Paray School of Nursing
P.O. Box 2, Thaba-Tseka 550
Lesotho, Southern Africa
Tel: +266 22900319 / 66102264
Email: [email protected]
Website: www.parayson.ac.ls
Terms of Reference: Consultancy for Reviewing and Rectifying Inaccuracies in Books of Accounts
1. Background
Paray School of Nursing is seeking the services of an experienced accountancy consultancy to conduct a comprehensive review and refinement of its financial records for the 2020/2021 and 2021/2022 financial years.
2. Objectives
The primary objectives of this consultancy are:
- Identify and document inaccuracies in the accounting records.
- Propose corrective measures to rectify identified errors.
- Implement approved corrections to ensure the accuracy of financial records.
- Compile auditable financial statements for the 2022/2023 financial year, duly certified by external auditors.
- Recommend improvements in accounting processes and internal controls.
3. Scope of Work
The consultant will be responsible for:
- Reviewing financial transactions and accounting entries for the specified period, correcting erroneous entries.
- Analyzing account reconciliations and supporting documentation.
- Identifying discrepancies, errors, and inconsistencies in the accounting records.
- Preparing a detailed report outlining findings, including the nature and extent of inaccuracies.
- Developing a corrective action plan to address identified issues.
- Implementing approved corrections in collaboration with the school’s finance team.
- Providing guidance on best practices for maintaining accurate financial records.
4. Methodology
The consultant is expected to adopt a systematic approach, including:
- Initial assessment of the school’s accounting systems and processes.
- Detailed examination of financial statements, ledgers, and supporting documents.
- Use of analytical tools and techniques to identify discrepancies.
- Interviews with key personnel to understand existing practices and potential sources of errors.
- Regular communication with the school’s management to discuss findings and recommendations.
5. Deliverables
The consultant shall provide:
- Inception report outlining the approach and work plan.
- Interim progress reports at agreed intervals.
- Comprehensive report detailing identified inaccuracies and their impact.
- Corrective action plan with specific recommendations.
- Final report summarizing the review process, implemented corrections, and recommendations for future improvements.
- Corrected ledger balances, reconciliations, and draft financial statements for the year ending March 31, 2023.
6. Timeline
The consultancy is expected to be completed within three months from the date of contract signing. A detailed timeline with specific milestones will be agreed upon at project inception.
7. Qualifications and Expertise
The consultant, preferably an accounting firm, should have:
- An advanced degree in Accounting, Finance, or a related field.
- Professional accounting certification (CA, CIMA, CPA, ACCA, etc.).
- Minimum of 10 years’ experience in financial auditing or accounting consultancy.
- Strong knowledge of accounting standards and best practices.
- Excellent analytical and problem-solving skills.
- Proficiency in accounting software and data analysis tools.
8. Reporting and Coordination
The consultant will report directly to the Principal Nurse Educator and work closely with the school’s accounting team. Regular meetings will be scheduled to ensure effective communication and progress monitoring.
9. Confidentiality and Data Protection
The consultant must adhere to strict confidentiality protocols and comply with relevant data protection regulations. A non-disclosure agreement will be required as part of the contract.
10. Evaluation Criteria
Proposals will be evaluated based on:
- Technical expertise and relevant experience.
- Proposed methodology and approach.
- Quality of the work plan and timeline.
- Cost-effectiveness of the proposal.
- References from previous similar engagements.
11. Submission Deadline
Interested accounting consultancy firms should submit their proposals to:
The Human Resource Office
Paray School of Nursing
Hospital Road, Thabong 1 Village
P.O. Box 2, Thaba-Tseka
OR
Email to: [email protected] (copy: [email protected])
Closing Date: 28th March 2025 at 16:00 Hours
Paray School of Nursing reserves the right to accept or reject any proposal without assigning reasons. Late submissions will not be considered.