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REQUEST FOR PROPOSAL (RFP) FOR INTERNAL AUDIT CONSULTING SERVICES

Background
Inuka Africa is a microcredit institution founded in 2011 with the aim of providing financial services, training and capacity building to micro, small and midsize enterprises. Our mission is to provide a differentiated financial services experience to our clients, a rewarding employment experience to our staff and a positive impact in the communities we serve.

Objectives and Scope of the Internal Audit Support
Inuka Africa Ltd seeks the services of an audit consultant to work alongside our internal audit team for a period of one year so as to enhance the capacity of our internal audit function. Currently we have a two-man internal audit department that performs institution-wide internal audits, risk management and compliance. The goal of the engagement is to work alongside this internal audit team to help them:

  1. Gain exposure to different audit and risk management approaches.
  2. More effectively structure their audit approach, processes and deliverables so as to enhance the departments work output.
  3. Help the department acquire new skills especially in the areas of IT audit and risk management.
  4. Identify capacity gaps and seek ways to address the gaps for a more effective internal audit department.

Approach
It is expected that the Internal Audit Consultant will dedicate time each month to work and support Inuka Africa’s Internal Audit department. It is expected that such time dedicated will not exceed five (5) work days per month. During this time, the Internal Audit Consultant will work with the team to:

  1. Structure the overall audit approach, processes and deliverables so as to enhance the departments work output;
  2. Review internal audit charter, manual and procedures document with a view of improving the guiding documents.
  3. Review prior deliverables and reports to identify areas of improvement.
  4. Review current audit approaches and processes with the goal of optimizing them.
  5. Define the audit workplan for the period (year/quarter/month).
  6. Review work product from the previous period (month) and provide input on how to enhance deliverables and presentation.
  7. Identify capacity gaps within the team and work to build the team to address the gaps.
  8. Embed practices that will take the department to world class standards.
  9. Mentor the team to grow in the field of internal audit.

It is expected that the consultant will commence the engagement with an assessment of the department which will inform revisions to the work plan and approach if any will be required.

Deliverables
The consultant should submit to the MD and the Board Audit Committee (BAC):

  1. An inception report: This will detail the consultant’s observations after the initial assessment and propose changes (if any) to the approach and workplan. The report should provide the departments audit plan for the year and milestones the consultant aims to achieve towards building the teams capacity. This report should be submitted to the BAC by February 2020 at the latest.
  2. A monthly status update to the MD on progress against the consultants workplan. The update should identify tasks that were completed in the month, those not completed and any why, and the action to be taken.
  3. On quarterly basis, support the Internal Auditor in developing and presenting to the BAC the Quarterly Board reports.
  4. A mid-term review to the BAC on progress made, milestones achieved and emergent challenges if any. This report should be prepared and submitted to the BAC in July.
  5. An end-term review to the BAC highlighting project successes, failures, lessons learnt, and recommendations for continuous development of the internal audit function. This report should be submitted at the end of the engagement as the last deliverable in January 2021.

The consultant is required to explicitly assess our systems and human capital resources in the Audit Department at inception, mid-term and on exit. The consultant is at liberty to suggest other deliverable that he/she feels will effectively track and demonstrate progress towards or achievement of desired goals.

Qualification of the Internal Audit Consultant
The consultant MUST meet the following qualifications to be considered;

i. Demonstrate the requisite knowledge, skills and competencies required to perform the task with due professional care.
ii. Have at least eight years’ experience in internal audit iii. At least three years’ experience auditing Bank or non-bank financial institutions.
Microfinance audit experience will be a distinct advantage.
iv. Be registered with the Institute of Internal Auditors; registration with other internal audit professional bodies a bonus.
v. If a firm, it must be registered in Kenya and adhere to all legal requirements to operate in Kenya.

The following documents are mandatory requirements for all proposal submissions:

i. Copy of Certificate of Registration (if a firm)
ii. Firm Profile and detailed CVs of the firm’s Partners or CV if individual consultant
iii. A list of clients served in the last five years
iv. A list of similar Micro credit organizations served
v. At least two recommendation letters from past clients

Proposal Submissions
Consultants are invited to submit proposals to address the need identified above. In addition to the listed documents, the consultant’s proposal should include:

1. Consultants understanding of the objectives of the engagement
2. A description of the proposed methodology and approach
3. Detailed work plan
4. Additions (if any) to the proposed deliverables
5. Consultants fees

Inuka Africa Ltd Reserves the Right to reject any and all proposals submitted. Only shortlisted consultants will be contacted.

Deadline for proposal submissions is November 30th 2019.
Kindly submit your proposal accompanied by above requested documents/information on or before the due date to This email address is being protected from spambots. You need JavaScript enabled to view it..

If you require further consultation or clarification please contact the undersigned.

Anne Maina
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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