{"id":16384,"date":"2024-12-20T10:22:02","date_gmt":"2024-12-20T03:22:02","guid":{"rendered":"https:\/\/laomfa.org\/annual-financial-audit-of-lmfa-period-january-december-2024\/"},"modified":"2024-12-20T10:22:02","modified_gmt":"2024-12-20T03:22:02","slug":"annual-financial-audit-of-lmfa-period-january-december-2024","status":"publish","type":"post","link":"https:\/\/laomfa.org\/lo\/annual-financial-audit-of-lmfa-period-january-december-2024\/","title":{"rendered":"ANNUAL FINANCIAL AUDIT OF LMFA (Period: January \u2013 December 2024)"},"content":{"rendered":"

TERMS OF REFERENCE<\/strong><\/p>\n

ANNUAL FINANCIAL AUDIT OF LMFA (Period: January \u2013 December 2024)<\/strong><\/p>\n

    \n
  1. Background<\/strong><\/li>\n<\/ol>\n

    The predecessor of the Lao Microfinance Association (LMFA), the Microfinance Working Group for the Lao PDR (MFWG), was founded in May 2007 by a group of microfinance practitioners as an informal platform to exchange experience, represent microfinance sector interests and coordinate donor activities. In October 2013, the MFWG obtained its temporary license as a non-profit association (NPA) from the Ministry of Home Affairs (MoHA). Therefore, its name changed to Lao Microfinance Association (LMFA). LMFA got its permanent license by the middle of August 2018. The LMFA is the national microfinance industry\u2019s umbrella organization. It gathers microfinance practitioners and other relevant stakeholders that share the goal of the association which is to improve access to appropriate and affordable financial services for poor and unbanked people.<\/p>\n

     <\/p>\n

      \n
    1. Objectives of the Audit<\/strong><\/li>\n<\/ol>\n

      The objectives of this audit are to enable the Auditor to express an opinion on whether:<\/p>\n

        \n
      • the financial report prepared by the LMFA presents fairly, in all material respects, the actual expenditure incurred, and the revenue received for the period under review, in accordance with the contractual conditions agreed upon with the donors\/funding agencies of the L<\/li>\n
      • the Internal Control System set up and operated by the LMFA for the purpose of managing risks was suitably designed and operated effectively in the period under review.<\/li>\n<\/ul>\n

         <\/p>\n

          \n
        1. Specific tasks of the Auditor <\/strong><\/li>\n<\/ol>\n

          The Auditor shall perform the audit in accordance with Lao & International Auditing Standards. Specifically, the Auditor shall<\/p>\n

            \n
          • Review and, if applicable, prepare the following financial reports for the period 1st January \u2013 31st December 2024: Statement of Income and Expenditure, Fund Balance, as well as List of Fixed Assets (Inventory) as of 31st<\/sup> December 2024.<\/li>\n
          • Express an opinion on the accounts\/financial reports as well as the Internal Control System of the LMFA.<\/li>\n
          • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimated made by the management, as well as evaluating the overall presentation of the financial statements.<\/li>\n
          • Formulate recommendations related to the accounting system and policies, Internal Control System and the overall presentation of the financial statements as well as follow up on the recommendations made in the previous year\u2019s audit report (Management Letter).<\/li>\n<\/ul>\n

             <\/p>\n

              \n
            1. Time frame <\/strong><\/li>\n<\/ol>\n

              4.1 Expected time for receiving audit proposal by Friday 10th<\/sup> January 2025<\/p>\n

                \n
              • Field work on 21st<\/sup>-25th<\/sup> April 2025<\/li>\n
              • First draft: 9th<\/sup> May 2025<\/li>\n
              • Final draft: 16th<\/sup> May 2025<\/li>\n
              • Final report: No later than 30th<\/sup> May 2025<\/li>\n<\/ul>\n

                 <\/p>\n

                  \n
                1. Expected output (report \/ deliverables \/ products)<\/strong><\/li>\n<\/ol>\n

                  A complete audit report in English and Lao languages for the period 1st<\/sup> January \u2013 31st<\/sup> December 2024, including a Management Letter. Vientiane Capital, 20th<\/sup> December 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

                  TERMS OF REFERENCE ANNUAL FINANCIAL AUDIT OF LMFA (Period: January \u2013 December 2024) Background The […]<\/p>\n","protected":false},"author":14,"featured_media":16382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[96],"tags":[],"class_list":["post-16384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-96"],"acf":[],"_links":{"self":[{"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/posts\/16384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/comments?post=16384"}],"version-history":[{"count":0,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/posts\/16384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/media\/16382"}],"wp:attachment":[{"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/media?parent=16384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/categories?post=16384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/laomfa.org\/lo\/wp-json\/wp\/v2\/tags?post=16384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}