Alfanar Venture Philanthropy is seeking qualified independent audit firms to conduct financial, compliance, and performance audits for its ASPIRE-VP programme [LinkedIn post]. The audit will cover the 2025 financial year, assessing specific legislative and regulatory compliance for funds supporting social enterprises in Lebanon and Jordan.
At a Glance
- Opportunity Type: Call for Audit Firms (Financial, Compliance, & Performance)
- For: Qualified Independent Audit Firms (Lebanon/Jordan focus) [LinkedIn post]
- Project Value: ~$1,000,000 USD (Approx. 510 transactions)
- Application Deadline: January 20, 2025
- Audit Execution Period: March 1, 2025 – March 20, 2025
- Location: Lebanon and Jordan
Call for Audit Firms Overview
Alfanar is implementing the ASPIRE-VP (Addressing Social Development & Protection In the Region through Venture Philanthropy) programme under the Regional Development and Protection Programme (RDPP III) to support vulnerable refugees and local communities in Lebanon and Jordan. The selected audit firm will provide assurance to the Ministry of Foreign Affairs of Denmark (MFA) regarding financial statements, ensuring funds are free from material misstatement and comply with relevant regulations. The audit encompasses the financial statements for the period of January 1, 2025, to December 31, 2025.
Eligibility and Standards
- Financial Standards: The financial audit must be carried out in accordance with International Standards on Auditing (ISAs).
- Compliance Standards: Performance and compliance audits must be carried out in accordance with relevant International Standards of Supreme Audit Institutions (ISSAIs).
- Operational Capacity: Firms must be able to examine and evaluate the functioning of management systems and business processes.
- Risk Assessment: The audit company must identify and assess risks of material misstatement due to fraud or error.
Scope of Work and Deliverables
- Transaction Volume: The audit covers approximately 510 transactions totaling around $1,000,000 USD.
- Expense Categories: Transactions consist mainly of disbursements for Social Enterprises, salaries, events, and travel costs.
- Auditor’s Opinion: The firm must submit an independent auditor’s opinion in English in accordance with ISA 800.
- Management Letter: A management letter must be submitted reporting findings, deficiencies in internal controls, or lack of compliance with laws.
- Closing Meetings: The auditor must participate in closing meetings with the implementing partner and donors to discuss findings and final reporting.
Key Dates and Schedule
- Application Deadline: January 20, 2025
- Acceptance of Terms: February 2, 2025
- Submission of Planning Memo: February 9, 2025
- Year-End Audit Performance: March 1, 2025
- Final Report Submission: March 20, 2025
How to Apply
Qualified firms should submit their applications via email before the deadline.
- Deadline: January 20, 2025
- Email Applications To: simon@alfanar.org.uk
About Alfanar Venture Philanthropy
Alfanar is the Arab region’s first venture philanthropy organisation [LinkedIn Overview]. Their aim is to strengthen ambitious social enterprises that generate financial and social returns while transforming lives in the region’s poorest communities [LinkedIn Overview]. Alfanar offers tailored financing, management support, and real-time monitoring to enterprises empowering women, youth, and refugees [LinkedIn Overview].
Learn More: Alfanar Venture Philanthropy
