RESPONSES to the auditor’s questions for ARGO RFP dated 03.08.2017 regarding ARGO’s audit 2016.
- Can you tell what is the Audit budget? No, the Audit budget can not be disclosed
- What requirement below in print screen means. If we have wide membership network, we have affiliates in USD and KZ office is shortlisted at USAID for audit and our company is international organization. Will it be enough?
It depends on which basis your company affiliates with the audit company in USA.
As per Guidelines for Financial audits contracted by foreign recipients (Art 2.6) in order to be regarded as first priority firm, your company must have partnership agreements with firms located in the United States. Audit firms who have authority to use the letterhead and sign audit reports in the name of a U.S. audit firm are required to do so.
Please note, that even if your firm does not have a partnership agreement with the firm located in USA, your proposal will be considered.
- ARGO was provided a $4,994,000 grant on 19.09.2016, to manage the four-year P4I program. The goal of P4I is to: Strengthen civil society in Central Asia and Azerbaijan in a manner that is both sustainable and inclusive within and across national boundaries that fosters progress and sustainability.
How much costs spent during audit period?
The total amount of ARGO USAID funded programs for the period from 02/06/2016 to 31/12/2016 is about USD 400000.
- Audit of ARGO’s financial statements on an organization-wide basis for the year ended on December 31, 2016:
– can we review financial statements of ARGO 2016 and 2015?
According to ARGO Policies Financial statements for 2015 are not to be publically posted. Please be informed that ARGO is an NGO with annual turnover less than $2000000.
– What about opening balance 1 January 2016-will it be unaudited?
Financial statements for 2015 were audited.
– Who were predecessor auditors? Russell Bedford BC Partners.
– If not, will it be IFRS 1First time adoption as in Republic of Kazakhstan IFRS is generally accepted accounting standards.
Yes, it will be IFRS 1First time adoption.