Accounting and Auditing / Accounting System Design






IDH Sustainable Trade Initiative (IDH) is an international not-for-profit organization based in the Netherlands, registered in Ethiopia with the Agency for Civil Society Organizations (ASCO) under registration number 4309, and the country’s main office based in Addis Ababa.

IDH strives to work in partnership with the government of Ethiopia, the private sector, other not for profit organizations as well as local communities towards sustainable use and management of natural resources, decent work, and living conditions, and responsible investment practices in critical ecosystems/landscapes /industry parks where globally important commodities are sourced from The country office became operational in a reasonable capacity from January 2020 after completing Registration, office, and the team set up in the 2nd half of 2019. In compliance with regulatory requirements, IDH is adopting IPSAS standards and we would like to engage a reputable audit firm to carry out the statutory audit for the period covering July 2019 – December 31, 2020 (28 months) as per the International Standards on Auditing (ISAs).


The objective of this audit will be to express an opinion on the financial statements as per statutory requirements and to obtain reasonable assurance that the financial statements reflect a true and fair view. The audit will be performed in accordance with International Public Sector Accounting Standards (“IPSAS”) and International Standards of Auditing (“ISA”).

The audit report will include an Independent Auditors Report (Opinion) on the financial statements required with respect to IPSAS Adoption. The audit will also include other required schedules or analyses as necessary in order to ensure that the resources of the organization are being properly managed.

The auditors should assess the organization’s compliance with the policies! procedures; the requirements of the Agency for Civil Society Organizations (ACSO), Implementing partners and Donors and the relevant applicable regulatory authorities, Kindly submit a technical & financial proposal for the provision of statutory audit services of IDH Sustainable Trade Initiative, Ethiopia Program for the year ended 31 December 2019 (6 months) and 31 December 2020 (12 months). Within the proposal, kindly ensure you include the following:

  1. Compliance with legal requirements of registration and Firm’s Nos, of years in existence/experience;
  2. Experience of the audit firm with audit reporting under International Public Sector Accounting Standards (IPSAS) and International Standards on Auditing (ISA)
  3. Audit Methodology, Proposed Work-plan, Curriculum Vitae for the partner, manager and key staff proposed for the audit team
  4. Resumes / profiles of the engagement team and their role in the engagement;
  5. Breakdown of nos, of hours dedicated to the assignment by the engagement team;
  6. List of institutions that you have conducted the annual statutory audit for; and
  7. The practicing license for the auditor signing the accounts.


The Audit firm will be expected to provide:

  1. General Purpose Audited Financial Statements (Statement of Financial Position; Statement of Financial performance; Statement of Cash flow; Statement of Changes in Equity/fund balance; others notes /disclosures as deemed necessary per requirement) based on IPSAS standards,
  2. Opinion whether the Financial Statements reflect a true and fair view of the financial position and performance for the organization and compliance to the ACSO requirements
  3. Internal Control Memorandum (ICM) or Management Letter for management action
  4. The deadline for the final audit report delivery is the 15th of March 2021. The audit should comply with the International Standards of Auditing (ISA’s) of the

International Auditing and Assurance Standards Board (IAASB). Please report on any relevant matter mentioned in ISA’s not covered in the applied professional auditing standards, whether they are requested by local national framework or not. The analysis should include but not be limited to, describing the nature of permanent differences, the explanation for tax rate differences, and changes in valuation allowances. The analysis requested in the final critical matters.

The risk analysis and audit strategy should include the requirements of ISA no. 300 and ISA no 315 for the identification of so-called significant risks. The risk analysis and audit strategy should include the requirements of ISA no. 240 concerning the use of the so-called fraud triangle, meaning conditions that are generally met in cases of fraud does occur. The local audit team should discuss the risk of fraud at their entities with local management. Fraud risk should be considered with respect to both financial reporting and misappropriation of assets.


The Primary Contact for this RFQ is:  if you choose to res and to the RFP, please submit your proposal by EMAIL, on or before Midnight (East African Time), December 15, 2020, and should be strictly referenced in the subject as follows; “RFP- Statutory Audit Proposal-(Firm Name)’


Any questions regarding the Terms of Reference should be sent to  cc to  

The email subject “Statutory Audit- Firm Name – Questions”


This document is the property of the IDH and contains proprietary and confidential information. Recipients may use or reproduce the information detailed within this document and any other supporting information only to provide a response to this RFP (Request for Proposal). IDH accepts no liability whatsoever for any costs or expenses incurred in the preparation of the response to this RFP (including documentation, travel expenses, telecommunication costs, lease or hire of special resources, etc.). IDH makes no commitment to any supplier/service provider unless a contract has been awarded and

signed by both parties. IDH reserves the right to cease this exercise at any time. During the period of this activity, no contact should occur between any members of the supplier’s staff and any member of IDH staff in relation to this exercise other than through the designated contact points as detailed within this RFP. It is however recognized that pre-existing relationships, if any, shall be respected. We look forward to your participation as we value your professionalism.

IDH Sustainable Trade Initiative