ToR REQUEST FOR EXPRESSION OF INTEREST PROVISION OF AUDITING SERVICES FOR LAND O’ LAKES V37

Other Arusha District Arusha
Details
Description

Background;

Land O’Lakes Venture37 is an international 501(c)(3) non-profit headquartered in Minnesota, United State of America. Venture37 works with communities around the world to help build economies by strengthening agriculture from farm-to-fork, helping businesses grow, and linking farmers to markets. Since its start in 1981, Venture37 has been leveraging nearly 100 years of expertise in dairy, animal nutrition, crop inputs and agricultural insights from our affiliate, Land O’Lakes, Inc., a farmer-owned agribusiness committed to fulfilling its purpose of feeding human progress.

The NGO is currently implementing three (3) parallel projects in Tanzania which are obliged to submit its annual audited financial reports to authorities in Tanzania. Additionally, Venture37 has obligations to submit annual and biannual returns to TRA and ensure it is compliant to local fiscal policies.

Scope;

Venture37 is seeking to outsource auditing services to conduct independent review of its three (3) existing projects and related filing requirements for the period from January to December 2021. It is expected a total amount ranging between $700,000 – 1,500,000 worth of activities to be reviewed.

The selected firm or auditor must have experience in advising and facilitating foreign firms in the process of auditing and certifying their financial statements, and review of documentation to ensure compliance with applicable tax and labour laws. The selected firm or auditor will be responsible for advising and preparing Land O’Lakes Venture37 taxation documentation, notifying the managers of any applicable legal changes to tax or labour laws and support Land

O’Lakes Venture37 with tax inspection settlements from the related authorities.

Roles, duties and responsibilities;

Under a contract with Land O’Lakes Venture37, the selected firm will be requested to provide support as needed in the following topics:

1) Conduct independent review of the organization affairs in line with international accounting standards and international financial reporting standards reviewing and verifying the correctness of such things as withholding tax calculations for salary, commercial and noncommercial taxes.

2) Express an opinion of whether the financial statements present a true and fair view of the financial position of the organization, its financial performance and related cashflows for the year ending December 2020.

3) Review of company internal control processes to ensure local government compliance on all aspects of Tanzania fiscal policy, advise the management and put forth the recommendations.

4) Assist to file organization returns (SDL, PAYE, W/Tax, annual and biannual) on monthly, quarterly, biannual and annual ).

5) Provide constant updates on all fiscal policies amendments which have disposition on tax compliances.

6) Provide or facilitate constant support on all regulatory trainings like e-filling as required by local laws.

7) Provide on-demand advice on all tax issues such as income tax, value-added tax, sales tax, stamp tax and customs.

8) Review and have an understanding of the bi-lateral agreements between the United States and Tanzania and if applicable, support Land O’Lakes Venture37 to receive VAT exemption for eligible expenses.

9) Prepare draft replies to any issues received from the tax authorities related to Land O’Lakes Venture37.

10) Assist Land O’Lakes Venture37 in preparing the annual tax reconciliations and documentation for the annual clearance by the tax authority.

11) Assist Land O’Lakes Venture37 in completing tax forms appropriately.

12) Report to Land O’Lakes Venture37 any dues and/or penalties received as a result of a delay in the submission of tax documents or taxes not yet paid.

13) Attend and represent Land O’Lakes Venture37 in all tax inspections performed by the tax authorities.

14) Conduct a comprehensive assessment and review of the adequacy and effectiveness Land O’Lakes Venture37 accounting and overall internal control system to monitor expenditures and other financial transactions.

15) Provide an opinion report as to the reasonableness of the financial statements in all material respects. This report should include an opinion on the compliance with internal control systems designed to detect misstatements due to errors or fraud that are material. In addition, the report should contain a Management Letter that contains the following: comments and observations on the accounting records, procedures, systems and controls in place and examined during the audit.

Proposal Submission Requirements

Interested firms should submit the following documentation to be considered for this opportunity:

  • Team Qualifications: Firm’s profile or individual consultant’s CV. The Offeror should describe the qualifications of team to be assigned to the representation. Descriptions should include professional and educational background of each member; overall supervision to be exercised; and prior experience of the individual member with respect to the required experience listed above.
  • Organization, size, structure, and areas of practice: legal status of the company, including full address and contact information. If the Offeror is a firm, it should describe its organization, size, structure, areas of practice, and office location(s).
  • List of current services offered
  • Offered budget for the services: Total cost breakdown of services to enable price analysis and subsequent negotiation of cost elements, if necessary.
  • List of three references that can be contacted to attest to the applicant’s ability to perform the stated services.
  • Details on the proposed approach to be adopted in order to deliver the services requested with in the RFP. Bidding firm must be a registered auditing firm with NBAA and accredited tax consultant who is recognized by Tanzania Revenue Authority. Shortlisted firms will be invited to submit their proposals by 15th November 2020 in which the final evaluation will be made basing on the demonstrated ability to meet the scope and a quoted auditing fee.

Kindly submit your bid by 26th October 2020 in a PDF format with not more than 3 pages to

[email removed] and cc [email removed]

For further inquiry call [mobile number removed].

The NGO is currently implementing three (3) parallel projects in Tanzania which are obliged to submit its annual audited financial reports to authorities in Tanzania. Additionally, Venture37 has obligations to submit annual and biannual returns to TRA and ensure it is compliant to local fiscal policies.

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