Expression of interest for engagement of an external audit firm.

Job Description

Engagement of an external audit firm for three consecutive financial years

• Reference No.: TWCC/EOI/EA/2026/01
• Assignment: Provision of External Audit Services for TWCC
• Contract Duration: Three consecutive financial years
• Submission Deadline: 13 November 2026
• Submission Email: procurement@twcc-tz.org

1. Background

The Tanzania Women Chamber of Commerce (TWCC) is a leading organization dedicated to empowering women entrepreneurs and fostering economic growth through advocacy, capacity building, and strategic partnerships. With a growing membership of over 22,000 women and youth, TWCC manages multiple grants, donor-funded projects, and subscription-based programmes.

TWCC seeks to engage a competent audit firm with the professional qualifications, technical capacity, and relevant experience necessary to audit its annual financial statements, assess compliance with applicable laws and donor requirements, evaluate internal control systems, and provide recommendations for strengthening financial management and accountability.

Therefore, TWCC invites qualified, independent, and registered audit firms in Tanzania to submit Expressions of Interest (EOIs) for the provision of external audit services for three consecutive financial years.

2. Objective of the assignment

The overall objective of the assignment is to engage an independent external audit firm to audit TWCC’s financial statements for three consecutive financial years, with each financial year ending on 31 December.

The specific objectives are to:

• Provide an independent professional opinion on the fairness and accuracy of TWCC’s annual financial statements.
• Assess compliance with applicable financial reporting standards, donor agreements, relevant laws, regulations, and TWCC’s internal policies.
• Evaluate the adequacy and effectiveness of internal control systems and recommend improvements where necessary.
• Review the management, allocation, utilization, and reporting of donor funds and other financial resources.
• Identify significant financial and operational risks and recommend appropriate mitigation measures.
• Strengthen financial accountability, transparency, and good governance within TWCC.

3. Duration and audit period

The external audit engagement will cover three consecutive financial years, with each financial year ending on 31 December. The anticipated audit periods are 2026, 2027, and 2028, subject to confirmation by TWCC Annual General Meeting before appointment.

The selected audit firm will conduct the audit of each financial year’s financial statements and submit the required reports within the agreed reporting timelines.

The engagement will be subject to satisfactory performance, professional independence, applicable procurement requirements, and the terms and conditions of the signed contract.

TWCC will agree with the selected audit firm on a detailed annual audit schedule, including the commencement of fieldwork, submission of draft reports, and issuance of final reports.

4. Scope of the assignment

The selected audit firm will be expected to undertake the following activities.

4.1 Financial statements audit

• Examine TWCC’s annual financial statements, including the statement of financial position, statement of income and expenditure or other applicable performance statement, cash flow statement, and accompanying notes.
• Verify that the financial statements are prepared in accordance with the applicable financial reporting framework.
• Review supporting accounting records, bank reconciliations, financial transactions, and relevant documentation.

• Obtain sufficient appropriate audit evidence to support the audit opinion.
• Issue an independent audit report for each financial year under review.

4.2 Compliance audit

• Assess compliance with applicable Tanzanian laws and regulations, including relevant tax and statutory obligations.
• Review compliance with donor agreements, grant conditions, and financial reporting requirements.
• Assess compliance with TWCC’s financial management, procurement, expenditure authorization, and other relevant internal policies.
• Identify significant instances of non-compliance and recommend corrective measures.

4.3 Internal controls assessment

• Evaluate the adequacy and effectiveness of TWCC’s internal control systems.
• Review financial authorization procedures, segregation of duties, cash management, expenditure controls, procurement processes, and financial reporting systems.
• Identify weaknesses, control gaps, and potential areas of financial exposure.
• Recommend practical measures to strengthen internal controls and improve financial management.

4.4 Review of donor funds and projects

• Examine funds received from donors and assess whether they have been utilized in accordance with approved budgets and donor agreements.
• Verify the allocation, disbursement, and reporting of donor-funded resources.
• Review project financial reports, expenditure statements, and supporting documentation, where applicable.
• Verify the reconciliation of project accounts and tracking of restricted funds.
• Assess compliance with donor-specific audit and financial reporting requirements.

4.5 Risk assessment

• Identify significant financial and operational risks that may affect TWCC’s financial sustainability.
• Assess risks relating to financial mismanagement, fraud, irregular expenditure, and non-compliance.
• Recommend appropriate measures to mitigate identified risks and strengthen financial governance.

5. Expected deliverables

For each financial year under audit, the selected audit firm will be expected to submit the following deliverables:

5.1 Independent audit report

A comprehensive audit report expressing an independent opinion on TWCC’s annual financial statements.

5.2 Management letter

A management letter outlining significant audit findings, weaknesses in internal controls, identified risks, and recommendations for improvement.

5.3 Compliance report

A report highlighting findings relating to compliance with applicable laws, regulations, donor agreements, and TWCC’s internal policies, where required by the agreed scope.

5.4 Presentation to the Board

A presentation to the TWCC Board of Directors summarizing significant audit findings, identified risks, recommendations, and proposed corrective actions.

5.5 Additional reports

Any other reports required under applicable laws, donor agreements, or the agreed terms of engagement.

6. Audit methodology

The audit shall be conducted in accordance with International Standards on Auditing, applicable Tanzanian laws and regulations, and the relevant financial reporting framework.

