TENDER DESCRIPTION
TERMS OF REFERENCE (TOR)
External Financial Audit Services
Somali Meat Company
Background
Somali Meat Company (Someat) is the largest meat exporter in Somalia, engaged in livestock sourcing, slaughtering, processing, and international export of meat products. The company operates in compliance with ISO, Halal, national regulations, and international export standards.
As part of its commitment to transparency, accountability, and strengthened financial governance, Somali Meat Company intends to engage an independent and qualified audit firm to conduct a financial audit for the fiscal years:
- 2023
- 2024
- 2025
Objective of the Audit
The main objective of this assignment is to:
- Provide an independent opinion on whether the financial statements of Somali Meat Company for the years 2023, 2024, and 2025 present fairly, in all material respects, the financial position of the company.
- Assess compliance with applicable financial reporting standards and relevant laws and regulations.
- Review internal control systems and provide recommendations for improvement.
- Identify financial risks and areas requiring strengthening.
Scope of Work
The selected audit firm will
Conduct a full statutory financial audit of:
- Statement of Financial Position (Balance Sheet)
- Income Statement
- Cash Flow Statement
- Statement of Changes in Equity
- Notes to the Financial Statements
Review:
- Accounting records and supporting documentation
- Bank reconciliations and cash management
- Inventory and stock records
- Fixed assets register
- Receivables and payables
- Payroll and tax compliance
- Export revenue documentation and compliance
Evaluate:
- Internal control systems
- Risk management practices
- Financial policies and procedures
Issue:
- Independent Auditor’s Report for each financial year
- Management Letter highlighting weaknesses and recommendations
Attachments
