1.0 About Impact Investing Ghana
Impact Investing Ghana (IIGh) is the GSG Impact National Partner for Impact Investing. We are an independent, nonprofit initiative focused on advancing the development of Ghana’s impact investment ecosystem. IIGh is Ghana’s representative to the Global Steering Group (GSG) for Impact Investing, the successor to the Social Impact Investment Taskforce established by the G8. The GSG Impact’s National Partners currently cover 40 countries and provide a global platform to drive investment and increase the global visibility of its members. Our aim is to tackle Ghana’s pressing social and environmental challenges by driving more capital to deliver genuine impact. Private-sector-led yet closely partnered with the national government, we raise awareness, create market intelligence, work to change policies, and mobilise financial resources for the public good. As a local platform that represents all the stakeholders needed to redirect capital flows towards social and environmental impact, IIGh brings together leaders from the worlds of finance, business, government, social organisations, and philanthropy. Our ambitious vision for 2021–2025 is to catalyse $1 billion in impact funds for investment in ventures in Ghana and the West African subregion in pursuit of the United Nations Sustainable Development Goals (SDGs).
To learn more about IIGh, visit our website at https://impactinvestinggh.org
Terms of Reference (Annex 1)
2.0 Introduction & Objective
IIGh seeks an independent external auditor to express an audit opinion on IIGh’s financial statements for the year ended 31 December 2025 prepared under IFRS for SMEs, and to assess compliance with International Standards on Auditing (ISA). The engagement may include project-specific donor audits as required.
3.0 Scope of work
The selected consultant will:
3.1 Annual Financial Audit
- Audit the full organisational financial statements for FY ending 31 December 2025, prepared in accordance with IFRS for SMEs.
- Provide an independent audit opinion in compliance with ISA.
- Review accounting records, documentation, and disclosures for completeness and accuracy.
- Evaluate going concern, significant accounting policies, estimates, and disclosures.
3.2 Review of Internal Controls
- Assess the design and operating effectiveness of internal controls over financial reporting, procurement, payroll, cash/bank, fixed assets, grants, and compliance.
- Provide practical recommendations for strengthening controls and processes.
3.3 Compliance Testing
- Test compliance with statutory laws and regulations, applicable tax and social security obligations, internal financial & procurement policies, and donor agreements.
- Assess the adequacy of documentation and filing for audit trails and donor reviews.
3.4 Reporting
- Audited Financial Statements (signed) with an independent auditor’s report.
- Management Letter detailing findings (classified by risk), root causes, and actionable recommendations with management responses.
- Presentation of findings to IIGh Management and/or Board/Audit Committee.
5.0 Confidentiality:
All information accessed in the course of the audit is confidential and shall be used solely for fulfilling this engagement. The auditor must comply with applicable data protection laws and IIGh’s confidentiality requirements. Working papers remain the property of the auditor but must be retained and made available upon reasonable request by IIGh/donors/regulators.
6.0 Qualifications
Firms must meet the following:
- Legally registered and authorised to perform statutory audits in Ghana.
- 5 years’ experience auditing NGOs / donor-funded organisations.
- Demonstrated familiarity with IPSAS, IFRS/IFRS for SMEs, and ISA.
- Completed at least two (2) donor-funded organisation audits in the last five years.
- Independence from IIGh (no financial, business, or personal relationships).
- ICAG License “A” (or higher); key staff in good standing with relevant professional bodies.
7.0 Evaluation Criteria
The proposal will be assessed based on:
- Cost-effectiveness & value for money – 30%
- Technical approach & methodology – 30%
- Relevant experience & expertise – 30%
- Clarity & feasibility of work plan – 10%
8.0 Budget
Bidders should propose a competitive fixed fee (in GHS), itemised by deliverable. IIGh reserves the right to negotiate final fees and terms.
9.0 Terms and Conditions
- Impact Investing Ghana reserves the right to accept or reject any proposals and to annul the selection process at any time.
- The selected consultant will be required to sign a legally binding contract with Impact Investing Ghana.
- Payment terms and conditions will be negotiated and specified in the contract.
- All background intellectual property (IP) brought by Impact Investing Ghana, or the facilitators of the training programme or participants belongs to the owner of the background IP. However, any foreground IP developed during the training will be co-owned by Impact Investing Ghana, the facilitators, and participants who contributed to the foreground IP, in a proportion commensurate with each party’s contribution to the IP.
10.0 Proposal Submission
Interested consultants or consulting teams are invited to submit their proposals, including:
- Technical proposal outlining understanding of assignment, methodology, and tools
- Budget/quotation broken down by deliverable
- Workplan aligned to project timeline
- Consultant CV(s) and relevant samples of similar work
Please submit your quotation electronically to the following email addresses on or before 28 October 2025 via email to this address info@impactinvestinggh.org and copy doris.mensah@impactinvestinggh.org. The subject line of the email should be “Proposal Submission- External Audit Service.”