The selected audit firm will be expected to:

• Apply a risk-based audit approach.
• Hold initial planning meetings with TWCC management.
• Review relevant accounting records, financial statements, policies, contracts, donor agreements, and supporting documentation.
• Conduct interviews with relevant management and staff.
• Test financial transactions, account balances, and internal controls as appropriate.
• Verify bank reconciliations, cash balances, receivables, payables, and other material account balances.
• Inspect physical assets and inventory where necessary.
• Discuss preliminary findings with management and obtain relevant responses.
• Submit draft reports for review and factual clarification before issuing final reports.
• Submit final audit reports and management letters within the agreed timelines.
• Present significant audit findings and recommendations to the TWCC Board of Directors.

7. Eligibility and qualification requirements

Interested audit firms must demonstrate that they meet the following requirements:

• Be legally registered and authorized to provide external audit services in Tanzania, with the applicable professional registration and valid practising licences.
• Have demonstrated experience auditing NGOs, membership-based organizations, chambers of commerce, or donor-funded projects.
• Have qualified and experienced audit personnel with relevant professional certifications.
• Possess knowledge of International Standards on Auditing, applicable financial reporting standards, Tanzanian laws, and donor compliance requirements.
• Demonstrate experience in internal control assessments, financial risk management, and compliance audits.
• Have a satisfactory professional track record in delivering audit assignments.
• Be independent of TWCC and disclose any actual, potential, or perceived conflicts of interest.
• Demonstrate the capacity to undertake annual audits over three consecutive financial years and meet agreed reporting deadlines.

8. Information required for submission

Interested audit firms are required to submit an Expression of Interest demonstrating their legal eligibility, professional competence, relevant experience, and capacity to provide external audit services to TWCC for three consecutive financial years.

The submission must include the following:

8.1 Company profile

• A brief profile of the audit firm, including its background, ownership structure, office location, and core professional services.
• The firm’s years of operation and organizational structure.
• Details of relevant experience in auditing NGOs, membership-based organizations, chambers of commerce, and donor-funded projects.

8.2 Registration and professional credentials

• Evidence of legal registration and authorization to operate in Tanzania.
• Valid professional registration certificates and practising licences required to provide external audit services in Tanzania.
• Details of membership in relevant professional accounting and auditing bodies.
• Evidence of compliance with applicable professional and regulatory requirements.

8.3 Relevant audit experience

• A summary of similar audit assignments undertaken during the past five years.
• Names of organizations audited and brief descriptions of the services provided.
• The financial periods covered and the nature of the assignments.
• Evidence of experience auditing donor-funded projects and organizations with multiple funding sources, where applicable.
• Details of experience providing external audit services over multiple consecutive financial years.

8.4 Qualifications and experience of key personnel

• Profiles and curricula vitae of the proposed engagement partner, audit manager, and other key team members.
• Academic qualifications and relevant professional certifications.
• Years of relevant audit experience and previous assignments of a similar nature.
• Proposed roles and responsibilities of each team member.

8.5 Understanding of the assignment and technical capacity

• A brief statement demonstrating the firm’s understanding of TWCC’s operations and audit requirements.
• An outline of the proposed audit approach and methodology.
• An indication of how the firm will address financial reporting, donor compliance, internal controls, and financial risk assessment.
• Confirmation of the firm’s capacity to conduct annual audits for three consecutive financial years and meet agreed reporting deadlines.

8.6 Client references

• At least three references from organizations for which the firm has provided similar audit services, where available.
• Names of the organizations, contact persons, telephone numbers, and email addresses.
• Brief descriptions of the assignments undertaken and the periods covered.

8.7 Independence and conflict of interest declaration

• A signed declaration confirming the firm’s independence from TWCC.
• Disclosure of any actual, potential, or perceived conflicts of interest that may affect the assignment.
• Confirmation that the firm will comply with applicable professional ethical and independence requirements.

8.8 Availability and capacity

• Confirmation that the firm has sufficient qualified personnel and resources to undertake the assignment over the three financial years.
• An indication of the firm’s availability to commence the assignment and conduct annual audits according to the agreed schedule.

8.9 Additional supporting documents

• Copies of relevant registration and professional certification documents.
• Copies of client completion certificates or other evidence of satisfactory performance, where available.
• Any additional information demonstrating the firm’s suitability for the assignment.

At this initial Expression of Interest stage, firms are not required to submit detailed financial proposals unless specifically requested by TWCC. Shortlisted firms may subsequently be invited to submit detailed technical and financial proposals.

9. Evaluation and shortlisting criteria

Expressions of Interest will be evaluated based on the following criteria:

• Technical capacity and professional expertise: 40%
• Experience in similar assignments: 30%
• Qualifications and experience of key personnel: 20%
• Client references and professional reputation: 10%

The evaluation will consider the completeness of submissions, compliance with eligibility requirements, relevance of previous assignments, qualifications of proposed personnel, and the firm’s demonstrated capacity to undertake the assignment.

TWCC will shortlist firms that meet the stated requirements and demonstrate the necessary professional competence and experience.

Shortlisted firms may subsequently be invited to submit detailed technical and financial proposals, including their proposed methodology, work plan, audit team, annual audit schedule, and professional fees.

10. Submission of expressions of interest

Interested and eligible audit firms are invited to submit their Expressions of Interest electronically using the following details:

• Submission Email: procurement@twcc-tz.org
• Email Subject: Expression of Interest – External Audit Services for TWCC
• Submission Deadline: 13 November 2026

Submissions should be complete and include the supporting documents specified in Section 8 of this document.

Late or incomplete submissions may not be considered, subject to TWCC’s applicable procurement policies and procedures.

All inquiries or requests for clarification should be directed to the contact details provided in Section 12.