Background
The 2SCALE program[1] is designed to incubate and accelerate inclusive business development in African agri-food systems. 2SCALE works together with companies (African, Dutch, and other small and medium-sized enterprises – SMEs) and producer organizations (POs) to develop business and partnership models that promote inclusiveness, develop competitive edge, and have potential for scaling. These partnerships, also referred to as public-private partnerships (PPPs), are the core implementation modality to achieve the objectives of the program.
Specifically, 2SCALE supports partnerships in target agri-food industries with significant potential to:
improve food and nutrition security, both at grassroots level and at the consumer end of the value chain by serving local and regional markets (including Base-of-the-Pyramid – BoP – markets) with nutritious food products.
improve the terms of inclusion of smallholder farmers and other micro-, small-, and medium-sized enterprises (MSMEs) in the value chains.
attract and employ the youth.
engage and empower women.
To strengthen PPPs, 2SCALE also collaborates with companies and organizations that provide a specific expertise to support the target agri-food value chains or act as a major off-taker in the chain.
2SCALE is co-funded by the private sector and by the Dutch Ministry of Foreign Affairs through the Directorate-General for International Cooperation (DGIS). Building on a first phase (2012-18), the current phase of 2SCALE runs from January 1, 2019 to December 31, 2023. It is awarded to a consortium led by the International Fertilizer Development Center (IFDC) and comprising the Base-of-the-Pyramid Innovation Center (BoPInc) and the Netherlands Development Organization (SNV).
One of the agribusinesses 2SCALE is working with to support the sorghum and pearl millet value chains in Kenya is Tegemeo Cereals Enterprise Ltd, a farmer-led grain aggregator, trader, and supplier operating in the semi-arid counties in eastern Kenya. The company began its operations in 2008 as a farm inputs shop and later grew into a grain aggregator and retailer. Tegemeo seeks to aggregate and sell more grain and diversify its market by milling sorghum and pearl millet-based flours.
The partnership between Tegemeo and 2SCALE aims to is to build resilience of smallholder farmers’ commercial farming ventures and to develop affordable and nutritious of sorghum and pearl millet-based products for low-income consumers in the semi-arid counties of Tharaka Nithi, Makueni and Kitui. Resilience of farmer ventures will be built by increasing their production, productivity, and incomes through introduction of high yielding and bio-fortified drought tolerant varieties of sorghum and pearl millet alongside eco-efficient innovations and climate smart farming practices.
Objectives
The main objective of this assignment is to provide accounting and audit services for Tegemeo Cereals Enterprise Ltd which will inform the transformation process within the partnership from manual bookkeeping to automated bookkeeping and record keeping. To do so, this assignment will conduct an in-depth analysis of the financial records, working from incomplete records to prepare financial statements that present a true and fair view of the company for the last 3 years (2018-2020).
Specific objectives
1.1 Accounting
Identify and ascertain the operating results and financial position of the company for the last three years through analysis of the financial records.
Collect and analyze quantitative information of the company on each of these cost items/drivers incurred to generate revenues and form a trend analysis on the movement of costs for Tegemeo Cereals Enterprise for the last three years.
Prepare asset, liability, and capital account entries by compiling and analyzing account information from the existing financial records.
Summarize current financial status by collecting information, preparing balance sheet, profit and loss statement, cashflow statements and other financial reports.
Analyze trends, costs, revenues, financial commitments, and obligations incurred to predict future revenues and expenses.
Reports organization’s finances to management and offers suggestions about resource utilization, tax strategies and assumptions underlying budget forecasts.
Review and recommend modifications to accounting systems and procedures while guiding the existing accountant for Tegemeo Cereals Enterprise Ltd on compliance with the International Financial Reporting Standards (IFRSs) as well as the best accounting practices.
Guide the accounting team at Tegemeo in transition of Tegemeo Cereals Enterprise Ltd from manual accounting system into a digital accounting system.
1.2 Auditing
The role will mainly involve tracking the cash flows and accounts of Tegemeo Cereals Enterprise Ltd to ensure that they are being recorded and processed correctly, that the assets of the company are protected through appropriate control measures and that financial records meet the International Financial Reporting Standards (IFRSs).
The External Audit Consultant Shall Be Tasked To
The audit should specifically look at the company external and internal environment in relation to the current organization control environment and communicate with the management team on the relevant controls to put in place.
Evaluate financial statements and assess the accounts for accuracy and compliance with the IFRSs.
Assess the risk management approaches of the company and provide feedback reports on findings.
Report on any existing or suspected errors and fraudulent activities within the company during the period under review.
Provide an audit opinion as to whether the financial statements present a true and fair view of the company performance and financial position.
Tasks
Develop a detailed schedule and methodology for this assignment. The methodology will be validated and approved by Tegemeo Cereals Enterprises Ltd and 2SCALE prior to implementation.
Develop a technical proposal for this assignment.
Develop the data collection instruments with inputs from Tegemeo and 2SCALE.
Conduct an in-depth preparation of Tegemeo Cereals Enterprise Ltd financial statements for the last 3 years (2018-2020) as well as the management accounts for the year 2021 to June 2021. The financial statements will be prepared in accordance with the International Financial Reporting Standards (IFRSs) and compliance to the Kenya’s Companies Act, 2015.
Conduct an audit of the financial statements for the last 3 years (2018-2020) of Tegemeo Cereals Enterprise Ltd and provide an opinion on whether it gives a true and fair view of the company’s financial performance for the years and of its financial position for the years then ended.
Develop a management letter addressed to the management team. This should be summarized in Power Point and presented at the audit close-out meeting, incorporating management feedback on the final management letter.
Methods and Scope of Study
The assignment will be conducted in Giekuri, Nkondi Central, Tharaka Nithi where the Company is headquartered. Methods utilized will include collecting both qualitative and quantitative information of the company information. It is expected that the consultant will collect detailed primary data on financial performance and financial position and where necessary utilize data analysis techniques on incomplete records to prepare the financial statements. The consultant will by the approval of Tegemeo obtain any relevant information from third parties who have transacted with the company over the last 3 years (January 2018-December 2020) or as may be required by the consultant. Accounting records and any other relevant information for this assignment will be provided to the consultant as required.
Environmental screening and mitigation measures
The activity has been screened for any impact it may have on the environment and found to pose no risk, therefore no specific mitigating measures are necessary.
Expected results
3 Years financial statements (January 2018-December 2020) prepared in accordance with the International Financial Reporting Standards (IFRSs)
Management accounts for the year 2021 to June 2021
Audited financial statements for the years 2018, 2019, and 2020.
A detailed management letter, showing lapse in controls, recommendations, and management comments.
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