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Consultancy (Audit Services For HortiFresh Female-owned and/or Female-Led Businesses in the Horticulture Sector)

JOB SUMMARY
Company	SNV Ghana
Industry	Social Enterp...
Category	International...
Location	Accra
Job Status	Contractor/Co...
Salary	GH¢
Education	Qualified
Experience	5 years
Job Expires	Jun 18, 2021
Contact	...

Company Profile

SNV is a not-for-profit international development organisation that applies practical know-how to make a lasting difference in the lives of people living in poverty. We use our extensive and long-term in-country presence to apply and adapt our top-notch expertise in agriculture, energy, and WASH to local contexts. SNV has an annual turnover of €130 million, over 1,250 staff in more than 25 countries in Africa, Asia, and Latin America. We are proud to be a not-for-profit organisation that uses project financing to implement our mission. This requires us to work efficiently and to invest in operational excellence.

SNV has worked in Ghana since the 1992 and currently has offices in Accra, Tamale, and Nandom.

For more information on SNV, visit our website: www.snv.org

Job Description

Terms of Reference

Audit Services For HortiFresh Female-owned and/or Female-Led Businesses in the Horticulture Sector

1. Background

SNV is an International Development Organisation that provides Capacity Development Services to local institutions and organizations in more than 30 developing countries in Asia, Africa, Latin America and Eastern Europe. Under SNV’s Agriculture Sector is the current phase of the Hortifresh program

HortiFresh West Africa supports the horticulture sector through activities and funds that contribute to increasing the value of exports, both to the EU and to regional markets as well as focusing on production and value addition for the domestic market. The program is implemented by a consortium of Wageningen University, SENSE, Advance Consulting, Resilience and SNV. HortiFresh will create opportunities for women and youth to engage in the horticulture sector. In addition, it will contribute to food and nutrition security. The aspect of sustainability will focus mostly on increasing the long-term economic viability and the environmental impact.

As part of this mission, HortiFresh contracted MDF West Africa to execute a 9-month HortiFresh Female Business Accelerator Program. This program is currently being implemented with 13 female-owned and/or female-led companies in the horticultural sector with the aim to accelerate / grow their businesses. The intended outcomes of the business coaching are:

- Enhanced sales for the companies
- Improved business operations and governance
- More jobs created by the companies
- Improved investment readiness (understanding of needs and documentation)
- Expanded network (including clients)
- Improved confidence to manage the business

The program consists of seven 2-day workshops spread over a period of 6 months (December to June), after which the companies get 3-months of tailor-made consultancy support to implement learnings (June to September). Each company has a dedicated business coach for the total 9 months duration of the program. The intended outputs are for the companies to have a business plan in place, to go through a financial audit and to have an actionable growth plan for the company by the end of the program.

This TOR relates to the output to take the companies through a financial audit in June 2021.

2. Objectives and Scope of Assignment

Participating companies in the HortiFresh Female Business Accelerator Program are relatively new with 60% established between 2015-2017, and 26.67% established between 2018 and 2020. Most of the companies engage in production and processing of fruits and vegetables (33%), production and retailing of fruits and vegetables (40%). Other activities include landscaping and flowering, promotion of seeds, training and advisory services and sourcing of products from farmers (27%).

A baseline study conducted revealed major challenges as inadequate/limited access to financial capital and cash flow deficit due to delayed payments of revenues from sales. In order for the companies to get better insight into their finances, MDF West Africa is educating them on financial management topics such as costing, cash flow projections, investment needs, balance sheets, P&L as well as governance and compliance (SSNIT, GRA, GSA, FDA). Furthermore, the companies have been provided with an audit preparation checklist to be ready for a financial audit by June 1st 2021.

Auditing the companies is part of improving their investment readiness. However, we do not expect all companies to go into the audit for an unqualified opinion. Some might use the opportunity as a way to improve their operations and get an external expert’s feedback on their (financial and administrative) management.

Objective of the Audit:

The objective of the audit of 11 companies´ financial statements is to enable the auditors to express an independent professional opinion on the financial position of companies and to ensure that the funds utilized to the company’s activities have been used for their intended purposes.
The books of accounts of the 11 companies provide the basis for preparation of the companies´ Financial Statements. The auditor will check whether proper books of accounts as required by law have been maintained by the company and that they also maintain adequate internal controls and supporting documentation for the transactions.

Scope of the Audit

The activities of the Scope of Assignment for these 11 companies shall include, but are not limited to:

The audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the auditors deem necessary.
Prepare a checklist of audit requirement with instructions for the companies
Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the financial statements presented to.
The financial statements have been prepared by the companies’ management in accordance with applicable accounting standards and give a true and fair view of the financial position of the companies and of its receipts and expenditures for the period ended on that date.
Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
Express an opinion as to reasonableness of the financial statements in all material respects.
Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
Conduct entry and exit meeting with the Executive Director of the companies.
In addition to the audit report, the auditors will prepare a Management Letter on the following:
- Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
- Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
- Report on the implementation status of recommendations pertaining to previous period audit reports.
- Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
- Bring to the Executive Director’s attention any other matters that the auditors consider pertinent.

3. Expected Results or Deliverables

• Checklist of audit requirement with instructions for the companies
• Prepare an audit report with recommendations on internal controls, accounting practices and administrative procedures for each of the 11 companies. The report documents the processes and administration upon which the company’s accounts are based. The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director.
• Management letter in accordance with the scope of work described here before.
• A letter of representation from the company; With the letter of representation, the auditor requests confirmation on the part of the management of the company that, to the best of the management’s knowledge, the letter of representation contains all transactions and receipts; that this overview, in all respects, is correct and complete.
• Provide feedback (verbal and written reports) to the HortiFresh / MDF West Africa team in order to improve the readiness of companies in a potential future program, based on your interactions with the companies.
• End of Project Report to the HortiFresh / MDF West Africa team

4. Budget

The maximum budget for this assignment is EUR 17,400 paid in Ghana Cedis (GH¢), in an agreed manner between SNV and the Consulting company and subject to all statutory deductions in line with the Ghana law and SNV policies.

5. Reporting

The Consulting Company will liaise with both the MDF Project Lead and the Finance Specialist Advisor on the HortiFresh project. Activities and progress on deliverables will be reported to the designate Advisor and Lead on a weekly basis, to ensure deliverables are attained as targeted.

6. Timelines

This assignment is for a duration of 1.5 months, from 1 July 2021 to 15 August 2021.

Required Skills or Experience

7. Qualification and Experience

A local auditing firm in Ghana with a proven track record auditing MSMEs for a minimum of 5 years
Staff availability for 11 audits in July and August 2021
Familiarity with the entrepreneurship ecosystem and start-up scene in Ghana and experience with informal businesses and/or businesses being audited for the first time.
Demonstrated knowledge/Familiarity with the agriculture sector, specifically horticulture in Ghana
Willing to provide advice to help clients improve, not just perform auditing tasks
Excellent report writing and analytical skills
Strong interpersonal and communication skill

How To Apply

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