ledgers, Bank Reconciliation Statements, Petty Cash Statements, Journal Vouchers, Procurement Processes & Documentation, Quarterly Project Financial Reports, Chart of Accounts, Allocated Budget Heads, Projects Payroll, Compliance with Withholding Taxations, Company Annual Returns, Cash Flow Statements, and related notes.
2. Compliance Check: Ensure that all financial statements comply with organizational policies and local regulations.
3. Internal Controls Review: Assess the effectiveness of internal controls over financial reporting and provide recommendations for improvement.
4. QCR Compliance: Conduct the audit in accordance with Quality Control Review (QCR) standards to ensure compliance and rating.
5. Reporting: Prepare and submit a detailed audit report, including any significant findings, discrepancies, or recommendations.
6. Meetings: Engage in discussions with Evolution's management and Board of Directors to review audit findings and address any queries.

Eligibility Criteria

The audit firm must meet the following criteria:

1. Registration and Licensing: Must be registered with relevant regulatory bodies and have a valid license to conduct audits.
2. Experience: Proven track record of conducting QCR-rated audits, with experience in auditing non-profit or social development organizations.
3. Qualified Team: The audit team should include members with relevant certifications (e.g., CA, ACCA) and experience in the non-profit sector.
4. References: Provide references of at least two clients for whom similar services have been provided.

Proposal Requirements

Interested firms are requested to submit their proposals, including:

1. Firm Profile: Overview of the firm, including experience and qualifications of the audit team.
2. Approach and Methodology: A detailed description of the audit process, including timelines and deliverables.
3. Fee Structure: A comprehensive breakdown of fees, including any additional costs.
4. Compliance Statement: Confirmation that the firm meets the eligibility criteria and agrees to the scope of work.
5. References: Please share company profiles and contact information for at least three clients.

Timeline

• RFP Issuance Date: September 12, 2024
• Proposal Submission Deadline: September 20, 2024
• Final Selection: September 30, 2024
• Audit Commencement: November 10, 2024
• Audit Completion: December 31, 2024

Terms and Conditions

1. Evolution reserves the right to reject any or all proposals without assigning any reason.
2. All costs associated with the preparation and submission of the proposal shall be borne by the bidding firm.
3. The audit firm must maintain the confidentiality of all information obtained during the audit process.