RECAP Project is a two-year joint project that will help to study the market potential of Renewable Energy Certificate (REC) in ASEAN with a total fund of USD 797,645.00. After the conceptual framework development of the ASEAN REC system, the next step will be establishing a regional marketplace for RECs. In this present proposal, the ultimate product is to develop a conceptual framework that meets the common interest and needs of AMS under the consent of AMS. Thus, the developed framework will be the key reference for ASEAN to set up a REC trading mechanism and governance system. The cross-border trading of REC through regional cooperation will then be able to take place.
The Project’s overall objectives are:
- Analyzing of the REC market potential in ASEAN,
- Identify opportunities and challenges for proliferation of REC,
- Development of a conceptual framework for ASEAN REC system.
- In addition, the project will generate written and oral advice for the energy authorities of ASEAN countries. It will also feed into and inform international donors’ future development aid projects.
- Responsible unit for the grant scheme: Global Green Growth Institute (GGGI)
Objective and Scope of Audit
- Assess whether RECAP financial statements prepared accurately, presented fairly and consistent with International Financial Reporting Standards or any standard adopting IFRS
- Multi Year Audit financial report for the period of 16 December 2022 to 31 December 2023 and 01 January 2024 to 15 December 2024 to be conducted annually. Auditor shall submit audit report to RECAP 2 weeks upon the finalization of audit process. RECAP shall submit the audit report to GGGI within 60 days from completion of the audit report.
- Assess and report on compliance with the terms and conditions of the Funding Agreement and implementation agreement including all its addenda and in accordance with the accepted general international accounting standard.
Requirement for Proposal from Prospective Auditors
- The Auditors/Audit Team members should have a good record in conducting an audit review of international organizations or public entities with not-for-profit experience.
- The Auditors/Audit Team members should have high competency in English language,
- The Auditors/Audit Team members should have worked knowledge in Indonesia language, as some vouchers, receipts/additional reports may not be available in English.
- The Auditor/Audit Team members must be completely impartial and independent from all aspects of management or financial interests in the entity being audited. The auditors/audit team members should not, during the period covered by the audit nor during the undertaking of the audit, be employed by, serve as director for, or have any financial or close business relationships with any senior participant in the management of the entity.
- The Auditors/Audit Team members should be experienced in applying audit standards whichever is applicable for the audit. The auditor must employ adequate staff with appropriate professional qualifications and suitable experience with including experience in auditing the accounts of entities comparable in size and complexity to the entity being audited.
- Curriculum vitae (CVs) should be provided by the principal of the firm of auditors who would be responsible for signing the opinion, together with the CVs of managers, supervisors and key personnel proposed as part of the audit team. CVs should include details on audits carried out by the applicable staff, including ongoing assignments indicating capability and capacity to undertake the audit.
- The Audit Firm should state its legal nature, the total number of auditors who are owners and/or employees of the firm as well as auditing services provided by the firm and state whether the firm has any associations or affiliation with any other professional firm as auditors in the Indonesia or abroad.
Requirement for Proposal from Prospective Auditors
The prospective auditor is required to submit a proposal in which the auditor shows its understanding of the audit scope and provides indication of the professional fee for its services.
The submitted proposal should have the following information:
- Details of Audit firm/company profile. It includes an outline of the organization, size, and legal nature of the audit firm.
- Experience in audit especially with International Organizations and/or NGO and if possible, provide reference of the said clients.
- CV of the auditors/Audit Team Members: The partners, manager and staff who will be assigned to audit including their relevant experience and qualifications.
- An overview of assigned staffs who will be involved and the time that will be allocated for the audit.
- Audit approach: Determine audit strategy and undertake audit planning.
- Audit Transition Process: Determine the transition plan
- Audit Quality Assurance: Describe the process used for quality assurance
- Fees: estimate of total audit fees for reporting included printing and transportation, which submitted upon request see section 7. High Levels Timeline.
- Fees: estimate of total audit fees annually from 16 December 2022 until 15 December 2024, included printing , transportation and miscellaneous.
From the prospective auditors, we will identify a shortlist who will be asked to make a presentation to RECAP Team including a question-and-answer session (tentative). Point number 7 of this ToR detailed the key dates from selection process until the final report due date.
Time and Contact Person
The Audit work shall start from the range of Week 4 Novemberto 2nd Week of January. The payment for auditor fee will be based on the submission of invoice. The payment shall be made in the following manner of the total contract amount (in US Dollar):
- 50% upon commencement of audit work
- 50% upon issuance of final reports and with condition that the work result meets the terms and conditions and has been accepted by the RECAP.
All communications and queries related to invitation to submit proposal shall be submitted in writing in form of hardcopy or softcopy to:
ASEAN Centre for Energy (ACE)
ACE Building 6th Floor
Directorate General for Electricity Complex
Jl. HR. Rasuna Said Block X-2 Kav. 07-08, Jakarta 12950
All communications and queries related to invitation to submit proposal shall be submitted to the email address below:
Email: [email protected] and cc [email protected], [email protected], & [email protected]
The proposal should be submitted to [email protected] on or before 21 November 2023