EDA Project Mid Term - Audit Services

Overview

This engagement requires an independent, risk-based mid-term financial audit of the EDA-PACT Project for the period 1 October 2023 to 30 September 2026. The audit will be conducted in accordance with International Standards on Auditing (ISA), with an expression of opinion on the project financial statements prepared under the applicable financial reporting framework and donor reporting requirements.

Duration and Budget

• Duration: 25–30 days
• Budget: BZD $30,000

Background

The Building Community Resilience via Transformative Adaptation Project is implemented over five years (February 2024–February 2029) and aims to strengthen Belize’s resilience to climate change. The project includes forest and water resource protection, wildfire management, alternative livelihoods, access to adaptation finance, and community disaster risk management.

Project funds are disbursed to Executing Entities (including NGOs, community-based organizations, and government agencies) through calls for proposals. This engagement is a mid-term financial audit and is not a project performance evaluation.

Objectives of the Audit Services

• Audit the project financial statements for 1 October 2023 to 30 September 2026 in accordance with ISA.
• Assess compliance, using procedures appropriate to the financial audit and any specifically agreed compliance reporting, with:
  • the applicable financing agreement,
  • Adaptation Fund fiduciary requirements,
  • approved budgets,
  • grant agreements,
  • project financial and procurement policies.
• Issue an independent opinion on the project financial statements, including the financial position on 30 September 2026, under the applicable financial reporting framework.
• Provide an independent auditor’s report and a management letter covering significant findings, associated risks, recommendations, and management responses.

Scope of Work

Services will include, but are not limited to, the following activities:

• Audit the project’s financial statements to ensure they are free from material misstatement.
• Examine the project’s financial position as of September 30, 2026, including opening balances where necessary.
• Review financial statements and supporting schedules for October 1, 2023, to September 30, 2026, including receipts, payments, cash flows, and budget expenditures.
• Verify financial transactions and supporting documentation, including those of Executing Entities and sub-grantees.
• Assess accounting practices, significant financial estimates, and the overall presentation of the financial statements.
• Review internal controls, financial management systems, and compliance with procurement policies and Adaptation Fund requirements.
• Evaluate Executing Entities’ and sub-grantees’ grant agreements, disbursements, expenditure eligibility, advance liquidations, financial records, and procurement compliance using a risk-based approach.
• Identify and assess key financial, operational, compliance, and governance risks.
• Evaluate the adequacy and effectiveness of internal controls and risk management systems.
• Provide prioritized recommendations to strengthen internal controls, improve compliance, and mitigate identified risks.

Tasks of the Auditor

• Conduct the engagement independently in accordance with ISA.
• Coordinate access to records, personnel, and administrative arrangements through the organization’s Accounting & Administration Manager (or designated representative), without influencing audit procedures, judgments, or conclusions.

Audit Procedures and Specific Coverage

• Perform risk-based testing of financial records, transactions, procurement, grants, assets, and internal controls.
• Identify and quantify significant exceptions where possible.

Deliverables and Timetable

• Within 5 working days: Submit the inception report.
• Within 20 working days: Complete fieldwork and submit draft reports.
• Within 5 working days of comments received: Submit final audit deliverables.
• Overall duration: 25–30 working days

Management Responsibilities and Access

The organization will:

• prepare financial statements,
• maintain records and controls,
• provide the auditor with relevant documentation, personnel, and access.

Confidentiality, Independence and Reporting

The auditor shall:

• maintain confidentiality,
• uphold independence and professional ethics,
• disclose conflicts of interest,
• report suspected fraud or significant non-compliance,
• retain working papers in accordance with applicable standards and laws.

Qualifications and Experience Requirements

The organization is seeking a firm with the following qualifications:

• At least five (5) years of professional experience conducting financial audits of internationally funded projects, or audits of similar nature, type, and complexity, particularly donor-funded projects.
• Adequate relevant professional and educational qualifications, or the ability to provide audit staff with adequate qualifications, experience, and competence.
• Demonstrated experience auditing projects with on-granting or sub-granting mechanisms.

Preferred (Desirable)

• Prior experience conducting technical reviews for climate finance entities, conservation trust funds, or international donors.
• Knowledge of Belize's National Protected Areas System, specifically the forest landscape.
• Familiarity with the organization’s operational context and portfolio.

Application Procedures

Interested parties must submit:

• a signed letter of interest,
• a detailed proposal for the deliverables.

The proposal should include:

• methodology,
• work schedule,
• team composition (including qualifications and relevant years of experience),
• a quality control and quality assurance plan.

A financial proposal must also be submitted.

Evaluation Criteria

Proposals will be evaluated based on:

• demonstration of the ability to provide high-quality service,
• demonstrated experience undertaking the scope of work,
• conformity to economy and efficiency requirements.

Application Deadline

• 13 November 2026