Terms of Reference for External Audit of KAFCOL for the year 2081-82

Terms of Reference 

for 

External Audit of KAFCOL for the year 2081-82

Kathmandu Forestry College Public Ltd (KAFCOL) is a vibrant and growing academic institution located in Matatirtha, Kathmandu, that has been running Diploma in Forestry, B.Sc. in Forestry, M.Sc. in NRM-RD, and M.Sc. in UNIGIS programs since its establishment in 2006. KAFCOL has evolved into one of the best providers of forestry education in the country. 

KAFCOL, with an annual turnover of NPR 50 million, had audit fees of NPR 110,000 for the last fiscal year. KAFCOL invites proposals from Chartered Accountants or Audit firms for the appointment of External Auditors to audit KAFCOL for the Nepali calendar year 2081/82. 

1.     Scope of the Audit Services  

• The Audit Firm shall carry out the audit procedures in accordance with Nepal Standards of Auditing and provide KAFCOL with Audit Report and independent audit opinion on the financial statement for the year ended 31 Ashadh 2082.
• The firm shall issue a management letter to KAFCOL and obtain KAFCOL's management response.   

2.     Firms are required to submit both technical and financial proposals for audit services. They must quote their fees for the external audit for the fiscal year 2081/82. KAFCOL will not provide any reimbursements. However, KAFCOL will offer lunch &/or snacks to consultants during the audit period based on their presence at KAFCOL.

3.     All firms are required to enclose the following, but not limited to, documents along with the Proposal. 

• A copy of renewed membership certificates of the firm and Certificate of Practice issued by the Institute of Chartered Accountants of Nepal. 
• PAN/VAT Registration of the firm along with copy of latest tax clearance certificate. 
• Affiliation/ membership of International Audit Firms, if any. 
• Details of audit experience in the public and private sectors in Nepal over the past 5 years.
• Details of key personnel including list of key personnel, their qualifications and relevant experience. 
• Copy of latest tax clearance certificate. 

4.     Proposal Evaluation Criteria: Firms will be selected only after a thorough review of their credentials, competency, key personnel's competencies for the audit work, relevant work experience in similar companies/sectors, and the quoted fee.

5.     Proposals should be submitted to the KAFCOL office or via email (jhamak.karki@kafcol.edu.np) by 15:00 on 12 Poush 2081. Proposals received after this deadline will not be considered.

6.     KAFCOL reserves the right to reject any or all the offers without assigning any reason thereof.