NOFSC/AUDIT /OOt/2013 - mediacongo.net

7. Management LetterIn addition to the annual audit reports, the auditor will:o prepare management letters on completion of its system reviewscommentswithand observations:o on the_accounting records, systems and contrors by specifyinglevelthe(low,riskmedium or highJ that were examined during the coursethe audit;ofo on the risks in financial and management systems and strategiesplaceinto mitigate these risks.o identiff specific deficiencies and areas of weakness in systems andandcontrolsmake recommendations for their improvement;o provide observations on the risk of fraud and corruptionimplementation-ofin thethe programme and provide details throughinvestigationsdetailedof any actual fraud or .or.t,ption incidents during the periodunder the review.l-t ptt the agreement between DFID and christian Aid, the latter willManagementsubmit aResponse on the audit findings to the auditors with copywithinto DFIDfifteen days from the date the audit rËport has been received.8. Audit OpinionThe auditor will express his opinion on the annual financial reportaddition,and inin the case of the statement of income and expenditure for the yearsended 30 June z}Xx,state that:i'e' 'in our opinion, the funds received by Christian Aid have been utilized only forthe purposes of the CSF contract.,9. Requirements for the AuditorThe audit firm and its partners must be members of the International Federationof Accountants (IFAC) holding a valid certificate of practice. They would employa team of qualified and experienced staff to perform the audit in accordance withauditing international standards Accountants. It is desired that the Audit Teamemployed should be suitably experienced in auditing the accounts of entitiescomparable in size and complexity to the csF programi-re.10. Access to DocumentsThe Auditor will be given access to all records, reports and documents pertainingto the CSF programme that may be required during the course of the audit toarrive at their opinion.