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Financial auditing services
Administration/Finance
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Full Description
**Terms of Reference for the Recruitment of an Audit Firm’s Services**
**Location: Yaoundé, Cameroon**
**Period: June-July 2026**
**A. Introduction**
Nascent Solutions (Nascent) is a U.S.-based international development organization. The mission of the organization is to promote self-reliance by harnessing the creative and entrepreneurial drive of rural women and youth, to problem solve, build resilient local economies, and improve the quality of life for their families and communities. Nascent is currently implementing a United States Department of Agriculture (USDA) funded International Food for Education and Child Nutrition project in Cameroon.
As an International Organization operating in Cameroon, Nascent is expected by the Ministry of External Relations and the Ministry of Territorial Administration to submit annual reports of its activities in country. Also, for Nascent to continue its mission in Cameroon, its main donor and other potential donors need to be informed about how well their funding has been used.
So, to ensure compliance with both Cameroon statutory laws and US Government policies, Nascent seeks the services of a qualified professional audit firm that understands both contexts to review Nascent's Financials for the years 2024 and 2025 and provide its opinion on its operations.
**B. Objectives**
The external audit aims to provide independent assurance that the organization’s financial statements for FY2024 and FY2025 are free from material misstatement and present a true and fair view of its financial position and performance. The audit will specifically:
• Assess whether the financial statements comply with the applicable financial reporting framework — U.S. Generally Accepted Accounting Principles (US GAAP) for the consolidated/headquarters financial statements, IFRS and the OHADA Uniform Act on Accounting Law (SYSCOHADA) for the Cameroon field-office statutory accounts — and disclose any departures.
• Verify the accuracy, completeness, and proper recording of all financial transactions.
• Evaluate compliance with statutory requirements, donor rules, and internal policies.
• Review the effectiveness of internal controls related to financial management, asset safeguarding, and fraud prevention.
• Confirm the authenticity and validity of reported assets, liabilities, revenues, and expenditures.
• Identify any operational or control weaknesses that may affect financial integrity or program
accountability.
**C. Scope of Work**
The audit firm will be responsible for the following tasks:
• Audit Nascent’s financial statements for the period July 1,2024 – December 31, 2024, and from January 1,2025 to December 31, 2025, and independently express audit opinions for the period in accordance with International Standards on Auditing (ISA) and U.S. Generally Accepted Government Auditing Standards (GAGAS / Yellow Book), on whether the financial statements are presented in accordance with the accounting records of the organization and the applicable reporting framework.
• Make sure commodities and services delivered have been done in accordance with the terms and conditions of agreements and applicable laws and regulations.
• Verify that supporting documents, records, and accounts are maintained in accordance with U.S. Generally Accepted Accounting Principles (US GAAP) at the headquarters/consolidated level and with the OHADA Uniform Act on Accounting Law (SYSCOHADA) at the Cameroon field-office level and reconcile any differences between the two frameworks in a schedule appended to the audit report.
• Where special accounts have been used, they have been maintained in accordance with the provisions of the relevant financing.
• Evaluate the design and operating effectiveness of Nascent’s internal control over financial reporting and over compliance with federal award requirements, in accordance with 2 CFR §200.303 and GAGAS, and report any material weaknesses or significant deficiencies identified.
• Make sure all external funds received have been used in accordance with the conditions of the relevant financing agreements with due attention to economy and efficiency, and only for the purpose for which they were provided.
• Test compliance with the U.S. Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 200), including:
• Allowability, allocability, and reasonableness of costs under Subpart E (§§200.400–200.475).
• Procurement standards and competition under Subpart D (§§200.317–200.327).
• Property and equipment management under §§200.310–200.316, including physical inventory of equipment purchased with federal funds.
• Sub-recipient monitoring and management under §200.332.
• Record retention and access requirements under §§200.334–200.338.
• Cost share and matching contributions under §200.306, where applicable; and
• Where federal expenditures equal or exceed the $750,000 threshold in §200.501, perf
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