RECRUITMENT OF AN EXTERNAL AUDIT FIRM TERMS OF REFERENCE (ToR) TO AUDIT THE WELLSPRING FOUNDATION FOR EDUCATION - FINANCIAL YEAR 2025
1. Background
The Wellspring Foundation for Education (Wellspring) is a non-profit organization registered as an International NGO in Rwanda. Wellspring is committed to improving the quality of children’s education and their wellbeing through strengthening school communities in Rwanda with teacher capacity building, community engagement, and strengthening school leadership. In line with its governance and donor obligations, as well as Rwandan law, Wellspring conducts an annual external audit in Rwanda to ensure transparency, accountability, and compliance with applicable laws and financial reporting standards.
Wellspring seeks to engage a qualified and experienced external audit firm to conduct the audit of its financial statements in Rwanda for the financial year ending 31 December 2025.
2. Purpose of the Audit
The purpose of the external audit is to enable the auditors to express an independent, professional opinion on whether:
- The financial statements present a true and fair view of Wellspring’s financial position for the year ended 31 December 2025.
- Financial statements have been prepared in accordance with applicable accounting and reporting frameworks.
3. Scope of Work
The audit will cover:
3.1 Financial Statements
- Statement of Financial Position
- Statement of Income and Expenditure
- Statement of Changes in Net Assets/Fund Balance
- Statement of Cash Flows
- Notes to the Financial Statements
3.2 Compliance and Internal Control Review
The auditors will assess and report on:
- Adequacy and effectiveness of internal controls over financial management
- Proper authorization and documentation of transactions
- Compliance with Wellspring policies and procedures
- Management of fixed assets and inventory
- Payroll and HR compliance
- Procurement and contract management processes
4. Deliverables
The audit firm shall provide:
Main Audit Report
- Independent Auditor’s Opinion
- Audited Financial Statements
- File the financial statements
5. Eligibility and Qualifications of the Audit Firm
Interested firms must:
- Be a legally registered audit firm in Rwanda
- Be in good standing with the Institute of Certified Public Accountants of Rwanda (ICPAR)
- Have at least 5 years of experience auditing INGOs, donor-funded projects, and non-profit organizations
- Demonstrate experience with international donors
- Have qualified and experienced CPAs
- Demonstrate capacity to deploy competent personnel during the audit
6. Payment Terms
Payment will be made upon:
- Completion of the audit
- Submission of final audited statements and reports
- Acceptance of deliverables by Wellspring
7. Confidentiality
The audit firm shall maintain strict confidentiality of all information received and shall not disclose any data obtained during the audit.
8. Timeline
- Audit fieldwork: Expected between February – March 2026
- Draft report submission: Within 7 days after fieldwork
- Please ensure this is completed with sufficient lead time to allow for the submission of audited financial statements to the Rwanda Revenue Authority (RRA).
- Exact dates will be agreed upon after contract signing.
9. Access to Information
Wellspring Foundation for Education will provide:
- Full and unrestricted access to financial records, documents, and staff
- All necessary explanations and clarifications
- Access to parters contracts, policies, and systems
The auditor must maintain confidentiality of all information obtained.
10. Proposal Submission Requirements
Technical Proposal
- Understanding of the assignment
- Detailed methodology and audit plan
- Team composition and CVs of key staff
- Firm profile and relevant experience
- Evidence of registration and ICPAR compliance
- Three References from similar assignments
Financial Proposal
- Detailed cost breakdown (professional fees, taxes, logistics etc..)
- Validity period of the proposal
11. Submission
Proposals should be submitted online emails rwrecruitment@thewellspringfoundation.org and copy amina@thewellspringfoundation.org by Sunday 05th January 2026, at 6:00pm For more clarifications you can refer to +250 788 302 287 or email amina@thewellspringfoundation.org Late bid will be rejected.