KAPITA is soliciting proposals from qualified auditing firms and independent auditors to audit the financial transactions of the Orange Corners Innovation Fund (OCIF) project on an annual basis. OCIF is a subsidy programme. It provides fund managers with capital to invest in early-stage start-ups. OCIF aims to stimulate innovation and improve access to finance for promising entrepreneurs in Baghdad. OCIF is an addition to the existing Orange Corners incubation/acceleration programme. The programme gives young entrepreneurs access to training courses, networks and facilities to start or scale their businesses. Duration of project; from 1st Jan 2022 to 31st Dec 2025.
The qualified auditing firm or certified public accountant will audit the OCIF‘s financial statements that to enable the auditor to express a professional opinion on the financial position of the project for three years separately on funds received and expenditures incurred for the audited period. The period to be audited is from 1st Jan 2022 to 31st Dec 2025. The project will end on December 31st, 2025.
According to the auditing rules and standards that adopted by the Netherlands Institute of Chartered Accountant (NBA), the scope of work includes:
● Preparing an annual audit report.
● Testing for the following:
○ All transactions are being recorded in books of account, i.e. there is no omission.
○ Sufficient and appropriate evidence available for entries made in books of account.
● The recognition and statement of costs and income.
○ Does not include under eligible costs any costs that are not eligible under the terms of the grant provision;
○ Only includes under eligible costs, costs that are actually incurred by the grant recipient;
● Checking the grant recipient has specified all sources of income, including grants, that have been used to fund the activity to which the grant relates;
● Ensure that the project has been implemented in accordance with the activity plan to which the grant provision relates.
● The auditor must conduct an analysis regarding the risk that the specific financial recognition contains a material misstatement.
● The auditor must produce sufficient audit documentation to show that the audit processes were carried out in line with the audit plan. A detailed audit manual can be provided upon request