TERMS OF REFERENCE FOR A FINANCIAL AND SYSTEMS AUDIT OF H&M FOUNDATION FUNDED PROJECT

Introduction

Audit is one method for exercising control, preventing corruption an d ensuring that the financial contribution provided by H&M Foundation is used in the correct way. The Asia Foundation (TAF) is asking request of interest with detail work plan and budget to perform audit of its “Project Coordination of the Disaster Relief and Future Work Pilot Phase” project (funded by H&M Foundation) for the period of July 06, 2020 to September 30, 2021 from interested audit firms by or before Sunday November 14, 2021 via email to country.bangladesh.jobs@asiafoundation.org. The audit shall be conducted by an external, independent and qualified auditor certified by the International Federation of Accountants, IFAC.

The H&M Foundation is a non-profit global foundation, privately funded by the Stefan Persson family, founders and main owners of H & M Hennes & Mauritz AB (H&M Group). Its mission is to drive long lasting positive change and improve living conditions by investing in people, communities and innovative ideas. Through partnerships with organizations around the globe, the H&M Foundation drives change within four focus areas; Education, Water, Equality and Planet. The H&M Foundation signed a project named “Project Coordination of the Disaster Relief and Future Work Pilot Phase” with The Asia Foundation (TAF) under project number Bangladesh-2020-005. Period of the project is July 06, 2020 to September 30, 2021 with a total budget of SEK 4,960,000.00 (equivalent to BDT 48,429,114.00).

Objectives

The objectives of this audit are to enable the Auditor to express an opinion according to IAASB 800/805 on whether:

  • the Financial Report submitted to H&M Foundation presents fairly, in all material respects, for the period from July 06, 2020 to September 30, 2021 in accordance with H&M Foundation’s instructions for financial reporting as stipulated in the agreement including appendix between H&M Foundation and The Asia Foundation
  • the Internal Control System set up and operated by The Asia Foundation for the purpose of managing risks to the achievement of the objectives of the Project, was suitably designed and operated effectively.

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