DEADLINE: 12TH JULY, 2022
BOWEN UNIVERSITY
(OF THE NIGERIAN BAPTIST CONVENTION)
P. M. B. 284, IWO, OSUN STATE, NIGERIA
EXTERNAL ADVERTISEMENT FOR THE ENGAGEMENT OF A FIRM OF EXTERNAL AUDITORS
Background Information
Established in July 2001, Bowen University is a licensed Private Institution, owned by the Nigerian Baptist Convention, with a commitment to high performance; adding distinctly moral dimension and Godly values to tertiary education in Nigeria and beyond. The University is currently repositioning and rebranding with the aim of creating a corporate culture template for a private University that is pristine in all its ramifications.
Pursuant to the above, the University currently seeks to engage a reputable Audit Firm to carry out the Statutory Audit of Bowen University, Iwo, for the Financial Year ending 30 June, 2022. This with a view’ to obtaining reasonable assurance that the financial statements reflect a true and fair view of the financial position of the Group, Branches and Subsidiaries. The Audit will be performed in accordance with international Financial Reporting Standards (“IFRS”) and International Standards of Auditing (“ISA”). The Audit Report will include an Independent Auditors Report (Opinion) on the Financial Statements. The Audit must also include, such other required schedules or analyses, as Bowen University might determine as necessary; in order to ensure that Financial Resources are being properly managed.
Audit Objective
It is expected that the Audit Firm would ensure objective Financial Reporting and Financial Reporting Quality as well. The Audit Firm must be vigilant, cautious, methodical, accurate mid must have the ability to write die Report, correctly, concisely and forcefully. The Audit Finn should also have an understanding of the general principles of higher institutions accounting system; thorough training in a financial institution, business organisation, management, finance; and of course, ability to conduct joint audits and excellent problem-solving skills. Above all the Firm should have strong IT Skills.
The objective of the Bowen University Audit is, to obtain reasonable assurance that the Financial Statements reflect a true and fair view of the financial position of the University, The Audit must be performed in accordance with International Financial Reporting Standards (“TFRS”) and International Standards of Auditing (“ISA”).
The Audit Report must include an Independent Auditors Report (Opinion) on the Financial Statements. The Audit must also include, such other required schedules or analyses, as Bowen University might determine as necessary; in order to ensure that its assets are being properly managed.
SCOPE OF WORK:
The Auditors should assess the Bowen’s compliance with relevant applicable Regulatory Authorities.
The Audit must be in conformity with International Financial Reporting Standards (“IFRS”) and International Standards of Auditing (“ISA”). The findings and recommendations shall include an action plan for Bowen University Iwo organizational and accounting improvements depending on findings and its implications and shall accommodate Management comments. The Audit must also include a verification of the Negotiated Indirect Cost Rate Agreement (NICRA), percentage applicable to the organisation.
Eligibility Criteria
Eligible Audit Firm must meet the following criteria;
(1) Compliance with legal requirements of registration
(2) Experience of the Audit Firm with audit reporting under International Financial Reporting Standards (IFRS) and international Standards on Auditing (ISA)
(3) References for similar audits performed within the last three years (From 2014 and above)
(4) Provide Audit Methodology, Proposed Work-plan, Curriculum Vitae for the Partner, Manager and key staff proposed for the Audit Team
(5) Audit Firm and staff must be independent of Bowen University, Iwo and its Subsidiaries, and affirmtheir independence in the engagement letter.
(6) Any actual or potential conflict of interest in taking up this role should be highlighted.
DELIVERABLE
The key deliverables will be;
(1) Audited Financial Statements indicating if accounting standards have been applied and whether they reflect a true fair view of the University
(2) Management Letter where matters that are not material to the Financial Statements, but which the Auditors wish to communicate to Bowen University, may be reflected, for Management action
Communication and Reports
All Audit Reports and accompanying statements of financial condition shall, at a minimum, be presented in English.
Submission Guidelines
The application should be addressed to:
The Registrar,
Bowen University,
Iwo, Osun State
Only shortlisted bidders will be invited to present themselves for interview at Bowen University, Iwo a date to be communicated. For further enquiries, you may send an email to: registrar@mail.edu.ng , not later than 14 days after the date of the advertisement, (12 July, 2022).
Mode of submission: All applications should be submitted by email to:
registrar@mail.edu.ng ; while the SEALED envelope containing the hard copy, and marked at the top right corner, the position applied for, should be addressed to:
THE REGISTRAR,
BOWEN UNIVERSITY,
P.M.B, 284 IWO, OSUN STATE.
B. T. ADETONA
REGISTRAR
